Hong Leong Bank: Savings/Current Accounts - 123-Day Cashaway Contest
1 Jul 2015 - 31 Oct 2015

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This post has been edited by cybpsych: Jul 2 2015, 04:24 PM

about the interest rate? how izzit been calculate?

lets say i have 3k in the account, and for this month i deposit 500. So the calculation will be

(3k+500) x interest rate = amount i get ?

read the links i gave you earlier.

interest will be calculated/accrued over daily remaining balance, and will be credited on monthly basis.

mind you, interest % is per annum (p.a.) basis.

yes i read all the link.. but the website only state the % per annum.. i still not really clear bout how the calculation works.
2.25% per annum which mean 2.25/12 and i get 0.1875% per month?

interest is calculate on amount i had in account? or the amount that i deposited in the account for the particular month?

which bank are you referring to? you never said which one to discuss.

both banks have diff requirement: maybank's no need to deposit, must maintain balance >rm2k. ocbc's need to deposit to trigger the tiered-interest.

sorry for that.. im choosing between this 2.. i'll make my question clear
for maybank
my account having amount > Rm2000 than i get the interest for Rm2000 every month even i do not make any deposit?
interest will be 2.25%/12 = 0.1875%(monthly)

as for OCBC
let say my account also having minimum amount of Rm2000, and monthly i will be depositing Rm800..
so will i get interest for the total amount that i had in the account or just interest for Rm800 that i deposit that month?
interest will be 2.9%/12 =0.2416%(monthly)

am i correct?

for maybank
^-- yes correct, that's roughly for monthly interest gain. for 2k, u gained about RM3.xx per month, without any deposit.

for ocbc
^-- same as above. that's why it'd be better that you deposit rm800 as early of the month so that the interest will calculate early

for me, i always deposit rm1k during first working day of each month. example, tomorrow 1 July, i'll deposit 1k and leave it untouched. by end month, the interest will start calculate on each daily balance, from 1 July until 31 July.

This post has been edited by cybpsych: Jun 30 2015, 03:24 PM

meaning that ocbc will calculate interest for the money u had in + 1k?
or just for the 1k?

the 1k deposit is just to trigger the highest interest tier 3.05% p.a.

subsequently, interest is calculated on remaining balance you have, each day, including the 1k deposit

thanks for ur answer. it really clear all the doubt i had..

it's kinda confusing at first.

some general rules (in my opinion lah) between choosing m2u savers/saver-i -vs- ocbc smartsavers:

1) able to maintain rm2k balance: m2u savers & ocbc smartsavers (provided criteria 3 & 4 are met to get the interest).
2) frequent access to deposit: m2u savers, provided criteria (1) is met to get the interest.
3) no immediate need for the deposit: ocbc smartsavers, provided criteria (4) is met to get the interest.
4) able to deposit at least >rm50: ocbc smart savers, provided criteria (3) is met to get the interest.

first choice: m2u savers due to fund accessibility and low requirements, worry-free account management (just treat it like a normal savings account).
second choice: ocbc smartsavers due to higher interest rate, but slightly higher requirements on deposit to trigger the interest tier.

thanks!! one last question, maybank give interest by monthly? unlike ocbc depends on daily(earlier deposit get higher interest)?

both banks calculate interest on daily, credit on monthly.

Why not ambank True Savers Account? 2.8% Downside is just 3x/month withdrawl

yeah, that too, but since it's fairly new and no customers shared their expererience here

perhaps chrischiang can review this too.

So what we have in the market are M2USavers, OCBC eSavers, Ambank True Savers. Any other banks which offer saving account with high interest?

can refer here but others have higher deposit requirements.

Look like the only good account for <rm10k is the one I mentioned above.

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This post has been edited by cybpsych: Jun 30 2015, 08:49 PM

i look at the post.. mind me asking what is tiered interest rate?