No IBFT available for ambank.

Banks making mistake? Wow. I must try and see withdraw 1z and see if they refund me 5.30 or not.

That's true. Any amount will be given interest unlike M2Savers

Anyway you will be given a True Transect account too. You can keep RM0 inside. No interest is given for True Transect. Only True Savers will give you 2.8%. True Transect will give you free IBGs (you don't need to pay RM0.11).
Ambank now have IBFT which is not free

There's no RM8+/year for debit/atm card

To transfer money out,
True Savers > True Transect > Transfer

To prevent getting charge by Ambank, keep in mind that there's a 3x/month on withdrawal/transfer (1 transfer = 1 withdrawal). This is not applicable for withdrawing over the counter (there's a news here that someone made their 4th withdrawal via counter and didn't get charged for it. )

If you are using CC, should not be a problem to keep the limit to <= 3x/month. I am using cash and I still can keep the withdrawal to <=3x/month.

Another good thing about Ambank is you can put rm1k into their Ambank Islamic eFD for 1 month unlike most banks which require rm5k for 1 month eFD. Very good for CC users I have utilise that a few times already.

Interest is calculated daily. You will still get interest for weekends, public holidays. Interest will be given after 12AM of the last day of the month.

Wonder why doesn't Gen-x promote Ambank for saving money with CC (their 1 month Islamic eFD)/or for savings account? Perhaps he owns a lot of maybank shares?

This post has been edited by Ramjade: Jan 10 2016, 07:40 PM

Is doesn't matter which branch. This is because the placement is online. You will just have to select term Islamic deposit online.

Two way I maximise interest given by Ambank is say I need to withdraw from maybank on Monday, I will IBG the money on Monday only. If I IBG on Friday, I will lose 2 days of interest. Best part is the IBG is FOC.

2nd, transfer all the money from true transect into true Savers to get max interest (true transect have no interest)

Also, with some maybank account, you can just keep rm1 inside, no yearly charges. Maybank ATMs are more commonly found compare to Ambank.

This post has been edited by Ramjade: Jan 10 2016, 07:48 PM

1st, for ambank, there's no need to deposit monthly RM1k to get the 3.05%. Any amount inside will be given 2.8%

2nd, for OCBC, you CANNOT WITHDRAW or else your interest will drop to 0.5%p.a for that month. (not sure if it also includes the duration before withdrawal - the 0.5% interest) With ambank you can withdraw 3x/month. It doens't affect the 2.8% p.a interest. Kinds of defeats purpose of a SA when you cannot withdraw.

3rd, seeing that one cannot withdraw every month and need to topup RM1k/month, better go for ambank islamic efd (min Rm1k, earns you 3.15% compare to OCBC 3.05%). But if we are talking about OCBC 3.9% smartsavers than is a different story... However I am sure the withdrawal condition still exist for OCBC 3.9%

4th, max withdrawal of RM25k/year. You want to withdraw more, need to go to counter. Ambank withdrawal have been raised to RM50k/transaction . Btw, ambank now have instant transfer. But I wouldn't use instant transfer anyway. Use IBG as the money still will go in on the same day if one were to IBG early in the morning. Only different time. Ambank true transect gives free unlimited IBGs.

Too many complicated t&c makes OCBC unattrractive. Now, if only they remove the 0.5% withdrawal effect and impose say 3x withdrawal/month,

This post has been edited by Ramjade: Jan 11 2016, 06:51 AM

You went at 12 I think is a ruling by BNM that all banks service must close for updating from 12am-2am. Maybank, ambank, cimb all like that. One cannot transfer from 12am-2am.

Free IBFT is cool But I will take higher interest over free IBFT. I hardly use transfer money. Say 1-2x/month. So not worth it for me. Anyway, whenever I want to transfer I wake up before 5am to transfer using IBG so money will masuk at 11am and didn't get charged for it.

This post has been edited by Ramjade: Jan 11 2016, 06:52 AM

I think it only applies for new account. So if you got account. Close it and reopen a new SmartSavers. Is not forever but a short while (promo)

One people did it. They said they withdraw 3x but got refund for 5x withdrawal! If is true, I withdraw 1x, deposit back into the account can get refund for 5x, this is getting free money from the bank.

