I just did one placement this morning, no condition, 12-month 3.75%

Do we need a saving account to open this deposit if we choose to add the interest to principal?

Mach FD promo has extended to 30 April. It seems they have not achieved their target (RM 100 Million) probably due to few branches.
https://www.machbyhongleongbank.com/promo/mach-fixed-deposit

I noticed this time their website does not mention about the FDs promo have to sign-up with MoneyBox?
Can somebody confirms this?

The selling points about Mach FD promo:
(1) 4% interest rate p.a. for 1 year tenure
(2) Can withdraw partial fund without forfeiting interest (but must not withdraw fund for at least 3 months)
I also noticed it has a careless typo error (6) on their website since last week:
https://www.machbyhongleongbank.com/product...ampaign-english

Campaign Mechanics
6.  6For any premature withdrawal of FD whether voluntarily or involuntarily, the Association of Banks in Malaysia (“ABM”) rules shall apply on the  withdrawn amount.   

I've applied for HLB Mach and already have a Money Box account. Let say if I have another RM10,000 banker's cheque and I want to apply for another FD again. I'm thinking whether I can do this

'Go to any HLB, deposit the banker's cheque into my Money Box account, wait after 4pm until the cheque clear, transfer the RM10,000 in the Money Box acc to create another FD online through HLBConnect'

Last time I went to Mach branch it took me 45 minutes for the whole process. Very slow. I think the above method is much faster.

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

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 in the FD.

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

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 ?

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?

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

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

5.1  The Bank may classify the Accountholder's Account as dormant if there is no withdrawal, deposit or fund transfer or use of electronic banking services other than direct debit or periodic payment arrangements made on the Account for six (6) consecutive months or such other period that may be determined by the Bank.

By the way, the interest earned is credited on a monthly basis.

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

Erm... If you refer to my last post, all the replies there were about the Mach Money Box Account, not Mach FD.

For 12-month Mach FD, the interest will be credited at the end of your FD.

Bro,

IMO, the clause 6 & 7 is interlink. Try read between the line for better understanding.
My understanding is:-

Clause 7 means if FD placement that meant for 12months tenure, owner surrender with less than 3months, the interest that credited monthly will deduct from principal during account close.

Confirm for MACH FD you will get the interest in your Money Box Deposit Account monthly. Just got my 1st month interest today

wow i didn't know there is a RM20 fee for closing the account

So the fixed cost is RM36

'Go to any HLB, deposit the banker's cheque into my Money Box account, wait after 4pm until the cheque clear, transfer the RM10,000 in the Money Box acc to create another FD online through HLBConnect'

Where did you see this ? There is no mention of this in the Fee Disclosure Table.

The guideline indicated on their website for e-placement FD. However, due to online phising scam, I prefer to walk in to deposit the cheque. By doing this more comfortable for me as involve huge sum. I submit the cheque to the officer, ask for a photostate of the banker cheque and ask for acknowledge receipts. I will be going again this weekends to top up the FD....

I did see this. But there is no mention here that there is no account closure fee if you close the account after 6 months you opened the account either.

Yes. Need to be HLB connect users. It is type of click drop down box.

It's not a trick actually. RM20 is the account closure fee no matter how long you've been using the account. You can probably ignore the Basic Current Account and Other Current Account for the time being as Current Account is not offered by Mach at the moment.

When you go there this Saturday, do ask them what is the Basic Current Account/Other Current Account about. And do ask them what is the minimum balance must be kept inside the account at all times and share with us. We value your actual experience here