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...

Yes, Affin is on tier basis.

Are you sure Eon Bank is on entire balance?

Good plan. Keep it up young man.
I think I should rank M2U Savers as third best.

I'm a Hi-Flexi account holder since it launched some time in the early years of millennium therefore I'm pretty sure the interest is calculated base on the entire balance. I love to park my working capital in this account to earn FD interest rate while waiting for any ad hoc investment opportunity that comes along.

This post has been edited by aeiou228: Jun 24 2011, 12:47 AM

Does it have cheque facility?

Hi flexi is a savings ac, no checking. You can open a current account and apply Internet banking to link your savings ac and the current ac for free n unlimited fund transfer to n fro.

Wow.. transfer from savings to current or vice versa are unlimited amount?

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Added on June 24, 2011, 9:50 amBut Eonbank sudah dimakan oleh HLB.. Wonder if this account will be gone soon?

This post has been edited by jack2: Jun 24 2011, 09:50 AM

Why the shock ? All Internet banking accounts allows unlimited amount fund transfers within your own accounts and this is pretty standard feature wat ?
As for merger with HLB, no one knows what future will be, so I opted to enjoy the benefits first.

any advantages or disadvantages for this maybank savers? any 1 can tell me ? thx

thanks aeiou, but pity me, i have to wait till i start to work next year to have income and put some cash into M2U... Looking forward to tat... Hope to learn more about investments, personal finance and etc from all the experts here! cheers

Yeah, I just realised today after having some testings.

It operates just like a normal savings account, but with the difference being you will need to maintain a minimum of RM2000 to enjoy the 2.1% interest, so that is the advantage. It is great for young or those with not much to save, as it offers one of the highest interest that is not tied like FD.

Disadvantages is that, you can get higher rates if you put into FD and if you have a large sum of case (RM10k above), there are other types that can give you a higher rate.

can i say that it is a sub account under a main account?

I'm wondering, if one of the months I failed to keep the balance of the account at RM2k, then how's the 2.1%pa interest?
For example, if January 2012 - December 2012, every month I manage to keep Rm2000 balance in m2u account except February. So do I still get the 2.1% p.a.
And another thing is, when do they start counting? Coz the minimum deposit is only RM250. So if at the beginning (January) my account got RM250 only and I top-up RM500 monthly afterwards, after 4 months (June), then only they will count from June 2012 till June 2013 to give me the 2.1%p.a.? Is it like this? I'm so confused... Sorry guys, my math sucks...

Interest is calculated daily And credited monthly. You will get accumulated interest on the days that your balance is 2k or up.

Alright, I get the picture now! Thx again aeiou!

how much u all put for fund transfer to maybank savers first deposit ? RM250 or straight Rm2000?

is the savings account and m2u savers separated under a main account?

2 different acc with 2 diff number, not combine

omg...i thought combine also..... mean can we touch m2u savers account money after we put in example like 2k ?

Yes. You can. This account will be automatically linked to your existing ATM/debit card (assume you already have one).

normal saving acc, u can have RM10 in acc
for M2USaver u cannot withdraw / transfer if ur balance reached RM250.

So we need to open two accounts to get this m2u savers la? And which one should be keep the balance of RM2k monthly to get the 2.1% p.a.?

huh mean we must lock RM250 inside? lol

nono, 1 is ur normal Saving Account. min RM10.

2nd account is ur M2USaver, apply via M2U and a new account will be created in ur M2U. this account Min RM250. and u need 2k monthly to get 2.1% interest.

I tried to transfer out, M2U will show insufficient fund. min need RM250.

When does maybank2u started this ? ,i didnt notice my saving increased seriously.

they stated that if inside 3 month cancel need to pay Rm30....so if 4th month cancel we only can get back the Rm250 right?

last month, u have to apply for it, your normal saving interest still the same......

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Added on June 26, 2011, 9:45 amshould be, but why do you want to cancel? it free account anyway, just transfer money from your normal saving into this and enjoy the interest...haha

This post has been edited by alex_cyw1985: Jun 26 2011, 09:45 AM

RHB Maxca$h current a/c gives 2.78% effective rate for bal exceeding rm20k. But only 3 free withdrawal allow in a month.

M2USaver only need balance > 2K

20K, put into FD better...

to cancel, just withdraw all the balance from that account?

btw,
assuming that the balance is RM2000 everyday for the whole year (without the interest accrued daily)
(*Maybank web stated: Interest is calculated on a daily basis and credited on a monthly basis)

2000 (2.1% pa)
= (2000*2.1%)/12
= 42/12
= RM3.5 per month?



This post has been edited by kyoko4eva: Jun 26 2011, 12:18 PM

RM3.50 seem too little lol

Yeah, very little money but that is because you only have 2k now, you will appreciate how significant 2.1%. is when you have a lot of money.
Anyway, Rm3.5 per month is rm42 a year. Two years driving license paid for in 1 year.

mother f***er.. 2.1 consider good.. nia ma bank negara

Let me tell you, CIMB air asia savers account is much more better than all of you said.
minimum req to open bank account wil be rm 50.
There will be *High interest rate of 1.60%, up to 2.80% p.a. (inclusive of the RM5 cash rebate if average balances of at least RM5,000 with no over-the-counter transaction in any day of the month).*

and for those always book air tic, this is the privilage to bid the tic and get the cheaper rate.
for more information, please refer to http://www.cimbbank.com.my/index.php?ch=cb...2&tpt=cimb_bank

and if you have 10k or more, better you keep as FD, the interest rate at least have 3.2% and above.

You mislead everyone that the up to 2.8% is the percentage calculation on minimum requirement of RM5k in which they pay you RM5 a month if balance > RM5k and no over counter transactions.

