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

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.

Thanks for the clarification!

This post has been edited by yenforyen: Mar 7 2013, 03:32 PM

You could try the GIRO Interbank Transfer.

Go to M2U online, log in, then click on Transfers -> New GIRO Interbank Transfer.

Transfer limit is RM 10,000 per day though, at a fee of RM 2.

As long as you have enough moolah in your money box account, the FD placement is done electronically. Which means to say you can do it online through Hong Leong Connect at any time you wish to do so. The system entitles you the 4% FD as long as the minimum amount placed is >= RM 10,000 for a tenure of 12 months. Remember to place your RM 10,000 as a one lump sum amount, it doesn't work if you split the amount to be less than RM 10,000 then place it on two separate transactions although the sum of the transactions may amount to a minimum of RM 10,000.

As for transfer of money from 3rd party accounts to your money box, you could use a banker's cheque/draft or even perform an interbank GIRO transfer. Do remember to check out the fees charged though!

They open till 10 pm! So yes, you can pop in at 8 pm to open an account with them.