We can just save our money in the piggy bank but we can't make the money 'grow'. In order to increase our savings, we may try few secure and simple ways of saving through the bank.
1) Savings Account
Save your money in a savings account in any bank. You may earn interest which usually credit in your account half yearly. The interest rate may be different depending on how much you have saved in your account. The interest rate for savings account is much lower than others (maybe 0.25% per year) It is suitable for those who may withdraw often (of course you have to deposit in your money XD) However, the interest rate for Junior Savings Account might be higher, which is approximately 3.10%. Hence, remember to train your kids to start saving when they are young.
2) Fixed Deposit Account
Fixed deposit is the most secure investment choice which almost contain 0 risk. It has high interest rate which vary on the amount you deposit too. The minimum placement is RM 500. The interest rate for fixed deposit account is usually 3.10% and above which might vary according to the economic status. You may choose the period you want to deposit in the account with a minimal of 1 month. The longer the tenure, the higher the interest rate per year. During the period of tenure, you are not allowed to withdraw the money otherwise you might loss all the interest you have earned. It means that your money is temporarily bond to the bank and the time your money are 'released', they pay you the interest. For instance, Ali places RM 2000 in his fixed deposit account and he chooses a period of 12 months. The interest rate for a tenure of 12 months is 3.30% per year. Hence, after 12 months, he will return to the bank and withdraw an amount of RM 2066.
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