Wait, salary account - what’s that?When we Googled ‘salary account’, there’s no local content about it even after page 4. We then decided to double-check it on Google Trend but the result is nowhere near enticing. This could be because many Malaysians are still not familiar with what salary account is all about - so don’t feel left out.
So, what is salary account? Well, the name is pretty self-explanatory. It’s a type of account where your salary gets credited. You need to be an employee to open this account because it’s particularly designed for salaried class.
Savings account, on the other hand, is an account where you should park your monthly savings. It doesn’t matter whether you have a salary or not because this type of account is open to the public.
Well, they’re almost the same, but not really - very much macam yes, tapi bukan. Take a look at the table below to see the differences between saving account and salary account.
Oh, like that ah... Got differences meh?
|Salary Account||Savings Account|
|Who decides to open the account?||Employer or Employee||Anyone|
|Purpose||Credit of salary||To encourage savings|
|Interest Rates||Depend on banks||The average interest rate paid is *1.2% p.a. (as of June 2019)|
|Convertibility||If the salary isn’t credited for 3 consecutive months, it’ll be converted as saving account||Generally, one can convert to a salary account if the bank allows|
Hmm… Why do I need to keep my salary and savings account separated?
Keeps you organised
Helps you increase savings
Lets you earn interest/profit rate
Gives you more security
Easier to get loans/financing and credit card/i
Oh, okay. How to select a salary account?
Just so you know, the features and benefits of a salary account can vary with the type of account your bank offers depending on the salary. We’ve listed down some points to consider (in no particular order) when choosing a salary account to help you make the best decision.
- Availability of ATMs - This is very important because not all banks have ATMs available everywhere, which is not very convenient.
- Interest/profit rate - If you’re planning to open a savings account in addition to your salary account, it’s important for you to also check the bank’s savings account interest/profit rate.
- Customer support - Don’t forget to evaluate the bank’s customer support services provided.
- Preferential Rates on Financing - We’re not suggesting that you should make consumer debt as your key factor to choose a salary account bank but if it has a perk like easy to apply for a home loan/financing, personal loan/financing or credit card/i, as well as the preferential rates - why not, right?
- Special privileges – Does the salary account automatically qualify you for Premier/Advance customer recognition and privileges based on your salary amount?
Or, look no further. Here’s what we recommend! Check out HSBC Amanah Perks@Work salary account!
We placed all their point we shared above, and Perks@Work fits them all! With Perks@Work, you’ll gain more for your salary account compared to what has been offered by others out there. For instance, you’ll have access to HSBC's global network of ATMs in 70 countries. Plus, for your convenience, you’ll get to experience fast customer service at any HSBC and HSBC Amanah branches. You can also use the secured online or mobile banking platform to pay bills easily via JomPay to over 1,200 billers. So easy and secured liao!
On top of that, by choosing Perks@Work, you’ll be instantly recognised as an HSBC Amanah Premier / Advance account/-i holder (with no monthly fees provided the eligibility criteria is met). If you are eligible for any of these accounts, you get to enjoy the benefits offered under these two customer categories like a boss such as:
- Premier status recognition in all countries where you bank with HSBC/HSBC Amanah
- Instantaneous and fee-free international fund transfers between your HSBC/HSBC Amanah accounts
- International account opening before you arrive at your destination (subject to host country approval)
- Emergency card replacement and emergency encashment services at any HSBC/HSBC Amanah branch worldwide
- Get a designated Premier Relationship Manager to attend to your banking needs
So, what are you waiting for? Talk to your company about it or click on the link below to switch to Perks@Work today!!! Because from 1 March 2019 to 31 December 2019, you’ll stand a chance to get a Huawei Band 3e*. To know more, click here.
*HSBC Amanah Perks@Work 2019 Gift Offer (“Promotion”) Terms and Conditions apply. This link will open in a new window. Promotion period: 1 March 2019 – 31 December 2019. Eligible customers must meet minimum gross salary of RM5,000 and above for HSBC Amanah Advance Account-i; or RM16,500 and above for HSBC Amanah Premier Account-i. The eligible customer must also sign up for Personal Internet Banking (“PIB”) if he/she does not have PIB, have or apply for HSBC Amanah credit card-i and minimum one month salary must be credited into the participating account within 60 days from the date the participating account is opened. There is a maximum number of 9,800 Gift Items to be given out on a First Come, First Served basis; capped at 980 Gift Items every month. Eligible Customers may receive the Gift Item within one month from the date of fulfilling the requirements.
DISCLAIMER: This article is not endorsed by HSBC or HSBC Amanah. Additionally, the views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author's employer, organisation, committee or other group or individual.