I've just come across this ad from Maybank about m2u savers. Maybank2u.com users may open a m2u savers account and enjoy 2.1% p.a. by keeping RM2000-RM50000 monthly and 2.3% p.a. by keeping RM50,000 and above monthly balance.
2.1% p.a. for a savings account?!?!? Is this true? Seems too good a deal... What do u guys think?

eFD is better, 2.75 p.a

Yes, FD gives higher rates (3-3.8%) but cannot withdraw. This M2U is a savings account (can withdraw anytime) but gives 2.1% pa! Isn't this the best savings account in Malaysia?

I actually dont understand how to differentiate the interest earning between savings & FD...

For example, if i save 5000 in FB with 3%pa and the withdrawal/maturity date are actually 1 month (rm5000 min 1 month) so how much i can get after 1 month?
Compared to savings lets say 5000 with 2%pa how much i can get after 1 month?

My confusion is, isnt "pa" means "1 year" ???

^
interest is normally calculated daily. i.e. if you are quoted a 12% p.a. interest rate but you withdraw after 1 month, then you get roughly 1%. I say 'roughly' cos the actual calculation a bit complicated.

5k as FD, pa is 3% , pa = 12 months

5000 x 3% = 150 / 12 = RM12.5 per month.

you can either choose to add the interest into the FD which called add-on, meaning that 1st Feb you start with 5000 FD, after 1 month, 1st of March your FD will be 5012.50 x 3%

LOL, your maths really that sucks?

Principal x Interest % x No. of month/12

My math exam = 0

lol

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Added on June 23, 2011, 11:00 amSo its actually the same whether savings or FD eh?
But how come i see my savings interest when credited its like shit near to RM0 ?? where as if i put in FD i do see the interest montly

This post has been edited by WaCKy-Angel: Jun 23 2011, 11:00 AM

affin offer better interest but u need to have a lot of money inside

http://www.affinbank.com.my/rates/ratesislamic.htm

Yes, I already with Affin last 3 month.. I am now on 2.85% interest...

Yeah, just check out the link. Indeed a lot of $ is required... At RM2000, for savings account, Maybank's M2U still offer the best rate, 2.1% pa...

This post has been edited by Bryan LSC: Jun 23 2011, 11:24 AM

pa = per annum = per year. if it is 3%.. then the daily interest rate would be principal x 3%/365 days .

how does this m2u 2.1% work? how to apply?

Standard Chartered used to offer 2.50% p.a for e$aver back in late 2007 - first half of 2008 ... So, no. It's not really too good to be true.


Can only be opened online by yourself. You must also have M2U ID for that.

any catch for this savers? this savers wont affect my normal transaction right?

what is the current rate for scb saving account now ?

Well, Standard Chartered lose to Maybank on this, check this out http://www.standardchartered.com.my/person...sits/esaver/en/

No it isn't the best.

The best deposit rate in Malaysia with unlimited free withdrawals/deposit and interest calculated daily is EON bank Hi-Flexi. If your balance exceed RM50k at any day, you will get similar to 3 month FD rate which is 2.90% currently.

For those who don't have RM50K, go for the second best with CIMB Money Multiplier Account at 2.50% for deposit balance above RM10k.
3 FREE withdrawals a month (subsequent withdrawals would be charged RM5).
No monthly maintenance fee.


These types of deposit account are most suitable for business people, market punters, IPO players, property flippers etc etc or in short for people who always mobilize their funds whenever there is an ad hoc money making opportunity.


Tell me which bank offers better than EON bank with features like saving accounts and I shall give you a small reward.

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Added on June 23, 2011, 3:17 pmBy the way, don't be fooled by Affin's rates. is a tiered rates. I just confirmed with puchong branch yesterday. unless you open plus2 account but I have not reach 50 years old yet.

This post has been edited by aeiou228: Jun 23 2011, 03:19 PM

im having Standard Charetered Bank PowerPay account giving out around 2% pa (4get the exact rate ) as well and the interest is credited every month (same to Alliance Bank Hybrid Account - this interest rate i 4get dy, but interest credit every month and it comes with debit card in which every RM1 u spend u will get 0.01% cash rebate in which will credit into ur account every month as well)

so i dont think this Maybank saving account is "too good to be true"

This post has been edited by joey85: Jun 23 2011, 03:50 PM

Here's the analysis of the three high-interest savings account

a) EON Bank High Flexi Savings Account
Balance (RM) Rates (p.a.)
Up to RM5,000 0.00%
Up to RM10,000 0.10%
Up to RM20,000 0.30%
Up to RM50,000 0.50%
Above RM50,000 2.90%

b) CIMB Money Multiplier Account
Daily interest (2.5% pa) will be paid on entire daily balances provided the balance exceeds RM10,000 on any given day

c) m2u Savers
Minimum Initial Deposit: RM250
Minimum balance to enjoy interest: RM2,000
Minimum balance to maintain: RM250

m2u Interest Rates:
RM2000 to RM50,000 2.10%p.a
Above RM50,000 2.30%p.a

CONCLUSION: I believe for starters/fresh grad like me, M2U savers is the one to go for, coz it only requires RM250 as min initial deposit and RM2000 monthly balance to enjoy the 2.1% p.a. Then, once it exceed RM10,000, can consider changing it to CIMB Money Multiplier to get the 2.5% pa. Lastly, when it exceeds RM50,000, can put into EON High Flexi to get the 2.9% pa interest! I seem like a dreamer...