If you deposit RM5000 on 1 Oct 2011, do we get 5% p.a. Interest Payout on these dates 1 Nov 2011, 1 Dec 2011 and 1 Jan 2011 ?

Bro, I don't know if SCB will credit the interest monthly or half yearly and too lazy to go check their website, but you'll definitely get "paid" on 31st December 2011. Treat it like a 3 months FD lah. Now finally SCB is giving me a reason to get their VI.

This post has been edited by Gen-X: Sep 29 2011, 10:58 PM

I'm definitely treating it as FD....

Not sure if SCB can waive the RM8/year ATM card fees.....

Transfer the money out is also an issue. SCB charge 50sen per IBG (max RM9999)
Make sure we close the eSaver account after 3 months or pay RM20 (for early account closure)

This post has been edited by ronnie: Sep 29 2011, 11:13 PM

Standard Chartered once offered 5% interest for their e$aver account too before the 2008 credit crunch. Just like this one, it was just a limited time promotion. The interest earned is credited into your account on a monthly basis and as far as i am concerned, they will not waive the e$aver debit MasterCard annual fee for you.

I think SCB had this same offer last year.

can we decline ATM card and Debit card for the account? Whats' IBG?

I thought if close account then can get a Bankers Cheque?



This post has been edited by ycs: Sep 30 2011, 09:19 AM

Not sure if you can decline the debit MasterCard. Anyway, IBG is Interbank GIRO, basically means interbank funds transfer.


Only if you request for it and you will have to pay for the Banker's Cheque yourself.

The T&C for the SCB 5% p.a. offer is at http://www.standardchartered.com.my/person...rpromo/tnc.html

I asked the Bank Officer
1. we DO NOT NEED to get the ATM Debit Card
2. we need to top-up at least RM3000 per month (Nov & Dec) to be eligible for further 5% Bonus Payment in those months (Nov & Dec) --- NOT TRUE
3. Better to open the eSaver account on 1 Oct 2011
4. The Bonus Payment is paid to your eSaver, after 3-5 working days after each month-end.

This post has been edited by ronnie: Oct 1 2011, 11:13 PM

thanks.

But the terms only say must maintain at least RM3,000 in the account and not top-up.

I agree with based on the SCB Website's T&C...
But come 1 Nov 2011, won't your account becomes "Existing Customer" from "New-to-Bank Customer" ?

NOtes regarding HLB Junior FD & savings

1. If you go to a different branch to open (from your existing JUNIOR savings account), u need to REOPEN a new Junior SAVINGS account for this promo because their system cannot interlink with your old existing account becoz the savings acc is the one that generate a FD account for you.

2. Make sure you go to a HLB branch and not a Previously a EONBANK branch. They can only credit the interest semi-annually instead of monthly. Before that i was asking the staff how come since my existing one is giving me interest monthly, but he kept saying the rules changed for this promo. Lucky for me the branch manager inform me becoz she felt bad and didnt want me to complain before i successfully open the account. She says their system not updated yet....proly in a year's time!

3. BRING your kid's birthcert eventhough you already have an existing account!! They will not accept just MYKID eventhough their leftlet says so! (just incase la...i think different branches diff policy but this thing just made me waste my time going twice!)

This post has been edited by mIssfROGY: Sep 30 2011, 03:45 PM

What a neat trick. Thanks for the info.

So if I like deposit RM10K in October and I deposit again RM3K in November, then I'll get 5% interest for the total RM13K in November?


1. Yes, that is correct. But it is good for my case where I can differentiate my money and my kid's money from the different savings account.

2. This is very good info.

3. I guess if the child got no MyKad, better bring birth cert. However I had no problems for my kids having MYKAD last year to open new accounts at a different branch.

I added another Junior FD account (linked to same Junior Savings Account) at the same HLB branch on 29 Sep 2011, and gets the interest MONTHLY into the Junior Savings Account.
Today just added another Junior FD account (linked to same Junior Savings Account). I hope it still pays monthly interests.
I will report back in one month's time.

This post has been edited by ronnie: Sep 30 2011, 01:27 PM

Bro, she meant EX EON branches.

According to the officer, you get 5% Bonus Payment on the RM13,000 for November 2011.

---

Added on September 30, 2011, 1:28 pm Ooooh. That's lucky me.

This post has been edited by ronnie: Sep 30 2011, 01:28 PM

FD or savings plan? which one better?

This post has been edited by coolkid23: Oct 3 2011, 08:04 PM

Ermm.....thing is..they forced me to open 2 Junior kids savings acc due to the reason different branches.
ANyone encountered else this??

Regarding the MYKID.....i did have the MYKID when i tried opening the fd at another branch...they wont let me no matter wat
And you are saying u got no probs?? arghhhhh this HLB problem is their processes are all SCREWED UP!

This HLB made me waste so much time!
1st i went to a EONBANK turned HLB bank....open acc halfway realised the interest is paid semi-annual (they accept the fact that i only have MYKID and didnt bring birthcert, tho they insisted that i bring the cert back another day). So i cancel application and went to a HLB bank, they rejected my application straight becoz i didnt bring birthcert eventho i have MYKID (eventho i already have a junior savings acc & fd with another branch).
Then i came back another day...and they say i have to reopen another Junior Savings acc for this FD promo if i wan to open in this branch @@

for SCB promotion, minimum amount to deposit is at least rm90,000 so that u will meet the ADB of rm3,000. is it correct ?

SCB

Went to see SCB officer, this is the info. for new account holder, i asked only for new account.

Starting 1/Oct, open e$aver account or supersalary(?) account, with minimum of RM3000,
you will enjoy 5% interest.

condition is you must maintain RM3000. (average daily balance)
interest is calculated daily (logical coz you may add or withdraw any day between 1/Oct to 31/Dec2011, see scenario B)

Example

Scenario A
1/Oct I put in RM 10,000.
the interest is RM 10,000 x 0.05/365 = 1.370 per day
no withdrawal in Oct.
then the interest I earned is RM 1.370 x 31 = RM 42.47 (Oct interest)
no withdrawal in Nov
then the nov interest is RM 1.37 x 30 = RM 41.10
Oct plus Nov interest earned = RM 83.57

Scenario B
If 1/Oct -31/Oct, balance is RM 10, 000 but on 15/nov, deposit RM 3000
then
1/Nov- 14.Nov, interest earned RM 1.37 x 14 days = RM19.18

15/Nov interest for that day RM 13,000 x 0.05/365 = RM 1.78
meaning
15/Nov to 30/Nov, interest earned RM 1.78 x 16 days = RM28.48
Oct plus Nov interest earned = 42.47 + 19.18 + 28.48 = RM 90.13


account can be closed after 31/Dec/2011
no need ATM card unless you want to pay RM8 per year

Average Daily Balance (ADB) = Sum of each day-end balance of the account divide by number of days in that month.

To maintain ADB of RM3000, you can just deposit RM3k and not withdraw in 1 full month.... Not deposit RM90k lah

This post has been edited by ronnie: Sep 30 2011, 10:26 PM