Any comment on the AmBank MegaFD Enhanced FD?

An insurance linked FD that divide equal amount of fund into two separate scheme:
(1) MegaFD Enhanced FD, 15 months, 4.90%
http://ambankgroup.com/en/RatesFeesCharges...mentsRates.aspx

(2) AmAssurance (forget about the insurance part, just on $ return)
https://www.amassurance.com.my/src/html/am_...d_enhanced.html

Here is the situation:
My dad went to update some FDs and was talked into this scheme. The FD portion can be uplifted after 15 months, but the AmAssurance part can only be withdrawn after 6 years for some return. As can be seen from the example, if withdrawn within 5 years, guaranteed cash value is less than the deposited amount.

What made me angry was, the bank teller did not provide full disclosure on this product and said money back guaranteed and interest for the 6 years period is 4% (which is why my dad think it is a good deal, bank teller said today last day of promo somemore).

So I checked from the website and found there is nothing on the 4% thing. So I called the manager or some officer and found out that the 4% is not guaranteed, it can range from 3-4% and he mentioned something about return in dividend(?).

I asked whether I can get terminate the whole thing and get back full amount. Initially he said cannot, only about 14,200 of the 15,000 for the AmAssurance part but finally said can.

Any comment? Thanks.

Just went to Maybank branch and enquired about PMA-i account. The staff is not quite sure about the product. Anyway, as PMA-i is a current account they insist that I have to look for an introducer who already has a current account with Maybank or Maybank Islamic even though initially one of the senior staff said there is no need for an introducer if no cheque book is requested...
Now either have to look for an introducer or give it a miss...

Just went to Maybank branch and enquired about PMA-i account. The staff is not quite sure about the product. Anyway, as PMA-i is a current account they insist that I have to look for an introducer who already has a current account with Maybank or Maybank Islamic even though initially one of the senior staff said there is no need for an introducer if no cheque book is requested...
Now either have to look for an introducer or give it a miss...

updated calculation with 2.75% as below
I hope my calculation is the correct 1 as compare other.

There are few mistakes as per calculation shown.
Mistake 1 - It should be 366 days instead of 365
Please refer to http://static.lowyat.net/uploads/attach-53...-1350463575.jpg
23/10 to 31/10 (9 days) divided=130000*1.7%*9/366=RM54.34
1/11 to 30/11 (30 days) divided=130054.34*2.75%*30/366=RM291.16
1/12 to 31/12 (31 days) divided=130345.50*2.75%*31/366=RM303.61
Total Principal with monthly divided = RM130649.10

Daily Average Balance = ((9 * 130000) + (30 * 130054.34) + (31 * 130374.15)) / 366
2% on top of Daily Average Balance = RM24899.53 * 2% = RM497.99

Total Principal with monthly divided and 2% = RM131147.10

Effective Dividend % = 4.61%

From my research, SCB and Bank Rakyat has the highest rate for now, both are 4.01% per year.
Note: As told by SCB, the promotion until end of Oct 2012.

need some help from pro sifu here...i wanna ask if i have 1k money each month and plan to put in FD..may i ask which plan or bank is the best suit me?...thanks for u guys suggestion..appreciate it....

need some help from pro sifu here...i wanna ask if i have 1k money each month and plan to put in FD..may i ask which plan or bank is the best suit me?...thanks for u guys suggestion..appreciate it....

Which branch of SCB?I went to the Taipan USJ branch this morning the lady at the counter tell me the promo is closed.

Wanted to go for UOB 3.75% for 12 months - outlet do not have electricity cannot process.

Go back to OCBC for the 3 month promo - need fresh fund my matured fund is in bank cheque under OCBC.

End up cash in my bank cheque and have to go to OCBC again when it clear.
Any rate that is high?

Personally i am doing the following.

1. FD on monthly basis (Get you 3% or so) - Minimum 5k for 1 month, IIANM 3 months or more for 1k fund.

2. Accumulate the FD fund on yearly basis and go for special promo.

Reason: I do not have the luxury of time to deposit FD over counter (Most promo with higher rate require this). my monthly FD are also my emergency funds and i manage it via online banking which allow me to withdraw without hassle if required.

tat's mean bro u only on9 transfer the fund to the FD acc every month?..it is convenient...i tot i need to go to bank every month to deposit FD..lol..

yes but not really monthly depending on the figure. Got auto renewal so don't really need to touch if unless require some additional fund

Another way i used to do

Since 1k only eligible for 3 months or more - deposit 1k every month for 3 months tenure.

By the 3rd month it would ensure you have access to minimum of RM1k every month if required. I've even gone to the extreme of ensuring there is a RM1k maturing every 10 days.

Month 1 day 10 - 1k
Month 1 day 20 - 1k
Month 1 day 30 - 1k
Month 2 day 10 - 1k
Month 2 day 20 - 1k
Month 2 day 30 - 1k
Month 3 day 10 - 1k
Month 3 day 20 - 1k
Month 3 day 30 - 1k

At the 4th month, the whole thing will repeat and its like a cycle.

Rate for online is very standard, 3 months around 3.05%.

OCBC 3 months promo require you to open a saving account.

80% FD - 4%
20% SA - 3%

Promo ends Dec 2012.

Like i said for my emergency / monthly FD i just use my online banking for convenience sake.

tat's mean bro u only on9 transfer the fund to the FD acc every month?..it is convenient...i tot i need to go to bank every month to deposit FD..lol..

I did the same thing like what bearbear did. Money saved is the "real amount" of money earned. Whenever I have extra cash, i will put in FD online. If there is any investment, then i will take out those just matured FD and transfer online.

Banks that offer online FD (can deposit and withdraw)
CIMB, Maybank
? OCBC

Banks that's not (either you cannot deposit or can deposit but cannot withdraw online)
Hong leong, Public bank

I did the same thing like what bearbear did. Money saved is the "real amount" of money earned. Whenever I have extra cash, i will put in FD online. If there is any investment, then i will take out those just matured FD and transfer online.

Banks that offer online FD (can deposit and withdraw)
CIMB, Maybank
? OCBC

Banks that's not (either you cannot deposit or can deposit but cannot withdraw online)
Hong leong, Public bank