Yes, let's hope that we can gain more from our fixed deposits.

@Admiral BoomChaCha

Could you place a list of best fixed deposit, based on the tenure? I believe that you did compile such list in the previous thread.

Example:

Best 1-month FD: AAA bank (A%), BBB bank (B%)

Best 3-month FD: CCC bank (C%), DDD bank (D%)

and so on.

Thanks for your effort.

Aside from this, what are the benefits of opening a joint FD, as compared to a single-person FD? It seems like a great deal of hassle to have several people to be present in the bank, when opening and uplifting a joint FD.

Are the zero IBG and IBFT fees applicable as well to SCB Basic Saving Account, or only to JustOne account?


Captain, thanks for showing your tips.

Do you use Bank Draft or TT to transfer the money back to Malaysia, when AUD/MYR rate is becoming higher?

This post has been edited by alvinkhorfire: Apr 4 2015, 09:22 AM

Thanks for replies, bbgoat and Human Nature.

Assume that I only use saving account in SCB for:
- To credit the principal and interest of fixed deposit, upon the maturity of fixed deposit.
- To transfer the fund to other banks with lowest IBG and IBFT fee.

Which saving account in SCB is better? JustOne account or Basic Saving Account?


What is minimum guaranteed interest rate for these investment-linked fixed deposit?

This post has been edited by alvinkhorfire: Apr 11 2015, 08:29 AM

Sigh, I missed out SCB FD promotion (4.5 % for 15-month tenure) and Affin FD promotion (4.38 % for 24-month tenure). I glanced through the first 2 post of this thread, and the current rate of about 4.2 % is not as attractive as SCB.

My desired FD (with PIDM):
Tenure: 1 year or more.
Amount: RM 5000 to RM 10000
Desired Interest Rate: Same or more than 4.2%
With no requirement of having some money in CASA.

I have narrowed the options to CIMB, Public Bank and OCBC.

1) As for OCBC (effective interest rate is 4.2 %), it is mentioned here that the interest earned in the first term of 180 days will be automatically added onto the principal and rolled over to the second term of 180 days. So, is it applicable as well to CIMB and Public Bank?

2) Which FD will suit me better?

3) Can I specify the instruction that upon maturity, the principal and interest of the FD will automatically credited to my basic saving account?

4) Assume that I use IBG to transfer the fund to my saving account. Once the amount is reflected in my saving account and I use it to place the FD on the same day, can the fund be treated as a fresh fund?

Thanks for the advice.

This post has been edited by alvinkhorfire: May 24 2015, 08:30 AM

Thanks, cybpsych and bbgoat for the generous advice.

So, are you saying that OCBC FD suits me better? Yeah, I want the effective interest rate to be maximized, so I am fine with the interest added to the principal.

Alright, my intention fulfills the requirement. I shall use IBG to transfer my money from other bank to my OCBC saving account, and use this money to place the FD.

So, will the FD interest be paid upon the FD maturity? So, it is not the case in which the interest is paid after 6 months, 12 months and 15 months?

And, can we ask for the rate higher than 4.33 %, only if we place an amount much higher than RM 10k, right?

This post has been edited by alvinkhorfire: May 30 2015, 09:11 AM

No offense intended, Bro. Thanks for sharing the info with us. So, our best guess that is that Affin will only credit the interest to us, after 15 months.

The thing is that I want to be armed with the complete information here, so that we can get the maximum benefit out of placing the FD. Sometimes, some clueless bank officers may give us the wrong information, and thus we may miss out some benefits.

Good thing is that we have this forum thread to know about the latest FD promotions.

This post has been edited by alvinkhorfire: May 31 2015, 07:54 AM

Yeah, the monthly interest may not be much, for average Joe like us.

But, if we can get interest earlier, we can get higher effective interest rates, as frequently mentioned by FD experts here.

Examples:
a) Public Bank Step-up FD: The interest is credited to the saving account, after the first roll-up. We can transfer this interest to Maybank M2u Savers.

b) OCBC FD: The interest will be added to the principal, during the next step-up.

It is just a wishful thinking for now. Still, Affin's 4.33% FD interest rate is quite good.

This post has been edited by alvinkhorfire: May 31 2015, 08:16 AM