Alliance Bank Malaysia is a prominent Malaysian bank with approximately 80 branches, offering both conventional and Islamic banking services. It has been recognized multiple times with digital banking awards.

This article provides a detailed overview of Alliance Bank's four main deposit account types, including current accounts, savings accounts, and foreign currency accounts, covering account opening conditions, processes, and associated fees.

Account Types

Alliance Bank offers a variety of current accounts and savings accounts equipped with debit cards, supporting online banking, mobile banking, ATM, and cash deposit machine services. Additionally, for those managing foreign currency funds, Alliance Bank provides a comprehensive currency account supporting up to 9 currencies, with interest available on 7 of those currencies.

Here is a comparison of features and fees for Alliance Bank's four popular account types:

• Alliance Hybrid Account

  • Offers an interest-bearing current account where deposits above RM 200,000 can earn annual rates ranging from 1.4% to 3%.
  • Minimum opening deposit: RM 250; RM 1,000 with cheque book.
  • Account maintenance fee: RM 15 every six months (with cheque book).
  • Minimum account balance: RM 1,000; otherwise, RM 10 every six months.

• Alliance SavePlus Account

  • Offers a lower threshold interest-bearing current account where deposits of RM 20,000 or more can earn up to 3% annual interest.
  • No minimum opening deposit required but requires a RM 20 deposit to activate the account.
  • No account maintenance fee, but maintaining a minimum RM 10,000 balance is necessary to avoid withdrawal fees.

• Alliance My eSaving Account

  • Online savings account without a passbook but with a debit card.
  • Standard annual interest rates range from 1.10% to 1.85%, with the potential to earn up to a 10% quarterly bonus.
  • Minimum opening deposit: RM 250.
  • No account maintenance fee.

• Alliance Xchange Account

  • Online foreign currency account supporting 9 currencies, offering current deposit rates of up to 4.5% (varies by currency).
  • Minimum opening deposit: AUD 500, CAD 500, EUR 500, GBP 500, NZD 500, SGD 500, USD 500, JPY 20,000.
  • No account maintenance fee, but international telegraphic transfer commissions and line charges apply.

Account Opening Requirements

To open an account with Alliance Bank, the following requirements must be met:

• Alliance Hybrid Account

  • Minimum age of 18.
  • RM 250 opening deposit; RM 1,000 for accounts with cheque books.

• Alliance SavePlus Account

  • Minimum age of 18.
  • Non-Malaysian citizens must visit a branch for account opening.
  • No minimum opening deposit requirement, but a RM 20 balance must be maintained.

• Alliance My eSaving Account

  • Minimum age of 18.
  • RM 250 opening deposit.

• Alliance XChange Account

  • Minimum age of 18.
  • Must hold an Alliance Bank MYR current or savings account.
  • Account opening through Allianceonline mobile app.

Documents Required Account Opening

Appropriate documents are required for account opening:

• For Malaysian citizens: MyKad (National Identity Card) (mandatory for online opening).
• For foreigners: Passport, visa, or residence permit.

Minimum Deposits

The minimum opening deposits for different accounts are as follows:

• Alliance Hybrid Account: RM 250 (without cheque book) / RM 1,000 (with cheque book)
• Alliance SavePlus Account: No requirement
• Alliance My eSaving Account: RM 250
• Alliance XChange Account: AUD 500 / CAD 500 / EUR 500 / GBP 500 / NZD 500 / SGD 500 / USD 500 / JPY 20,000

Online Account Opening Process

Alliance Bank supports online account opening for certain accounts. For example, Malaysian citizens can open SavePlus accounts via the mobile app, while XChange accounts require existing customers to apply through the mobile app. Other accounts may require online form submission or branch visits.

Here's the online account opening process for SavePlus accounts:

1. Download the Allianceonline mobile app and select to open a SavePlus account.
2. Take a selfie and scan the front and back of your MyKad.
3. Verify and update personal details if necessary.
4. Provide employment details.
5. Electronically sign and submit the account opening form.
6. Set up mobile banking login details to complete the account opening.
7. Transfer RM 20 from another Malaysian bank account via DuitNow to verify and activate the account.

While Alliance Bank's current accounts offer interest, note that this benefit applies only to deposits above a certain amount, such as those exceeding RM 20,000. Additionally, although the minimum initial deposit is only RM 250, maintaining a minimum RM 1,000 balance is required to waive account maintenance fees.