my bro went to BSN previosuly.... 6%... that is what promotional season.. bsn need cash urgently

Can anyone confirm this? I tried to look through BSN's website and on also bank promotions but was unable to find this offer. What are the T&Cs?

It is an expired promotion.

now, the most common one is 2% per mth.. some offer slight increse like RHB... but the rate is still too low.. but i still put my money there..

as prefer no risk even with a lesser return..

I plan to withdraw 50k from my saving and invest in FD.. PBB ok?? how long should i invest?? 5 years?

This post has been edited by Awakened_Angel: Sep 30 2009, 06:11 PM

Yes. Public Bank would be great. Go for 1-year contract with auto renewal. And tell the staff to put a standing instruction to transfer the interest earned to your savings account at Public Bank once it matured every year. DO NOT go for 5-year. The interest rate is expected to rise late next year. You will lose in interest.

AM Bank 15 months 2.8% p.a. interest payable quarterly.
HLBB 13 months 2.65% ( just joint account with 1 pax > 50yrs old)

what if the rate drops??

Once you lock in the rate, you are not affected by the rate decrease

thanks...

now got 2 option

1) now the interest now to avoid meltdown

2) invest a year n renew n have the chance for better rate

That is an unlikely scenario for the moment.


It is almost a certain thing that you will enjoy a higher interest rate starting late next year.

This post has been edited by MilesAndMore: Sep 30 2009, 06:39 PM

Hi I have a newbie question. If I FD my money with a bank for a month & they gave me a FD of 2% return let's say I deposited 10k therefore I'll get 10k + 200 after that month right? How about 12 months? Do they credited every month or they credited by the time of your contract. Sorry for the dumbo question. Hope you understand & thanks in advance.

No. You will not get RM10K + RM200 for that month. Instead you will get RM10K + RM16.67 (interest) in a month based on the interest rate of 2%. Remember the interest rate quoted is per annum basis and not per month. You have to divide the RM200 by 12.


There are so many types of fixed deposit account out in the market now. Certain banks will pay you all the interest upfront. Some will pay you monthly (such as HSBC Premier fixed deposit account with no less than RM100K per placement). Most conventional fixed deposit accounts will pay you the interest only when it matured.

thanks milesandmore... now i just need to make an arrangment with my wife to the banks

cheers

Which banks offer the highest FD interest rate for USD currency deposit?

Hi All,

looking to save FD in monthly basis, which is the best bank i should put ?

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Added on October 6, 2009, 10:45 amCurrent rate is 2.0 %? any bank is offering higher ?

This post has been edited by officeBoy: Oct 6 2009, 10:45 AM

Many banks are having promotion now. You can check with CIMB Bank, Hong Leong Bank, RHB Bank and OCBC Bank.

The standard rate for 1-month placement is 2.00% per annum. Last year it was 3.00% - 3.10%

CIMB bank's staffs including manager are not properly trained.

I wanted to place foreign currency fixed deposit (USD) with them for 1 year since they are offering the highest rate of 1.75%.

They told me that the source of the fund must be in RM and debited from savings/current account in RM.

I have USD currency in other bank without any interest-bearing and would like to transfer it to CIMB FCA FD. The manager told me not allowed whereby their website:

Deposits and withdrawals will only be through foreign telegraphic transfers, cheques, demand drafts or transfers from / to Ringgit Account.

From my understanding, the deposits are allowed if it is to made through foreign TT as well.

Am I right?

Please understand the role of FD. It is a tool and should be use as it is intended.

It is:

i) a temporary safe parking area for your funds while waiting for better opportunity.

ii) it is not an investment vehicle

Xuzen

Central Bank of Australia has raised interest rate by a quarter point today. It is likely that other countries will follow this measure. As such, the current lowest interest era could soon be over.