At the point of writing, fixed deposits in Malaysia offer customer an interest rate ranging between 1.85% and 2.90% per annum. The rates are not particularly attractive given Malaysia’s inflation rate at 3.38% in 2022. Your wealth will shrink against the backdrop of inflation if you leave all your money in fixed deposit accounts. Further, if you withdraw some of your fixed deposits before the maturity dates, you may not be entitled to the full interest rates. But the good thing is that fixed deposits are literally risk-free. Savings of up to RM250,000 are protected by Perbadanan Insurans Deposit Malaysia (PIDM). If you are a Malaysian with some extra ringgit lying around and are unsure where to keep them to grow your wealth, here are four places to park your extra money in the short term (less than a year) and earn a higher interest.

1. GO+

GO+ is a money market fund offered to Touch ’n Go e-wallet users via its...