What is the 50 PLUS Savings Account?
Saving money should not only be a practice for the young but a practice for everyone. If you are able to save, why not reap the benefits of this habit. The 50 PLUS account, is a savings account presented by Public Bank, for the use of its customers, new and old, over the age of 50.
So if you are 50 years old and over, this is the savings account for you, available to be opened as both an individual or joint account.
What are the perks?
Since this is high interest savings account, Public Bank intends for you to make the most of your savings. Therefore, you will only begin earning interest on your savings, if they exceed a total of RM10,000, as an average balance. From there, you will earn an interest of 0.10% up to 1.26% p.a. depending on your account balance.
You can both manage your account online or with a passbook, the choice is up to you. That being said, should you choose to walk into a Public Bank Branch to manage your account, then you will have access to the priority lane for senior citizens, ‘Special Care Counters’, to help cut your waiting time in half.
What do I need, to open the account?
As mentioned, you can open both an individual or joint account as per your preference. You will simply need to bring with you, your NRIC and that of your partners for a joint account. To start, you will need to make a minimum deposit of RM2,000.
To keep your account open and functioning, you will need to maintain a balance of at least RM20 so that the account doesn’t freeze.
Will I need an introducer?
No you will not. Fortunately, anyone can register to open this account. You will not need anyone to introduce you to the bank. You will also have full access and coverage for the money stored in your account.
Where will my interest earned go?
Any interest earned on this account, is calculated daily and will be credited monthly into your account. The interest amount will be credited on the month end day, whenever that may be.