RM1k extra every month also they want ah? Okies

In order to get 2.9% in your Smart Savers, you have to deposit at least RM 1000 into Smart Savers every month.
If you have time to deposit RM 1000 during the first day of the month, then your RM 1000 will get 2.9% interest
for the whole month. Please refer to the first page page of this thread.

You have to keep your fund in Smart Savers until 1 August; whereas you have to find another bank for your FD
which you make withdrawal in 15 July.

Another alternative is to transfer your FD fund into Smart Savers in 15 July to earn 2.9% for 15 days, and then withdraw
all funds at a time in 1 August.

I always try to place Bonus Saver during the very early date of the month.

RM 1000 x 1000 customers nationwide (very conservative estimate) = RM 1 Million every month

Rich fag detected...

Thank you very much for your advice.
Will go to the bank when the FD is matured.

I did refer earlier
And I think what you just suggested about moving the FD fund to Smart Savers works well! Unless a few months later there's a better promo elsewhere, otherwise parking in under 2.9% for the time being is decent.

Lucky earlier when I thought OCBC 4.5% promo has ended, I was told at the bank that it's renewed from April till June period. Just curious, is it still eligible for you since you've done it in the earlier cycle?

And thanks a lot for taking time to address my questions earlier.

I'm a girl, so technically you can't call me a fag ....I'm just blur *stomps feet*

My current Bonus Savers is ending in May 2013... can I put back the funds into another round of Bonus Savers for June 2013 ?

Hi, I went to a Hong Leong branch. I wanted to open a savings to facilitate the FD placement. I wanted to open the Basic Savings without annual fee (RM8), with limited transactions per month, and e-banking facility. However they told me that their Basic Savings Without Annual Fee, only comes like this:

- No ATM/Debit Card
- No E-Banking facility.

I have previously always been able to open the non-annual fee account (with ATM limited transactions & E-Banking) at other banks.

Forumers, can anyone tell me whether HL Basic Savings really works like this? I thought Bank Negara mandates all banks to carry Basic Savings, Option I and II, is that not?

One can have multiple placements for Bonus Savers so long as the promotion is still on, but need to move fund out and return to make new placement because of the so-called fresh funds requirement.

Yes, as long as place with fresh fund

Precisely.

But as discussed earlier,it is inconvenience for multiple placements (different dates) of Bonus Savers if you have
only one Smart Savers account, because all funds will "stuck" into one Smart Savers for 2.9% interest (require
to deposit minimum RM 1000 into Smart Savers during the second and third month to eligible for 2.95%) until
over the end of 3rd month.



This post has been edited by BoomChaCha: Apr 5 2013, 05:43 PM

Your calculation is slightly incorrect because to emjoy 2.9% rate, you have to deposit 1000 in month2 and month 3. This will add on to your principal of 50k+ 25k + 1k + 1k = RM 77k.

There is no need to deposit RM 1000 on the first day of the month, as long as you deposit RM 1000 any day of the month, you total fund inside bonus saver will be calculated at 2.9% interest for the entire month.

- deleted -

This post has been edited by nomen: Apr 5 2013, 09:04 PM

I actually made 2 placements within the same month (08 March & 18 March) with only one SmartSavers account, so the only viable way is to make withdrawal on July 01 to be eligible for 2.90%. In this case, I need to prepare to deposit an additional RM1000 on June 01. I might withdraw the FD(s) on maturity separately or deposit into SS account and withdraw altogether on July 01

This post has been edited by nomen: Apr 5 2013, 09:03 PM

Hi Sifus out there.. not sure anyone think of this?
Instead of FD, I am thinking of offer my brother RM200K in his flexi housing loan, he continue to pay his installment, and by end of the year, he shall pay me 5% interest, not sure whether the interest that saved will be more than the 5% that I charged? to make this deal worthwhile to be win-win situation?

You are right. As long as deposit RM 1000 into Smart Savers any date of the month, the fund in Smart Savers will get 2.9% for
the whole month.

This is what I was trying to say:
If we deposit RM 1000 into Smart Savers during the first day of the month, this RM 1000 will get 2.9% for the whole month; let's
say if we deposit RM 1000 into Smart Savers during 15th of the month, this RM 1000 will get 2.9% interest from 15th until the end
of the month.

I think you should put Smart Savers instead of bonus saver.
Because Bonus Savers consists of FD plus CASA (one of them is Smart Savers)

When your are talking about total fund inside Bonus Saver, the interest will calculate roughly 3.96% (FD + Smart Savers), but
not 2.9% interest; 2.9% interest is for Smart Savers alone.



This post has been edited by BoomChaCha: Apr 5 2013, 10:39 PM

If we deposit RM 1000 into Smart Savers during the first day of the month, this RM 1000 will get 2.9% for the whole month;
let's say if we deposit RM 1000 into Smart Savers during 15th of the month, this RM 1000 will get 2.9% interest from 15th until the end of the month.

On 2nd case it is true the RM 1000 will get 2.9% from 15th onwards but the original amount in the Smart Saver will still earn 2.9% interest for the entire month which is similar to the case of depositing on 1st of the month.
RM1000, interest 2.9%, daily interest is RM 0.079 or RM 2.38 for 30 days.
Thus no point to purposely go to deposit RM 1000 on 1st day of the month. Go any day whenever a person is near to Ocbc bank...

2 options:

Hassle to manage FDs on different FD placement dates:
If you withdraw your FD separately from Smart Savers on different date, this mean you will split your funds into 2 portions on
different date; then you will need more time, energy, effort, and money (petrol) to take care of 2 portions of funds (FDs).

or

Get a bit low interest rate at 2.9% for less than 1 month period
If you move your 2 funds from matured FDs into Smart Savers and withdraw all funds in 1st July, this means you 2 FDs will
get 2.9% interest for 22 days and 12 days respectively. And all your money will park in OCBC for almost 4 months.

In overall for these almost 4 months period, you will get lower than 3.96% interest

Now just realize that OCBC is too smart to offer Bonus Savers....



This post has been edited by BoomChaCha: Apr 5 2013, 11:08 PM

You are absolutely right...