This post has been edited by Ramjade: Jan 11 2016, 08:58 AM

Same thing as in order to get the free IBG, free 5x MEPS, one should transfer from true savers > true transect

Upon opening a true savers account, one will accidentally automatically have a virtual current account - true transect.

The debit card is linked to the true transect account.

Same.I did that once before. I was like shit. Kena charge already. Wait 24h also no charge. But after that scared to do that anymore.

Because only true transect is the one which give you free 5x MEPS/month. No one tested the 5x MEPS withdrawal with truesavers and see if it's free. Well if you want to let the bank charge you, then it doesn't matter. For me personally, banks shall never get a sen from me if I can help it.

It just takes a few seconds. Not few hours and is instant. No TAC required. Can be done via phone, online transfer. A small price to pay compare to OCBC where one cannot withdraw and have to dump rm1k/month.

BTW, when you open a truesavers account, you will automatically get a true transect account FOC. You can keep rm0 inside true transect as the true transect doesn't give you any interest. The truetransect is your spending account. So when you need money, just transfer from true savers to truetransect.

Not true that they insist on withdrawing on Savers. This is what I did. I transfered rm7500 from Savers to transect via online. Went to bank to withdraw the rm7500 in cash from transect. No question asked. They just said you cannot leave transect empty. I told them I left it empty so many times already ok only. They told me really?

Moral of the story is all transaction should be done using transect. So before going to banks/initiate a transfer to another bank, just transfer the money you need to transect and you are good to go. The savers is just storage place.

Hope this helps those who want to withdraw via OTC.

Your transfer to own account limit in Ambank truesavers are more or less unlimited. One can easily transfer out rm1m before going to the bank to withdraw. Do check out the limit in AmOnline. You will see what I am talking about. If I am not wrong, the limit for own account transfer is rm999,999,999.

As for not issuing banker's cheque for transect, I believe is the branch trying to bluff you. Should call up customer service on the spot and enquire whether one can get banker cheque for that amount. Is ridiculous to carry rm100k in cash.

If I am in your shoes, I will threaten to say I will inform your HQ that you denied me banker's cheque for such a large amount. Sure the staff face will become sour and give you the cheque.

This post has been edited by Ramjade: Jan 11 2016, 11:44 PM

Where are you moving the money to? UT/shares/overseas? Wow rm220k and earning 2.8%, that's about rm6000.

How many times I already said do not apply online
One trouble than it is worth. Now you need to goto bank again to collect the card and register your fingerprint. If you do it at banks, everything done on the spot for you.

I do not know. For me, I need to wait 24h for AmOnline to be active and that's also with me applying via bank.

I would not recommend you to do anything until you get the card and your AmOnline is active. You need to wait 3-7 days before you can collect the card. Better call up the Ambank you are going to collect the card to check.

This post has been edited by Ramjade: Jan 12 2016, 03:28 PM

1)Remember, all transaction just use truetransect to be safe (prevent kena charge) . Any transfer/atm withdrawal you made from truesavers count into the monthly 3x limit. However over the counter is not counted.
2) If I am not mistaken is call term deposit-i. When you select that, the min amount automatically become rm1k. You can input a higher figure (including sens) if the figure shows rm5k, you have selected the wrong eFD.

1) True. Any money going out is counted as withdrawal except if done over the counter.

2)Sure or not? Ambank both Conventional and Islamic efd is 3.15%. Difference is one need min rm5k. The other need min rm1k only. The only bank I know which give higher rates for their Islamic eFD is maybank.

You never use maybank eFD before after what sifu Gen-X taught how to earn extra money?

You can just let it renew on its own with interest add-on. Or be like me manually uplift FD upon maturity to truetransect (interest also credit to truetransect). After that, add extra money (including sens) + original amount + interest (including sens) into new Islamic efd. That way, next month, you will get higher returns. Your effective rate is >3.15% p.a

Planning to close m2savers. But thinking against it as with m2savers I have unlimited atm withdrawal and FOC maybank account. eFD is useless and give the min rates. Usually I just put eFD until I can collect the money into larger sum and then one shot dump into somewhere.