Maybank Islamic's Savings Account-i is a Commodity Murabahah deposit: the bank buys and sells a commodity on your behalf, and the mark-up on that trade is your profit. The published effective profit rate, effective 1 June 2026, is 0.10% a year on balances below RM50,000, rising in steps to 0.25% at RM200,000 and above. You need RM250 to open it (RM50 with an employment letter), the minimum balance is RM1, and deposits are protected by PIDM up to RM250,000. It is a safe, cheap, fully Shariah-compliant place to receive salary; it is not a place to grow money. Below: the contract, the fees, the test for whether any Maybank account is Islamic, and two accounts that pay more.
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The contract behind Savings Account-i
Maybank's product disclosure sheet for its Commodity Murabahah savings accounts states the Shariah concept plainly: Commodity Murabahah, a cost-plus sale. When you deposit, the bank, acting at all times as your non-exclusive agent, buys a specific commodity capable of physical delivery and sells it to generate your return. Profit is paid at the Effective Profit Rate, and you receive an annual statement showing the Commodity Murabahah transactions carried out for your account. This is not a Qard (benevolent loan) account where any return is a discretionary gift; the profit here is contractual, which is why the bank can print a rate. Our guide to how Islamic deposit returns work sets out the difference between Qard, Tawarruq and Mudarabah accounts if you want the fiqh.
The same disclosure sheet covers the whole family of Maybank Islamic savings products, which share the contract but not the minimums.
| Maybank Islamic savings product | Initial deposit | Minimum balance |
|---|---|---|
| Savings Account-i | RM250 (RM50 with employment letter) | RM1 |
| Basic Savings Account-i | RM20 | RM20 |
| M2U Savers-i | RM100 online, RM250 at branch | RM20 |
| Yippie-i (children) | RM1 | RM1 |
| imteen-i (teens, RM500 daily withdrawal limit) | RM50 | RM1 |
| Premier Account-i | RM1 | Not stated |
| Personal Savers-i | No initial deposit | RM1 |
| Flexi Savers-i | RM50 monthly contribution | Not applicable |
What Maybank publishes about the rate, and what it does not
Our Maybank Islamic guide criticised the bank for hiding deposit numbers. On this account, at least, there is a table. The Savings Account-i page and the Islamic CASA rate table both show the same grid, effective 1 June 2026.
| Balance band | Effective profit rate (a year) |
|---|---|
| Below RM50,000 | 0.10% |
| RM50,000 to below RM100,000 | 0.125% |
| RM100,000 to below RM200,000 | 0.15% |
| RM200,000 and above | 0.25% |
Two things the pages do not tell you. First, whether the band rate applies to the whole balance or only to the slice within each band: Maybank's split-tier FAQ, which took effect on 1 August 2022, says CASA profit is calculated separately on each band (its example multiplies a band balance by the band rate by days over 365), but the Savings Account-i grid is labelled by balance range rather than as split tiers. At 0.10% versus 0.125% the difference on RM60,000 is a few ringgit a year, so ask the branch if it matters to you. Second, every rate is marked as subject to change, and the 1 June 2026 date is the only history the page gives.
In ringgit: RM30,000 held for a year at 0.10% earns RM30 before any zakat. RM150,000 at 0.15% earns RM225. These are custody rates, consistent with what Maybank Islamic appears to want from the product: a transactional account tied to Malaysia's largest branch and ATM network rather than a yield product.
Fees that actually bite
- Over-the-counter transactions that are available online: RM5 per transaction for withdrawals, interbank GIRO and transfers below RM5,000. Use Maybank2u or MAE and this fee disappears.
- Cash withdrawals at other banks' ATMs via MEPS: RM1 per transaction; waived at Maybank-operated ATMs and self-service machines.
- Early closure within 3 months of opening: RM20.
- Lost passbook replacement RM20 (including RM10 stamp duty on the indemnity letter); replacement for poor handling RM10.
- Duplicate printed statements: RM10 per request plus RM1 per page within a year of the statement date, RM20 plus RM1 per page beyond that; online statements are free.
- No monthly service charge is listed for Savings Account-i; the RM5 a month minimum balance charge on the rate sheet applies to the Premier Savings Account for average balances below RM50,000.
The -i test: how to tell whether your Maybank account is Islamic
Thousands of Maybank customers search this question every year, and the answer is in the product name. Maybank's own fees page lists the conventional and Islamic twins side by side: Kawanku Savings Account and Savings Account-i, Yippie and Yippie-i, imteen and imteen-i. The suffix -i marks the product booked under Maybank Islamic Berhad, the group's Islamic bank. No -i, no Islamic contract.
- Open Maybank2u or the MAE app and read the account name on the accounts screen. Savings Account-i, Basic Savings Account-i, M2U Savers-i, Premier Account-i and Yippie-i are Islamic. Kawanku Savings Account, Premier Savings Account and plain Yippie are conventional.
- Check your statement header. Islamic accounts are issued by Maybank Islamic Berhad; conventional ones by Malayan Banking Berhad.
- Look at the annual statement. A Commodity Murabahah account shows the commodity transactions carried out for you; a conventional account shows interest.
- If the name is ambiguous, call the branch and ask which entity holds the account. PIDM treats the two separately, so the answer also affects your deposit cover.
Converting a conventional Maybank account is not a button in the app. Maybank does not publish an online conversion path, so the practical route is to open a Savings Account-i or M2U Savers-i (the latter can be opened online with RM100), move salary crediting and standing instructions across, then close the Kawanku account once the last transactions clear. Our switching guide has the sequence, including how to avoid the RM20 early closure fee by waiting past three months.
