I need it to be shorter than 6 months.... else would just walk to MBSB for better Interest.

Yeah loh... everybody has their own financial planning; but all of us have the same goal here -->
to maximize our profit rate..

This post has been edited by BoomChaCha: Feb 1 2013, 10:59 PM

Let us know if ocbc allow reopen SS after closing it, thank you.....want to follow the same step.

I am not sure about OCBC, but as far as I know some banks like MBB will not allow you to re-open the same savings account once
you have closed it with the same MBB branch. I think you should perhaps give OCBC a call before going back there.

PS
Coincidentally my FD will be due on 8 Feb (before the long CNY weekend) so it is not possible to IBG to MBB and return
the next working day, hence it is a miss opportunity.

This post has been edited by nomen: Feb 2 2013, 12:32 AM

Thanks for clarifying w OCBC, you work there?

Smart Saver account, is it a CASA account? or it's a different deal? I heard there FD where we don't need to open account, just give the bank cheque and they will put it under their FD account....

Whereby CASA acc need to bank in at least 1K after a month or 2 to maintain the high interest rate.

Man~ I'm so confused on what to take now... huhu~

what is PIDM? Sry just trying to find the best rate for FD, dont mind putting 2-3 years though.

Google for it lah...

No lah.. I do not work for bank.

Smart Saver is in between a saving account and mini FD, Smart Saver is not a current account.
Have a look at this table, it helps you to understand how does it work:

Let's say if you have RM 10K in your Smart Saver since December 2012, if you deposit RM 1K (in order to maximize interest rate up to 2.9%)
in your Smart Saver account in 6th of January 2013, your RM 10K in Smart Saver will get 2.9% interest p.a. for the whole month of January
(2.9% p.a. on RM 10K for 31 days); whereas your RM 1K deposit will get 2.9% interest p.a. calculate from 6th until 31th of January.
Smart Saver pays interest on daily basis.

Once you make a withdrawal, the interest in your Smart Saver will drop to 0.5% for the particular month.

You are right. And thanks for clarifying this.

Smart Saver pays 0.5% p.a. only when we make any withdrawal during the calendar month.

If no withdrawal nor deposit during the calendar month, Smart Saver pays 2.4% p.a.
If no withdrawal and deposit from RM 50 to RM 999, Smart Saver pays 2.75% p.a.
If no withdrawal and deposit at least RM 1000, Smart Saver pay 2.9% p.a.

I also confused until today..pai seh...

Hmm, no call up from Melaka branch yet They agree to give you two? Two accounts as in Saving/Current accounts or FD account?

2 accounts in FD. One of them in joint name.

Only advantage of closing OCBC SS i can think of is that if you do any withdrawal for it to be considered as 'new fund'

Same dilemma i will face when my 3 months 4% expire this month.

Say i have 10k in FD and 4k in SS (2k deposited during FD promo and 1k each month to maintain 2.9%)

Come maturity, i will need to withdraw the amount out from OCBC to other bank and transfer back again to be considered as 'fresh fund'

Example

1/2: withdrawal of 16k out from FD and SS to Banker's draft, bank in immediately to another bank
5/2: receive fund in another bank
6/2: Go back to OCBC to deposit the same money for the new FD combo for 3 months.

However, i am not entitled for 2.9% in my SS for the 1st month as i have made withdrawal?

Nice catch there by OCBC.

But by closing the SS and reopening the SS within few days, your account start off new and your 1st month SS interest will be 2.9% as in the record no withdrawal is made?

bro ronnie pls let me know how you deal with it.

This post has been edited by bearbear: Feb 2 2013, 03:44 PM

wah let me know if you succesfully get two hampers. i got multiple accs and all this while get one item per year.

Here's the better option.
1/2. deposit other bank's chq for fd combo.
1/2. then withdraw your fd and Rentas/giro the fund to the chq issuing bank in the same morning. Don't touch the SS money.
Renewal done on fd due date and no time wastage as in your example above where it requires unproductive 6 days waiting period which will effectively lower down your fd interest yield.

Most banks do not need opening of saving account for opening up of FD account. But bank promotes good interest rate provided some portions of the fund is kept in saving account. Ocbc, HL bank are typical example....

In order to maximise interest on saving acccount,
For Ocbc, smart saver is a better choice
For HL, junior saving is a better choice

Of course you can have a choice of not opening up saving account by taking up their non promotional rate (board rate) FD or islamic FD

This post has been edited by gsc: Feb 3 2013, 10:07 PM

Thanks alot! Make me have a clearer mind too~ hehe~

Noted w thanks gsc... just too bad i don't have bank a/c under these 2 banks... that's why keep thinking a bit 'leceh' coz bank only open mon-fri, I'm working and around me don't have OCBC or HLB....

Certain HL bank branches in the mall open over the weekend on certain weekend. Certain Am bank branches also open on weekend and sunday.

Deleted

This post has been edited by gsc: Feb 3 2013, 10:11 PM

The same branch sure wont allow you close the SS and reopen. Not sure can you do that in other branches. Let us know if you can because my FD will be matured on 5 Feb.

On your planned approach, your money in SS will be entitled to 0.5% interest only because you have withdrawn money in Feb.

Getting a banker cheque from matured FD costs you nothing but together with Money from SS will cost you RM2.15.

An alternative is opening FD in HL since the interest is almost the same except for the tenure period.

Going back to Ocbc means your SS account have to be untouched or you are willing to lose out 2.9% -0.5%=2.4% interest on your SS for Feb month only. For march and april you will enjoy 2.9% rate.

I was thinking of withdrawing from my SS account as the amount is growing bigger and bigger. As long as I can get better than 2.9% rate elsewhere, the interest loss is minimized.

No withdrawal from SS means the matured fund there is having 2.9% rate when you can possibly earn as high 3.9-4% elsewhere.
Withdrawal means you new portion of SS is getting a miserable amount of 0.5% for that particular month only. The average interest you get is 2.1% with RM1k deposit in each month.

If the amount in SS is huge it is worth just withdrew it and put it somewhere else.

For your case you can make the following calculation and compare.

Withdrawal from SS
16k - 10.7k in FD and 5.3k in SS.
Calculate the interest earn for FD and SS based on 1st month 0.5 and subsequent month 2.9%.

No withdrawal from SS
10k- 6.7k in FD and 3.3k in SS
Calculate the interest earn for FD and SS based on full rate. Added on previous 4k in SS.

Compare these two. Above is a rough estimate without taking into RM 1k deposit in march and april.

When the fund in SS is huge such as RM50k it may make sense to withdraw and deposit elsewhere.

This post has been edited by gsc: Feb 3 2013, 10:50 PM