Mar 14 2015, 10:14 AM
QUOTE(myr.medinsurance @ Mar 14 2015, 09:49 AM)
New to lowyat here. Has anybody have any experience with Affin Bank Fixed Deposit Plus where they peg your interest rate to KLIBOR (the rate bank lend to each other??)?
http://www.affinbank.com.my/Consumer-Banki...FFINFDPLUS.aspx
The current KLIBOR rate for 12 months is 3.93%
http://asianbondsonline.adb.org/malaysia/d..._interest_rates
Seems attractive to me since I want FD rate that is consistently higher without going through hassle of musical chairs between banks when there is competition for deposits or putting precious money in banks without PIDM.
The strange thing about this product is that there is a floor, the interest rate pegged to KLIBOR will not be lower than for Affin's conventional fixed deposit.
Unless there is a catch, you will always come out ahead of conventional fixed deposit (unless there is promotion rate).
My gut instinct tells me that there is no such thing as a free lunch and there must be some gotcha clause lurking in the background (like JAWS).
Much appreciation to anybody who can enlighten me on this.
http://www.affinbank.com.my/Consumer-Banki...FFINFDPLUS.aspx
The current KLIBOR rate for 12 months is 3.93%
http://asianbondsonline.adb.org/malaysia/d..._interest_rates
Seems attractive to me since I want FD rate that is consistently higher without going through hassle of musical chairs between banks when there is competition for deposits or putting precious money in banks without PIDM.
The strange thing about this product is that there is a floor, the interest rate pegged to KLIBOR will not be lower than for Affin's conventional fixed deposit.
Unless there is a catch, you will always come out ahead of conventional fixed deposit (unless there is promotion rate).
My gut instinct tells me that there is no such thing as a free lunch and there must be some gotcha clause lurking in the background (like JAWS).
Much appreciation to anybody who can enlighten me on this.
maybe this is the catch....10% of that deposited amount will have to be deposited into affinplus / casa?maybe??
"AffinFDPLUS the 1st KLIBOR pegged Fixed Deposit product with HIGH Interest rate returns.
Start enjoying attractive FD interest when you place a minimum of RM10,000 in Affin FD Plus for 1, 3, 6, 9 & 12 months and RM1,000 in your AFFINPLUS or Current/Savings Accounts.
AffinFDPLUS Benefits:
•Only RM10,000.00 to start
•Deposit for 1, 3, 6, 9 & 12 Months
•Free Debit Card for convenient retail purchases with 0.5% cash transaction rebate
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