Brunei Bank Accounts Comparison: Savings and Current 2


A bank account is considered a necessity for our normal financial transactions. I’ve also talked about using separate bank accounts for your savings strategy a while ago. Sure, you can keep your hard earned money under your mattress or inside a biscuit tin. But if an unfortunate event were to happen, for example, a fire or a flood, that secret stash could be gone in an instant.

Having a bank account allows us to access many modern amenities such as shopping online, online banking and most importantly, receiving our paychecks more seamlessly. Businesses also transact through their accounts and with business becoming borderless with the internet, it just becomes more convenient.

Banks in Brunei

In Brunei, we have a handful of banks to choose from and while they all serve the same purpose, some may be more advantageous. The banks we have which provide services for retail customers are:

  1. BIBD (Bank Islam Brunei Darussalam)
  2. Baiduri Bank
  3. Standard Chartered Bank
  4. TAIB (Tabung Amanah Islam Brunei)
  5. Maybank
  6. RHB Bank
  7. Bank of China (Hong Kong)

You may have your favourites from the list, but when looking to open a bank account with them, there are only 2 types typically available.

Types of Bank Accounts

1. Savings account

A savings account is simply a bank account which allows you to earn interest on the money you deposit. Certain savings accounts give you higher interest rates with the condition that you do not withdraw the money x number of times or at all.

2. Current account

A current account is the equivalent of a checking account in the US. This account generally allows you to withdraw as many times as you wish and usually has an overdraft facility. Overdraft means to be able to withdraw more than the money that’s in your account.

The money is not free, of course. Like a credit card, the overdraft money is loaned to you and could accrue interest or worse. If you don’t pay back, the bank could send in the repo-man to repossess your belongings to cover the loaned amount.

So which is better?

In all honesty, I haven’t heard of anyone in my circle using current accounts. Because the savings account with typically flat rates allows unlimited withdrawals anyway, most people simply use a savings account for their day-to-day transactions.

Comparison of Bank Accounts

Here’s a list of banks and their respective bank accounts for you to compare. There are some things I would like to highlight though:

1. Activity

Most accounts can be opened with BND100 but before you open 10 accounts, bear in mind that inactive accounts accumulate charges too. On top of that, you would have to pay to reactivate it too!

2. Minimum balance

You will notice some bank accounts require you to maintain a minimum balance. An example is Baiduri’s savings account which requires you to have at least BND50. You would be charged BND2 for every month the balance is below BND50.

3. Conditions

Do take note that there are different conditions between banks or even within a bank but between accounts. The data I’ve displayed for you is for reference and to ease looking through different banks.

Conditions are especially specific for bank accounts with higher than market rate of interest (0.15%).

You should consult a bank representative to clarify before committing to any products.

4. Data

These data is up to date as of 27th September 2017. I have consolidated it from data found on AMBD, the banks’ websites and bank staff.

Bank account comparison

BankAccount TypeSub-typeMinimum Opening DepositMinimum Balance to be MaintainedDormant / Inactive Account ChargesReactivation of Dormant / Inactive AccountClosing Account within 6 months of openingMinimum Balance ChargeInterest on Balance (per annum)
BIBDSavingsEasy SaverBND1,000BND1,000BND10 half yearlyBND15BND25NIL0.40%
Haj Saver (Muslims only)BND100BND100BND10 half yearlyBND15BND25NIL1.00%
General SaverBND50BND50BND10 half yearlyBND15BND25NIL0.15%
Tiered SaverBND50BND50BND10 half yearlyBND15BND25NIL0.15% - 0.35%
Purpose SaverBND50BND50BND10 half yearlyBND15BND25NIL0.30%
CurrentGeneralBND1,000BND1,000BND10 half yearlyBND15BND50BND12 monthly0.01% for balances over BND3,000
TieredBND1,000BND1,000BND10 half yearlyBND15BND50BND12 monthlyProfit Sharing for balances over BND3,000
BIBD At-TamwilSavingsMy RegularBND50BND50BND10 half yearlyBND15BND25NIL0.45% - 1.00% (Depending on amount in account)
My Real (For Loan customers only)BND50 (Technically BND0 to open)BND50BND10 half yearlyBND15BND25NIL0.55% - 2% (Depending on amount in account)
Baiduri BankSavingsNormalBND100BND50BND10 monthlyBND10BND50BND2 monthly0.15%
StudentBND50BND50BND10 monthlyBND10BND50BND2 monthly0.15%
Current-BND1,000BND1,000BND10 monthlyBND10BND100BND10 monthlyN/A
Baiduri FinanceSavingsMulti-TierBND100BND100BND10 monthlyBND10BND50BND2 monthly0.15% - 0.55% (Depending on amount in account)
Multi-Rate (Only employees of Brunei Gov, Semi-gov, BSP, BSM, BLNG, BST & BGC)*BND500BND500BND10 monthlyBND10BND50BND2 monthly0.15% - 1.75% (Depending on amount in account)
Standard Chartered BankSavingsJustOneBND500BND500BND10 monthlyBND10BND50BND5 monthly0.15%
Current-BND1,000BND1,000BND15 monthlyBND10BND50BND15 monthlyN/A
TAIBSavingsAl Wadiah Biasa (Normal Account)BND50BND50NILNILBND25NIL0.65%
SiManja (Below 18 years old)BND50BND50NILNILBND25NIL1.35%
Tekad Haji (Muslims only)BND10BND10NILNILBND25NIL1.75%
Berjasa (50 years old and above)BND500BND500NILNILBND25NIL0.60% per month
Current-N/A
Bank of China HKSavings-BND100NILNILNILBND35 (within 3 months of opening)NIL0.15%
Current-BND100NILNILNILBND35 (within 3 months of opening)NILN/A
RHB BankSavings-BND100BND50BND25 half yearlyNILBND25NIL0.15%
CurrentIndividualBND1,100BND1,000BND25 half yearlyNILBND50BND10 monthlyN/A
MaybankSavings-BND100BND100BND10 monthlyNILBND20BND5 monthly0.15%
CurrentPersonalBND1,000BND1,000BND10 monthlyNILBND60BND10 monthlyN/A

* Brunei Government, Semi-Government, Brunei Shell Petroleum, Brunei Shell Marketing, Brunei Liquefied Natural Gas, Brunei Shell Tankers & Brunei Gas Carriers

Conclusion

Bank accounts are necessary in our society to facilitate our transactions. The difference between accounts are mostly administrative, maintenance and the interest you can potentially earn. Also, high interest rates may also require certain criteria to be met; for example, you cannot withdraw the money to earn it. At the end of the day, the account’s purpose it to hold your money in a safe place. Any account would do if not for the fact that other services such as debit cards and internet banking come into the equation to make the final decision.

“Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we’ve got 24 hours each.”

― Christopher Rice

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About Fox

Founder of The Savey Fox. I am interested in how money works and makes the world go round. Borne from picking up a personal finance book when I was unemployed after University, I strive to continually learn and share about finance. Other than the big $ signs, I am an avid gamer, coffee lover and seasonal gym rat.


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