Savings Account in Malaysia
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 Jul 4 2022, 10:34 AM
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#21
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All Stars
14,931 posts Joined: Mar 2015 
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QUOTE(money_tree888 @ Jul 4 2022, 10:29 AM) good to diversify across all platforms Doing diversification on mmf products?  Hope you are doing it with your saving n FD... Do you have accounts at ALL banks and financial institutions for your saving and FD? |
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Jul 4 2022, 03:41 PM
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#22
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All Stars
14,931 posts Joined: Mar 2015
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QUOTE(money_tree888 @ Jul 4 2022, 02:22 PM) Every platform's MMF product has a different underlying asset, hence different risk levels. Any incidences of mmf products or saving or fd products "failed" in malaysia to warrant a need for diversification in those products for those "different risk level" reasons?You don't need to have accounts in ALL banks to consider it a diversification, even between 2 is enough. If Bank A collapses, wouldn't you want the peace of mind of at least knowing your assets in Bank B are safe and if you need to, at least be able to get money out of Bank A and have the ability to park it somewhere else for safety? 🤔Any idea of the magnitude or scale of variance in risk level of mmf products? This post has been edited by MUM: Jul 4 2022, 06:59 PM Attached thumbnail(s) 
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Dec 22 2022, 10:14 PM
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#23
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All Stars
14,931 posts Joined: Mar 2015
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QUOTE(xperiaDROID @ Dec 22 2022, 10:05 PM) Just curious, are there any banks with cash deposit machines that accept RM 1 and RM 5 notes? https://azlanyussof.com/maybank-cash-deposi...terima-rm1-rm5/So far I only know Hong Leong has it, but other than that are there any alternatives? Attached thumbnail(s) 
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May 8 2024, 11:49 AM
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#24
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All Stars
14,931 posts Joined: Mar 2015
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I would just hv them open bank account with any bank with Internet banking function and with lots of atm machines around the residence my non working children.
Saving account interest rate is least of my concern as I would place min amount inside . When they starts to work, I believes his/her employers will open a new bank account for them, that are preferred by their employers accounting system/practices This post has been edited by MUM: May 8 2024, 11:50 AM |
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May 8 2024, 12:17 PM
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#25
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All Stars
14,931 posts Joined: Mar 2015
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Ambank is just one of them...
Can check it out to see the current account opening requirements https://www.google.com/search?q=minimun+age...mobile&ie=UTF-8 Attached thumbnail(s) 
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