In today's ever-changing financial environment, choosing the right savings account is crucial for personal wealth management. As one of the leading financial institutions in Malaysia, Hong Leong Bank offers a variety of savings account products to meet the needs of different customer groups. This article will provide an in-depth analysis of various savings accounts of Hong Leong Bank to help you manage your wealth better.

I. Pay&Save Account: Multi-currency Function and Generous Interest Earnings

(I) Core Advantages of the Account

The Pay&Save account is a star product of Hong Leong Bank. It has a multi-currency function and supports the consumption and deposit of 12 foreign currencies, which can meet the daily and travel needs of customers. In 2024, this account won the Best Deposit Product Award in Malaysia by The Asian Banker, which fully demonstrates its competitiveness in the market and customer recognition.

(II) Detailed Explanation of Interest Rules

• Savings Interest: Since November 5, 2023, if customers deposit RM2,000 (Malaysian Ringgit) every month for three consecutive months, they can enjoy an annual interest rate of 2.25%. The interest is calculated daily and credited quarterly on January 1, April 1, July 1, and October 1 of each year. The maximum balance for paying interest can reach RM100,000, and the interest can be earned when the daily closing balance is at least RM1,000.
• e-Xtra Interest: Customers who pay RM500 in bills (including JomPay billers, FPX registered merchants, Hong Leong Bank credit card/loan repayments, etc.) online every month can get an annual interest rate of 0.50%. The maximum interest that can be obtained per month is RM30. The interest is calculated daily based on the closing balance and deposited into the account on the 1st day of the next month.
• Bonus Interest: Customers who spend RM500 per month with a debit card (covering gas refills, shopping, groceries, dining, e-wallet top-ups, etc.) can enjoy a bonus interest with an annual interest rate of 0.50%, with a monthly limit of RM30. The interest is also calculated daily based on the closing balance and deposited into the account on the 1st day of the next month.
• Stock Trading Bonus Interest: Customers can obtain different annual interest rates according to the total amount of monthly stock trading. If at least one successful transaction is completed per month and the total transaction amount reaches RM20,000, the annual interest rate is 0.30%; when the total transaction amount reaches RM30,000, the annual interest rate is 0.50%; when the total transaction amount reaches RM100,000, the annual interest rate is 0.70%; when the total transaction amount exceeds RM100,000, the annual interest rate is 0.90%. The interest is calculated monthly based on the average monthly deposit balance and deposited into the account on the 1st day of the next month. Among them, the calculation method of the total transaction amount of a purchase transaction is [number of shares × purchase price] + transaction cost, and the calculation method of the total transaction amount of a sale transaction is [number of shares × selling price] – transaction cost.

(III) Account Opening and Usage Guide

• Account Opening Eligibility: Individuals who are 18 years old and above can apply for an account. It supports single-name or joint account opening, and the minimum initial deposit for account opening is only RM50.
• Multi-currency Operation: Customers can easily complete foreign currency exchange and other operations through the Hong Leong Bank Connect application or online banking, and manage multiple currencies conveniently.
• Debit Card Function Settings: Customers can also use the Hong Leong Bank Connect application or online banking to enable the overseas consumption and withdrawal functions of the debit card, and update the transaction limit in the online banking to meet different consumption and cash withdrawal needs.

II. HLB Wallet: A Convenient Choice for Electronic Payment

(I) Product Highlights

The HLB Wallet is an electronic payment wallet service specially created by Hong Leong Bank for Malaysians aged 12 and above, especially suitable for users who like instant cashback. Through this wallet, users can get a maximum of RM10 in cashback per month, covering a variety of payment scenarios, bringing real benefits to daily consumption.

(II) Debit Card Service and Multi-currency Function (HLB Wallet+)

• Debit Card Service: This wallet comes with a debit card that supports the "tap to pay" function, making the payment process more convenient and quick. It is worth mentioning that there is no issuance fee for this debit card, but an annual fee of RM8 will be charged from the second year. For users aged 12 to 17, they need to go to a Hong Leong Bank branch with their parents to collect the debit card under the permission of their parents; users aged 18 and above can apply for and use it normally.
• Multi-currency Function (HLB Wallet+): Customers aged 18 and above who upgrade to HLB Wallet + will unlock more functions. Customers can retain, withdraw, and spend 12 major foreign currencies without restrictions in one wallet, and can also exchange and save different currencies at competitive exchange rates. Whether it is for outbound travel or online shopping, they can easily switch currencies to meet diverse payment needs.

(III) Account Opening Methods and Guarantees

• Account Opening Method: Users can open an account online anytime and anywhere by downloading the Hong Leong Bank application on the App Store, Google Play, or Huawei AppGallery, without the need to visit the bank in person, which greatly improves the convenience of account opening; at the same time, home account opening services at specific locations are also provided; of course, customers can still choose to directly go to a nearby Hong Leong Bank branch to complete the account opening procedures to meet the needs of different customers.
• Guarantee Measures: Hong Leong Bank is a member of the Perbadanan Insurans Deposit Malaysia (PIDM). Each depositor can obtain a guarantee of up to RM250,000 from PIDM, providing a solid guarantee for the safety of customers' funds.

