RM8 annual fee

M2U and CIMB serve me well but they are not giving me 4% P.A.

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