Latest FD rates I have read so far:

Affin: 3.6% pa
UOB: 3.15% pa
HLB Flex FD: 3.8% pa (Must open a current a/c with $1k deposit)
HLB Senior FD: 4.5% pa (But wasn't shown in the HLB site anymore)
HLB Junior FD: 4.5% pa (24 or 36 months)
AmBank FD: 3.2% pa
Maybank FD Promo: up to 4.18% (see below)

4 Month Tenure
1st & 2nd Month 3.10% p.a.
3rd Month 3.25% p.a.
4th Month 3.88% p.a.

6 Month Tenure
1st & 2nd Month 3.10% p.a.
3rd to 5th Month 3.25% p.a.
6th Month 4.18% p.a.

* 4 month tenure fd is just equal to 3.33%pa
* 6 month tenure fd is just equal to 3.35%pa

This post has been edited by lkcheng: Sep 21 2011, 09:27 AM

It is true. Maybank is one of them. When you walk in and want to do a FD, they wouldn't let you do it right away, instead they will have a staff to ask you consider another financial product. Or at least their counter clerk will say something like 'would you be interested on another FD which 4.1% per year'. If you say yes, then a officer will talk to you and if you agree then you fund will be locked for 5 or more years where only the first year get high interest. These are just some examples.

To my knowledge and experience, it is better to research in different banks and go for the FD promotion that offer real high rate.

If a bank staff try to promote a investment or deposit product to you, it is better to say no right away. Usually it is some sort of product that isn't really giving good return if you make the calculation and comparison.

Bank people can talk politely and professionally but they don't have the real experiences and success of investment. Before the financial crisis of US, they even dare to ask people to put their fund into Unit trust (Fund that invest in US stock) instead of FD. There is no guarantee of any kind. If you make any lose even a big one, no one will be responsible.

Promote rates of HLB still show actually:

http://www.hlb.com.my/promo/pfs/dep_junior...dex.jsp?s=promo
http://www.hlb.com.my/promo/pfs/dep_flexiF...dex.jsp?s=promo

I walked into SCB to open eSaver account yesterday. But the 5% interest promotion will only started today. Filled out all the forms and have to go again today to get the a/c no.

There is no fee and also you don't need to take the ATM card if you don't want it.

The only thing is that they started on Saturday that you can't get you money out to deposit into your esaver account. Cheque payment will only be counted as deposit after it has cleared. If you want to deposit big money in, you can only do it on Monday.

The bank isn't going to use the ADB to calculate our Interest right?

It seem complicated their interest calculation. Say if I open account on 1 Oct and bank-in cash RM10,000 on the same day. So the interest will be $10,000 x 5% x 3/12 = $125?

What if I bank-in cash $10k on 1 Oct and then bank-in another $10k after two days which is 3 Oct and let the total $20k sit on the account until the promotion period end which is 1 Jan 2012, how much the interest will be?

OK thanks for the explanation.

I also understood now the ADB calculation now after reading the formula posted by Ronnie. The ADB was fair and using it to calculate the interest will give you what you suppose to get.

It was clearly mentioned that the account has to maintain minimum $3,000 to enjoy the 5% interest during the promotion period. Adding $3,000 after a month will mean your account maintain $6,000. If we need to do incremental deposit, then this doesn't seem to match what their rule said. In other word, they are breaking their promise.

No incremental deposit required for new account holder as far as i understand from their staff explanation. They told me that I will enjoy the interest as long as there is at least $3,000 in the account.

When I walked in and opened an account, they created a temporary login id and sms a temporary password to me. Then I'll need to visit their site and use the temporary details to create a permanent login id and password to access my eSaver account.

Probably you will go through the same procedure as well.


This post has been edited by lkcheng: Oct 5 2011, 10:35 AM

I think you need to call. Here what their site said:

Temporary ID (Received at the branch or via contact centre)

If you go other branch and open another one, I think they will not allow.

SCB can change their terms and conditions anytime.

10. SCBMB may vary any of these Terms and Conditions. Any such change will be announced on SCBMB's website at standardchartered.com.my in SCBMB's branches and notified via the Promotion Account statements.

Any link to UOB FD promotion? I visited UOB site but can't find any FD promotion.