1) yes. Only one SS account per person or open FD and SS in another Ocbc branch.
2) I think the only way is opening up in different Ocbc branches and close the SS when mature. Reopen again when needs to

Can share with us what kind of investment..?

How soon..?

Why so secretive, share lah .................................

You put all the eggs into one basket only ar ? Not risky meh?

Gee...!! you are filthy rich.
So what happen to the remaining 90% ? I only saw you talking about the 10% fund earning RM873/mth but never mention how much per month the balance 90% is earning.

Why do you want a bank cheque if your intention is to deposit the money in again?
You should ask for cash.

It must be quite a big establishment since your share holdings alone already more than RM2 millions.
I guess your company's name must be very well known if you care to mention it.

Bro, you need to read the entire OCBC bonus savers FD discussions in order to understand and answer icelc question.

icelc
OCBC required FRESH FUND, so its own banker's chq would not be regarded as fresh fund.
A 3rd party bank's chq is accepted as fresh fund by OCBC. You just need to GIRO/RENTAS the matured fund back to your 3rd party bank's current account.

You mustn't withdraw your money in the SS though, failing which, you wouldn't achieve the effective rate as you intended. Anyway, the effective rate for you second round of Bonus Saver FD placement will not be 3.9 any more because the ratio of fund in SS account @ 2.9% is higher in the second placement (because you can't withdraw the 1st placement). You probably getting 3.6% effective for your second round placement.

Last but not least, for 3.6%.....I think other banks got better offer.. OCBC is tricky.......but we are smarter.

This post has been edited by aeiou228: Apr 9 2013, 05:20 PM

Wow !! You are disclosing your wealth. Filthy rich as someone mentioned !!!!

seems to be in fashion now - boast and brag... buy first house at 21 , have 15 props by 30, hold rm10mil cash by 35...

better write a bestseller! why bother to hang around lyn or any forum?

This post has been edited by AVFAN: Apr 9 2013, 10:42 PM

Even if withdraw out by cash, I think have to wait till the next day before you can deposit it back. At least that's what I heard from AmBank (need to clarify).

Btw, aeiou228, I don't understand the ratio you just put up. Do you mind to explain using figures for me? Thank you very much!

You are right the second and sebsequent round are even lesser than 3.9%....one member mentuioned can open many SS account in the same branch....I did ask the bank before but the answer is no..looks like I need to do it in another branch?

I have 2 smart Savers accounts from 2 branches (let's say branch A and branch B).

I usually place my 2 FDs in the same branch A (so I do not need to go back and forth in between branch A & B);
and I will use 1 Smart Savers in branch A and use another Smart Savers in branch B.

I called OCBC Helpline about a week ago about to sign-up 2 Smart Savers accounts in the same branch, according
to the OCBC helpline, whether allow to have 2 Smart Savers in the same branch or not, this is subject to the branch,
and if the customer has a good reason why wants to use 2 Smart Savers accounts, then the branch may allow to have
2 Smart Savers in the same branch.

Can share what kind of business..?

Possible what.... father give RM 1 million and bank into the son account. Then, he buy the house. So, the person legally "buy" the house at age 21.

Interesting, I will try it this week via online banking. Any min amount?

I plan to continue the FD combo but I don't want to keep the rest in SS which will only earn 2.9% rate.

1) FD combo - matured on 15 Apr (1/3 in SS)
2) FD in another bank - matured on 20 Apr

I plan to combine the amount in FD combo with the FD matured on 20 Apr to open a new FD combo but by using a new SS account so that the fund in early SS can be withdrawn after 30 Apr. Possible with your method?

I still don't know why it's gonna be lesser than 3.9%
But assuming so, then I guess for the first time deposit, just hantam a big amount into it and move on to other FDs after 3-4 months.

15 apr withdraw everything and close SS. 20 Apr open new combo and new SS. you will get 0.5 % interest on SS but you can "recycle" your SS fund or

Transfer FD into SS on 15 april, close and withdraw SS on 30 April. 20 Apr transfer matured FD into SS. 1 May open new FD combo and SS. In April you will get full 2.9%

Calculate and compare interest lost and gain as you know only the principal amount.

This post has been edited by gsc: Apr 10 2013, 12:31 PM

Month 1 FD 20k, SS 10k

Month 2 FD 20 k, SS 10k + 1k (to get 2.9%)
New FD 40k deposited, SS (10k + 1k) + 20k (together with new FD)

Month 3 FD (20k+40k), SS (10k + 1k + 20k + 1k [to get 2.9%]

Month 4,
earlier deposited FD mature can be withdrawn BUT the SS if withdrawn will affect the new SS (20k), 0.5% interest only

This means your early SS fund (RM10k) is geting 2.9% interest the most, in month 4 month 5 month 6 till the the second FD (RM40k) is mature....

Rough estimate interest earned on the first SS is 3.48% if continued for month 4, 5, 6...and 3.32% if continue for the month 7, 8, 9.....that is why the forum members are thinking to withdraw the SS so that can earn higher interest like 3.85% in Hong Leong junior FD

This post has been edited by gsc: Apr 10 2013, 12:53 PM

I thought you said invest in biz, making money money money ? How come June pulak ? Then the 90% balance rm2 million+ where you park ?

Because when you want to renew for the second time, you can only withdraw the FD 4.5% account and not the SS 2.9% account. Then from the FD withdrawn amount, you need to allocate 1/3 to SS again. Thus the balance in 4.5% account is reducing and one the other hand the balance in 2.9% is increasing. The average effective rate should be 3.5x% if the additional monthly rm1000 deposit is taken into account.