Any other bank offer closest to 4.68% ?

After some googling, I found that the most flexible deposit instrument offered by the local bank where savings can be withdrawn freely without any penalty and also yield the highest interest rates is EON bank Hi flexi at 2.75%p.a.

Any one cone across other deposit account that offers better than 2.75% with condition of flexi withdrawal like savings account ?

This type of account is very much suitable to sole proprietor business people.

This post has been edited by aeiou228: Mar 6 2011, 11:35 PM

At what rate are you getting ? which tenure ?

After taking into account the opportunity loss on the RM5000 almost zero interest in CASA for 3 months. The effective rate for a RM50k 15mths placement is 4.12%p.a. and RM199k 15mths placement is 4.18%p.a

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Added on March 10, 2011, 12:32 pmOps...! upon closer look at the picture, it was tiered rates. then can't be 4.18% already. Should be around 3.50% on average for 15 mths placement. Nowadays, banks also like to confuse people just like mobile telcos. Me and Gen X also almost get misleaded and I'm sure aunty aunty surely kena the advertising trick by RHB.

This post has been edited by aeiou228: Mar 10 2011, 12:39 PM

OCBC 3.6% for 9 months "Get More Promo". No privilege status given, no personal banker, no reserved free parking, takes 1 hour to process (puchong branch). But the advantage is minimum FD placement under this Promotion is RM10,000. Free gift is a portable/fordable car boot organizer.

If one have RM200K fresh funds, better to place it with Citigold savings account and earn an extra RM950 interest in 3 months. Given Citigold privileged status, 3 reserved free parking (Puchong Branch) subject to first come 1st served basis, free 1st hour parking at Nikko hotel/Citibank HQ, separate citigold banking hall, personal banker, free use of meeting room and office equipments, preferential banking transaction fees and chargers, free atm withdrawal worldwide with preferential forex rates, Free CTB Platinum card etc etc. oh yes, the free gifts are a nice leather-like Citigold planner and a hard cover book entitled Citibnak, a century in asia.

This post has been edited by aeiou228: Mar 25 2011, 06:45 PM

Received sms invitation from OCBC to come on 2nd and 3rd April and enjoy 4% interest rate on a 3 mth FD.

Don't know leh, I think the sms was genuine and there was a toll free phone number (forgot what number already)at the end of the text to call. 4% for 3 mths is the second highest after CTB 5.5%.

OCBC told me just open one Mighty Savers account with min RM200 deposit for kids and the parent entitle to 4% 3 mths FD. min 10k, max 50k.

There is. I was quoted ~10% 1 month deposit in AUD dual currency account just last week.

Interesting !!
what currency ? 2 weeks or 1 month tenure ? dual currency account or foreign currency FD ? which bank ?

This post has been edited by aeiou228: Apr 6 2011, 12:08 AM

CTB RM50k

It is not proper to tell joke in Finance, Business and Investment House forum. Your post #1465 had misleaded me because I don't expect jokes in this forum except Kopitiam. As the matter of fact, there is. Not only Citibank has it, OCBC too. I suggest you ask your relationship manager about Dual Currency Account first.

Minimum contract is RM50K (CTB) and I was given a preferential forex spot rate (lower than the current day board rate).

Upon 1 month maturity , the amount will be in either one scenario:-

1) If RM is weaker at the time of maturity
I will be getting RM50k in my dual currency account + 1 month interest.

2) If AUD is weaker at the time of maturity
I will be getting AUD converted at the forex rate given earlier in my dial currency account + 1 month interest.


Note:
There is no forex spread cost.
You can start a new contract whenever you like.

This post has been edited by aeiou228: Apr 6 2011, 12:06 PM

Thanks for the input.

I understand the risk, but dual currency account suit me best ( maybe not for others) cos I need to make GBP remittance from time to time. Is win win situation for me.
If RM weaken, I will still get my principal + ~5% interest rate.
If GBP weaken, I will still gain on my second contract and future remittance + ~5% interest rate.

I can pre determined my GBP forex cost 1 month into future.

1) Yes. But you can deposited the money in savings account instead. (still get 5.5% for 3 months)

2) No. You just need to make a RM200k placement into F/D and Savings and you will get Citigold status + 5.5% 3 mths as well come gift. Any extra money exceeding RM200K will be given standard board rates.

3) You can add more deposits into your account later but the 5.5% is capped at RM200K.

4) If you have children study overseas, Citigold or HSBC/OCBC premier account are worth consideration. You can save thousands of RM just from the preferential forex rates alone.

Well, if RM weaken, my principal remain intact and I gain hight interest. If GBP weaken, I lagi happy (just me. Others may not need foreign currency) But I guess there are a lot of business people, parents who need DCD.

lol, your boss must be those typical china man businessman who are too lazy to analyse the TnC.

Please call up HSBC to compare the rates with RHB. So far, HSBC is the cheapest for GBP.
Tips: When you call HSBC, please select Bahasa language in order to get Malaysian CS to answer you rather than CS from Philippines if you selected English.



This post has been edited by aeiou228: Apr 6 2011, 01:45 PM

1) Oh..really ? I didn't know about the 0.35% sure ah ? why they never advertise "as high as 5.85%" leh ?

2) Er... no need to close account wan..they got discretion wan

3) I didn't take the offer. Good meh ?

4) Puchong branch got FREE coffee machine wor. So far I already consumed 1 cup FOC

5) They got offers from time to time mah why shift the funds ?

6) So hurry up.

I got you. Great tips

Dual Currency Account (DCA) is best suited for individual who have the need of foreign currency. These are how I see it:-

1) Earn higher yield if my RM in DCA never gets converted to foreign currency due to weakening of RM.
2) If my RM gets converted to foreign currency, be it, I need it after all and stronger RM is good for me too.
3) No buying/selling spread.
4) Cheaper forex rate.
5) Lock the forex rate for the duration of the contract tenure.

Forex Sifu please correct me if I'm wrong.

razy1031 or any DCA sifu

For GBP,
1) If I chose a larger spread 4.8211 at the lower rate 3.63% (choice 2), my RM will be less likely to be converted to GBP in a less volatile currency right ?
2) If my intention is to get the higher chance of RM converted to GBP, I should go for the Strike price of 4.8511 at either 1 month 5.83% or 2 weeks 10.13% ? What will happen if my base currency becomes GBP ?

1) Yes. But it doesn't worth, normal FD rate already 2.75%, 3.63% only a little bit higher than 2.75%.
Ya, not worth it, AUD is worth trying but unfortunately I don't need AUD. Maybe if friends or family needs AUD, then I can pair it with AUD.

2) 2 weeks, the tighter and shorter tenure is preferred due to high interest rate can get.
Keep it as GBP in foreign currency account/FD.

I just called CTB, was told I can "auto-roll" (auto renew ) or manually renew the contract for either RM or GBP base currency.
If I can auto-roll, I can just place RM50K in AUD 19.24% 1 week and let it auto roll continuously wat ? (let's put the risk of possible AUD depreciation against RM a side)
For RM100k, I can yield RM370 per week Sifu, Please help me to spot the hidden catch.


This post has been edited by aeiou228: Apr 8 2011, 11:38 AM

You are right, If AUD goes down my principal amount becomes lesser each time it auto-roll. Unless I have the need of AUD.
CTB told me auto-roll can be either base currency.

I reconfirmed with Citigold CS and Yes, is 0.35% + 5.5% = 5.85%. But unfortunately the 5.5% offer is applicable to savings and checking account only.