High interest rate of 2.80% + 3-withdrawal limit per month
+
Free unlimited online IBG + 5 free MEPS ATM withdrawals per month



For more information, please click HERE

This post has been edited by MilesAndMore: May 28 2015, 10:43 PM

Any maximum amount for each withdrawal ?

ATM - RM5,000 per day
Online IBG - RM20,000 per day

2.8% p.a, quite good for a savings acc

Something like Mach by HLB ?

In the website, I could not locate the table showing interest rate. Hopefully, it is not same as Affin Bank's tiered interest rate.

Anyone applied for it? It would be really good if it's flat 2.8% without tiered interest rate

there is no mention of how frequent the interest will be paid. mbb m2u savers i interest is paid out monthly

I believe most savings account in banks are computed on a daily basis and credited monthly into the account

Wow, I think this is one of the highest in the market now. Any catch?

website not much detail on the True Savers account and its T&C

guys, 2.8%, FLAT RATE, confirmed on FB


Attached image(s)

thanks for asking them

free 3 withdrawals per month, it was not defined properly. Does payment using the debit card or IBG meet the condition of withdrawal? or atm withdrawals only?

do i need to put in a fixed amount every month to get the 2.8%pa interest?

It is a flat interest rate of 2.80% like cklimm said.


They did state this on one of the PDF files containing the T&C of this account. Interest will be paid out on a monthly basis.


On the contrary, the interest earned for most of the savings account offered in the market is credited into the account on a half-monthly basis.


This info can be found in one of the PDF files containing the T&C of this account too. Any withdrawal from the True Savers account, be it 3rd party transfer, ATM withdrawal, bill payment, IBG are all considered as withdrawal. So as long as there is money out from the True Savers account, it will be counted as one withdrawal.


It is stated that one can enjoy a high interest rate of 2.80% per annum if you allocate a fixed amount to save every month. But yes. You are right. AmBank is not very clear about this.

By the way, TRUE Transact Account is shown as Current Account on the ATM while TRUE Savers Account is shown as Savings Account.

Most savings account have the interest earned credited back to the account on a half-monthly basis as mentioned.

i will treat it like a money market fund, plus PIDM protected

It is similar to Standard Chartered Bank JustOne Account. However, TRUE by AmBank account allows you to withdraw from both account (True Transact - Current Account) and (True Savers - Savings Account) directly using your TRUE debit MasterCard.


No. You don't have to. You can use your TRUE debit MasterCard to withdraw money via the ATM from either account. Just make sure you select the correct account (current account if you want to withdraw from your True Transact Account and savings account for True Savers Account). ATM cash withdrawal at AmBank ATM is always free for TRUE Transact Account and up to 3 withdrawals per month only for True Savers Account (online IBG, 3rd party transfer, bill payment, own account transfer included).

AmBank will also reimburse all the handling fee charged (RM1.00 + RM0.06 GST) up to 5x MEPS ATM withdrawals per month to your account when you withdraw cash at a local non-AmBank ATM from your True Transact Account. But if you choose to withdraw from your True Savers Account at a local non-AmBank ATM, you will have to pay for the MEPS handling fee yourself.

No. You don't have to. There is no below balance requirement for True Transact Account or True Savers Account. True Transact Account is not a real current account. This account doesn't come with a cheque book. Just that it is classified as a current account in AmBank's system, but it is not a real current account.

This post has been edited by MilesAndMore: Jun 4 2015, 09:35 AM

i applied this, yesterday, it showed up in my AM online page,
the card is on the way

Oh! Thanks Miles. Learning new things everyday!

Hi fellow Lowyat members!

Marscoco from the TRUE team here!

A big thank you to all of you who have expressed your interest in the TRUE products. And a special thank you to the moderator, MilesandMore for featuring our product on its own thread!

We’ve acknowledged your feedback regarding the definitions of our products and will be working on making the banking kit easier to understand. If you need more information or knowledge about our products, please feel free to PM me, or call our dedicated contact centre at (03) 2178-8999.
Thanks again!

Welcome to Lowyat!

Welcome to the board! It is good to have a staff member here and I hope you will help out in answering all the queries about this banking product whenever necessary.

Woah, was browsing through their website and found some new customer deals here

marscoco

Thanks for your contribution to this forum.

Is it applicable for TRUE Savers Account that the interest of this saving account is computed on a daily basis and credited monthly into the account?

MilesAndMore, can you name some of the relevant saving accounts? As far I know, the interest for Maybank M2U Savers and CIMB saving accounts are credited monthly, at the end of each month.


This post has been edited by alvinkhorfire: Jun 10 2015, 10:16 PM

Maybank Kawanku Savings Account, Maybank Islamic Wadiah Savings Account-i, Public Bank Plus Savings Account, Public Bank SaveLink Account, RHB Bank MaxSave Account, RHB Bank Basic Savings Account, HSBC Basic Savings Account, HSBC Amanah Basic Savings Account-i and many more.

Hi @alvinkhorfire,

Yes, you are right. The interest is calculated on a daily basis and the accumulated interest (based on the days you keep the balance in your account) will then be credited into your TRUE Savers Account on the last day of the month.

Was informed True Debit MasterCard is not subject to RM8 annual fees

Indeed this card is annual fee free.

marscoco

Previous posters have asked this before.

