Can you share how to calculate the 3.708% effective interest based on your earlier example. Thanks..

Say 7-9 months FD at 3.88%, SA (minimum RM100k) at 2.57% (tiered).

E.g. Total FD amount: 500k
Total to be earmarked into SA: 500k x 20% = 100k

Interest earned for FD 500k @ 3.88% (p.a.) = 19,400
Interest earned for SA 100k @ 2.85% (p.a.) = 2,850
Interest earn for SA 100k @ 2.57% (p.a. as calculated by gen-x, interest based on tiers) = 2,570
Total interest earned (p.a.) = 21,970
Effective rate (p.a.) = 21,970/600,000 = 3.66%

Edit: SA interest based on tiers.

This post has been edited by munkeyflo: Oct 17 2013, 07:49 PM

Thanks for the explanation.

From what I understand, Affin SA's interest paid is based on tiers, therefore I don't think you getting RM2850 for RM100K deposit.

I'm too lazy to go calculate out the effective interest rate for RM100K deposit but you be getting less than 2.6%.

Please correct me if I am wrong because if I am wrong then this Affin savings account is really good.

This post has been edited by Gen-X: Oct 17 2013, 07:35 PM

Oh if the SA interest is based on the tiers then it's way below what I calculated already.

When I asked the staff how much will the interest be for the SA, she showed me the chart and say 2.85% p.a., did not mention that it was tiered.

Maybe I should call them tomorrow to clarify.

yah, please report back. Also I just recalculated, if based on tiers, the interest rate for RM100K is approximately 2.57%.

And if you going over, go talk to the branch service manager or manager and you mights just get above 3.6% for straight forward 12 months.
And as such no need to go worry about the SA thingy.

This post has been edited by Gen-X: Oct 17 2013, 07:41 PM

Just called the call centre, it's based on tier.

So if it's 2.57% for the RM100k, means effective rate is actually 3.66%.

Oh well, placed edi. Now I know better.

Yes, can withdraw the interest from saving account.

I refused to take the debit card when I opened my saving account few months ago.
I guess the girl cheated you to sign-up for a debit card so she can get incentive.

This post has been edited by BoomChaCha: Oct 17 2013, 10:34 PM

I manage to get 2.57% as below..

First 999.99 x 0.50% = 5.00
4999.99-1000.00 = 3999.99 x 1.00% = 40.00
19999.99-5000.00 = 14999.99 x 1.90% = 285.00
99999.99-20000.00 = 79999.99 x 2.80% = 2240.00
100k-99999.96 = 0.04 x 2.85% = 0.00
Total Interest p.a.: 2570.00
2570/100000 = 0.0257 (2.57% p.a.)

Dunno calculated correct or not.

seriously, if you guys go with RM100K into CASA for the Affin FD promo, next time go talk to the Branch Service Manager or Manager on straight forward FD (and you may get effective interest rate for the entire sum close or maybe even better to what we are trying to work out here) instead of cracking your heads calculating effective interest

And for those of you who has PB with UOB, if your FD is due this month and you want 3 months FD promo, go talk to your RM and you might be surprised that they can offer you "better" effective interest rate without the stupid CASA thingy for your "old fund" compared to their current promo rate where you need to deposit into CASA with fresh fund.

This post has been edited by Gen-X: Oct 17 2013, 09:55 PM

Your calculation is correct.

Another option is, you can open a joint Affin Gold saving account with your parents to get a better interest rate:

RM0.01 - RM4,999.99: 1.50%
RM5,000.00 - RM99,999.99: 2.80%
RM100,000.00 - RM499,999.99: 2.85%
RM500,000.00 and above: 3.10%

http://www.affinbank.com.my/Consumer-Banki.../AFFINGOLD.aspx

First RM 5000 x 1.5% = RM 75
2nd RM 95000 x 2.8% = RM 2660

RM 2735 / RM 100000 x 100% = 2.735% effective rate

RM 2735 minus RM 2570 = extra RM 165 per year.

Maybe you can request to switch your money from normal saving account to Affin Gold, but make sure your 3.88% FD rate will not be affected.

I think this depends on which bank staff or RM we are dealing with. Just like some are helpful and some are not.

Last time I placed a large fund of FD in UOB, but the rate was not negotiable.
Few months later, I placed another smaller fund of FD in the same UOB branch but I talked to the FD head in the branch,
and I got extra 0.02%.

This post has been edited by BoomChaCha: Oct 17 2013, 11:29 PM

Joint account with parents = senior citizen account? What is the age bracket?

You get 0.02% may be due to the large fund you placed earlier...I dont think you will get 0.02% with a smaller fund even if you talk to the same FD head...it can be a different branch but they can assess to your FD status in their system..

Reach 50 years old. It is like a senior citizen saving account.

Affin website is having a site construction, you can check back on 19 October.
http://www.affinbank.com.my/Consumer-Banki.../AFFINGOLD.aspx


I do not think so.

My first large amount was 3 times bigger than my second smaller amount wor..

First time I talked to manager B with my large amount, not negotiable, then no choice and I was rushing so I
just placed for normal promo rate.

Few months later, I talked to FD head in the same branch with a smaller amount, in 15 minutes, she called
me back to approve for extra 0.02% from promo rate.

From now on, I just deal with the FD head, but not the manager B anymore, quite pissed off with the manager B for not
being helpful.

I only have one FD account in one UOB branch. But thinking to try other UOB branch.

By the way, OCBC RM just called me 2 days ago to promote their 4.8% credit link investment.

This post has been edited by BoomChaCha: Oct 18 2013, 01:02 AM

Woot, just saw this in the front page:

MBSB (No PIDM) 9 Months FD Promo -- From 3 October to December 2013 - Credit to @BoomChaCha

80% of fund in FD at 4.2%
20% of fund in saving account at 2.25% (need to lock for 9 month like FD)
Effective rate: 3.81%

Anyone interested?

hi question ,if senior account
then the senior passaway
take how long to withdraw the FD?

Same procedure, be it senior account or whatever account.
Get the LA from the court.

It is easier to have a joint FD account...

What if both die together? Still have to do what cherroy mentioned.

Better get their eAccount username and password and transfer the fund electronically out But I guess this won't work for FD which are not statement based (i.e. need to present cert). Then again, can we withdraw/transfer our FD (not eFD) with our eAccount for those Statement Based FD?

This post has been edited by Gen-X: Oct 19 2013, 01:02 AM

That is interesting....legally it is incorrect if a person has passed away, any withdrawal or transfer of fund after the death is deemed as illegal transfer?

And also instruct the bank to put the FD cert either one to sign.

But the drawback is if lose the FD cert, then all FD account holders must present
in the bank to report for losing the FD cert. I think this excludes UOB and HSBC,
because as I know UOB and HSBC do not need FD cert for withdrawal, but an IC is
okay for FD withdrawal.