Bro, read the T&C where it is clearly stated the amount and one placement per customer.

haha, I wondering that too.

Bro, how you come out with 4.25%, it's more like (4.5%+3%)/2 = 3.75%

For my case, I think HLB 3.95% better where I get 1% on top of my HLB Junior Account Interest Rate too.

I was really blur when I said 3.75%

Thanks for the workings above and you are right Must go to OCBC tomorrow to check if can sign up for Smart Saver for the Combo.

Bro, I just reread the OCBC SS T&C. Another condition need to deposit RM1K every month to get 3%, if deposit 0 - RM49.99 get 2.5% and deposit RM50-999 get 2.85%.

And yes, you are right, now the initial opening amount for OCBC SS is not RM3K but RM200.

Confirmed, can open Smart Saver for Combo Promotion. So I guess I have to deposit at least RM50 into SS for the next 2-3 months, haha.

To ALL: I highlighted the benefit of OCBC Smart Saver Savings Account at my Fixed Deposit Page, but the terms and condition link is the old one as the new T&C is not published yet at OCBC website.

This post has been edited by Gen-X: Jul 4 2012, 10:22 AM

Next time if you don't believe what is reported here and you cannot find any links and your funds are ready for immediate deployment, like I mentioned in post#1 call your nearest branch (you may also call 1300885000 or go to the branch)

Anyway to update, I was surprised that for the Combo package, the savings accounts to be opened with are Smart Savers, Junior and Gold where these accounts pay relatively higher interest rates than normal Savings Account. I guess OCBC Promoting the Smart Saver which is a good move to attract new customer and like in Australia where they pay higher interest rates when one does not do any withdrawals.

The good thing of OCBC Combo over HLB is that one can deposit more than RM10K or RM50K and their banker's cheque cost 50% less than HLB, hahaha. Wait, OCBC banker's cheque is free (for some of us whereas some reported need to pay RM2.15)

This post has been edited by Gen-X: Jul 4 2012, 03:56 PM

Firstly the combo is minimum RM10K in FD and 20% in Savings.

Therefore with minimum RM10K you'll need to deposit RM2K into a NEW Smart Saver/Junrior Savings Account. And if RM20K into FD you need RM4K into the savings account.

The interest rate you earn with the Smart Savers has nothing to do with the amount you deposit in FD. Both are separate accounts. If you refer to the OCBC table I posted in my blog, to get 3% interest with the Smart Savers Plan, yes you need to deposit minimum RM1K every month AND no withdrawal for that month to earn 3%. But, if you just deposit RM50 you also get 2.85% which is not much diff compare to 3%. Don't withdraw and don't deposit you still earn 2.5% with the Smart Savers Plan.

For discussion sake, assume we don't deposit any amount into the Smart Saver Plan and get 2.5% interest. Well actually the first month we should get 3% (since you cannot withdraw for 90 days anyway) but I too lazy to do the actual calculation, so below math is based on RM10K at 4.5% and RM2K with 2.5% for 3 months (also note, actual interest is based on days not months and for Savings Account interest credited monthly which was not considered).

Interest 3 months FD x 4.5%pa x RM10K = RM112.5
Interest 3 months Smart Saver x 2.5%pa x RM2K = 12.5
Therefore approximate interest rate for RM12K = (RM125/RM12K) 1.042% or 4.168%pa (not much diff compared to 4.25%)

Bro, if you read previous post, it was mentioned until end September by ascend. Anyway, added to post#1.

Yes correct, the condition is NEW Savings Account like I mentioned yesterday. You will get monthly Statement by mail for the Smart Savers account. Wonder if you can do online transfer, which really makes no diff to me since I don't have online account with OCBC.

And yah to get more combo offer which runs till end September - need to open more savings account e.g. yourself, wife, joint with wife (vice versa?) or with kids or with parent

You can withdraw/uplift your money (Principal in full) anytime you wish, just that you won't be paid the agreed interest rate. But I blur exactly how much interest you will be paid for early withdrawal.

So one of your options for example is that you can for the RM5K split it into 5 FD cert at RM1K cert so that in the even you need to withdraw say RM2K, the other RM3K can still earn interest as agreed at end of tenure. Sometimes you go to bank, you can see uncle and aunties renewing like 20 certs!

Talking about splitting, my RM asked me if I wanted to split my funds for the FD to several certs for the Combo Promo but I said no need.

This post has been edited by Gen-X: Jul 4 2012, 11:08 PM

To add, make sure it is after 90 days for the Combo Promo.

Yes it will be considered as fresh fund.

Withdraw cash and go redeposit in same bank can also work (different teller and different time lah). Better still aeiou mentioned about using his OD as fresh fund and then bank in his upliftment same day also can work (this may only be understood by regulars here).

