Bank into savings account means that there is no compounding effect. Hence, the quoted rate is the effective rate.

Bank wants their customers to take up more products. They dont want only pure FD customers. By banking into the saving account, customer may put in some money or use it to make payment, transfer etc.

Last year, RHB has 12 months promo and one of the requirement is opening up a saving account. When mature the interest will be banked into the saving account.

My FD at UOB is joint account and I wonder do they allowed opening up the saving account without the other person to be present.

Thanks for the great summary!

They want you to keep money there which they can use and pay you less interest (compared with FD)??

Ok, you are right..Thank You..

Ok.. Thanks for the update...

FD Promos - Please update me if below rates are not updated. Thanks

Best 1 Month
(1) Mach 3.15%
(2) Affin 3.25% - by michaelho
(3) CIMB 3.25% - by michaelho

Mach FD Rates
https://www.machbyhongleongbank.com/mach-fixed-deposit

Best 3 Months
(1) OCBC, 4.5% + 3.0% (Premier Save Gold) = approximately 3.75% effective rate, valid until 30 Nov

(2) OCBC, 4.5% + 2.9% (Smart Saver) = approximately 3.7% effective rate, valid until 30 Nov
*ocbc Fd + smart saver applies to new smart saver or dormant account holders only. Those with previous FD + smart saver package when mature are not allowed to take up this package. - by gsc

(3) OCBC Islamic 3.55%, valid until 30 Nov
(4) Am Bank 3.5%, valid until 19 September
(5) Mach 3.3%

Best 6 Months
(1) May Bank, 3+3, effective rate 3.73%, valid until 16 August.
(2) UOB, 3.7% pure FD, valid until 30 August
(3) Ambank 3.65%, valid until 19 September
(4) Mach 3.5%
(5) RHB (3.48+3.68)/2= 3.58% with 5% FD in CASA – by gsc

Best 9 Months
(1) Am Bank 3.7%, valid until 19 September
(2) RHB (3.48+3.68 + 3.88)/3= 3.68% with 5% FD in CASA – by gsc

Best 12 Months
(1) OCBC Islamic 3.8%, valid until 30 Nov
(2) Mach 3.6% - by FDInvestor
(3) May Bank 3.85%
(4) RHB (3.48+3.68 + 3.88 + 4.08)/4 = 3.78% with 5% FD in CASA – by gsc
(5) RHB conventional RHB Islamic 3.88% pure FD – by gsc

Best 13 Months
(1) UOB 3.9% , valid until 30 August

Best 15 Months
(1) Affin pure FD, 4.05%, valid until 30 December
(2) RHB (3.48+3.68 + 3.88 + 4.08 + 5.38)/5 = 4.08% with 5% FD in CASA – by gsc

Beast 24 Months - by munkeyflo
(1) OCBC, valid until 30 Nov
First 12 months @ 3.8%
Next 12 months @ 4.20%
(effective rate for 24 months @ 4%)

OCBC Existing Funds - valid until 30 Nov - by munkeyflo
3 months @ 3.3%
12 months @ 3.5%

Thanks so much to below Contributors:
munkeyflo
McFD2R
pinpinmiao
gsc
cybpscyh
kingofong
FDInvestor
michaelho

interesting FD promoo nowadays.thanks!

just walk out from UOB for the groupon deal placement, almost 1 hour spending there, choosing wrong time
but really not bad service

You're the best.

Yup seems like those sales exec, the one that handle me also try selling me some Prudential plan

me too, seems like this is some sort of their "procedure"
My Reply: I don't like gambling & troublesome

Why open a FD account in UOB is so troublesome one ? need to open saving account again

This post has been edited by FDInvestor: Aug 15 2014, 12:21 PM

Because of $$, troublesome also need to do la...

you cancel saving acct after FD matured?

This post has been edited by sandkoh: Aug 15 2014, 01:07 PM

ya, work for more $ from FD.

Affin pure FD, 4.05%, valid until 30 December is rubbish.

They told me min RM10k
Must open account with them. Min amount RM100 also can cause interest will be added into that account. Cannot add on

at mbsb, they will bank in your FD int, every 6 mths, into your saving a/cs of any banks of your choice! no need to open another SA!

FD that more than 12 months, bank need to give the interest every 6 months, so they need a saving account to credit the interest.
No account, interest no where to go.

I thought they will paid the interest in one lump sum when the FD is matured. From past experience with UOB, the interest earned will print on the receipt once u make the FD placement

It is quite standard practice for banks across generally that FD more 12 months, that interest is given for every 6 months.

As Cherroy mentioned, for FD >12 mths, if bank need to pay u interest, it need SA for that purpose. Some FD pay interest monthly, quarterly or every 6 months. Need SA for that.