Just to update you guys that the Ambank promotion of 3.9% has ended prematurely.

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Added on June 4, 2012, 3:45 pmMe & wifey don't have a kid yet, so we're not eligible for this promotion.

This post has been edited by talexeh: Jun 4 2012, 03:45 PM

Hmm... I was there earlier inquiring about it & the CSR told me about the criteria of opening the Mighty Savers for children only. Upon reading your comment & Googling about it, I guess it's time to visit them again this coming Saturday. Here's the link for those who are interested or find the need to "enlighten" their OCBC CSR:
http://www.ocbc.com.my/personal-banking/ba...r2011%20ENG.pdf

This post has been edited by talexeh: Jun 4 2012, 06:02 PM

Noted with thanks. I guess I was being misinformed by the OCBC CSR. Going through the link that I provided in my previous post, can you help me confirm if the below example is still applicable? As in, you are only eligible to open a Mighty Weekend FD account per savings / current / unit trust account?


This post has been edited by talexeh: Jun 4 2012, 11:59 PM

Thanks for the clarification. This means that I only have 2 options (savings / unit trust) until I have a child of my own. Thanks again!

I'll pay a visit to Bank Rakyat to check out their very own FD package, which in my opinion sounds pretty good compared to the other major banks out there.

I'm not in the position to give a definite answer since I've yet to visit OCBC during Mighty Weekend but according to 2 sources, you don't need to.

Source #1: As what was mentioned by gsc.

Source #2: As per stated in the OCBC's link that I posted, Ctrl+F for Weekend Fixed Deposit Promotion:
http://www.ocbc.com.my/personal-banking/ba...r2011%20ENG.pdf

If you're referring to the Mighty Weekend FD promotion, then yes.

One of the major roadblocks would be the fact that any deposit placed in Bank Rakyat is not under PIDM's protection.

Because it's a bank koperasi, just like Agro Bank.

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

p.a. = per annum / year

So since you're being offered a 3 months package, you'll just need to divide the amount by 4 to get your answer.

Update on the OCBC Mighty Weekend FD Promotion:

I've paid the main branch in Penang a visit for the 2nd time in a week, this time armed with the T&C that was obtained from the OCBC website itself & yet, they still insist that it's only meant for those with a kid. I even asked for the superior in some closed room to come out & clarify but still they insisted the same. I guess I'll just give up & look somewhere else.

Well... this gives me even more reasons to give up since they're being so inconsistent with their policies. I've redirected the fund that I allocated for OCBC to Ambank's 1:1 FD-investment plan.

Based on my experience so far, Ambank & OCBC.

Hmm... Maybank's restriction is 4 per month. The same goes to HSBC too if I'm not mistaken.

Basically you need to deposit the same amount of fund you're allocating for your FD into their unit trust. The FD numbers is very tempting but if you look at the overall picture, it's a package that benefits more on those who have been investing into Ambank's unit trust all these while. Anyway, numbers first:

FD:
1 month | 33.73% p.a. | ~2.765% upon maturity (minimum RM5K)
3 months | 12.91% p.a. | ~3.175 upon maturity (minimum RM1K)
6 months | 7.81% p.a. | ~3.841 upon maturity (minimum RM1K)
9 months | 6.09% p.a. | ~4.923 upon maturity (minimum RM1K)
12 months | 5.61% p.a. (minimum RM1K)

Ambank will incur 5% fees for the unit trust upon investing so if for example you opt for the 1 month package, you'll have to gain (5% - 2.765% = 2.235%) back to break even. This is definitely good news for those who have been dumping money into the unit trust since the FD will help them minimize the 5% fees. For people like us who are more into FD due to security, I sincerely think that 5.61% p.a. is a good deal since you still have 0.61% in excess.

Numbers to gain to break even:
1 month | ~2.235%
3 months | ~1.825%
6 months | ~1.159%
9 months | ~0.077%
12 months | excess 0.61%

Apart from the aforementioned 5% entrance fees, there is nothing else that you need to top up on & you can opt to quit the unit trust investment anytime with no penalty. For the unit trust, there is a large list to choose from: http://www.ambankgroup.com/en/ratesfeescha...rustprices.aspx In my case, I chose AmPrecious Metals.

This post has been edited by talexeh: Jun 15 2012, 09:41 AM

Erm... that's the different rate for the FD if you chose InterestPlus FD. Basically if you have a lot of spare cash & you want to invest into the unit trust progressively, little by little, then you can opt for the shorter term FD. However, if you want to enter once & leave it to mature, then you can opt for the longer duration FD. Not sure if I'm answering you there.

I'm not sure if all the unit trust in the list is applicable.

Moreover, AmDynamic Bond's progress is very slow so I didn't think about it. However, I did remember someone telling me that now is a good time to invest into AmDynamic Bond since they're paying dividend twice a year (July & March). Oh by the way, there's a 1% exit fee on AmDynamic Bond.

This post has been edited by talexeh: Jun 15 2012, 10:06 AM

But... but... the top 2 companies issuing bonds in AmDynamic are PLUS, which might be impacted should the coming GE swings to the PR. Just my opinion, please don't quote me.

Assuming you have RM10K. Since you have to invest 1:1, RM5K goes into FD & another RM5K goes into the unit trust. Since your question touches on the FD, I'll ignore the RM5K that was channeled into the unit trust.

With RM5K for FD you have a few options:

If you place it into the 1 month FD duration, you're entitled for 33.73% per annum. Since the duration is only for 1 month, 33.73% divide by 366 days in a year times 30 days in a month equals to around 2.765% of return. This means that after 1 month, you can withdraw approximately RM5138.25.

However, if you decided to go for the 3 months duration with a single deposit of RM5K, then you'll have to divide the per annum percentage by 366 before multiplying it by 90 days (12.91% / 366 * 90 = 3.175%). Once the 3 months are up, you'll gain back a total of RM5158.75.

Feel free to question me. Who knows, I might miss out some vital points here that could have caused some flaw to my calculations.

I'm a bit of a slowpoke. Anyway, why don't you pay Ambank a visit & tell us if those bonds with 0% entry fees are available for the InterestPlus FD package.

You're welcome.

All the bonds covered in AmDynamic Bond are AAA companies but with Malaysia being Malaysia, I guess it's not very wise to trust these triple-As alphabets especially with the GE looming near.

You are right. I searched around & came upon a much more updated information: http://www.fundsupermart.com.my/main/admin...eetMYAMDNMB.pdf

The previous document that I had clearly stated PLUS being the top holdings but based on the link above, it's no longer there.

And thus with that statement of yours, the teh tarik agreement is now officially declared as null & void.

Missing? Here you go: http://www.bankrakyat.com.my/web/guest/126