IMO, yes you can. You may double confirm with MACH HL by phone. You can log in HLB connect at view the new FD placement and click it. You can see column payment mode which indicate" transfer from account" which indicate your money box saving no.

I think the method is ok if the HLBConnect provide eFD placement, i am not sure about this.

btw, 45 minute to clear the banker cheque for opening FD account in branch?

Does it mean that it will took the 45 minute to issue the FD cert, because i was thinking of opening the FD in HLB 3.75% rate promotion by deposit the banker cheque

PS: i dun have any saving account in HLB

This post has been edited by edwardccg: Mar 7 2013, 09:38 AM

Which branch you went to? Mine is Paradigm branch.

This MACH FD do not provide certificate. Everything monitor through online banking after successful transacted.

in this case, it is better to deposit to saving account and make FD placement online

basically how long will it take to clear the banker cheque if open the FD with the cheque in a branch?

This post has been edited by edwardccg: Mar 7 2013, 09:42 AM

The next day i checked online already show the FD amount successful listed statement.

I arrived at Paradigm Mall at about 12.15pm. After parking my car, I went straight to Mach branch and by the time I paid car park, my watch showed 1.05pm, so I estimated the whole process is 45 minutes.

There is no certificate hardcopy, it's eFD, when I checked online (HLBConnect) by 5:30pm, the banker's cheque is already clear the the amount is in the eFD.

This post has been edited by cactuscch: Mar 7 2013, 10:00 AM

i see, seems like i had misunderstand.

so normal banker cheque clearance is about after 4pm on the same day

-----
just one more question,

the normal HLB account can do FD placement, FD upliftment/withdrawl online?

This post has been edited by edwardccg: Mar 7 2013, 10:30 AM

I think Mach 4% FD imposes a RM 1 fee for each withdrawal to deter people from FREQUENT small withdrawals. Hmm, but then again it allows partial withdrawals (the irony?). I'm guessing the bank will channel most of the deposits towards its longer term investments. For retail people like us who want to just park our money somewhere where we get more than the average 3% FD rate, this is actually quite a good catch! (Provided that you don't need to make frequent withdrawals)

Two scenarios for you to compare against:Mach 4% FD VS. Maybank's 12-mths Conventional FD
Mach 4% FD
Assumptions: No withdrawals made throughout the year

Capital amount = RM 10000
Money Box Annual Fee = RM 8
At the end of 1 year, at a 4% rate, you'd get an interest of RM 400
Effective interest, % = (RM 400- RM 8) / RM 10 000 = 3.92 % vs 3.19% (Maybank 12-mths Conventional FD) Link to Maybank FD Rate

Even if you close your Money Box account after a year, and factoring that in:
Account closing = RM 20
Effective interest, % = (RM 400 - RM 8 - RM 20) / RM 10 000 = 3.72% (Still pretty decent I would say, no tacky or cumbersome CASA bundling, HLB is also a member institution of PIDM)

How's the service at Mach HLB though? Anyone? Thinking of dropping by the Mid Valley branch

Closing acct also need to pay?

Is this RM 8 annual fee for debit card?

I believe closing the money box after 1 year dun need to pay, the rm20 fee is charge when you close within 6 month after you open the account.

However, since the FD is 1 year tenure, the money box should charged another 1 year annual fee of rm8. so it should be
Effective interest, % = (RM 400 - RM 8 - RM 8) / RM 10 000 = 3.84%

correct me if i am wrong

This post has been edited by edwardccg: Mar 7 2013, 11:58 AM

I called up the branch in Mid Valley and I was made to understand that a debit card would be given to you upon opening of your Money Box acc. And the card costs RM 8.

Not too sure about that. haha.

But if that's the case, even better! Higher effective interest rate.

Let's say i have 10k for FD. Should i go for the HLISB 3.8% FD (but need to open a saving account min RM200) or just apply for MACH ?

Mach also need to open the money box account for rm200 before applying the FD
someone can tell me what is the minimum balance need to keep for the money box account?

plus, in order not the dormant the account, need to deposit some cash when about 6 month of inactive.
although we can cash deposit some amount and then withdraw but it charge rm1 for ATM transaction unless perform IBG with the free IBG feature

I see. Thanks. I think i heard it says the interest earned will be paid inside the money box, so will it be consider inactive by then? or the interest is only paid at the end of the tenure?

-Deleted-

This post has been edited by felixyukito: Mar 7 2013, 12:30 PM

this one i not sure, but for 12 month tenure, the interest is paid once complete 12 month, right?
at that time the account already dormant

correct me if i am wrong

The RM1 fee i was talking about is for ATM cash withdrawal from your Money Box Account using your Mach VISA debit card. It is not related to Mach FD.


Apparently you do... for this Mach Money Box Account.


Yes.


For this Mach Money Box Account, you do have to pay RM20 to close it, be it you close it 6 months later or earlier. This account closure fee is stated in their fee disclosure table.


Need to be at least one transaction in 1 year, not 6 months.


This is the RM1 fee i was talking about all along.

By the way, you only need RM50 to open the Mach Money Box Account.