Wonder what is their current/saving account rate? Without 10% kept in saving/current account, effective rate is 3.72%..
Estimated interest rate with 10% FD kept in SA or CA is between 3.38 to 3.72%

I was told by my OCBC RM yesterday that she was just briefed over the new FD promo coming up next week.

It seems 1/3 of the total funds will be put into a Premier Saving Account with 3% p.a., while the other 2/3 will be put into FD with 4.5% p.a. It also seems that this Premier Saving Account do not need to deposit anything in each calender month to earn 3% (unlike SS account). Term for 3 months as usual. Oh and the 1/3 of the total funds must be at least RM200k or something.

Not very sure about the details yet as we spoke over the phone. Will go to OCBC on Wednesday.

I am only aware of Premier Savings Account that currently pays 3.02% for deposit above RM200K. Click here to my article The Best Savings Account in Malaysia where I have a table showing various interest rates for savings account as of August 2012 and at that time the OCBC Premier Save Gold was paying up to 3.05%

So if 1/3 in Premier Save Gold to earn 3.02%, that means minimum RM200K into the Savings Account and you'll need another minimum RM400,000 to earn 4.5%. Therefore maximum effective rate is around 4%. Not too bad.

Say if new to Premier with minimum RM300K, 1/3 or RM100K into Premier Save Gold and earn interest 1% only, and 200K into FD at 4.5%, maximum effective interest rate works out to be 3.33%pa which is low for an OCBC promo. I think OCBC will have a promo that at least offer 3.5% effective interest rate to compete with UOB.

So conclusion, if you have RM300K to RM600K and based on preliminary info provided by monkeyflo (please note, she cannot verify nor confirm the details until Wednesday 2nd Jan) , I think better go to OCBC on Monday, 31st December 2012, before the Booster Deals ends and earn effective interest rate of up to 4.27 % versus 3.33%. For those of you who are not aware - in my article on OCBC Booster Deals, I have given tip on how to maximize the effective interest rate with NEW Premier Banking Account and Combo Promo Plan.

This post has been edited by Gen-X: Dec 29 2012, 04:18 PM

anything on the non-premier FD account? New deal sounds complicated. It seems better rate now is HSBC premier FD with 4.42% for 3 months.

Bro, I think you should read the T&C again instead of repeating that the HSBC Promo gives 4.42%

To ALL: for you guys who are interested in the HSBC Promo, you are hereby warned again.

1. Since it is a HSBC Promo, always go read the T&C and don't make assumptions based on brochures or ads.
2. Premier Account holders for the past two years are only eligible for HSBC Promo one time only during signing up of HSBC Premier Account. I.e. you are stuck with board rates forever after promo ends.
3. You need to open Current or Savings Account if you have not since the interest is credited into it. And also read the terms and conditions for the CASA on minimum amount required at all times and closing of account.
4. If your AUM goes below the minimum amount you'll be imposed a penalty fee, therefore RM200K is stuck once again at board rate.
5. You need to sign up for their HSBC World Premier MasterCard where its 5X and 10X reward point promotion is going to expire very soon and I bet you will be insulted with the credit limit assigned to you if you only deposit the minimum AUM required (not that you need the CL since the card is almost useless, but still, no face lah that your "Premier" credit card having less credit limit than your friend's lower ranked Visa Signature).
6. Last but not least, you may end up much less than 4.42% effective interest rate mentioned above (can be more if you opt for structured investments that can earn you more than 7.88%) because the 7.88% promo for Term Deposit has a cap on the amount you can deposit!!!

Conclusion - don't waste your time with HSBC promo unless you need an auto approved credit card

This post has been edited by Gen-X: Dec 30 2012, 12:40 AM

Bro

Thanks for highlighting. My OCBC premier rate (5%) will be matured in Feb that is why I was thinking of moving to HSBC. After 3 months close HSBC account.
I have already a current account with HSBC since 3 years ago.
On point 4. Most banks required minimum balance to be in the premier account and penalty if it is below. It will not affect me as I will close it after 3 months or is there a term mentioning cant close the account after FD maturity?
At one time Citi bank also offered good FD rate for premier customer and I remembered you mentioned in your blog, you joined in and then later closed the account because citi bank always give a better FD rate to new customer than to their existing customers.

I will drop by the bank to know more.

Anyway thank again for sharing the terms here

This post has been edited by gsc: Dec 30 2012, 12:50 AM

Bro, read the HSBC Promo T&C and after you calculated the effective interest rate, I don't think you even want to go to the branch. And by the way, your existing current account will not do it for you:

For Upgrade Customers, he/she must open an HSBC Premier Account or upgrade their existing account to a HSBC Premier Account and designate their HSBC Premier Account as the Nominated CASA.

Edited

In regards to your statement that most banks need minimum AUM to maintain "Premier" status and there's a penalty if it falls below the minimum, well most banks DO NOT imposed any penalty like HSBC and SCB if one's AUM falls below the minimum and I have listed them in my article on Premier Priority Privilege Banking Accounts where I forgot to include Citibank as one of them (one will be reminded to top up after a certain period without any penalty - I can't remember if I was informed via PM or was in mentioned previously in v2).

