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Hong Leong Bank will reward Malaysians for paying their bills online

AvantiKumar | Oct. 17, 2012
Hong Leong Pay&Save account is the first and only savings account in the market that rewards customers up to 3.1 percent interest per annum: HLB

Moey Tan - Hong Leong Bank modified

Photo - Moey Tan, chief operating officer, Personal Financial Services, Hong Leong Bank.

 

Hong Leong Bank (HLB) has introduced its Hong Leong Pay&Save account, which is the only savings account in the market to reward Malaysian customers up to 3.1 percent interest per annum on their account balance for making e-payments via online.

Speaking on 11 October 2012, HLB chief operating officer, personal financial services, Moey Tan, said: "In support of the country's Bank Negara's e-initiative, Hong Leong Bank has designed a savings account that rewards customers with fixed deposit interest simply for making e-payments for their bills through this account or debit card."

Tan said that in December 2011, Bank Negara Malaysia (BNM), Malaysia's Central Bank launched its Financial Sector blueprint with a key objective of increasing e-payment usage from 44 transactions per capita in 2010 to 200 transactions by 2020.

"This Hong Leong Pay&Save account is relevant as each household will surely have utilities, telephone, insurance, housing or car loans and credit card bills, etc to pay," she said. "Besides, customers get to enjoy hassle free banking convenience at their finger tips either through online GIRO or standing instruction."

Tan added that the Hong Leong Pay&Save Account is open to customers in Malaysia aged 18 years and above. "The minimum requirement for opening an account is RM200 [US$65]. It combines the benefit of a savings and current account with value added feature to earn extra interest on the account balance. The more e-payments transacted, the higher the interest earned. In comparison with a basic savings account, the interest payable is around one percent interest per annum whereas Hong Leong Pay&Save Account provides up to 3.1 percent interest per annum."

Hong Leong Bank is a subsidiary of Hong Leong Financial Group, the financial services arm of the Hong Leong Group. Apart from banking, Hong Leong Financial Group is involved in the provision of insurance and takaful, as well as investment banking, unit trust, fund management and stock broking services.

 

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