haha, bro I thought you were referring to gsc comment of not understanding the terms and conditions of the 20% into SS.

The combo 4% was mentioned by many previously that existing customers are entitled to it.

Bro, thru your article I believe we are from the same generation.

However, from years of saving, its quite difficult to break the scrooge habit, for us at least. There is a saying, that it its better to have a rich father than be wealthy itself. When my children lament that we ourself dont spend on luxury items, I always remind them that I dont have wealthy parents.. ha..ha.

For OCBC Combo, there is a difference between reading for info vs understanding the info thats presented. If you watch Astro, there is quite a repetitive quote " QUESTION EVERYTHING" , ask stupid question also nevermind , as long as fully understand in the end.

I was at OCBC today, RM did not mention any new promotion, so hope there is new promotion for next month as have substantial funds available next month. Otherwise will deposit in bank that can collapse anytime .... joke only...

This post has been edited by magika: Dec 28 2012, 12:25 AM

Oh.. really ah....??? Suck loh....

The OCBC RM suggested me 3.5% for 6 months..

So I already placed my FD in UOB at 3.65% for 9 months...!!

I think the continuation of FD Combo is the Booster deals...

This is what I thought from the understanding of this forum.

For RM 100k, it is not RM 20k which needed to be put into smart saver. It is RM 16666.67 to be placed in SS and RM 83333.33 in FD. Thus slightly more amount to enjoy the 4 % interest.

I used the example of RM 120k which is easier to explain. Based on your logic 20 % of RM 120k is RM 24k has to be put into SS and FD RM 96k which is not true.

The right way is RM 100k in FD and RM 20k in SS. Just a few days ago, I placed my booster saving combo in this way. I suspect my earlier several saving combo. are placed incorrectly as the RM did not show me this way of calculating.

This post has been edited by gsc: Dec 28 2012, 12:38 AM

FD amount = RMxxx
SS amount = RMxxx x 20% (additional, not from RMxxx)

Bro, I guess you don't understand the meaning of 20% equivalent to FD amount deposited and confused yourself with total amount you have in hand to be deposited into both FD and SS.

I have several saving combo matured earlier and continued "renew" as fresh fund in the following way. This is what I did for banks which need fresh fund and my FD is matured in that paticular bank.

Inform the bank Y to IBG my matured FD into bank X and I issued a bank X cheque to bank Y to open the FD on the same day.
I did this by pre-arranging with the bank before maturity.

I used to use Rentas way which caused me RM9 but I found out IBG is free of charge for first two transctions for Ocbc bank account holders and the fund transfer is clear within a day. Of course you have to IBG in the early morning.

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Added on December 28, 2012, 1:04 amMay be there is some confusion on my example. What I am trying to say here is how to calculate the FD and SS ratio when a person has a cheque of an amount of RM 100k.

When a person bank in a cheque of RM 100k to open saving combo, it is not 80k into FD and 20k into SS combination. It should be FD 83333.33 and SS 16666.67 (total 100k).

If the saving combo going to continue in 2013, then the money "mature" in the SS can be used as the SS portion because the SS need not to be fresh fund.

This post has been edited by gsc: Dec 28 2012, 01:37 AM

After Maturity of OCBC Booster FD, does it auto-renew or full amount goes into the SmartSavers account

You inform the Bank Y to IBG your matured FD into your Bank X's current account?

Thanks for sharing..

Yes.... only Current Account can issue cheques to be re-deposit into Bank Y (consider as fresh fund)

Which bank current account is the best in terms of using IBG transfer, low fee, and convenient to use?

My personal choice: SCB JustOne Personal Current Account

What are the fees to use SCB JustOne Personal Current Account?

Can IBG or Rentas send money to all banks' current accounts?

Thanks

Have your guys encountered the bank forgot or late to IBG the money from matured FD?

How do you know that the money has been IBG in the morning?

If the IBG is done, then need to bring the check personally to the bank for opening a new FD?

What if you want to renew your Bank K FD with fresh fund, and your current account is Bank K?
In this case, we need to have 2 different current accounts from 2 banks?



This post has been edited by BoomChaCha: Dec 28 2012, 01:31 AM

It depends on the instruction you give at the time of opening the account. If auto renew then will follow board rate but currently Ocbc has a special flat ate of 3.5% for those booster FD which are matured.

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Added on December 28, 2012, 1:34 amWhat I did is is pre-arranged before maturity and sign all the documents and give the cheque earlier. Thus on the maturity date, I do not need to do anything except monitoring the fund transfer.

This post has been edited by gsc: Dec 28 2012, 01:35 AM

Now I understand... You use "fresh fund" (IBG to current account and issue another new cheque) to renew your Saving Combo?

Yes. All banks define fresh fund if it comes from different banks or cash

wah... you are really steady...

Do banks accept post dated cheque for FD?

How do you monitor the fund transfer? Can see it on IBG website?

What I can think of the drawback is that what if suddenly there is another better FD promo comes out
after your give the post dated cheque to OCBC (let's assume if you want to renew your Saving Combo)?

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Added on December 28, 2012, 1:50 amWhen you give your post dated cheque to the bank, will they give your the FD cert on the same day?



This post has been edited by BoomChaCha: Dec 28 2012, 01:50 AM

Actually not post dated cheque.....look at it from the angle that bank is keeping the cheque until the date of FD maturity. Bank will not act until FD mature.

Monitor the bank account which you IBG to make sure the money is in.

In case there is a better promotion elsewhere, I just called the bank as long as before maturity date and cancel the placement. I can issue another cheque and go to the bank which has the better offer.

This post has been edited by ronnie: Dec 28 2012, 10:09 AM