You can do the FD placement directly if you're doing the placement with cheque. The effective date of the FD will start on the day of the placement.

Some banks like Hong Leong are charging Rm5.15 per banker's cheque (Rm0.15/cheque for PB customers). Some cheaper, some more expensive. So it all depends on the bank. Or you can just do an IBG which will only cost RM2.

When a customer move their fund from 1 bank to another, it's always because the differences of the FD rate is more than 0.5%.

If not mistaken OCBC dont charge provided it is in your name otherwise it RM2.15 like other banks

thanks for clarification

is IBG effective immediately transfer the fund like Rentas? Rentas costs RM9

If 0.5% then no need hassle i think.But lets say this month i deposit 200k in ocbc 3.65% for half year.Then when the period end and they renew my fd for 3.3% i guess i need to find another bank for best rate right?

last time i did more than 200k, they asked me withdrawal it out and put it back (consider as fresh fund) and can enjoy the promotion %.

Usually i just switch between OCBC / UOB (this 2 banks offer the best rate) - if more than RM500k, can negotiate with manager and they will give you + %.

thank you for the offer Bro.

Yah, I spoke to a HSBC RM, she told me can help me set up account in Australia. Anyway, I have decided to fly to Australia next month to go check out the Universities there.

Those that have money and not willing to take risk are happy with FD

Bank it into your current account and your cost is RM0.15 or like others mentioned Alliance, OCBC and UOB will write the cheque in your name for FREE.

IF you got a pile of cash,with interest of 0.5%, RM100K earns you RM500. A million ringgit is extra RM5K. For with 1% extra, that's RM1K for every RM100K. And if you have children like me, the last two years is great where we can earn 4.5% and 5% from HLB Junior FD And it is TAX FREE.

Savings Plan and structured product not necessary will earn you more in the long run. Shares, that is another story. But CASH is still king

This post has been edited by Gen-X: Apr 9 2012, 10:43 PM

0.5% difference can be significant if your principal amount is big and also significant to pensioners who live on interests.

4% versus 3.5% is 0.5% difference

Example Bank X, 3 mth 3.5%,
Bank Y, 3 mths 4.0%

(RM10,000 X 0.5/100) X 3/12 (quarter) = RM15 difference

RM 100,000, difference is RM 150

RM1,000,000 difference is RM1500

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Added on April 9, 2012, 10:44 pm0.5% no need hassle but for 0.35% (3.65%-3.3%) you need find another bank ??

This post has been edited by gsc: Apr 9 2012, 11:21 PM

if you know its losing value, then call it "investment"?

sorry tho it was 0.05%
And thx apple1188 for your info

OCBC does not charge for preparing Cashier's Order in your name during FD withdrawal, whereas Maybank is charging Rm5 for each cheque. PB and StanChart are charging Rm2.15 per cheque.

4% for 3 mth FD at OCBC during Mighty Saver Weekend.

This post was mentioned earlier by one member and I asked the bank and was told not true. however, a couple of weeks back, the bank staff said it is true.

1st Saturday & Sunday of the month is the mighty saver promotion period.

To eligible for the 4%, you either have to

1) open a mighty saver account for kid or
2) open a saving account or
3) open a current account

Last Saturday approached the bank and the staff said no. I insisted she checked it up and later she said yes. Another incident showing the staff DOES NOT know their own products.

I waited till I personally can actually opened the saving and enjoyed the 4% for 3 mths last Saturday, then only shared here because it will be embarrassing if it is not true.

Min FD placement RM10k and max RM50k. For existing FD customers, it has to be fresh fund.

When will this promotion end and how much we need to bank in to the saving account (for option 2)? Any time limit the saving account needs to remain open?

IBG need to wait for the next day. Can only do FD placement when the fund is being credited into your account. There's a cut off time for IBG though. Before 12pm will received the next day. If after 12pm, will take 2 days.

There's another type of IBG called RENTAS (CIMB calls it Instant Transfer). The transaction is more expensive. Fund appears immediately at beneficiary account.

HL calls it PAY+ . but got limit per day right? says RM5k per day?

Limit should be similar to standard IBG.

From CIMBClicks:

quick question.
can i do this:

1. i put rm5k into fixed deposit for contract for 4 months
2. wait for 4 months to get 3% interest
3. withdraw it after 4 months, collect dividen
4. bank in again rm5k into fixed deposit, for 4 months
5. repeat all over again.

which means in 1 year, i can get 4% x3 = 12% in a year
am i correct? or i am too simple minded?

The 3% is per annum rate. You need it to divide with with 3 to get the 4 months rate which is roughly 1%.

You are indeed SIMPLE-minded.... if you repeat it will be total 3% received after 12 months.