But, seriously for RM1K don't waste your time and just stick to one bank. With 1% extra interest, you only earn RM10 for 1 year (earning Sen here per month), take away banker's cheque fee which can be as much as RM5.15, lagi less. But then again, RM1K withdraw cash I suppose. Anyway, most promo fresh fund RM10K.

T&C mentioned/states 90 days for Savings Account for the OCBC Combo Promo. And since tomorrow is the 5th, I guess earliest one can withdraw is 4th Oct 2012. So if go deposit say 3rd week of this month, and withdraw 3rd week of October, the interest will be 0.5% for the SS for month of October; so for this case, better withdraw from SS early November.

This post has been edited by Gen-X: Jul 4 2012, 11:47 PM

The FD interest rates quoted by commercial banks are based on per annum and interest payable is based on days.

For example you go open a FD account today (5th July 2012) for RM10K 3 months at 3.6%. This means your FD will mature on 5th October 2012. And as MGM rightly pointed out in his previous posting, there will be 92 days (since we have 2 months with 31 days). Therefore the interest calculated is as follows:

RM10K x 3% x 92/365 = RM75.62

To All: Here's a thought, for those who are going with the OCBC Combo and wanting to maintain the Smart Saver Account forever after the promotion period.

In my Fixed Deposit Page I have highlighted that the OCBC Smart Saver minimum balance is RM20. The actual amount that we can withdraw and go play FD musical chair again need to deduct RM20. Therefore, deducting this said RM20, the "effective" interest from the combo promo can be said to be less than 3.6% for deposit of RM10K into FD.

Interest from RM10K 3 months FD at 4.5% = RM112.50 (please note should be more since there are 92 days).
Interest from RM2K 3 months Smart Saver at 3% = RM15
Total amount that can be withdrawn = RM112.5 + RM15 - RM20 = RM107.50
Therefore approximate "effective" interest rate (assuming you are going to maintain the Smart Savers account) = RM107.5/RM12K = 0.00896 or 3.584%pa.

Like I said, this Combo plan is a good way for OCBC to Promote the Super Saver Account. Which is not too bad considering it offers 3% to those who are only going to use their funds early in the month and need to park their funds (up to RM300K) for 2-3 weeks, but at a one time cost of RM20 until the account is closed.

This post has been edited by Gen-X: Jul 5 2012, 11:45 AM

Zeti already hinted prior to meeting the rate will remain unchanged. I like your question why didn't raise OPR, hahaha

I was wondering why no need maintain balance until I reread the quote you posted again - there is a monthly fee of RM10 normally. The IBG offer is not that good if you were to consider the monthly fee. But since the account is FREE for a year at the new branch, yah, it's great.

Bro, as shown by MGM, the OCBC Combo is better and can earn one up to 4.25% with the Smart Savers account 3% interest rate. Moreover, HLB offer is kind of restricted with RM10K and RM50K only. To add further, unless one has HLB Junior or Senior Savings Account, the interest from HLB Savings Account is negligible.

Both these two plans requires a certain amount deposited into Savings but OCBC Combo requires a NEW Smart Savers Account whereas HLB don't need to.

My post earlier was just a thought on the requirement of minimum RM20 to be maintained at all times in a NEW Smart Savers Plan and I was merely pointing out that for minimum FD RM10K and deducting this said RM20, one only gets 3.584% to go play next round of FD musical chair. And if one was to deposit more than RM10K, the "effective" interest rates (less this RM20) increases.

This post has been edited by Gen-X: Jul 6 2012, 06:50 AM

I was told HLB offering 3.6% 12 months FD for Senior Citizens but I did not ask for details. So those of you who are eligible, check it out the next time you are at HLB.

according to the T&C, the way I interpret is one can have as many combo plan BUT the condition is need to open a NEW Savings Account.

Minimum FD RM10K Fresh Fund. Maximum you got read the T&C, I lazy go reread.

Bro, I mentioned previously, to open several Smart Saver accounts - you, wife, join with wife (vise-versa?), with kids, with parents, etc,

Like I mentioned in previous post, the combo you can also open with new Junior account or Premier Gold.

next time call the bank like I mentioned in 1st post.

http://www.hlb.com.my/promo/pfs/dep_bankwide_flexi/tc_en.pdf

guess what, kids always get more at HLB

http://www.hlb.com.my/promo/pfs/dep_bankwide_jfd/tc_en.pdf

You are right, it is not in the T&C this time. Prior to the latest T&C, we referred to the previous Combo T&C which did state that the amount in the savings account is not to be withdrawn for 90 days. Thanks Bro for the update.

As for top up, did you clarify again if that is possible?