Thanks for the explanation. I though I kena tipu already also.

Made a top up on 31 Oct, let see if I got the interest for the top up amount as well.

SCB is a reputed bank. I'm sure they will give the interest soon. Anyway, they have a new promotion for online bill payment. 20% cash back cap at RM100. Nice way to earn extra.

Checked my eSaver account and got full interest credited.

I visited the website of Bank Rakyat. It seems it wasn't opened to anyone. I only saw Qiradh General Investment Account-i offers, no other FD offer.

Is Qiradh GIA-i opened to non-bumi?

Seem like UOB FD 3.75% pa is a good choice now. Will do a UOB FD after SCB promotion ends.

I did a calculation, the effective rate for the 10 month term is actually 3.315 pa. Both Maybank and CIMB like to offer these promotions to attract fund.

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 I have withdrawn RM500 before in the promo period and still entitle the 5% interest.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.

Wow good info sharing here. OCBC is the real deal now.

I was with SCB Lot 10 branch. So far their service is OK. Bought a bank draft yesterday and ready to place an FD with OCBC today.

The premier banking might not worth it but not the promo FD. Like the latest OCBC 9 month tenure FD, the rate is 3.8% comparing with an e-FD which is only 3.05% to 3.15%. If you place 50k into it, there will be about extra RM250 earned in maturity.

Lucky today I was served by a young, sweet and polite girl. She doesn't promote anything, just help me fill up all the forms to place the FD. If it was auntie serves me, then she sure will promote a lot of thing to me before let me into the promo FD.

This post has been edited by lkcheng: Jan 4 2012, 03:28 PM

You are guaranteed to get back 100% of your deposit but for the interest probably you'll lose all or receive part of it. Best to know is to call you bank.

2.85% cannot be the effective rate for the OCBC FD. After 9 months of OCBC FD you can take out the money and put it on another promo FD. For instance, if you place FD on 1st Jan on OCBC for 9 months at 3.8% and when the OCBC FD mature on 1 Oct and you can take out the money to place in another bank for year end FD promo say at 5% for 3 months. Then the effective interest rate you get for 12 months is 4.1%.

With UOB, you will lock your fund for 12 months at 3.75%. You can only place your fund for another FD after 12 months. For OCBC, you can use your fund for another FD after 9 months of maturity. If there is no promo FD after 9 months, you still ca go for affin 3.6% for a year and in this case you end up getting the same effective rate of 3.75%. But most probably there will be more promo FD in year end.

This is so good to the freaking rich members here.

Can't find any better rate than OCBC 3.8% 9 months if exclude exclude premier / priority banking and Bank Rakyat. So OCBC 3.8% 9 months should be the best now.

Also taken a phone survey from OCBC. They said they will send me a token as the gift of taking the survey.

Foreign currency FD like AUD offers an attractive interest rate but if we place an AUD FD, it is actually an investment. It is just similar to buying a currency pair AUD/MYR. If AUD appreciates when you FD is mature, then you'll earn interest plus exchange gain but if AUD falls then, your interest might not enough to cover the exchange loss and end up a loss.

Right now AUD has reached 10 years highest against MYR according to the chart. It might continue to rise but it left a lot of space to fall. So, I think the risk of AUD FD is higher now. Some more, the local banks charge very high spread. The currency spread alone already wipe up 2% to 3% of your interest depending on which bank you deal with.

It is better to do carry trade in Forex market if you like to invest in foreign currency for interest. The spread is far lowest and every broker offers leverage.

Sure there are many people out there just like to place foreign currency FD for solely making more money. Using money to make more money, who doesn't love to do it. It is happy to see our money grows. You cannot assume everyone who place foreign FD just because they will need the currency for future use or for study purposes only.

I was trying to tell a little more about the foreign FD. Placing FD is really no different than buying the currency pair AUD/MYR. The spread alone will cost you to 2 to 3%. The currencies are highly volatile. Placing foreign FD in a wrong time could end up a loss and the bank might advise to renew your FD for another year. This simply tied up your money.

People work hard and save money and hope to get more from saving.

Yes, no local brokers offer forex trading and it is illegal to trade forex with any local hiding companies that offer the service. But do you know that we can open an account directly with the US legal and license forex broker using the Internet and fund with credit card right away. Who cares it is legal and not legal then since the broker is in US.

Last time I read in HLB site and they give their special preferential rate for AUD FD, this special preferential rate is even more than 2.5% of spread.

For the forex, as you say, no one should trade forex in Malaysia.

Scam money?

I was actually talking about those real and licensed Forex brokers in US that we can open an account through the Internet. These forex brokers were regulated by a US organisation just like share brokers here were regulated by KLSE. They are reputable. No the types of forex scams you think of.