Example, I save RM5k and maintain RM5k balance for the next 12 months.

The interest I will receive is:-

RM5k x 1.6% = RM80
Additional RM5 = RM5 x 12 = RM60

Total = RM140

Interest % = RM140 / RM5000 = 2.8%

However, for those who saves more than RM5k a month, if you divide the total interest/income received over your deposit, you won't get 2.8% already.

So the effective interest rate is not 2.8% anymore if your balance saved is > RM5k.

Anyway, Eon Bank is still the best for those who wants to save with more than RM50k.

your way of calculate is correct
but they will provide the 1.6% add rm 5, if you save more than 5k, anyway it is still better than other normal saving account.
if the balance > 5k or >10k i will suggest put in FD..as FD 5k for 1 mth can get 3.0% interest at least.
savings acccount is not tat worth if you aim for the interest.

cash rebate means they wont credited the interest into ur account ?

wish to know more what bring u the better return than those?
pm me ..i got better plan for all of you if seeking for better return than saving

If it is as good as you made it sound it, why can you just post it here and share with all of us at one go ?

lock 250 for first 3 month... only after 3 month can take out the money & close the account

Yes I want to know more

the interest will bank in to our account at the end of mths and the RM 5 is bank in as incentives.

m2u Savers now offers FREE Interbank Giro(IBG) until 30 Sep 2011

Source: http://www.maybank2u.com.my/mbb_info/m2u/p.../PRO-Promotions

This post has been edited by ronnie: Jul 12 2011, 09:58 AM

Is that mean after apply, will have 2 different savings account?

It is free to join right? I'm thinking to join m2u safers cos got free intergiro transfer now

Yup, its free.
Need to keep min RM250 in acc.

Promotion ends on 30 Sept, after that you have to pay am I right?

what is efd?

e-fixed deposit / electronic FD that can be performed through maybank2u for placement or uplift.

Pay what ?

Sorry I was replying to the previous post regarding the GIRO transfer.

Is there any such benefit for a UOB account?
Starting new job soon and UOB is nearby...
Not much information online...
Just want to make my monthly savings go a little futher...better than sitting idle with no interest...

Yes, RM2 for Giro transfer.

U guys keep lotsa money in atm eh?
For me i keep around 1.5k in Maybank n 1.0k in Cimb for monthly rolling
Rest i put in ASM... get 6% a year wat...

This post has been edited by Disagree: Sep 4 2011, 10:20 PM

Not everyone is Bumi ler. Why ASM? You've used up your ASB quota?

Coz im non-bumi like u la bro.. so i put in ASM
But still it gets around 6% pa

ASM is fully subscribed ler.

Just noticed that we can have more than 1 M2U Savers account... hehe

anyone subscribed for this online via m2u??
how good is dis thing?

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Added on December 10, 2012, 4:24 pmdunno to get M2U savers-i or not

This post has been edited by mkaz: Dec 10 2012, 04:24 PM

1 click of a button if u are existing maybank customer.. how good? no idea, just put a few K there since my salary is debited to maybank. but most of my money went into HSBC FD and share market

its a convenient to use account, integrated to M2U and can easily transfer money to savings account.
been using it for more than 1 year

Very interesting, feel like want to apply now!

Should I apply it now or wait after 31 Dec, since normal saving account will giving interest on 31 Dec. If I transfer 2k out, am I getting lower interest on my normal saving?

I have no idea how the normal saving interest calculate, I just know is 0.3%.

+1. My M2U acc served me well for the past 12 months.

Hi,

would like to check with u guys if the accounts less than 2k, how is the interest rate?

if i temporary(for about 2 weeks) the money in the account fall under 2k, do i still get interest for that month?

lets say the other 2 weeks i got 5k inside.

M2U saver-i (the islamic one) pay interest for any balance.

http://www.maybank2u.com.my/mbb_info/m2u/p...al/ACC-Accounts


This post has been edited by MGM: Jan 14 2013, 05:01 PM

Hi, may I know what's the difference between this m2u saver-i and the m2u saver?
In the website, it is written that saver-i is giving dividend rate + profit sharing ratio (depositor 5 bank 95). It sounds like i'm sharing the dividend with bank?
What exactly is this profit sharing means?

Hi! What are the difference between Maybank2u Savers & Maybank2u Savers-i?

The -i suffix is Shahriah compliant account.

what is the main difference between a shahriah compliant account and a normal one..

which would be better (interest rate wise)?

Please google around to understand between conventional banking and Islamic banking.

Then, you'll understand the general difference.

This post has been edited by David83: Apr 2 2013, 03:11 PM

so saver-i doesn't work on an interest rate basis but more like dividend/ profit ratio..correct me if im wrong.. google is too general i would like to know the difference between these two maybank accounts onli..thanks

Saver-i:

Balance Band | Indicative Dividend Rate (% p.a.) | Profit Sharing Ratio (PSR), Depositor:Bank

Below 2,000 | 0.40 | 5:95
2,000 to 50,000 | 2.10 | 5:95
Above 50,000 | 2.30 | 5:95

This post has been edited by David83: Apr 2 2013, 04:41 PM

thanks david....sorry im a bit noob at finance..hope u can enlighten me one more thing.
taking this as example:
2,000 to 50,000 | 2.10 | 5:95

does it mean that 2.10% distributed in a ratio of 5 to depositor and 95 to bank? walau..cannot be ah..

Hello .. Any assistance on above query??

The INDICATIVE profit/dividend rate quoted of 2.1% p.a. is already after the 5:95 apportionment

ok thanks..so basically these 2 accounts give more or less the same rate..