The gap between the best and worst Islamic savings rates in Malaysia is enormous. At the top, KAF Digital Bank has been paying weekly hibah at 5.00% p.a. on the first RM2,000, per its published history table running through early August 2026. At the bottom, AmBank Islamic's AmWafeeq pays 0.10% on all balances and Hong Leong Islamic's standard account pays 0.00% below RM200,000. Same country, same regulator, same Shariah principles. The difference is where you put your money.
This comparison covers every Islamic savings account with a published rate that we verified in our crawl of Malaysian bank websites on August 6, 2026. Every figure below carries either an on-page effective date or that crawl date. Rates change, and several of the best numbers are promotional or discretionary, so treat this as a dated snapshot and confirm before you move money.
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The top tier: 3.00% and above
Three accounts stand clear of the field, and each has a catch worth understanding.
KAF Digital Bank's Savings Account-i pays weekly discretionary hibah, and its published history shows 5.00% p.a. on the first RM2,000 and 3.00% above that, paid consistently every week across the June to August 2026 table. The catch: hibah is a gift, not a contractual rate. KAF's own disclaimers say past rates are not indicative, and the bank could reduce or stop payments at any time. The account is PIDM-protected, so the principal is as safe as any bank deposit.
OCBC Al-Amin's 360 Account-i pays up to 3.00% p.a. effective, but you earn it through behaviour: deposit RM500 or more in a month for 1.10%, also pay three bills online for 2.05%, and also spend RM500 on the debit card-i for the full 3.00%. Bonus profit is capped at RM100,000 of average daily balance. Miss the pillars in a month and you earn the 0.10% base rate. For a household already salary-banking with OCBC Al-Amin, this is the strongest everyday-money rate in the market.
AEON Bank's Savings Pots pay 3.00% p.a. promotional. The prevailing rate outside the promotion is 0.25%, and AEON Bank prints both numbers honestly. You get up to 20 goal-based pots with round-up automation, and PIDM protection. The long-term case depends on AEON keeping promotions rolling, which is how digital banks acquire customers, but nothing obliges them to.
The strong middle: 2.00% to 3.00%
Al Rajhi Bank Malaysia's DuitPlus Savings Account-i runs tiered prevailing rates that reach 3.00% p.a. on the band ending at RM999,999.99 and 3.50% from RM1,000,000, calculated daily and credited monthly. Al Rajhi Malaysia is unusually transparent about the mechanics: rates are stated as exclusive of a disclosed 0.01% commodity agency fee, a level of Tawarruq honesty few banks match. For five-figure and six-figure balances, this is the strongest savings account from a full-service Islamic bank.
Public Islamic Bank's CM ForU2Save Savings Account-i pays a printed 2.10% p.a. on the first RM50,000, effective 16 January 2025. No salary crediting requirement, no spend quota, no behaviour hoops. Among Malaysia's six largest full-fledged Islamic banks, this is the best unconditional printed savings rate, and it is the account to ask for by name at Public Islamic Bank, because the standard CM Savings Account-i at the same bank pays as little as 0.00% to 0.05% below RM360,000.
Alliance Islamic Bank's SavePlus Account-i publishes historical hibah tiers effective 15 July 2025: nothing below RM20,000, then 0.95%, 1.55%, 2.60% above RM200,000, and 2.75% p.a. above RM500,000. For large balances that need daily liquidity, the top tiers rival term deposit rates. Small savers should look elsewhere, since the first RM20,000 earns zero.
The wildcard: RHB's 6.60% bonus ceiling
RHB Islamic prints the single biggest number in the market: the Smart Account-i offers bonus rates up to 6.60% p.a., effective 1 January 2026, on top of a 0.00% base rate. The qualifying behaviour lives in the product terms rather than on the rates page, which is why we rank it as a wildcard. If you genuinely meet the conditions, it out-earns everything here. If you do not, you earn nothing. Read the terms before opening, and note RHB's plain Savings Account-i pays just 0.00% to 0.20% by tier.