III. HLB Pocket Connect: A Great Helper for Cultivating Children's Financial Management

(I) Functional Features

• Earn: Parents can let their children earn pocket money by asking them to help with household chores or giving rewards according to their exam results. This method can not only cultivate children's sense of responsibility but also let them understand the value of money in practice and establish a correct concept of wealth.
• Spend: It supports cashless payment. Children can use the Hong Leong Children's Debit Card for payment, which is safer and more reliable than carrying cash. At the same time, through the HLB Pocket Connect application, children can check their pocket money balance at any time and track their consumption records, so as to learn to arrange their expenses reasonably and develop good consumption habits.
• Save: The wish list function in the application provides children with a tool to set savings goals. Whether it is to buy the latest sports shoes or popular video games, children can gradually cultivate the ability of delayed gratification and the good habit of saving by setting goals and saving for them.
• Grow: The EARTH HERO (Earth Hero) program launched by Hong Leong Bank integrates the concept of environmental protection into children's financial education. Children can get a virtual tree for each task completed. When they successfully obtain 20 virtual trees in the application, the bank will plant a real tree. This can not only cultivate children's awareness of environmental protection, let them understand the impact of personal behavior on the environment, but also make them feel a sense of achievement and responsibility while making contributions to the earth.

(II) Advantages of the 3-in-1 Children's Account

• Children's Savings Account with Higher Interest: The account opening threshold is extremely low, and only RM1 is required to open an account. According to the interest rate effective from July 21, 2023, the annual interest rate for the first RM50,000 of the account balance is 2.15%, and the annual interest rate for the part exceeding RM50,000 is 0.00%, providing competitive returns for children's savings.

• Super Cool Hong Leong Children's Debit Card: Children can use this card to make Visa debit card payments online and offline. It is particularly worth mentioning that when using the children's debit card to spend RM30 or more, from December 1, 2021, to January 31, 2022, they can receive a RM5 cashback at McDonald's restaurants, bringing extra surprises and fun to children (subject to terms and conditions).
• Fixed Deposit Account with Higher Interest: The minimum savings amount is RM1,000. For long-term fixed deposits (12, 24, 36, 48, 60 months), higher interest rates are provided to encourage children to develop the good habit of regular savings and accumulate wealth for the future.

(III) Account Opening and Related Information

• Application Method: Users can submit an application online or go to a nearby branch to open an account. When opening an account, they need to bring the child's birth certificate and MyKid, as well as the MyKad/passport of the parents or legal guardians to ensure the smooth progress of the account opening process.
• Fees and Guarantees: Click on the relevant link on the website to obtain a complete list of fees and charges. At the same time, as a member of PIDM, Hong Leong Bank provides each depositor with a guarantee of up to RM250,000 from PIDM, providing reliable protection for the safety of children's funds.

IV. Harvest Savings Account: Exclusive Benefits for People Aged 50 and Above

(I) Account Features

The Harvest savings account is a savings account designed by Hong Leong Bank specifically for people aged 50 and above, aiming to provide this group with more favorable savings plans and convenient financial services. This account provides convenient service channels, including branches nationwide, ATMs, Hong Leong Connect, and the exclusive bank telephone number 03 - 7626 8899, making it convenient for users to handle various businesses.

(II) Special Benefits

• Interest Earnings: The interest of this account is calculated daily and credited to the account once a month. If the account balance is up to RM200,000, the annual interest rate is 0.35%; for the part exceeding RM200,000, the annual interest rate is increased to 0.95%, helping customers achieve stable asset appreciation.
• Cashback: When using a Hong Leong debit card for retail consumption in healthcare, medical treatment, and the purchase of medicines, customers can enjoy a monthly cashback of 0.5%, with a monthly maximum limit of RM100, providing additional savings for customers' daily healthcare expenses.
• Electronic Statement Service: Users can query the monthly electronic statement through HLB Connect, which is convenient for them to manage their personal finances in a timely and accurate manner and keep track of the flow of account funds at any time.
• Special Birthday Benefits: In the customer's birthday month, by making a deposit through HLB Connect online banking, they can earn an annual interest rate of up to 3.00%. In addition, there is a birthday bonus deposit. From the deposit date, within 1 month, the interest rate of the birthday bonus deposit is 3.00%, with a minimum deposit amount of RM5,000 and a maximum of RM50,000. Each account is only allowed to make one deposit, bringing special birthday surprises and benefits to customers.

