got a question about the interest calculation for Maybank2u Savers.

if i put in 5K, how does calculation/formula works? how much "additional" would i see at the end of the month?

since it's 2.1% pa = 2.1% of 5K = 105 (assuming no movement to the 5K)

monthly, i would see additional 105/12 = 8.75?

thanks guys, that means it's like a daily proration of the interest %

after 2nd thought, i might shift my money to FD.

Affin giving 3.88% pa and RHB giving 3.78% pa.

dont think so. my mbb2card listed both Wadiah savings & Savers accounts. guess maybank treat savers as another savings account with higher %.

Savers will auto-linked to your existing savings account. No need to pay additioanl rm8 debit card if you're already paying for it.


Savers no need any other charges/annual fees. it's care-free account

Very useful if you have >RM2K spare in your savings accounts (which collecting peanut %). Just transfer those money to Savers and gain 2.1% pa interest instead. Also, you can use Savers to pay off any other payments (bills, credit cards, etc.)

Savers is literally just like a savings account, but at higher interest %.

the PSR columns are just the profit ratio split between you and the bank. this is based on Islamic banking methodology and the concept of profit sharing, how profits are recognised as income by the bank and how profits are distributed.

the indicative % is still the same as Savers, just that <RM2,000 will also get 0.4% pa.

i have no idea nor studied whether Savers-i consistently giving 2.1%/2.3% pa, hence the term "indicative". assuming Savers-i gives 2.1%/2.3% pa, then it's comparable with Savers.

here's a simpler comparison for the interest %

Credit Balance	Savers	Savers-i*
Below RM2,000	-	0.40% p.a.
RM2,000 to RM50,000	2.10% p.a.	2.10% p.a.
Above RM50,000	2.30% p.a.	2.30% p.a.

*Indicative, based on PSR

entire balance

2.1% p.a. is derived after the PSR split. no idea how it came about, but for customer's point-of-view, 2.1.% p.a. is the number to look at

This post has been edited by cybpsych: Mar 31 2014, 04:09 PM

yep!

to maximize the interest, tell the company's Payroll to credit the monthly pay to this Savers account. Wait till the due dates for your bills, loans, etc. before paying them.

this way, you dont lose much daily interest. yeah, kiasu me

once Savers reach a comfortable amount (e.g. RM10-20K) and you dont need to utilize fund in near future, either go for eFD (short-term like 6 months) or take it out to traditional FD (BR or Affin for 1-2 year tenure).

correct. I just confirmed with Maybank.

Interest is calculated on a daily basis for the entire balance of each day; and credited on a monthly basis.

As long as your daily balance >RM2K, you'll get the interest. Any days with <RM2K balance, no interest (except for Savers-i).

this is good cuz if you can withhold as much money in it for as long as possible, you'll gain. of course, with the flexibility of withdrawal, daily interest will be lowered accordingly.

now thinking to ask my payroll to bank-in my monthly pay into Savers Account instead. At least i dont have to keep transfering money from Wadiah -> Savers each month.

Gotten my march interest liao.

Did a daily interest calculation in Excel against daily closing balance. Almost matched the actual interest credited.

One thing I noticed is the month-end interest is not calculated with the acct balance. It's credited after the interest has been calculated.

at least got something back from a savings account. not much but not bad either.

that one already discussed in FD topic last month

if M2U Savers is your primary account for monthly pay crediting and paying off CC/bills, then it'll be safer

The only 'link' is when creating a new Savers account. You need an existing conventional savings account (e.g. Wadiah) to create it. After that, Savers will just be like any other savings account.

you can do everything with it, e.g. fund transfer, pay bills/cc, ATM withdrawal (not Fast Cash), etc.

Maybank2u Savers interest rate now revised!

Credit Balance	Nominal Rates	Effective Rates
RM2,000 to RM50,000	2.25% p.a.	2.27% p.a.
Above RM50,000	2.45% p.a.	2.48% p.a.

Source: Maybank

This post has been edited by cybpsych: Jul 18 2014, 05:58 PM

no need!

as long as your daily remaining balance is >RM2,000 (savers), interest of 2.25% p.a. will be calculated over that remaining balance.

it's literally earning daily interest by just maintaining a balance of RM2,000.


if that particular day's balance is <RM2,000, no interest will be given.

after profit sharing split between bank (95%) and depositors (5%) <-- this 5% is equivalent to about 2.25% p.a. dividend.

savers' interest and savers-i's dividend are both almost identical.

it's a matter of preference anyway. savers-i has a minor benefit in a sense that <RM2K balance will have daily dividend too. for savers, you need to maintain a balance of RM2K to get any daily interest.

yes, use m2usavers as ur usual ATM or online transaction. I even asked my company's HR to bank-in my pay into this acct instead. instant high-interest gain

some drawbacks, that i know of:

1) ATM's quick cash only uses your primary, conventional savings account, i guess this will be your KawanKu.
2) Aside from the minimum holding amount to qualify the higher interest rate, refer this page for the misc charges:


Meaning, anything u can perform via M2U or kiosks, no charges/fees. If you perform the same transaction at counter, there are charges of RM5 per transaction.

This post has been edited by cybpsych: Aug 22 2014, 12:18 PM

key in the amount manually, then it will let you choose which account to withdraw.