you are right in a way, but since you did a comparison, just like yousharing your findings, thought it be good to share with others so that they are aware that they may be getting the lowest rate with a particular bank.

This morning I called my UOB RM and asked if my children need to go to the branch in order to open FD account and was told yes since they have to sign docs too. So took 2 of them to UOB during lunch time and the PB teller asked me if my RM have gotten approval in order for me to open FD with them! I was told that UOB do not generally open account with children's name. This is news to me. Anyway, since I was there already, the PB teller made a call to her superior and then proceeded to open the FD account with my children's name. She will have to email her boss and seek approval.

Wah, first time I heard banks don't want to accept deposit.

you as usual, need to ask don't you, hahaha

All my children have account from age 1 at HLB, of course my name will appear first. I can go to any HLB branch and just bring along my children IC or Birth Cert to open joint account with their name and they don't have to be present. Same for AMBank. When I was young, I had my own passbook and FD joint with my mother at SCB. And I even had the bunny coin box, hahaha. Actually, HLB Children Saving Account is pretty good with monthly interest credited and present rate 2.65% but presently the Junior FD promotion needs new funds and need to deposit X amount into savings. So withdrew my children FD and go deposit at UOB to get 3.7%.

What I am trying to say is, UOB do not generally allows you to open a joint account with children's name.

This post has been edited by Gen-X: Jun 7 2011, 06:00 PM

I think there is a difference having a child's name in the account should something happen to the adult. It's like we holding the money in trust for them.

To say that the children cannot withdraw money from their account is not entirely correct. Nowadays children have Debit Cards, my daughter 10 years old got her own Debit Card from HLB because she has a Junior SA and FD, and she can go and buy stuff from merchants and even do online transaction i.e. iTunes app for her iPad. Same case with my son when he was 13 last year and could use his debit cards (HLB and PBB) to buy stuff at merchants.

This post has been edited by Gen-X: Jun 8 2011, 05:39 PM

and I was talking about UOB not wanting children business like our local banks The thing with UOB is that you can open an account with your child's name BUT you got to seek prior approval from their management. UOB did allow me to open the FD account under my children name, because I was already there in the bank with my children (my RM told me they have to be present) and maybe because I got PB status with them. And you know what, my children actually had to sign on the same documents I signed to open a new account and they also had to sign on the a signature specimen card

wait till you have few children and try to keep track on their money over years. For my eldest son, the moment he turned 18, all his accounts were transferred to his name (but still joint with me or my wife but our names now second) and he decides what he wants to do with his money and where to deposit them.

I tell you , time flies, and in no time our babies will be adult and it is good to have account in their names. If you got only 1 child, then no diff lah, haha

This post has been edited by Gen-X: Jun 8 2011, 06:19 PM

Yah EON Bank up to this month got promo but it's like first 6 months 3.2% and next 6 months 3.8%, so average 3.5% and interest credited into current account. And if not mistaken, RM50K for individuals, fresh funds of course. Better go with UOB, no need current account and rate 3.7%.

Do update us BSN 4% T&C. I dropped by a branch once just to have a look and was shock to see inside jam pack.

For 1 month, if not mistaken most banks minimum RM5K. For 1 year, RM500 also can.

Bro, you mind to elaborate? Give lah example.

agree 100% to the above. Always do a simple calculation to compare, and usually you will find that by simply putting the same premium amount into FD yearly, you will get more in the end. Those marketing numbers % are usually based on premiums paid only. If insurance products are so fantastic, the insurance companies don't need insurance agents and paying them 35% of the 1st year premium as commission.

Having said above, agree with bearbear statement below too, insurance savings plan is great as a force saving as many don't have the discipline to save.

pleaae read previous posts (last 3-4 pages), similar question is asked repeatedly over and over again.

Well I guess you did not read the relevant ones, post#1739 and post#1772

Bro, above yes and no. For Citibank case like we mentioned months ago, yes need to open CitiGold account. But for other banks last year, 5% for HLB was for Kid's Junior FD (min RM5K if not mistaken) and up to 5% Alliance Bank was for minimum RM50K if not mistaken. Today tough to even get 4% effective from FD. Next BNM meeting on July 7, let's see what happens.

the 5% guaranteed is based on premiums paid right i.e. not compounded. Go insert into excel and see how much you'll get end of 20 years time with FD 4% and then compare with the total amount from the GE plan. And then let us know please.

you give them advance payment and they go buy government bonds which earns then like 5% and they pay you 3.15%.

jack2, by the way, the last time you mentioned AMBank Top Rated FD pays you interest quarterly, I thought it was half yearly. Can you please reconfirm.

Thanks for the reply. No lah, I don't have AmBank Top Rated, I remember I read someone posted interest paid half yearly and then you mentioned quarterly.


1) Increase it to RM25K and you can get 3.7% at UOB
2) Check Affin Bank Rate, if not mistaken 3.6%
3) Check AMBAnk Top Rated - but noted in their wbsite last promotion until end April only?? No new promo since then?
4) BSN 4% (???)

get Bank A to write you a Cheque in your name and then you can go decide which ever account you want to bank in,

If it is HLB, they will charge you RM2.15 for a cheque unless you got Priority Banking status where they will still charge RM0.15/cheque. EON Bank RM0.15. Alliance Bank FOC. The rest I don't know.

Yah I thought it was you but too lazy to go find post to confirm, haha. And which part on earth are you now, haven't seen you posting for more than a week

No, don't get Bank Draft, just say write me a cheque (normal) in my name.

I know EON Bank you can get UP TO 3.8% (for the second 6 months of 12 tenure) but minimum RM50K AND interest credited into current account. How about above, need to have current account?

This post has been edited by Gen-X: Jun 22 2011, 11:14 AM

What RM100 is not much? That's more than a week supply of Marlboro Lights for me and that's a lot Whio will give you RM100 bucks?

For RM5K with interest diff of 0.4%, we can earn RM20 to be exact. Well, with this amount, then it may be subjective. Best way to determine if this amount is worth to take the trouble to go switch bank is how much is your hourly pay? Also to consider transport and parking cost if applicable. But if we talking about RM50K, that's a diff of RM200 extra and how many people earn RM200 for 2 hours work?

Bro, I still waiting for the post. Or did you post and I missed it?

I was at OCBC today to pay my CC bill, so I asked any FD promo and the girl said until end of this month 3.55% for 12 months, minimum RM10K fresh funds. Now not sure if I heard wrongly as my ears was kind of "blocked" at that time as I not feeling well.