If you have special savings and investment needs, the choice of a bank can be instrumental in meeting these criteria. Therefore, you need to make sure that the accounts you choose will help you reach your savings and investment goals.
For example, a premier savings account enables savers to open a savings account for a minimum of RM3,000 in Malaysia. Savers do not need to maintain a minimum balance to keep the account open. Interest is calculated on the account daily and credited monthly.
A Foreign Currency Account
You might also consider a foreign currency account. This banking product allows you to maintain your savings in the currency of your choice. You can also choose from a broad range of investment options in Malaysia today.
Some of the Financial Solutions That Are Used to Build Wealth
Wealth management solutions offered by Malaysia bank include the following investments:
- Dual currency investments
- Unit trusts
- Retail bonds
- Structured investments
Types of Insurance Products Used to Protect Your Wealth
You can also choose from insurance products to protect your wealth. For example, some of the insurance plans offered include the following:
- Universal life plans preserve your wealth whilst meeting your legacy planning requirements. This type of investment safeguards your family’s financial future without any compromises being placed on your current lifestyle. Plans are also designed to allocate wealth to your children equally. These products are specially designed to protect estates from volatility in the marketplace.
- Endowment plans are designed to keep you financially protected whilst also satisfying your saving goals. Financial institutions offer a broad range of choices in these investments.
- Medical insurance is featured which offers comprehensive benefits. The insurance features jumbo limits that increase with time.
Financing Products
To make the most of your wealth, you will also want to review your bank’s financing products. Whether you want to purchase real estate or refinance a current loan, you can find a way to meet your financial objectives. For instance, some of the bank products that feature financing include home loans, overseas property financing (OPF), and overdraft protection against shares in your savings, insurance, and investment accounts.
Keeping Banking Transactions Streamlined
To make sure that all your banking transactions are smoothly handled, Malaysian banks offer facsimile banking and banking by phone. If you need to conduct business but do not have time to go into a bank, phone and facsimile banking can streamline the transaction process.
Carefully Review the Product Information
When making a selection for wealth-preserving products, you need to carefully review all of the information that is provided on a bank’s website. Research the products online to inform your decision-making process. Everyone has unique financial needs. That is why you need to make sure your banking solutions are customised to your particular lifestyle.