Only do it at your convenience.

Purposely drive there to do it, will incur most cost in term of petrol, parking fee, toll fee etc.

Eg. 3k, A bank with 3.15%, B bank 3.7%.
Extra rate can be earned 0.55% x 3K = RM16.50 after a year.

So purposely drive there and spend time and incur those fee above easily can cost more than Rm10.00, which is not worthwhile.
But if already want to do other stuff together with it aka at your convenience, then seems no harm done.

I also not sure how the auto second tier works, hahaha. Once, at Affin. I overheard a man complaining to the Service Manager (siting outside and no room) about why his FD was auto renewed at a lower rate. I then busy body go ask the Service Manager and he told me it was because he had more than RM1M with FD. So, I asked, what if I my total deposit go above RM1M, his replied was go see him before placing any more FD. The moral of this story is don't assume your FD will be auto renewed at board rate if you have RM1M above, i.e. go to the bank and get a new cert to reconfirm the interest rate upon maturity.

Now, if you really have RM1M and there is no FD Promo, go see the Bank Manager or Service Manager and request for higher rate. He/she will then seek HQ approval and if get bonus lah.

The beauty part of Fixed Deposit is the interest rate is "fixed" for the tenure you have placed. So, if you have deposited with Affin for 12 months earlier at 3.6% earlier, you will earn 3.6% irregardless if OPR go up or down. But is you have instructed auto renew, and say it is maturing next week, the FD will be renewed at board rate of 3.7%. But Bro, if your placement was more than RM1M, make sure you got to the bank on maturity date and double confirm you not getting second tier rate

This post has been edited by Gen-X: Oct 17 2014, 04:07 PM

Hi to all FD master,

Currently I'm placing FD using M2U, what is the best method to transfer my cash if let say I wish to enroll 12 month UOB 4.05% FD? Buy banker cheque from Maybank for safety purpose or open a SA at UOB then only perform online transfer after that? Thanks for answering!

Depend on amount, MBB banker cheque more than RM5

Thanks, calculated, its about RM100 extra per half year.
Doesn't seem like worth the effort to move the cash around.

That amount I think not safe for hand carry, I think have to spend that RM5 already...

Correct me if i am wrong. IBG to UOB SA and then transfer to FD is not considered as a fresh fund, right?

Technically its not considered as fresh fund. Though some banks sometimes closed one eye.

depend on branch & also banks

Some bank do consider it as fresh fund, as long as the money is not originated from the same bank in the first place subjected to their "approval" I guess.

Eg. you IBG from bank A to bank B 10k on 16/10, then withdraw at 17/10 to place FD at bank B.

This post has been edited by cherroy: Oct 17 2014, 04:45 PM

Sorry bros, my bad. I should have checked properly. I should rephrase saying they do not have attractive enough promos
And unfortunately, I am still below 40 so unable to get the FD Gold promo.

I just double-confirmed, SCB's 4.25% promo ended on 14 October.
Maybank's 4% upfront promo also ended according to SS2 branch, I will double-check on Monday & other branches also.

If I opt for MBB banker cheque, the pay to section I should write "United Overseas Bank Malaysia" ? Need to write down which branch?

Out of curiousity, any idea why banks seems to lower down the FD rates?

Your Name!!!

Want to ask, is this consider fresh funds?

Day 1 : Withdraw rm20k cash from Bank A
Day 2. Bring the rm20k to the bank A say you want to open fd.

Thanks

Sorry for being noob, so I just bring the banker cheque that pay to me with the amount that I want to put inside FD then bring to UOB and UOB will help me process to clear the cheque, am I correct? Thanks.

Read with pleasure your "freaking long article" (to use/borrow your own words ).

This post has been edited by bbgoat: Oct 17 2014, 05:21 PM

Depends on the extra amt earned, effort needed (distance, parking, time spent.....). For me, only if the extra is >RM100 then I would do it.

Distance/parking will deter me and warrant a bigger "earning".

This post has been edited by bbgoat: Oct 17 2014, 05:30 PM

Yes, you are absolutely correct

Actually, with a cheque, you can instruct the bank what you want to do with it.

For example you have a RM28,000 cheque payable to yourself (i.e. you name as per NRIC) and you want to enjoy UOB's 3 and 12 months FD promos.

At UOB, you can instruct the teller that with the RM28K cheque on hand, you want to place 3 months FD amounting to RM10K and the balance RM18K with 12 months FD.

Understood, thanks Sifu!!!