Cos the 5% offer from SCB ends on 31 Dec 2011

Any good rate for fd in month of Jan 2012?

he said "I moved... - the receipt that I got is "GIA-I Fund." means he has moved and now only Dec 2011. He also mentioned "receipt" which meant he has moved

This post has been edited by gsc: Dec 31 2011, 12:28 PM

SCB 5% promotion account is actually saving account. It is not FD and you can withdraw money during the promotion period while still enjoying the 5% interest as long as you keep your ADB in RM3k. I have withdrawn RM500 before in the promo period and still entitle the 5% interest. Their interest calculation based on ADB is pretty fair. You'll get what you suppose to get based on 5% calculation.

If the guy left RM3k in his SCB promo account after moving his fund, he suppose to get the 5% for the Dec month unless SCB has any term to stop him.

I can't find anywhere in their term states that we have to keep the money until Jan 3 2012 to entitle the Dec 5% interest. I called SCB cs just now also and the girl says we should still entitle Dec 5% interest if withdrawal takes place on beginning on Jan 2012.

of course e$aver is a saving account and you can deposit and withdraw any time and still enjoy 5%. What I dont understand is the logic of moving out from 5% to 3.5%. May be something we have miss?

If you placed say RM100K from October, you can withdraw all your money even on 2nd December 2011 and get still get 5% for 1 day for the 1st December interest on 3rd Jan 2012.

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Added on December 31, 2011, 1:35 pmThe logic is, on 1st Jan which is Sunday, the interest is 0.60% for <RM100k balance. So it is a wise move to rentas the money out on 30th Friday for 3.5% FD. However the placement amount must be sizable enough to make it worth.



This post has been edited by aeiou228: Dec 31 2011, 01:41 PM

reason for this:
1) i move the funds on thurs (29Dec) therefore lost the 5% interest only for 3 days in Dec. After Dec 31, the interest rate will be 0.x%
2) I heard OCBC FD 3.5% ends on 31 Dec so I placed my FD on 29 Dec
3) I am on leave on Thurs so I got ample time to do the above

Juz my preference

Ok. Thats ok too...nowadays bank need money/cashflow...

CIMB Promotion:
http://www.cimbbank.com.my/promo/stepupfd/

so what is the effective interest rate for 8 and 10 month respectively?

THX for the info, but this is not dat attractive....hehe

8 months - 3.275%
10 months - 3.315%

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Added on January 2, 2012, 11:15 amAfter enquiring at CIMB, MBB, AFFIN, UOB, HLB, OCBC in JB which is not a holiday for 2/1/2012, the best rates still come from UOB and HLB as recommended by GEN-X at :

http://ringgitwisefool.blogspot.com/2012/0...ource=BP_recent

Bank Rakyat doesn't have the indicative rates for Jan2012, but their previous months rates were rather high and being Islamic the actual rate will only be known upon maturity of FD.

And GenX, read your excellent article on Priority Banking and would like to know the conditions to keep this privilege. Do you lose the privilege once you withdrew your investment?

This post has been edited by MGM: Jan 2 2012, 11:20 AM

Don't kena tipu on the high interest rate, the average interest for the duration of 8 months is only 3.275%.

Bro, I also now contemplating to either shift my funds from SCB to either UOB or HLB Junior FD. Where you deposited yours?

As for Privilege Banking, this is what I know should one AUM falls below the required amount to maintain PB status:

Alliance Bank - they do give you grace period for you to top up if you fall below the required AUM.

Citibank Gold - your PB status is maintained for about 6 months. But I close my all my Citi accounts immediately after their promo rate ended.

HLB - don't know, like I mentioned, technically I don't even qualify since almost all my funds are under Junior Account.

HSBC - don't know.

RHB - PB status is like forever, hahaha. Click here to read my article about me getting PB status at SCB in October when they offered the 5% interest rate and had to withdraw my funds from RHB and yet get to maintain my RHB PB status.

SCB - I was told that they will allow some grace period for one to top up to the required AUM. I am more concern what will happen to my SCB VI since I am going to withdraw all my funds except for RM1, hahaha.

UOB - don't know, still have yet to withdraw my funds, in actual fact may even add more now that SCB offer over.

This post has been edited by Gen-X: Jan 2 2012, 08:45 PM

For HSBC, the grace period is 3-month.

Went to SCB JB this afternoon regarding my SuperSalary(PJ) and SaadiqSaver(JB) accounts, SCB rates are not competitive so have to move out the funds. Got their assurance that I can withdraw out my funds and still get all my interest on 3/1 or 4/1, only thing was to leave > rm1000 in my accounts.
After that went to HLB as they offer the best rate. Enquired about their Junior Savings Account(min-rm5000) and FD account combo to enjoy the 3.85% FD rate. Effective rate works out to be closed to 3.8% for rm160k. Only thing is the two acc are Islamic too and rates are indicative only. So finally decided to go for UOB conventional FD of 3.75% (12months).

and GenX, I receive a letter from Citi saying they will withdraw my citigold if my AUM is not raised to rm200k by 31dec2011. Actually my AUM has been under for 3year and Citi has been quite lenient but finally the time has come to bid farewell to my citigold.

This post has been edited by MGM: Jan 2 2012, 08:47 PM

Decided over dinner to withdraw all funds from SCB instead of leaving RM250K with them just for the PPM and earn RM1250 less for nothing when comparing their rate for 12 months FD at 3.25% versus UOB 3.75%.

Bro, I don't get you, HLB Junior FD and Savings Account rates are not indicative but guaranteed nor are they Islamic accounts.

Aiyah, based on your latest info, if I had known, I would not have close my Citi Gold Account


This post has been edited by Gen-X: Jan 2 2012, 09:57 PM

LATEST!! Deserve a post by itself.

OCBC Bank Fixed Deposit Promotion 1st January 2012 to 31 March 2012 - Minimum Fresh Fund RM10,000

3 Months 3.6%
**EDITED for typo** 9 Months 3.8%

I think above 9 months would be just perfect because if you study previous FD offers, best promotions in the 4th quarter.


p.s. @MGM, please read my previous edited post.

This post has been edited by Gen-X: Jan 3 2012, 01:15 AM

The CS at the branch did show me the a promo leaflet indicating the products as Islamic called GIA-i. But after going thru HLB websites I think I was mislead by the imcompetent CS.

This post has been edited by MGM: Jan 2 2012, 10:23 PM

So the profit rates they listed on their website are not 100% accurate?
Roughly estimate figures only?

http://www.bankrakyat.com.my/web/guest/125

If the rates are accurate, the bank Raykat is offering the best rate at this
moment?

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Added on January 2, 2012, 10:15 pmThanks so much for the valuable update..

So far.. the best FD rates are from OCBC:

3 Months 3.6%
9 Months 3.8%

This post has been edited by BoomChaCha: Jan 3 2012, 01:50 AM