What Is the Kawanku Savings Account?
The Kawanku Savings Account is Maybank's main conventional savings product and one of Malaysia's most established savings accounts. The name "kawanku" means "my friend" in Malay, reflecting the account's positioning as an accessible, everyday banking option.
The account comes with a Maybank Debit Card for cashless shopping and ATM access, and offers tiered interest rates calculated daily on your balance. It's protected by PIDM up to RM250,000 per depositor, making it a safe option for everyday savings.
Who Should Consider This Account?
The Kawanku is a general-purpose savings account that works well as your main banking account. It's particularly suitable if you're looking for straightforward banking without frills, already bank with Maybank for other products, or want the convenience of online and mobile banking through Maybank2u and the MAE app.
The low minimum deposit of RM50 (when applying online with proof of employment) also makes it accessible for students or young professionals just starting to save.
Interest Rates and How They Work
Maybank uses split-tier interest rates, which means different portions of your balance earn different rates. According to Maybank's official rates (effective 11th July 2025):
- First RM1,000: 0.15% p.a.
- Above RM1,000 to RM100,000: 0.15% p.a.
- Above RM100,000 to RM200,000: 0.20% p.a.
- Above RM200,000 to RM500,000: 0.25% p.a.
- Above RM500,000: 0.25% p.a.
Interest is calculated daily based on your account balance but only credited twice a year in June and December. This means you won't see your interest adding up month by month like with some other accounts.
Account Features
Account management options:
- Over the counter at branches
- ATM and Debit Card access
- Maybank2u web banking
- MAE Mobile app
- Kawanku Phone Banking
Additional features:
- Maybank Debit Card for cashless shopping locally and internationally
- Option for savings passbook or ATM card
- Access to MAE app features for digital banking
Opening the Account
Malaysians can now open a Kawanku account entirely online through the MAE app. The process requires scanning your MyKad for identity verification - no branch visit needed if you're a new Maybank customer.
What you'll need:
- Original MyKad (for Malaysians)
- Initial deposit via FPX transfer from another bank account registered under your name
- Your smartphone for the application process
Minimum deposit requirements:
- RM50 if you apply online (with letter of employment)
- RM250 for individual and joint accounts at branches
Eligibility:
- Individuals aged 18 and above
- Clubs, societies, and associations
- Joint accounts (up to 4 people)
For foreigners: You'll need your valid passport and supporting documents such as a work permit, student visa, or letter of employment. Branch applications are recommended for non-Malaysians.
What's Good About It
The Kawanku's main strength is convenience if you're already a Maybank customer. Account management is straightforward, and you have access to Maybank's extensive ATM network (Malaysia's largest) and branch presence nationwide.
The Debit Card works for ATM withdrawals and cashless payments, both locally and internationally. PIDM protection means your deposits are secure up to RM250,000 even if something happens to the bank.
For joint accounts, Maybank allows up to four people, which is more flexible than many banks that limit joint accounts to two people.
The fully online application process via MAE makes opening an account convenient, especially if you're already tech-savvy and prefer digital banking.
Is This Account Right for You?
The Kawanku makes sense if you value convenience and established banking infrastructure over earning high interest, want to keep your daily banking with Maybank where you might have loans or credit cards, or need a joint account with more than two people.
It doesn't make sense as your only savings account if maximising interest earnings matters to you, or if you're specifically looking for promotional rates or bonus interest features.
Many Malaysians use the Kawanku as their transaction account (for salary deposits and bill payments) whilst keeping their actual savings in higher-interest products. That's probably the smartest way to use it - as a convenient current account that happens to pay a tiny bit of interest, rather than as a serious savings tool.
