Wow..7500,that mean 3750 in saving?total 11250

minimum RM7500 = rm5000 in fd, rm2500 in Savings. not minimum 7500 in FD..

Okok~so total 7500, hehe..I gonna check it out where is the nearby OCBC bank for my area first lol..btw if 5k in FD after 4 months how much I earn as interest?I forget the formula how to count lol.

FD: 4.5% p.a.
SS: 2.9% p.a. (With 1k top-up every month)

I went to CIMB and asked for the FD plan so here :
UP to 4.88% for 6 months . (Compare to OCBC, for example 7.5k for 6 months)
OCBC 7.5k. for FD 5k , Saving 2.5k ..so FD basically its just 5k. (4.5% 3 months)

Which one will be better?Can anyone calculate for me?Lol..thank !

Up to 4.88%?Sound like a step up promo - unless you can tell us the T&C else no advise. CIMB isn't well known for high % for FD

For OCBC - the effective rate is close to 4% if you deposit RM1k into your saving account every month.

http://savemoney.my/best-fd-rates-in-malay...1-for-one-year/

This post has been edited by bearbear: Feb 15 2013, 02:42 PM

Every month bank in RM 1k? So the minimum of this FD is it RM 7500? 5K for FD , 2.5K for saving account . After that every month bank in RM 1K?

Because the CIMB staff told me that this promo valid until March only, and the promotion up to 4.88% for 6 months sharp ..I just wondering OCBC and CIMB for RM 7.5K which one will be more interested ...

Note :
If the OCBC that have to RM 1K per month, I can't do it then..I'm just a student lol

Yes you see its a combo of FD with Smart Saver (SS) account

For the smart saver account - on monthly basis interest rate as below

RM0 - 49.99 = 2.4% on your SS account balance
RM50 - RM999.99 = 2.75% on your SS account balance
>RM1000 = 2.9% on your SS account balance

Just deposit RM50 every month into your SS account, you'll get 2.75% still not bad.

But if you at anytime make any withdrawal from your SS account - it will go down to 0.5% only.

For short term placement - look no further and go ahead with OCBC - personally i don't think CIMB's offer is that good based on their past promos. Probably a step up program where they offer very lower rate for first 5 months and 4.88% is only for 6th month.

This post has been edited by bearbear: Feb 15 2013, 02:51 PM

Yes bro , you are right .. <6 months its about 3.xx% only..so the staff asked me to leave it until 6 months sharp to get the 4.88%

So bro..let's say I have about RM 10k, how should I invest into OCBC? I don't really know the method, hope you will guide me out haha!

They have 2 options, either Sky High Savings or Free IBG Transfers, I think yours is Sky High Savings. You can change it after 3 months.
Mach FD even better right? 4% yearly.

This post has been edited by eugenecctan: Feb 15 2013, 03:35 PM

Depends on yourself.

Personally for me

Short term - OCBC deposit 7.5k for FD+SS - Top up 1k every month to your SS. Tenure 3 months.

Long Term - MACH Hong Leong - straight forward 10k for 4%. Tenure 1 year.

For OCBC bank, RM 5000 in FD with 4.5% can get up to RM 65 , for SS RM 2500 with 2.75% can get up to RM 5 lol..

If u have 10k, put 5k fd, 2.5k savings account. Then put in 1k in ur account with remaining 2.5k every month lo.. Ok also.

N the difference between 2.75% and 2.9% nt much for few thousand.. So its okay..

it is a step up. effective 3.42%. unattracttive!

I am planning to put 30k into FD for long term investment without moving the money here and there. I know BR offers the highest pa but how about Mach by HL. Do I need to open a saving account first?

not sure how you calc to get 3.5% but some of us have calc and commented it is at least 3.95% effective even if u do not have jr sav account.

u took the funds earmarked for 4 mths period for sav acc earning next to nothing to stay there for full 12 months? that's not likely to happen since u will surely do something with the available funds after 4 months!

This post has been edited by AVFAN: Feb 15 2013, 05:12 PM

Thanks guys. This is my 4th time opening OCBC combo and now only know the effective date for top up is starting from 1st of every month. How ignorance!

Yup, I calculated the 4 months with 0.1% interest as that's rate I was told and did not include the remaining 8 months in the calculation as that is variable. Just a rough comparison with the closest "rival" which is OCBC FD combo with 3 months tenure. Apologies if my post is causing confusion

anybody know where we can get OD pledged on FD better than the 1:1 rate?

better than 1 to 1 ratio I mean