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Adult woman and senior mother talking on front porch; image used for HSBC Malaysia Importance of an Emergency Fund page.

How to build up your savings

One of the benefits of saving money is that it can help you weather an unfortunate storm. Injury, illness, disaster or losing a job are all situations that could put a major strain on your finances.

These are moments when it is crucial to have an emergency fund so you can access your money quickly and easily. The good news is, building a safety net is easier than you think. Here's how.

Know your budget

Before you start saving, you need to know how much money you spend. Carefully track your expenses, either with an app, or with good old-fashioned pen and paper to get an idea of how much you spend on food, utilities, transportation, clothes and entertainment.

That will tell you how much you can comfortably save each month. Discipline yourself to set aside a percentage of your income each month, as it is as simple as setting up a recurring instruction to move money to your savings using HSBC Online Banking. You'll see your money grow with each small deposit.

Put your money in the right place

Just leaving your funds untouched will grow your money in the long run – if you keep it in the right place.

But if you leave your money in your ordinary savings account, you're missing out on higher interest that will grow over time. An HSBC Everyday Global Account2 offers a competitive interest rate that will grow your money faster, instead of letting it sit idle.

Limited time promotion

Enjoy up to 2.25% p.a. interest on Ringgit Malaysia balances1 from 30 March - 31 December 2020

If you're not already an HSBC customer, it's very easy to apply for a new Everyday Global Account completely online in just 10 minutes. After that, all that’s left to do is to confirm your identity (MyKad & Driving License/Passport) in the next 30 calendar days at any branch.

It’s really that simple. Apply online today to enjoy higher savings rates!

Longer terms, higher interest

If you can commit to not touching your money for at least a month, then you can earn better interest rate with an HSBC Time Deposit, from 1.45% - 2.70% p.a. The longer you can set the money aside, the higher the interest rate will go.

The good thing about time deposits is that it helps you to be more disciplined in keeping your fund untouched to earn a higher return and you can manage it all instantly using HSBC Online Banking.

All it takes is 3 simple steps to set up. Let us show you how.

Don't stop saving

Saving is a great habit to get into and to sustain. Even after you've built your wealth enough to focus more on investing, try to save a little bit all the time so you always have an emergency fund.

This will help you avoid having to sell your investments if you need emergency cash, because you could end up losing money if that happens.

Setting Savings Goals

What are you saving for? Starting a family? Getting married? A trip? Pursuing a degree? Buying a house? Retirement?

Having a goal and knowing when you want to achieve it will help you figure out how much you’ll need to set aside each month.

A goal also helps keep you motivated to save. Start with setting a small and tangible short-term goal. By reaching smaller goals, it gives you a sense of achievement and helps to reinforce your savings habits over time. Every small step contributes towards fulfilling your longer-term goals!

Ready to start doing some serious saving?

Take a look at our different savings accounts and see which one is right for you.

HSBC Bank Malaysia Berhad 198401015221 (127776-V). Member of Perbadanan Insurans Deposit Malaysia.

1After the Promotion Period, the interest rate for the HSBC Everyday Global Account will revert to the prevailing board rate applicable at that time. Interest will be calculated on a daily basis and credited into the HSBC Everyday Global Account on a monthly basis. Amended Terms and Conditions for Save with HSBC Everyday Global Account Promotion apply. Promotion Period: 30 March 2020 until 31 December 2020.

2Protected by Perbadanan Insurans Deposit Malaysia up to RM250,000 for each depositor. The supported Foreign Currency Accounts will be opened automatically by the following working day.