PIDM: what the RM250,000 covers
Maybank Islamic is a PIDM member, and the Savings Account-i page carries the standard line that deposits are protected up to RM250,000 per depositor. PIDM's own site adds the details that matter for a Maybank customer with both kinds of account: cover is per depositor per member bank, multiple accounts under one name at the same bank are aggregated to RM250,000, and conventional and Islamic deposits enjoy separate protection. So a customer with RM250,000 in a Kawanku account and RM250,000 in Savings Account-i is fully covered for both. The PIDM explainer covers joint accounts and the products that fall outside the scheme.
Two published-rate alternatives
If the question is where salary should sit, the comparison that matters is with Islamic accounts that print higher rates and carry the same PIDM cover. Al Rajhi Bank Malaysia's DuitPlus Savings Account-i is the clearest contrast: a fully digital Tawarruq account opened in the MY alrajhi app with RM20, profit calculated daily on the end-of-day balance and credited monthly, with tiers of 0.67% up to RM4,999.99, 2.08% from RM5,000 to RM49,999.99, 3.00% from RM50,000 to RM999,999.99, and 3.50% from RM1 million. The rates exclude a 0.01% agency fee, and the account is open to Malaysian citizens aged 18 and above. On the RM30,000 example above, the first RM4,999.99 at 0.67% and the remaining RM25,000 at 2.08% come to roughly RM553 a year against Maybank's RM30.
Public Islamic Bank's Commodity Murabahah ForU2Save Savings Account-i is the branch-based alternative: the same contract as Maybank's account, a RM250 opening deposit, a RM20 minimum balance and PIDM cover. Its product page on 5 October 2026 did not print the rate, which sits on the bank's deposit rate sheet, so treat the number on our provider page as the one to confirm at the branch. The wider field, with every published grid we could find, is in our best Islamic savings accounts comparison.
| Account | Contract | Opening deposit | Published rate on balances under RM50,000 | Channel |
|---|---|---|---|---|
| Maybank Savings Account-i | Commodity Murabahah | RM250 (RM50 with employment letter) | 0.10% | Branch, Maybank2u, MAE, ATM |
| Al Rajhi DuitPlus Savings Account-i | Commodity Murabahah (Tawarruq) | RM20 | 0.67% to RM4,999.99, then 2.08% | MY alrajhi app only |
| Public Islamic ForU2Save Savings Account-i | Commodity Murabahah | RM250 | Not printed on product page | Branch |
Our view: keep it, but not for savings
Keep Savings Account-i as the salary and bills account if your employer, your JomPAY billers and your cash habits are built around Maybank; the network, the RM1 minimum balance and the absence of a monthly fee make it a cheap utility. Do not leave more than a month or two of expenses in it. Move the rest to a published-rate Islamic account such as Al Rajhi's DuitPlus for the daily-credited tiers, or to an Islamic term deposit if you can lock the money, and compare the field on the bank accounts hub and our compare tool. The honest summary of the Maybank Islamic account is that it is compliant, protected and convenient, and pays 0.10%. Facts checked against maybank2u.com.my, pidm.gov.my, alrajhibank.com.my and publicislamicbank.com.my on 5 October 2026.
Frequently asked questions
What is the Maybank Islamic Savings Account-i profit rate?
Effective 1 June 2026, Maybank publishes 0.10% a year on balances below RM50,000, 0.125% from RM50,000 to below RM100,000, 0.15% from RM100,000 to below RM200,000, and 0.25% at RM200,000 and above. All rates are marked as subject to change, and profit is paid under a Commodity Murabahah contract rather than as a discretionary gift.
What is the minimum balance for Maybank Savings Account-i?
RM1. The initial deposit to open the account is RM250, or RM50 if you present an employment letter. The product disclosure sheet lists different minimums for sister products: RM20 for Basic Savings Account-i and M2U Savers-i, RM1 for Yippie-i and imteen-i, and no initial deposit for Personal Savers-i.
How do I know if my Maybank account is Islamic or conventional?
Read the account name in Maybank2u or MAE. Products ending in -i (Savings Account-i, M2U Savers-i, Yippie-i, imteen-i, Premier Account-i) are booked with Maybank Islamic Berhad. Kawanku Savings Account, Premier Savings Account and plain Yippie are conventional. Your statement header names the issuing entity if the product name is unclear.
Is Maybank Islamic Savings Account-i protected by PIDM?
Yes, up to RM250,000 per depositor per member bank. PIDM states that conventional and Islamic deposits at the same bank receive separate protection, so Islamic balances at Maybank Islamic are covered independently of any conventional Maybank account you also hold. Multiple Islamic accounts under one name are aggregated within the RM250,000 limit.
Does Maybank have an Islamic current account?
Yes. Maybank Islamic's current accounts carry the same -i suffix and appear on the same Islamic CASA rate table as Savings Account-i. The savings product differs in having no chequing facility, which is how Maybank's disclosure sheet defines it. For the current account fees and any profit, see the bank's Islamic CASA table and our Islamic current accounts coverage.
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See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
Is there a better Islamic savings account than Maybank's?
On published rate, yes. Al Rajhi's DuitPlus Savings Account-i pays 2.08% on balances from RM5,000 to RM49,999.99 and 3.00% from RM50,000, with PIDM cover and a RM20 opening deposit, against Maybank's 0.10% under RM50,000. Maybank wins on branches, ATMs and salary crediting convenience. Many savers keep both: Maybank for transactions, a published-rate account for the balance.
