*  Normally I would just sign when asked with a simple check but after following this thread, decided to check the interest calculation form which I have to sign (BR has a different work flow than other banks). Noted that something was not right with their calculated interest as I expected compound interest for the 2 years. Asked the lady whether their FD was compound interest type. Gave me the impression that she does not know what is compound interest. Decided to accept the non-compounded interest. They did not state that it is compound interest anyway.

Hi plumberly. Any difference with this section? Is compounded interests common for long deposits? I do not remember that funds will be compounded unless it reaches maturity date.

Hm, after reading your post. I am also thinking placing under BR lah. Next month maturity. Do we need to open a savings account for it? Can we uplift at any BR branch after maturity date?

did anyone read the T&C of the latest promotion from standard chartered bank? they need us to open JUSTONE CASA and every month deposit 1.5k to maintain ?

welcome to da BR FD holders family. LoL 

Aiyo rugi 0.163%    moved funds into last week promo. 

Went to get my first FD with BR this afternoon. Was quite an eventful outing for me.

*  No mention of referral in the application form. So, can't put GEN-X in there. I know I need your name & saving account number.

Clause 7. Eligible Customers must designate a current or savings account in their own name (or in at least one of their names, in the case of a joint Step Up Fixed Deposit) (“Nominated CASA”) for crediting of interest from the Step Up Fixed Deposit. In the case of Eligible Customers who do not have any existing personal current or savings account with SCBMB:

7.1 If the Eligible Customer is a member of Standard Chartered Priority Banking, he/she must open an e$aver account as the Nominated CASA.

7.2 For all other Eligible Customers, they must open a JustOne current account and JustOne savings account and nominate one of those accounts as the Nominated CASA.

In respect to the above, if you are not an existing customer, then you need to open a Just One Acct.
Bro, I think it's more appropriate that you join FRMONBWFDP club instead of FDMCGC 
Bro, go deposit another RM5K lah, then can feel good that you getting up to 6%, ahaha
There goes FREE money flying out of the window again 

Sorry I am confused here. For the step-up promo, existing customers with e$aver still need to open Justone ac?

Sorry I am confused here. For the step-up promo, existing customers with e$aver still need to open Justone ac?

only for those without existing CASA account.

Bro, if you have an existing Savings Account, in this case an e$aver account, then sub-clause 7.1 and 7.2 is not applicable.

Bro, go deposit another RM5K lah, then can feel good that you getting up to 6%, ahaha

Thank you. My OCBC FD matures on 21 Sept. Right timing..

wu ming,

I think you are right. Compounded only on reaching FD maturation when I think back on my other yearly FDs. Thanks.

Do we need to open a savings account for it?     No need. If you wish to use the referral 0.1%, then you need to open a SA there.

Can we uplift at any BR branch after maturity date?     Sorry, I do not know. Check with BR.

BR rate may be higher than the rest BUT you need to consider that BR is not covered under PIDM for your deposit(s).

All the best.

Sad part is moved another portion of funds to UOB this morning. 

Should i go and withdraw it and move it to SCB. 
I wonder SCB last week never hit their quota for their hit and run 3.8x% promo, so this week we have 4%

May be next week monday SCB new promo 5% 

= ((3x2.98)+(3x3.38)+(3x3.68)+(3x6))/12 = 4.01 %. 

Sad part is moved another portion of funds to UOB this morning. 

Should i go and withdraw it and move it to SCB. 

The best FD rate I have ever gotten in my life was 5.5% from Citibank last year

Sad part is moved another portion of funds to UOB this morning. 

Should i go and withdraw it and move it to SCB. 
I wonder SCB last week never hit their quota for their hit and run 3.8x% promo, so this week we have 4%

May be next week monday SCB new promo 5% 

Say you got RM100K,

Diff between SCB and UOB = 0.26% or RM260/year

Interest for a day in UOB = RM10.27

Yah sure, extra about RM250 (may need to less RM2.15 for banker cheque if you don't have a current account with UOB)

But if RM10K, worthwhile? Your time per hour worth how much? Maybe if you freaking free, want go jalan jalan and no customer to make money from, then ok loh, hahaha.

Bro, it was for Savings Account new CitiGold Customer. And you forgot to add 0.35% for the Savings Account interest rate, therefore total effective interest 5.85%  But only for 3 months

if not mistaken earlier SCB FD promotion will mature in Oct/Nov, probably SCB is trying to tie up some new depositors for another 12 months to balance up the cash deposit....a different strategy compare against OCBC 3 months FD promotion ....

FD musical chair needs a lot of cash then can see the significant return..

Bro, the term came about early this year when sylille used it to describe our actions chasing after higher interest rate. People like us hoping that when our FD matures there is another promotion. Adopted the term since what we are doing is like a game I guess. We do not really know what the banks are offering when our FDs mature and hoping to catch the best promo in town. Good example - SCB current offer, if our funds are only available after next week, there goes our chance.

Good example - SCB current offer, if our funds are only available after next week, there goes our chance.

I heard a rumor about 2 weeks ago...

May bank and CIMB bank will increase FD rate by the end of this
year because of the election.

I do not know if it is true or not..?

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Added on September 19, 2012, 12:42 am

Ha..ha... This FD Musical Chair Game is very useful and important to all serious depositors.

The bank FD promo advertisements are targeted on us.
We must support and react to their FD promo mah... 

Bank FD promo target those get attracted by high rate and continue to renew without moving out....bank wont like us, the kiasu group who switch around according to fd interest rate...somemore beating the fresh fund requirement by Rentas in the morning to other bank and bank in in the afternoon

Bank FD promo target those get attracted by high rate and continue to renew without moving out....bank wont like us, the kiasu group who switch around according to fd interest rate...somemore beating the fresh fund requirement by Rentas in the morning to other bank and bank in in the afternoon

I always move my matured FD to other banks with higher rate on time.
Unless if I do not have time, then I will auto renew it for 1 month first loh...
then will move my FD to higher rate as soon as possible...

But this switching FD process is very tiring lah...

Ai yah... Kiasu or Kiasi..? They do not bother me lah...
The most important thing is my wallet..

I have never used Rentas...

*  Normally I would just sign when asked with a simple check but after following this thread, decided to check the interest calculation form which I have to sign (BR has a different work flow than other banks). Noted that something was not right with their calculated interest as I expected compound interest for the 2 years. Asked the lady whether their FD was compound interest type. Gave me the impression that she does not know what is compound interest. Decided to accept the non-compounded interest. They did not state that it is compound interest anyway.

*  No mention of referral in the application form. So, can't put GEN-X in there. I know I need your name & saving account number.

*  Also went to UOB. 12 months interest is 3.75%. The manager will check with her HQ for a higher % when my other FD matures. Do you need to apply for PB or is it automatic once you reach their required $ amount ?

Cheerio.