Cimb bank 3 months : 3.0% p.a

AMbank 6 months: 3.28% p.a

any catch in these FDs?


What is the best way to transfer fund between local banks? I heard interbank Giro only allows maximum 5K to be transferred per day. Banker's cheque is Rm5 right? Any other way to transfer fund?

This post has been edited by soul2soul: Mar 8 2011, 08:22 AM

Will you be comfortable carrying say, 20K cash with you? I am a bit worried about robbery, nowadays you know.

Anyway, is it possible banks give you counterfeit notes? Sometimes I find the newly withdrawn cash from banks being rejected at ATM deposit machine.... makes me wonder if the bank really check their cash for counterfeit notes.

I am actually looking at that promotion too. There are some questions about this promotion though like what happen to the 5000 in savings (locked up to 90 days) if I decide to uplift earlier? any service charge? fee?

I will drop by RHB and ask them later.

Anyway, you got to know that the 5000 you put inside this promotion is not being paid FD interest ...

Technically you need to deposit 55k, 50k in FD, and 5K in savings account. So you are only paid interest for 50k only.


updated:

Just came back from RHB bank. According to them, the 5K will only be held for the first 90 days, after which will be released back into the Saving/ current account. If you decide to uplift the FD before maturity (first 3 months), the 5k will only be released after 90 days have expired.

---

Added on March 8, 2011, 11:48 amThanks dude for the quick reply. I will carry cash then.

This post has been edited by soul2soul: Mar 8 2011, 01:14 PM

Most of these promo FDs offer is until end of March 2011. Are the banks expecting bank negara to raise rates soon?


I will go ask Alliance bank and Hong leong bank later and post my findings here.

This post has been edited by soul2soul: Mar 10 2011, 11:35 AM

To put things in perspective, here is the summary so far;

1 month - 2.75% almost all banks
3 months - Cimb 3%
6 months- AMBank 3.28%
9 months - OCBC Bank 3.9%
12 months - ?
60 months - AMbank 4.68%


Can you guys see a trend? I think most banks are betting the increase of BLR in the coming months, and the rates shown above reflect their bet.

If BLR goes up by 0.5% , the 1 month FD rate will automatically readjust to 3.25%, with 3-6 months perhaps at 3.5%.

correct me if i am wrong with that speculation.

This post has been edited by soul2soul: Mar 11 2011, 12:14 PM

Just went to AMbank to enquire about their 4.68% pa. Here is what I found.

1. 60 months tenure
2. interest to be paid out every 6 months (4.68% pa)
3. in the event customer uplift the FD before the maturity date, only 2.34% pa interest will be paid out. The higher interest paid previously would be deducted from the principal amount.

4. Customer can choose to open a saving account with AMbank , of which the interest of the FD will be credited into every 6 months.

Hmm.. not a bad deal..

From my understanding yes. The interest will be halved and they'll deduct from your principal. But if u uplift before 3 (or 6 cannot remember ) months they won't be any interest paid

This post has been edited by soul2soul: Mar 16 2011, 08:52 PM

I think AMbank rates (fixed deposit) is very attractive, but you need to lock your money for 60 months.

4.68% x 5 years = 23.4% guaranteed rate of investment for 5 years with principal amount being insured.

This can match the government bonds of 5% pa launched last year.



This post has been edited by soul2soul: Mar 17 2011, 09:45 AM

Update on AMbank 60 months 4.68% pa.

If you are over 50, or if you have joint account with either one person over 50 years old, AMbank would debit the interest monthly.

Not bad for retiree.

http://www.ambg.com.my/ambank_webmedia/fil...Individuals.pdf

Ambank just revised their 60 months rate from 4.68% pa to 4.3% pa.

It means not every month you are given the 'highest' rate. Read the T&C carefully.

Currently, the best rate from my research is as follow;

3 months - 3% CIMB bank
6 months - 3.28% AMbank
60 months - 4.3% AMbank

do you mean this?

http://www.eonbank.com.my/personal_banking...row/index.shtml

3.7% pa for 18 months FD, minimal placement is RM 50,000

what's the catch ?

how about putting money in Indonesia? Their FD rates are high too.

Why don't you try to calculate it and post it here and we will comment on that?



This post has been edited by soul2soul: Apr 19 2011, 09:50 AM

Time to move back money from other banks to Maybank. 3.05% for 3 months - not bad.

I am sure some other banks will come up with some promotion in few weeks time.

MaybankFixed Deposit Account
Tenure Rate
(% p.a.)
1 month 3.00
2 months 3.00
3 months 3.05
4 months 3.05
5 months 3.05
6 months 3.10
7 months 3.10
8 months 3.10
9 months 3.10
10 months 3.10
11 months 3.10
12 months 3.15
13 - 24 months 3.15
36 months 3.30
48 months 3.60
60 months 3.80
maybank


CIMB Bank
Tier 1 (Effective from 11/05/2011)

1 month 3.05
2 months 3.05
3 months 3.05
4 months 3.05
5 months 3.05
6 months 3.10
7 months 3.10
8 months 3.10
9 months 3.10
10 months 3.15
11 months 3.20
12 months 3.30
13 - 14 months 3.35
15 - 17 months 3.40
18 - 23 months 3.45
24 - 35 months 3.55
36 - 47 months 3.60
48 - 59 months 3.70
60 months 3.80
CIMB



This post has been edited by soul2soul: May 11 2011, 10:57 AM

that will make your principal about 100k. So cash rich.

follow the initial rate when you sign up for the FD.

But Singapore dollar value does not depreciate as fast as Malaysia. It's a good store of value. I would prefer ringgit to maintain its value over higher interest rate.