(III) Account Opening and Other Information

• Account Opening Eligibility: The age must be 50 years old and above. For individual account opening, it can be a single name or a joint account, and the minimum initial deposit for account opening is RM1,000.
• Account Opening Method: Customers can choose to complete the account opening process conveniently through an online application; they can also go to a bank branch and be assisted by professional staff to complete the account opening procedures to meet the needs of different customers.
• Early Withdrawal Regulations: If customers need to make an early withdrawal, the interest payment rules vary according to the time of early withdrawal. If the early withdrawal is less than 15 full days, no interest payment will be received; if the early withdrawal is 15 full days or more, an effective interest with an annual interest rate of 0.70% will be paid, ensuring the flexibility of customers' fund use while also guaranteeing a certain return.
• Fees and Guarantees: Click on the specified link on the website to obtain a complete list of fees and charges. As a member of PIDM, Hong Leong Bank provides each depositor with a guarantee of up to RM250,000 from PIDM, providing a solid guarantee for the safety of customers' funds.

V. Basic Savings Account: Convenient Account Opening and Low-threshold Savings

(I) Account Advantages

The Basic Savings Account is highly popular among customers due to its convenient account opening process and low threshold. Customers only need to use Hong Leong Bank's Apply@HLB application to quickly complete the account opening process on their mobile phones, without the need to visit a bank branch in person, saving both time and effort. After the account is opened, the debit card will be mailed to the address filled in by the customer within 14 working days, which is convenient and fast. In addition, the minimum initial deposit for this account is only RM20, which greatly reduces the initial capital requirement for savings, enabling more people to easily start a savings plan.

(II) Interest Earnings and Usage Channels

• Interest Earnings: Every Malaysian Ringgit in the account can earn interest. The interest is calculated daily and paid semi-annually. Currently, the annual interest rate for all balances is 0.25%, providing customers with a stable opportunity for capital appreciation.
• Usage Channels: This account provides customers with a variety of convenient operation channels, including branches nationwide, ATMs, telephone banking, and Hong Leong Connect, etc. No matter where customers are, they can easily manage their accounts and meet the usage needs in different scenarios.

(III) Account Opening Eligibility, Fees and Guarantees

• Account Opening Eligibility: It is applicable to customers aged 18 and above, including Malaysian citizens and permanent residents. Account holders can choose to open a single-name account or a joint account, flexibly meeting the needs of different customers.
• Fees and Guarantees: The website prompts that you can click to obtain a complete list of fees and charges, but the detailed fee information is not directly displayed on the page. As a member of PIDM (Perbadanan Insurans Deposit Malaysia), Hong Leong Bank provides each depositor with a guarantee of up to RM250,000 from PIDM, ensuring the safety of deposits and giving customers peace of mind.

VI. Savings Account: Flexible Savings and Interest Earnings

(I) Account Features

The Savings Account has become the first choice for many customers due to its flexible savings method and convenient management features. This account supports operations through various channels, including branches nationwide, ATMs, telephone banking, and Hong Leong Connect, etc., making it convenient for customers to handle business anytime and anywhere. At the same time, a statement is provided monthly, which enables customers to clearly understand the income and expenditure of account funds and manage their personal finances easily.

(II) Interest Earnings

The interest earnings of the Savings Account have certain advantages. When the account balance is up to RM100,000, the annual interest rate is 0.00%, and for the part exceeding RM100,000, the annual interest rate is 0.20%. The interest is calculated daily and paid semi-annually, providing customers with a stable opportunity for capital appreciation.

(III) Account Opening-related Information

• Account Opening Eligibility: It is applicable to customers aged 18 and above, including individuals, associations, clubs, and societies, etc., meeting the savings needs of different organizations.
• Account Opening Amount: The minimum initial deposit for account opening is RM200, which reduces the savings threshold and enables more customers to easily open an account and start accumulating wealth.
• Account Opening Form: It supports single-name or joint account opening, flexibly meeting the diverse needs of customers.

(IV) Fees and Guarantees

• Fees Explanation: The website prompts that you can click on a specific link to obtain a complete list of fees and charges, but the specific fee content is not directly displayed.
• Guarantee Measures: Hong Leong Bank is a member of PIDM (Perbadanan Insurans Deposit Malaysia). Each depositor can obtain a guarantee of up to RM250,000 from PIDM, ensuring the safety of customers' funds.

Conclusion

Hong Leong Bank has a rich variety of savings accounts, covering the needs of various customers from children to the elderly, from individuals to groups. Whether it is the Pay&Save account that pursues multi-currency functions and high interest earnings, the HLB Wallet for convenient electronic payment, the HLB Pocket Connect for cultivating children's financial management habits, the Harvest savings account tailored for people aged 50 and above, the basic savings account with convenient account opening, or the savings account with flexible savings, they can all bring customers a high-quality savings experience and stable wealth appreciation. Choose a savings account of Hong Leong Bank to start your wealth management journey and accumulate more possibilities for the future.

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