Alliance Bank Buddy

It pays to be obedient! 10% bonus interest on top of your total interest earnings if you do not make more than 1 withdrawal each month for the whole year.

Alliance Bank BuddyExtra 10% Bonus
Interest Rate
0.75% to 2.45% p.a.
Min. Deposit
RM50
Passbook
Free

Interest Rate

What you earn based on the amount that you have in your account

Min. AmountMax. AmountInterest Rate
RM1RM50,0002.45% p.a.
RM50,001No maximum0.75% p.a.

Features

What would make it different?

Online Banking
allianceonline
PIDM Protected
Up to RM250,000
ATM Card
Available

Fees & Charges

ATM Card Issuance Fee
RM8
MEPS Withdrawal Fee
RM1
Overseas Withdrawal Fee
RM8
Early Closure Fee
RM20

Requirements

Minimum Initial Deposit
RM50
Minimum Balance
RM1

More Information

What exactly is the Alliance Buddy?

Alliance Buddy is a specially crafted savings account, made to provide a platform for parents to save money WITH their children. It is basically a joint account for a parent and their child as well as a way to teach your kids the importance and benefits of saving money.

Unlike most savings accounts, this one works similarly to a trust account in some respects. You will have free withdrawals of course, but only after a year of having the account.

What are the perks of this account?

As mentioned, this account is reminiscent of a trust account, simply because it comes with a bonus interest rate. Now to get the interest rate, you will first need to regularly deposit a minimum of RM100 per month, for 12 consecutive months. 

Next, of you are consistent in the deposits and don’t many any withdrawals in 12 consecutive months, then you will be eligible to earn a bonus interest rate of 10% for the year.

The interest for this account is calculated daily and will be credited monthly into your account.

What are the requirements for this account?

Well, as you know this is an account for parents and their kids, therefore to have it you must register as joint account holders. The conditions are that one account holder is an of age parent, while the other is under the age of 18, the child in the relationship.

Opening the account requires a minimum deposit of RM50. It also requires for there to be a minimum amount of RM1 in the account at all times to keep it going.