INTRODUCTION

As a student who pursues a 51∕2 year course in the teacher training institution that is

in Insitut Pendidikan Guru Kampus Ilmu Khas, we receive a monthly allowance of RM

430 during the foundation and RM 750 during the degree level.

Upon graduation, we will be sent to teach at school. Normally, as a new teacher we

will not get any salary for the first three months after we start work. Consequently, we

have to save some money from the allowance that we receive now and try to get

maximum benefit from the allowance for our future use.

To get the best benefits, we have to decide which bank and the scheme that will give

the highest profit. So, we looked at three different banks that were Maybank,

AgroBank, and Bank Islam. We have to compare and contrast among all the banks.

We also need to do the calculation in order to know which bank will benefit us the

most.

There are many reasons why we need to complete this assignment. The savings that

has been made can help us when we face troubles. As an example, when we do not

have enough money to buy the materials for teaching’s need, we can use the money

in the bank.

As the conclusion, it is the best for us to start saving now in order to have well

preparations when we will be posted after the graduation. By saving just RM50 a

month, it can lead us to have higher amount in our account for five and a half year

soon. We hope that we can learn the way how to spend the allowance by using the

money wisely and invest it in a good and correct bank which will give us the most

positive impacts.

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 PLANNING THE SAVINGS

With the money that we receive from the allowance every month that is RM430

during foundation and RM750 during degree level, we will spend it in many aspects.

The aspects include our personal need such as entertainment, accommodation,

belongings and others. With the money balance, we can make calculations deducting

all the expenses and know how much that we can get when we save at least RM50 a

month.

DIVISIONS OF THE ALLOWANCE RM430 PER MONTH (%)

ASPECT PERCENTAGE (%) AMOUNT (RM)

ENTERTAINMENT 10 738
FOOD 56 4392
CLOTHES 6 460
ACCOMMODATION 4 300
TRANSPORT 9 700
SAVINGS 12 900
OTHERS 3 250

DIVISION OF THE ALLOWANCE RM750 PER MONTH (%)

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 ASPECT PERCENTAGE (%) AMOUNT (RM)

ENTERTAINMENT 7 2400

FOOD 33 11688

CLOTHES 3 1056

ACCOMMODATION 13 4800

TRANSPORT 29 10277

SAVINGS 7 2400

OTHERS 8 2949

Comparison between the bank

Types Maybank Agro Bank Bank Islam

Scheme Basic Savings Simpanan Akaun Wadi’ah savings
Account-i Remaja accounts

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 Benefits
-Earn dividends -Minimum deposit is -Token (hibah) is
RM5 given every month
Irrespective of
based on Bank’s
Account balance -Benefit saving is: direction
-No service or RM1,000 - 1.00% -Bankcard facilities
maintenance charge
as long as a RM1, 001 & above – -Salary crediting and
minimum balance of 1.5% sweeping facility
RM20 is maintained
-Free bankcard -Standing instruction
-Free mini statement Agrocard (ATM) facility
-Enjoy unlimited ATM -Other facilities: -Zakat (tithes) on the
withdrawals and over
 Bill payment savings paid by the
the counter
 Internet Banking Bank
transactions at an
annual fee of RM8  SMS banking
-Other facilities:
-Free over the counter  Bill payment
visits, 8 ATM cash  Internet Banking
withdrawal  SMS banking
transactions and 2
interbank-GIRO
transactions in a
month (maximum fee
of RM0.50 per
transaction and RM2
from the 3rd
transaction onward
Eligibility 18 years old above 12 years old – 25 12 years old and
years old Above

Initial Open our account with Open our account with Open our account with
deposit RM20. just RM5 RM20.00
Interest 0.20 - 1.30% 1% 0.5%
rate

CALCULATION

Formula = (1.0% x money in the bank) + money in the bank + RM50

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 Item 1/2 Year 1st Year 2nd Year 3rd Year 4th Year 5th Year
(RM) (RM) (RM) (RM) (RM) (RM)
Month Income 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
(RM)
Jan 50 369.61 1117.96 1900.14 2781.52 3774.68
Feb 50 423.80 1179.64 1969.64 2859.83 3862.92
Mac 50 478.53 1241.93 2039.83 2938.92 3952.04
Apr 50 533.82 1304.84 2110.72 3018.80 4042.06
May 50 589.65 1368.38 2182.32 3099.48 4132.98
Jun 50 646.04 1432.56 2254.64 3180.97 4244.80
July 50 55.55 703.00 1497.38 2327.68 3263.27 4317.54
Aug 50 106.60 760.53 1562.85 2401.45 3346.40 4411.21
Sep 50 158.16 818.63 1628.97 2475.96 3430.39 4505.82
Oct 50 210.24 877.31 1695.75 2551.21 3515.16 4601.37
Nov 50 264.84 936.58 1763.20 2627.22 3600.81 4697.88
Dec 50 315.96 996.44 1831.33 2703.99 3687.31 4795.35
Balance in the 315.96 996.44 1831.33 2703.99 3687.31 4795.35
end of year
(RM)

Deposit money in bank for five years = RM 50 x 66 months

= RM 3300

Balanced in the end of year = RM 4795.35

Final profit = RM 4795.35 – RM3300

= RM 1495.35

The best bank

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 After we make the comparison between the three banks, we have decided to

choose Agro Bank for our saving account. This is because we can get a lot of

benefits from this bank compared to Maybank and Bank Islam. First, we can see that

the initial deposit for Simpanan Akaun Remaja in Agro Bank is very low which only

RM5 compare to Maybank and Bank Islam is. Other than that, the interest rate given

by Agro Bank is the highest compare to Maybank and Bank Islam. Besides, Agro

Bank also provide many facilities such us free Agro Bankcard, bill payment, Internet

Banking, and SMS banking.

If we save money in Agro Bank, we will receive the money of RM after five

year. The interest rate given by Agro Bank is 1.0%, so we can get the profit of

RM631.64 after we are saving our money in the bank for five and half year. Based on

the comparisons that we did, we came to a conclusion that choosing Agro Bank is

the best choice as we get many profit from it.

Conclusion

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 In conclusion, we learn many things especially how to save money properly.

First of all, this folio teaches and makes us to be more consistent in spending our

money. We should not spend our money unnecessary and excessively and we must

always think before we spend our money for anything. We must also have our own

guidelines and plans in spending our money so that we can spend our money

efficiently. By doing so, we can save a lot of money and keep it so that we can use in

our upcoming future and on rainy days.

Besides that, from this folio we has analysed the varieties of banks. So, this

helped expose us about the different banks, its background and offers that it

provides. In addition, the advantages that we can get from this folio are the benefit

that we can get from the bank from after we have compare between the three banks.

It shows that besides gain extra knowledge on knowing about the benefits of the

banks we also knowing the ways to make comparisons and make better quality

decision.