best place to save money in malaysia

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  1. I personally only do #1 (ASB). It’s the first thing I do every payday so that I don’t overspend. Other methods seem interesting too though I don’t like putting my money all over the place. Hard to keep track and more fees/charges. That’s just me tho 🙂

  2. hi ! wondering if you think its a good idea to put in tabung haji as well ? and where would tabung haji be categorised under ?

      1. thank you for crediting me , what an honour ! :’)

        Btw suraya , your blog has been amazing especially to those who are still new to personal finances. I always recommend your blogs to my peers if they wanna learn about personal finances / investments / etc.
        In a way , the way you share your content is more relatable to us , and I appreciate that !

        I do have a question tho , I see a lot of people going into the stock market sector and I saw in your previous articles that you’re not involved in stocks that much. Is there any particular reasons why ? 🙂

    1. Hi Jeff,

      Yes, that’s true. Yet many still don’t take advantage of it and fall to ponzi schemes because of financial illiteracy and trusting the wrong community leaders (ustads, teachers). It makes me angry

  3. Hi Suraya,

    Do you know if there is any safety assurance and protection from fraud for such robo-advisory platforms? Thanks!

    1. Hi Ng,

      I don’t know exactly how it works, but in order to market to Malaysians, these companies must satisfy BNM and SC’s strict requirements. Can find out the requirements in respective websites

      That being said, nothing is 100% foolproof, and a healthy sense of scepticism is always good, so they can enhance consumer protection 🙂

  4. Hey, Suraya!
    I’ve recently heard of you from your interview on BFM.
    I am using SSPNi for my emergency fund. May I know your opinion on saving in SSPNi please?


    1. Hi Allison,
      PTPTN website in link above states that you can withdraw funds from SSPNi anytime, so I guess yeah you can use it as emergency funds, in theory.
      I’m not sure if there are any, but I feel like there’s a catch somewhere, despite that link. After all SSPNi is devised and marketed as a financial tool for parents to save for their children’s education

      edit: I found this article that states you must wait at least 3 years before you can withdraw the money out?

      1. I think the 3 years clause is inaccurate. I did take out my kid’s one after a few months to invest elsewhere..

  5. Is this a good idea to keep money/ invest if we open a foreign currency saving account? My friend opened 1 at HSBC.

    1. Based on what I read, that’s not a bad idea, as a diversification strategy. Especially if you’re bearish on MYR. Be careful of their conversion rates and T&Cs though. I’m not familiar with foreign currency rates

  6. Thanks for your excellent articles Suraya.

    With regards to keeping foreign currencies, best to keep in safe-haven currencies such as USD, JPY, CHF…..not sure of other safe-haven currencies though….just learnt about it myself.


  7. Hye, Suraya. What is your opinion on investment in equity? I would like to know since I’m a beginner.

    1. Hi Ninie,

      Equity can be stocks, property etc. Many people already invest in those, either directly (ie buy stocks etc) or through mutual fund/unit trust/etf (like your EPF)

      Go through my investing articles, lots of beginner-friendly investment guides. All the best!

      1. Hi Suraya. I love to read your articles which was written by heart :-). Anyway, HelloGold for Malaysia and Thailand will be closed on 2nd February 2023. So for gold investment, maybe we’re left for Miga, Public Gold, QM,…. and no more Hellogold after the date. Maybe you want to update this article. Thanks.

  8. So far I’ve done ASB & gold. Gonna try Wise for Foreign currency next. I do need more guidance about it though. Gonna read up more.

  9. Hi Suraya,

    I’m looking for a place to put my emergency fund/rainy day fund or whatever they call it. I would like somewhere where it is easy to put and I don’t have to look at it again and not worry. It would be great of course if it has dividends to grow, rather than just sit there (like MAE tabung). I am guessing you are going to suggest ASB ( I already have), but was wondering if there are anywhere else?

    Thank you!

    1. Hi Syed,

      Tabung Haji or any of the high-interest back accounts or cash management accounts mentioned above will work. They’re relatively low risk

  10. This is my first time reading your page. It’s very informative. I am a boring investor ( FD, ASB, TH), I have never looked at ETF, may try now. Unit trusts is not a favourite, apart from ASB.
    I would like to suggest Kwsp/epf for boring scaredy investors like me. It gave a better return than FDs last year.
    Keep on sharing 🙂

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