And was the 14% given somewhere around 97/98 economic crisis ?


It's not safe to invest in unit trust/structured investment during this kind of economic climate either. You might be left with nada at the end of the day.


By the way, i was told that HSBC offers special FD rate to their Premier customers.

Many banks have this kind of service, you just need to request ... (aka standing instruction).

HSBC has increased the time deposit rate for 36 months - 60 months from the previous 1.8% to 3% effective last Friday. I think we can all assume that the BNM will increase the BLR sometime in 2011, which is why HSBC is willing to give 3% interest for those who choose to park their money with them for 36 months - 60 months.

My advice is that if you really can afford to park your money for 36 months - 60 months, you should go for the HSBC General Investment. That is HSBC version of time deposit. The rate is not fixed. This way you won't loss out so much in case BNM really increase the interest rate in 2011. Or just to be safe, don't go for it. The difference is not that great anyway and we should just wait and go only for the 12 months tenure.

This post has been edited by MilesAndMore: Jun 5 2009, 06:28 PM

2.5% now actually. And both HSBC and Citibank will give you only 1.8% if your total time deposit placement is more than RM1 Million.

Just a few days ago there was a report that BNM might further cut down the key interest rate in the next scheduled BNM board meeting. It all depends on how the economy is doing. I'm praying hard they won't


Standard Chartered E$AVER account used to give 2.5% return per annum for RM0 - RM100000 and the interest is credited back into your E$AVER account monthly. This was reduced to only 1.5% in March (if my memory serves me correctly). It was once again reduced to a pathetic 0.7% in late May. I do not expect this rate to drop further in the future but i am wondering if they will revise the interest rate back to where it was (2.5%) once the economy is good again and BNM increase BLR rate back to where it was.

Ya. I know they are different. My point is that the high interest for Saadiq$aver won't last for long. it is just a matter of time before they reduce the interest rate for Saadiq$aver. I was merely using E$AVER Account as example.

I intend to keep my Standard Chartered e$aver account until late 2011 and if they do not revise the interest rate for this account back to the previous level - 2.5% for RM0 - RM100,000, i will cancel this e$aver account as many people expect the time deposit rate will be revised back to its previous level - 3.7% for 12-month placement by this time.

There is no point keeping a Standard Chartered Bank savings account as i already have a HSBC Amanah savings account and i can use my HSBC Amanah ATM card to withdraw cash at any Standard Chartered branch nationwide by paying only an extra RM1 per successful withdrawal (sort of like MEPS too). This is also the reason why i do not want to open anymore savings account with other local banks.

Earn up to 3.20%* return on your 3-month Citibank Time Deposit by opening a new Citibank Premium Checking Account or Citibank Guard Savings Account-i. Depending on your deposit or investment amount, you'll also be rewarded with a complimentary Apple iPod when you take up any 3 participating products***.


*Refers to promotional rate on 3-month Time Deposit (TD) of up to 3.20% p.a. ("Bonus Interest"). Applicable to TD placement of minimum RM20,000 up to maximum of RM1,000,000 for existing customers [subject to minimum deposit of RM20,000 in the Citibank Premium Checking Account (CPC) or Citibank Guard Savings Account-i (GSA-i)]
OR
minimum fresh funds TD placement of RM20,000 up to a maximum of RM1,000,000 for existing customers (subject to minimum deposit of RM5,000 in CPC or GSA-i account). Bonus interest will be based on CPC or GSA-i account average balance ratio to the TD placement amount. The current rate is as of 1 June 2009. The promotion is from 15 June 2009 to 28 July 2009.

***Premium Checking Account/Guard Saving Account-i; Home Loan; Bancassurance; Unit Trust; Share Financing; Dual Currentcy Account; Market Linked Investment; Local Currency Time Deposit; Foreign Currency Time Deposit; Overdraft Against Time Deposit (subjected to loan size of RM300,000 & above).

This post has been edited by MilesAndMore: Jul 9 2009, 08:54 PM

David83, the link is broken.

I believe OCBC has the highest now. The promotion is called something like MegaFD if not mistaken.

Actually all bank is offering 2.5% per annum for 12-month FD now. As for those with a total placement more than RM1 million, the 12-month rate is only :
- Public Bank > 2%
- HSBC > 1.8%
- Citibank > 1.8%
- Standard Chartered > 1.5%
- CIMB Bank > 2.2%
- EON Bank > 2%
- Alliance Bank > 2%

FD rates will start raising again in the 3rd quarter of next year.


Yes. Why not ?

Yes. It is necessary for you to get the FD certificate. Everything is recorded in Public Bank system, you will definitely get the 2.5% interest.



You should leave at least RM10,000 in your savings/checking account for emergency use.


The rate is expected to increase to 3.5% - 4.5% starting in the third quarter of next year. Stay tuned !

You will get RM16.66 when it matures.

2.5% per annum for 12-month placement. Rates are a bit lower for total placement above RM1 million.

Interest rate for total placement above RM1 million for 12-month :
HSBC - 1.8%
CIMB Bank - 2.2%
Public Bank - 2%
Citibank - 1.8%
Standard Chartered - 1.5%

It is an expired promotion.

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.

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

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.

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%

The usual board rates do not differ much. It is always between 2% - 2.5% for total placement up to RM1 million and 1.5% - 2.3% for total placement more than RM1 million.

Thing is a bit different here compared to other countries. In other countries such as USA, the more money you put in FD in a bank the higher the interest rate will be whereas here in Malaysia it is the exact opposite

The FD board rates offered by banks in the USA also differ much. The difference can be as high as 1.5% for 12-month CD (known as FD in Malaysia) unlike here in Malaysia where the board rates are all the same.

The banks in Malaysia always have some kind of FD promotion every year but the promotion usually is for 3-month to 9-month placement only. I have so far no seen any special promotion for 12-month contract.



Thanks


Sorry. Have no idea what MBSB is.



You have to make sure that you are able to prove where did you get all the money from. Even if you just have all your money in a commercial bank that is that not owned by the government such as Public Bank, Hong Leong Bank, Alliance Bank or any of the foreign banks, when there are a huge amount of money inside your banks accounts BNM will monitor your accounts and if they see your source of income is questionable, then BNM, LHDN, MACC will all come to haunt you.


Agreed. An investment banker just told the press last week that BNM might keep the BLR/OPR at all time low until 2011 as the economy is still very fragile and he doesn't see BNM increasing the BLR/OPR anytime soon. Before that most bankers speculated we will see a rise in our BLR/OPR as early as the third quarter of next year. Not a good news to my FD

This post has been edited by MilesAndMore: Oct 14 2009, 01:13 PM