Go back 1-3 pages, the answer is there.

Go to Aus and open an account in Perth (BankWest). One of the bank's savings accounts is yielding 6% p.a. interest. I have about AU$ 23k in there and I am receiving monthly interest income of AU$ 115 (~RM4450 annual interest payment).

But u need to have local address, phone number, tax file number and passport to open an account. It's easy if you know someone in Aus.

Because still low compare to 20 years ago 12% oh!!! That time Dr. Mahathir our PM.

You wish it to be 12%?

I certainly not.

Greece 10 years bond has >15% yield, you want or not?

LOL Greece is in default.

You want >10% interest rate, only with condition like

1. Country situation is in bad shape, need higher interest rate to attract money or secure the money within.

2. Extreme high inflation.

So none of those situation, one wants to be in.

It's because the inflation rate was well over 14% in 1990/1991

the rate 3.6% is steady for the duration of how long? min put in the FD for how long time?

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Added on July 26, 2011, 7:37 amjust saw from the hlb website that someone here shared, that hong leong bank savings account has step up interest rate. anyone knows if maybank applies the same thing too? and what is the interest rate for maybank normally?

This post has been edited by margarita90: Jul 26 2011, 07:37 AM

Cherroy, how come AUD interest rate so high then ?

Where got high?

Aussie overnight rate only 4.75%.

Aussie interest rate is higher than other because RBA (Reserves Bank of Australia) always more hawkish about inflation, they generally more concern about price stability vs most central banks that are more pro-growth and flooded the market with money.

Also Australia is commodities based economy, whereby it is not easy replaceable by others, unlike manufacturing goods, you need low interest rate, low currency valuation to spur the industry or having more competitive compared to others countries.
If not, the manufacturing easy to lose out, and shifted overseas.

So this resulted Australia tends to have higher interest rate in its history.
Just some of my personal view.

Same as opening a foreign currency account in Malaysia. Public bank offers 6.7% for a year. Interest added on and auto renew. No need fly so far away...

Most banks here offering 1 year AUD range from 5.x%+, doesn't need to fly over there, have address there as many hassle mentioned before.

I see... didnt know that, been in Aus for quite a few yrs. So are there many people having a foreign currency account?

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Added on July 26, 2011, 6:54 pmCant find that on their web. FD max is 5.4% for one year paid on maturity. Savings account is even less.

This post has been edited by Debuantu: Jul 26 2011, 06:54 PM

for foreign currency account in malaysia, do we have to exchange in the bank or we can change in the exchange shop and deposit in the bank?

so if malaysia one year FD is 3.6% and foreign account AUD is 5.4%
as long as we don't lose 1.8% (fluctuation of AU/MYR + conversion rate), we are gaining

It is electronic cash. Not hard currency

Foreign deposit fixed deposits especially for pririority clients get better spreads on the buying and selling

Most of the time dual currency accounts has the best rates as far as i know

crixalis

This post has been edited by cRiXaLis: Jul 26 2011, 09:34 PM

Even without through DCI, one can always ask for better rate if sum is significant enough.
Generally banks can give some discount over the counter rate published which can minimise the exchange spread loss.

Haha dont worry AUD is strong. I transferred all my RM savings into AUD at the beginning of the financial crisis at the rate of 1AUD=RM2.2, now it's RM 3.2 for an aussie dollar (gained almost RM20k on aussie dollar appreciation).

You are lucky! Wish i had done that... too bad

How i wish i did the same then

agreed. But you exchange RM into Aus when exchange rate is low which I did as well. But not now when AUS is 3.2.

I hv NZ foreign currency account as well but the interest rate now is low-comparable to local bank FD rate. I am converting back to RM. Earlier I bought at RM2.464, now is RM 2.528

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Added on July 27, 2011, 1:57 pmPublic bank offer.......
https://www.pbebank.com/en/en_content/perso...tions/fcfd.html

This post has been edited by gsc: Jul 27 2011, 01:57 PM