What is special about the Bank Muamalat ONEReach Savings Account?
The ONEReach Savings Account is an Islamic savings account following the concept of Al-Mudharabah, allowing the bank to invest your deposits to gain a profit. Don't worry though, the bank will share the profits with you, but at their discretion of course. Because of this arrangement, this savings account does not follow conventional interest earnings.
You are entitled for a year free coverage of Takaful Personal Accident and Khairat with an initial deposit of RM5000 and above upon account opening.
What are the main features of this account?
Let's get into the specifics regarding the profit earning component of this savings account. To put it simply, the hight your account balance, the higher your profit ratio. Once you have deposit a value above RM2000 into your savings account, you will stand to earn 50% of the profits derived from the bank's investments.
Other than that - you are entitled to five ATM withrawals per month for free! But, as with the personal accident coverage, you will need to have a balance of at least RM5000 in your account.
How am I eligible to open the Bank Muamalat ONEReach Savings Account?
Both Malaysians and permanent residents aged 18 years and above are eligible to open this account. RM10 is the initial minimum deposit required, and also the minimum balance required to avoid account closure.
What are the fees and charges?
The ATM card issuance fee is RM8 and the ATM annual fee is also RM8. In the event that you want to make a card replacement, the bank will charge you RM8 - the bank sure loves the number eight! On the other hand, the passbook replacement is much more expensive, it is RM20 per replacement.