As for Citibank, reason I close is because if necessary after a year can sign up for CitiGold again and enjoy their promo (I did mention this in my blog as a tip to others, but up to date I am not really sure if they will reclassify me as NEW or upgraded CitiGold customer and grant me promo rate, if any, if I were to ever sign up for CitiGold again). And since mid this year I have Citibank account again because I use their Global fund Transfer (click here to read about it) to transfer fund into my Citibank Australia account which is immediate (click confirm and the amount will be shown in my AU Citibank account) and sometimes the conversion rate better than UOB PB can offer me. And yes, that time Citibank offer really good, it was for a single account, i.e. Savings Account, offering flat 5.85% pa dally basis effective interest rate without any need to open any other account(s) but capped at RM200K, so open a few join savings accounts

This post has been edited by Gen-X: Dec 30 2012, 02:25 AM

None that I know of yet. Yea, all these deals always very complicated. Must make sure to read the T&C properly and ask the RM as many questions as possible.

I was also looking in HSBC premier FD earlier and actually arrange to meet up with HSBC after I finish up at OCBC at USJ the other day. But their T&C quite troublesome so I decided to forget it.

I also have some $ with Maybank Premier Mudharabah Account-i.

Question : can withdraw all on 2 Jan and still get the 2% in middle of Jan or have to maintain amount until the 2% has been credited into account? Please advise.

Thanks.

sorry noob question ..

all fixed deposit interest rate credited monthly or anually ?

It all depends on placement period.

if thats the case isnt it short placement period more profitable ?

lets say 3.26% for 1 month and 4.05% for 12 months...

Lets says principle is RM10,000
3.26% p.a for 1 month , after 1 year you got 10,330.92
4.05% p.a for 12 months, after 1 year you got 10,405.00

then,which one is better?

Any new promotion in January ? If no have i am going for KFH promotion ended tomorrow for 3.8%

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Added on December 30, 2012, 9:42 pmu already calculated the answer right?
3.26% p.a for 1 month , after 1 year you got 10,330.92 --> This case pros is u can take out money after each month financial count end, but the con is u lose some interest on interest benifit

This post has been edited by duncan880409: Dec 30 2012, 09:42 PM

12 months tenure higher interest rate but fund tied up for 12 months.
1 month tenure lower interest rate but better in liquidity.

For 10k deposit, it is wiser to split to 4 FD receipts of 1k, 2k, 3k and 4k, so that in the event of premature FD uplifting, you can withdraw only the amount you need in multiples of RM1k.
For rm100k, split to 4 FD receipts of 10k, 20k, 30k and 40k.
For other odd deposit amount, decide your own combination depending on your need.

Just settled with affin bank last day promotion. 45K for 4 mths @3.63pa. 5K in ca with 2.8% interest. Effective rate @ 3.55% pa. Good service and less people in the bank.

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Added on December 31, 2012, 3:24 pmAnd another e-fd via cimb clicks for 20k @3% pa. for mthly basis. Hope there is better promotion in mar-apr 2013 then.

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Added on December 31, 2012, 3:28 pmHope to have another 30k in may 2013 to make it 100k then.

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Added on December 31, 2012, 3:38 pmAffin bank will be having saving promotion in jan 2013. Deposit min 20k in saving/current will enjoy 2.8%+0.33% p.a. Good for short term holding account.

This post has been edited by jacklew77: Dec 31 2012, 03:38 PM

Hi Guys,

There are so many bank out there with different rate,can anyone advise which one to deposit? Lets say 100K?

Read the earlier post then you will get the answer

wow very useful! thanks for the tips

Today last day of the year, went to Public Bank and bank in some money into EPF account under self contribution program. This year no limit but next year maximum RM 60k per year. Interest calculated is daily.

Also went to OCBC and opened another saving combo deal with effective interest about 3.8%. Next year interest rate is about the same but the money put into Smart Saver has to be fresh fund.

Ocbc is closing the loop hole on the saving combo. When first introduced, the money in SS account can be withdrawn the next day. They then changed the rule to have it kept for three months.

The money matured in the SS can be used as part of the Saving combo as "investment" in SS need not to be fresh fund.

2013, Ocbc called it Bonus Saver, this time FD and money invest in saving account have both to be fresh fund. In view of this change, I have decided to open Saving combo to make use my matured fund in SS today.

Ocbc 2013 FD promo

Pure FD - Islamic banking 3.5% flat for three or 12 months.

Bonus Saver replaced saving combo
FD interest 4.5 % but customer has to put certain sum of money into saving account. The ratio of FD to Saving account is 2:1.

Example, for 20k FD, 10k has to be put into saving account. Customer can choose any saving account or smart saver. Of course SS give a better rate of 2.9% but any withdrawal will end up very low interest rate. No change in the rate but the rule has changed, only fresh fund is allowed for the SS or any other saving account.

Based on the scenario given above and if a customer bank in RM1k every month into SS to enjoy the max rate of 2.9%, the effective interest rate is 3.76% which is slightly lower than that of the saving combo.

This post has been edited by gsc: Dec 31 2012, 10:20 PM