Thank you to Nostalgia & Lost and Found.
It makes sense now

Bank draft.. but IBG is cheaper and faster if you have savings accounts at both banks

If you won't need to touch it for a long time you can try a unit trust, or a trust account at a brokerage. The disadvantage is that it's not PIDM insured. Unit trusts are of course serious long-term investments (maybe 10 years ) so if you know you won't need it for 10 years, that's a good place for it. Trust accounts are good if you want a high-interest, low-risk account. It's also not PIDM insured, but the interest is around 2.45-2.98% depending on the brokerage, daily interest credited monthly usually. Also if you want to withdraw any amount, there's no penalty. It's just like a savings account with a bit higher risk (it's not PIDM insured) but a lot higher interest (almost as much as 1-month FD.)

You can do monthly bank in of small amounts with either. There's also something called a PRS where you make an agreement with a brokerage, and they will deduct a certain amount every month and put it in a trust fund (sort of like a Private EPF scheme.)

This post has been edited by wodenus: Mar 25 2014, 11:26 PM

is PRS better for starters rather than unit trust?

http://www.bankrakyat.com.my/deposits-account-i-

Special Features:
Profit rate is paid higher than normal Savings Account
Deposit of more than RM5,000, profit is paid monthly

since profit is paid monthly meaning interest gained paid monthly right...what happens when let's say i decided to take out my money halfway through the period of investment?

recalculate the %.

http://www.fundsupermart.com.my/main/prs/prsLandingPage.tpl

"better" is kind of relative


This post has been edited by wodenus: Mar 26 2014, 12:34 AM

I agree, I think need at least 2 million, 1 million is difficult la..

Get Top Goat is much better la..

I heard car loan interest rates have increased since 18 March from Proton and Nissan
salesmen, but when I asked RHB, they said no such thing..

We welcome 2 new members: besiegetank & flyingteeku

Members Recruitment for FD Group Deposit Campaign
Objective: To consolidate all members' funds to bargain for a better FD rate with the bank
Minimum FD deposit: RM 50K per member
Target total FD amount: 2.5 million or more
FD Tenure: Tentatively 1 year
Recruitment Deadline: 31 May 2014
No Obligation: Members can retreat anytime before we negotiate to the bank
Prohibition: Members who registered after March 2014 or less than 300 post counts are not allowed to join this campaign

Disclaimer: No guarantee will success in this group FD plan

Participating Members

Members Ok without PIDM (10)
bbgoat
HJebat
gchowyh
plumberly
tbheng
guy3288
helob
McFD2R
besiegetank
BoomChaCha

Members want PIDM (6)
bearbear
munkeyflo
Nostalgia
MNet
wodenus
flyingteeku

Now we have 16 members, total RM 800K

Plan (my brain storm only)
(1) Consolidate at least RM 1 million fund from all participating members.

(2) Appoint representative to negotiate with the bank.

(3) As suggested by Warrior HJebat, after bank says OK, then representative generates and PM confidential code (for bank to recognize members' identities purpose) to each participating member so that members can place their FDs at special rate by submitting the code to the bank. Each member will get one unique code only.

(4) Members can place FDs in their local bank branches.

Any suggestions are very welcome..Thank You

This post has been edited by BoomChaCha: Mar 26 2014, 02:43 AM

But after 10 years, the one you bought may have been way down in value. So still need to monitor regularly and take loss if necessary. My 2 cents.

My vote also goes to BCC. We are waiting for the FD Boom Project !

Thanks for the add! Will get my money ready for this FD

What is CASA?

Current Account / Saving Account

pure FD bro

40k can?

If they accept you, it is no fair for other member.

i received letter from BR telling about the conversion of the FD Islamic banking to another type...anyone received the same letter? Don't really understand how is it going to affect our FD...

We la la li dam pong, then one two zone loh...

You are welcome.
Our committee members said ok, not me.

You can carry on your own FD plan first as we do not know when we can
implement this pan.

If you miss the round one to place our special rate FD (if successful), you are welcome
to participate the round 2, or round 3 and etc.

We do not suspend participating members if they suddenly cannot make it at that
time because we understand all members have different FD maturity dates, and also
the future is unpredictable.

In overall, we are looking for a long term partnership.

Yes, RM 40K also can.

No, this is not true.
If we can get a good FD rate, you get more return with more FD deposit, and vice versa.

I believe if we can get good FD rate, most participating members will squeeze out more than
RM 50K..