oh, the current FD rate is 3.20% right?

few days ago, i found out tht my company managed to get 3.25%.

@vin_ann,
There is supposed to be fixed board rate issued but most banks do give promotional rates on short term FDs. 12 months FDs are really quite fixed.

The 'actual' fixed rate for 1-3 months FD = 3% though most of time U should be able to get them to give it to U a little higher.

Also, what'd U mean by 'ur company'? Do U work with a bank or was it some sort of a special arrangement meant for ur organisation?

This post has been edited by tinkerbel: Jun 17 2008, 05:08 PM

@ Tinkerbel,

ops. it's not my company. im just an employee here. according to my finance manager, big boss have negotiate with the bank to get the rate.

how to negotiate i dun know. im just joined last month.

@vin_ann,
So the rate is meant for Ur organisation, not staff members?

This post has been edited by tinkerbel: Jun 17 2008, 05:15 PM

tinkerbel,

if the fd exceeded certain amount or placed beyond certain tenure.. the rates are termed as 'negotiable'.

there's no magic trick here.. he's just trying to impress people.

@lwb,
Yeah... U do haf a point

let's see... 2 days ago i went to Ambank branch (JB) to open an account

I saw some flashy led wording flashing on their rate board.

FIXED DEPOSIT PROMOTION
1 MONTH 33.xx %

yeap.. 33% percent. Briefly asked the lady about it. She told me something like
'it is a UT + FD thingy, where u invest 1000 in UT, you are entitled to place 1000 in the FD and enjoy that promotional rate'

Erm, yeah.. something like that. Didn't bother to ask further.

@ed0gawa,
HmmM.. it should be dollar to dollar which means if want to put in RM100k in FD at that rate, will need to put in RM100k in UT too.

Erm.. yeah.. and i thought that was what i were trying to say .. ermm.. hmmm...

@ed0gawa,
33% p.a is relatively high... Am not sure if the bank is even allowed to do so. Anyhow I'm quite sure there's a cap limit to the promotion.

So, did U put any $ into the funds?

There must be terms and conditions attached and in the end the effective interest might be something else altogether But if this is genuine please let all of us know coz even 10% guaranteed I wana invest already

@jeff_ckf,
FD is guaranteed, UT isn't

CIMB is 3.25 % for 2 months period.

Nah, i dun even have enough to feed myself how am i going to feed a UT and FD?

Erm, well .. maybe tomorrow i can drop by to ask for more info if any of you are really interested....

@tinker :
Yeah it is HIGH.. otherwise i won't even bother to open my mouth and asked the lady about it ...

@ed0gawa,
hmmM..... U could check and share with us here. I ain't gonna be able to put $ in it so no point for me to get more info

But 30 odd percent wor Haha as usual I remain skeptical and yes I do know of such schemes but let's see what ed0gawa can find out

Yes please post back here if you do find out anything interesting

If the bank close shop, still guaranteed?

@jasontoh,
It's highly unlikely the bank will close shop - BNM won't allow that.

We never know what will happen

@jasontoh,
AhHh.. perhaps AmBank needs cash hence this promotion? *shockers*