The comparison table
| Account | Published rate (p.a.) | Conditions | Rate date |
|---|---|---|---|
| KAF Digital Bank Savings Account-i | 5.00% first RM2,000, 3.00% above | Discretionary weekly hibah | History to 4 Aug 2026 |
| OCBC Al-Amin 360 Account-i | Up to 3.00% effective | Deposit + bills + spend pillars, RM100,000 cap | Crawled 6 Aug 2026 |
| AEON Bank Savings Pots | 3.00% promotional (0.25% prevailing) | Promo terms | Crawled 6 Aug 2026 |
| Al Rajhi DuitPlus Savings-i | Tiers to 3.00%; 3.50% above RM1m | Balance tiers | Crawled 6 Aug 2026 |
| Alliance SavePlus Account-i | 0.95% to 2.75% by tier | Zero below RM20,000 | Effective 15 Jul 2025 |
| Public Islamic CM ForU2Save | 2.10% first RM50,000 | None printed | Effective 16 Jan 2025 |
| RHB Smart Account-i | Bonus up to 6.60% | Behaviour conditions in product terms | Effective 1 Jan 2026 |
| Bank Rakyat Savings-i | 1.00% from RM1,000; 1.25% from RM100,000 | DFI: not a PIDM member | Crawled 6 Aug 2026 |
| MBSB Cash Rich Savings-i | 0.20% / 0.50% / 1.00% tiers | 1.00% needs RM50,000+ | Crawled 6 Aug 2026 |
| CIMB EcoSave Savings Account-i | 0.15% to 1.00% by tier | 1.00% needs RM200,000+ | Effective 1 Jun 2020 |
| Agrobank Agro Perdana-i | 0.15% / 0.30% / 0.45% tiers | DFI: not a PIDM member | Crawled 6 Aug 2026 |
| AmBank Islamic AmWafeeq | 0.10% all balances | Prize draw campaigns | Effective 6 May 2025 |
| Hong Leong Islamic Savings-i | 0.00% below RM200,000; 0.05% above | None | Effective 1 Aug 2026 |
What the laggards tell you
The bottom of the table is instructive. Maybank Islamic, Malaysia's largest Islamic bank, prints no savings rate at all: its Savings Account-i runs on the Qard contract, under which any return is a discretionary gift, and the bank's legacy Islamic rates page still carries 2015-dated tables. Hong Leong Islamic explains its Tawarruq contract more clearly than any peer, then pays effectively nothing on adult balances. Big-bank savings accounts in Malaysia are transactional tools, not yield products. The banks know it, and now you do.
One structural footnote: Bank Rakyat and Agrobank pay respectable tiers, but both are development financial institutions regulated under DFIA 2002, not PIDM member banks. Their deposit protection arrangements differ from the RM250,000 PIDM cover at every other bank in this table. We explain what that means in our guide to Bank Rakyat and Agrobank.
How to actually use this table
- First RM2,000: KAF Digital Bank's 5.00% band is the sharpest micro-rate in the market, with PIDM cover.
- Everyday balance up to RM100,000: OCBC 360 Account-i at 3.00% effective if you can hit the three pillars monthly, or AEON's pots while the 3.00% promo lasts.
- Passive money, no hoops: Public Islamic's ForU2Save at a printed 2.10% on the first RM50,000.
- Large liquid balances: Alliance SavePlus (2.60% to 2.75% above RM200,000) or Al Rajhi DuitPlus tiers.
- Money you will not touch for a year: skip savings accounts entirely and compare our term deposit-i rates roundup.
All of these accounts are Shariah-compliant under Bank Negara Malaysia's framework: each bank operates under the Islamic Financial Services Act 2013 with its own Shariah committee, and the contracts behind these accounts are Qard, Wadiah or Tawarruq structures rather than interest-bearing loans. If you want to understand why one account promises its rate and another calls it a discretionary gift, read our explainer on how Islamic deposit returns actually work.
Frequently asked questions
Is a higher hibah rate less halal than a lower one?
No. The Shariah question is the contract, not the number. KAF's 5.00% hibah is a discretionary gift on a compliant deposit; Hong Leong Islamic's 0.05% is contractual Tawarruq profit. Both are compliant structures approved by BNM-registered Shariah committees. Pick the account that pays you more, provided you understand whether the rate is promised or discretionary.
Are digital bank deposits as safe as branch bank deposits?
AEON Bank and KAF Digital Bank are both PIDM members, so eligible deposits are protected up to RM250,000 per depositor, exactly like Maybank Islamic or CIMB Islamic. The practical difference is servicing: app-only, with no branch fallback.
Compare providers in your state
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
Why does my bank pay so much less than this table suggests?
Probably because you hold the bank's standard account rather than its best one. Public Islamic's standard CM Savings pays near zero while its ForU2Save variant pays 2.10%. Ask for the specific variant by name, or vote with your feet. See our bank accounts hub for the full product list.