Bro, 3.6% anytime if you willing to deposit at Affin Bank

Even if HSBC gives 10% for the 3rd month, I will still avoid it because after the promotion period, HSBC Premier Banking customers are stuck with board rates. And if one's AUM goes below the minimum, penalty fee comes into play.

Bro, still better than Board Rates

To those of you who are new to FD Promotions, click here to see my Fixed Deposit Page at my blog (last updated 17/12/12).

If a commercial bank limits the amount of cash you can withdraw from your FD account, then it means they are in deep water Need a bodyguard or boy to carry your suit case? Let me know

I wonder if BNM will investigate why one withdraws RM1M in cash or source of the cash if one makes more than RM1M deposit.


This post has been edited by Gen-X: Dec 23 2012, 12:47 AM

Bro, I only briefly mentioned about the HSBC TD promo at my Fixed Deposit Promotion Page.

However, for the HSBC Amanah 5% Term Deposit, I did elaborate on it in my Fixed Deposit Malaysia blog.

Edited - for the HSBC Promos, you also need to open a CASA since the interest earned is credited into it.

And don't waste your time signing up for the Premier World MasterCard unless you cannot qualify for other better credit cards like Maybankard 2 Cards. Click here to read my article on HSBC Premier World MasterCard Benefits and please note the promos are expiring soon, thus making the HSBC PWMC kind of useless ybtil they coe out with better new promos in 2013.

This post has been edited by Gen-X: Dec 26 2012, 07:22 PM

If just for fixed deposit nothing much. Actually most of the time I don't even go to the UOB PB tellers but do my FD related matters at the general hall as it would be faster. Having said that, there is an advantage if you have PB, you can always ask your RM (or even the Exec heading the PB tellers) to get HQ approval to be eligible for their FD Promo rates when renewing your FD without having the need to have fresh funds. Of course we are talking about substantial amount so that it is worthwhile for your RM to disturb their Senior Management.

And UOB PB customers, when in SG can drop by their Orchard Road branch for free drinks and pastries Click here to read my article Premier Priority Privilege Banking Accounts.

There is a new FD Combo ending 31/12? The current FD Combo promo started way back in October.

Bros, why you guys need RM to tell you, it is clearly stated in the T&C that 20% equivalent of FD amount to be deposited into SS. So if you deposit RM100K into FD, then 20% equivalent is RM20K right? I even showed it in Step 2 in my article on OCBC Booster Deal at my Fixed Deposit Malaysia blog

Anyway, those of you who has more than enough to live in comfort for the rest of your life and running here and there playing FD musical chair, and at the same time being a scrooge, if you got time to waste, check out my freaking long article Spending Your Children's Future Inheritance.

This post has been edited by Gen-X: Dec 27 2012, 11:41 PM

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, 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 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

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, 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

Thank for the update Bro.

Like I speculated, OCBC's promo rates would at least match UOB's.

Based on 4.5% with ratio of 2:1 as reported by gsc, I work out the effective interest rate ranges from 3.8% to 3.9667% with Smart Savers (2.4% to 2.9%). Pretty good if deposit RM1K into SS every month.

But to note, the effective interest rate reduces every single day (starting from beginning of the month) since the SS interest rate drops to 0.5% with a single withdrawal. So in order to get the maximum effective interest rate, the deposit should be on 1st of every month (and take note on the clause on the savings portion when withdrawing, e.g. maintain for 90 days or 3 months since February only has 28 days).

Happy New Year 2013

This post has been edited by Gen-X: Jan 1 2013, 01:57 AM

Happy Chinese New Year 2013



And if you are wondering why I have not been posting, please click here and read post# 1655 at Credit Card Section.

Hi guys, I just got back and need to go renew some of my FDs and looking at UOB 3.65% for 9 months. Any step up FD giving better rates offered by commercial banks that do not require us to deposit into savings?

I am not going for split promo anymore.

Thanks.

Thanks for the reply. One question, anyone knows if MACH accounts are linked to HLB Online?

Thanks again for the reply. I shall go check it out tomorrow.

Thank you thank you. Pretty good rates.

Yah, HLB pretty convenient because they consider CASH as "new fund" according to their T&C. So I guess withdraw your current FD in cash form

Not necessary the case if you withdraw cash and try to deposit immediately with the same teller at UOB.