Alliance Bank lowers fixed deposit rates

The counter rate for 1-month fixed deposits is now just 2.65% from 2.75%.

Malaysia’s Alliance Bank has revised its deposit rates effective 30 April 2024.

The bank’s counter rate for 1-month fixed deposits has been lowered to 2.65%, from 2.75% previously. 

A 0.1 percentage point (ppt) decrease was also applied to counter rates of 2 month and 3-month fixed deposits: it will be 2.75% and 2.85% beginning end-April.

Counter rates for other tenures have also been revised: 4-5 month fixed deposits will now carry a rate of 2.9% (from 3% previous); 6-11 month fixed deposits will have a 2.95% rate (from 3.05%); and 12-month fixed deposits and above will have a 3% rate (from 3.1%).

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Alliance Bank has also shaved its 2nd tier rates for fixed deposits, with the 1-month fixed deposit now carrying a 2.45% rate (from 2.55% previously), whilst the 2nd tier rate for 12-month fixed deposits is now 2.8% (from 2.9%).

The counter rate and 2nd tier rate for Alliance FDGold is now 3.1% and 2.9%, respectively, from 3.2% and 3% previously.