This is one of my favourite account since my pre-budget days because it’s one of the few savings account out there that pays interest on a monthly basis (latest interest rate is 1.85% p.a.). I think the reason I like it is because we can open an account conveniently online and interest is paid in a monthly basis with no other annoying conditions except to have RM2,000 in the account.
Pros and Cons
+ Can open an account conveniently online.
+ Earn 1.85% interest p.a. if you have at least RM2,000 in the account. For example you can choose to bank in your salary into this account and earn some interest in the beginning of the month before spending it since interest is calculated daily.
– There are minimum savings requirement of RM250.
– When you withdraw money from ATM, you cannot use Fast Cash option if you want to withdraw from your M2u Savers / Savers-I account.
+/- For debit card you can choose the free option but limit to 4 withdrawals per month (or pay RM0.50 per withdrawal thereafter) or pay RM8 for unlimited withdrawals.
Can we apply for both M2U Savers and M2U Savers-i?
From my own personal experience, the answer is yes! I currently have both account for different purposes. One is for my Sinking Fund and another is for my Early Exit Fund.
With the flexibility of having two interest-bearing account, I will be able to keep track on the in-flow and out-flow for each of them instead of having them mixed up and I’ve learned from experience that mental calculation doesn’t work, at least for me.
That’s all the sharing for today. I hope it will be able to help. Small Income Big Dreams
Airy Lil' M 