Excellent sharing, Bro.

Boom, if you don't mind slightly lower effective rate 4.07% (including monthly compound interest) but interest paid monthly, this can be a good alternative too.

And MACH is 100% online banking, don't need to queue or wait

I have checked their promo rates. For 12 months, it is 4.10% and not 4.20%. Please refer the attachment below.


Attached thumbnail(s)

Hello, please visit or call up the branches to get updated rates.

Dunno if anybody have mentioned the new December FD promo at OCBC.

For Fresh Funds
13 months FD promo - 12 months @3.9% p.a + 13th month @6% p.a
Effective rate is 4.06%

For Existing Funds
12 months @3.5% p.a

For most FD promos, it is necessary to have a minimum of RM 10000. I am not as rich as you guys.

I would like to open a fixed deposit account with RM 2000. Other than Affin Bank and Mach by Hong Leong, which banks do offer fixed deposit account (or fixed deposit promotion) with such lower amount?

Thank you for your advice.

Do u need to utilise the fund at a short notice?

If yes, then try eFD instead. Maybank has decent rates but benefits are fund can be uplifted easily in case of emergency.

Not recommended to lock the fund into FD since benefits would be low, I'd prefer to keep it as adhoc fund instead.

Most bank can take in RM2000 as FD for board rate FD. For a 12 month FD, the difference between board and promote rate is merely 0.5%. 2000 x 0.5/100 = 10 for a year

Thanks for the reply, cybpsych and gsc

No, I plan to keep this amount in FD for 6 months or more. I am pretty sure that I am not going to use it for the next 6 months or more. This is at most the maximum amount I can set aside for now.

Really? I am wrong to think that other than Affin Bank and Hong Leong, we need to have RM 10k or more to open a fixed deposit account.

So, which bank would you guys recommend to me, based on my situation?

On a side note, I read in this forum that someone open multiple fixed deposit accounts, of RM 1000 each. That way, he can uplift one account in case of emergency, without affecting other fixed deposit accounts. Which bank would allows us to open multiple fixed deposit accounts, of RM 1000 each?

This post has been edited by kart: Dec 6 2014, 11:25 PM

If you want board rate, any bank can do that. If I am not mistaken for 1k the minimum tenure is 3 months.

Also the amount is not worth the trip to bank just do it online with maybank2u or cimb or whatever online banking facility you have.

Hi,

Affin of course. 3.7% for 1 year. The highest board rate. All banks allow you to separate up your FD into multiple accounts.

4.15% for 9 months at RHB

Banks are experiencing a drop in deposits, thus there is a lot of promo going now, in order to bulk up their loan to deposit ratio.

Of course, if there is a FD promo that can accept RM 1000, I would take the promo instead. But, I will skip this idea, since most promo will require huge amount of money.

Since the FD tenure is 1-year, it is okay for me to go to the bank once a year to make the deposit.

Thanks, I will just follow your idea of splitting the FD into multiple accounts.

Since Mach by Hong Leong offers 4% for 1-year tenure, I am trying to decide between Mach and Affin bank.


Regarding Mach Fixed Deposit Money Box Campaign:

1. I have a saving account (with an ATM card) in Hong Leong Bank. Still, do I have to open Money Box Deposit Account, before I can open Mach Fixed Deposit online?

2. Can I open the Money Box Deposit Account in Hong Leong branch?

3. Also, I have to consider the cost of the saving account (minimum account opening amount is RM50; debit card annual fee is RM8.00). Is it worthwhile for my case?

Thank again for your advice.

This post has been edited by kart: Dec 7 2014, 09:47 AM

Can share where did you get the info bank is experiencing a drop in deposits?

Interest rate is the monetary policy tool used by all central banks to intervene in money supply market. Begining January 2015, bank will longer offer loan with BLR term.

nah LINK

2000 a year at Mach get you 80 bucks while affin will give you 74 bucks.

You look worse off taking Mach considering you need to pay rm8 a year but Mach open till night time (convenient) and once you have an account with them, you can place FD at promo rate via online whish save you the hassle of running around.

As I understand the money box account is a must and can only be applied with a Mach branch. Eve though you will be able to bank in to your Mach account at HLB CDM and etc.

anyone knows maybank FD rate for > 100k fresh fund ?

the last i have is 3.4% and 3.8% after 6 month.

Good luck in OMG (One Million Giveaway) Campaign..

Thanks Bro,
Latest Mach FD has posted on Post #2.

Taiko, Thanks for the suggestion.
But I prefer higher rate, I want more money..
I think most likely I will go for RHB 4.15%..

Thanks for the link. A drop in deposit rate and an anticipation of more property loan ahead of GST will help to increase the FD rate.