If there is no deposit being made to TRUE Savers Account and the account balance is maintained everyday throughout a month, will the 2.8 % interest be given based on that account balance?

Second question: After opening the account, what is the minimum balance that needs to be maintained for True Transact Account? Obviously, we need to maximize the amount in True Savers Account.

This post has been edited by kart: Jul 1 2015, 05:36 PM

question 1 partially answered in FAQ but concur, what if no deposit at all

17: Do I need to make a fixed amount of deposit to TRUE Savers Account in order to enjoy the 2.8% flat interest rate?
 No. You can enjoy the flat interest rate of 2.8% p.a. when you deposit your money (any amount) into the TRUE Savers Account.

This post has been edited by cybpsych: Jul 1 2015, 05:45 PM

Received True interest today, worth couple of Starbucks Frappes

Hi @kart,

In reference to your first question, the 2.8% interest will be applied to your current account balance.

There's no minimum amount that you need to deposit in the TRUE Transact Account. I'd recommend using this account if you like to pay bills online or transfer money using IBG (interbank giro) since we don't charge the RM0.11 transaction fee.

Hope that helps!

Is this a card or an saving account? How to apply? I already have AMBank saving account. Can I open this account and close my saving account? Will I still can access my FD account there?

There's two account here. So meaning one account have 2.8% and another don't have?

Hi @knight,

The TRUE Debit MasterCard is linked to two accounts:

TRUE Transact (which acts as your current account) + TRUE Savers (savings account)

The 2.8% interest rate applies to the TRUE Savers, not the TRUE Transact. Think of your TRUE Transact Account as the account where you do your daily transactions (ATM withdrawals, bill payments, etc).

Do you already have AmOnline? You can apply for the TRUE Debit MasterCard through AmOnline under 'Self Service', 'Online Application Forms'. You can also apply via truebyambank.com.

As for your third and last question, if you decide to close your current savings account and if the FD is linked to your current savings acccount, the FD will auto-renew. You can always change the FD profit payment instruction on AmOnline and select the account where you want to the profit to go into (TRUE Transact or TRUE Savers).

Hope that helps!

thanks. Very kind of you.

By the way, is it possible to have True acount without the ATM/DEbit card? If need then I have two ATM Card? Kind of confused. So looks like I still have to go to the bank at least to cancel one of the card. But before I do so, can I ask u if there's any annual fee for the cards? Or any other hidden charges? I can't really find the information on the websites.

Opening can be done online right without the need to visit a ambank branch? Don't have any ambank account at the moment?

The True debit MasterCard doesn't come with any annual fee. And this information can be found in their website.

Hi @knight,

When you apply for the TRUE accounts, you'll automatically get the debit card. You can ask the branch to link your current account to the TRUE Debit MasterCard or you can choose to have two separate ATM cards. There is no annual fee for the cards. Our fees and charges are listed in the website under the product information.

Any specific terms to get the cash back of 3%? Eg minimum spending, only weekend transcation.

Does the 3% CB apply to foreign online store like amazon, eBay or only for local store?

Hi @Ramjade, you can apply for the TRUE Accounts via truebyambank.com under 'Apply Now'. It will lead you to an online application form which you will need to fill out and submit. You will receive an acknowledgement email with details of when you should pick up your card. Since you are a new customer to AmBank, you will still need to visit the nearest AmBank branch to submit your biometrics and pick up your TRUE Debit MasterCard.

Hope that helps.

But I can use that account first without a true debit card right?
Eg, like transfering to money into the account and start earning interest.

Hi @Ramjade,

Please take note that the 3% cash back only applies to the TRUE Visa Credit Card. There's no minimum spending and no limitations for online websites so that means you can go to a US website and make a purchase. Please read the TRUE Visa CC FAQ for more terms and conditions.

This post has been edited by marscoco: Jul 3 2015, 10:10 AM

Hi @Ramjade,

As you are a new-to-bank customer with AmBank, I suggest for you go to go the branch first to collect your card and submit your identification for biometric purposes. Reason being is that we give you your account numbers right there and then along with the debit card. Once you've picked up your TRUE Debit MasterCard, you can go ahead with transferring money to your TRUE Transact Account and TRUE Savers Account.

This post has been edited by marscoco: Jul 3 2015, 10:27 AM

interested to know the relationship between other banks vs TRUE Transact vs TRUE Savers

since majority of my fund is from other banks (e.g. Maybank)...

1) MBB IBG -> TRUE Savers, to immediately enjoy the flat interest rate of 2.8% p.a., right?
2) TRUE Savers to pay bills/IBG to other banks, got fee?
3) TRUE Transact to pay bills/IBG to other banks, free.
4) TRUE Savers -> TRUE Transact is free?

Hi, just recently applied for True Debit Mastercard and received it yesterday. However, I could not linked it to my Ambank online account. Called CS, and they told me that they are upgrading system now so all TRUE debit cards could not link account. Tried again today to link account but still cannot, so hopefully this matter is resolved soon.

I currently have an AmBank Basic Savings account

If I apply for TRUE Debit MasterCard (TRUE Transact Account & TRUE Savers Account)...

Means I will end up with 3 AmBank accounts?

Yes, 3 wonderful accounts

1.yes
2. 11sen per ibg, rm5.30 for 3rd withdrawal onwards
3.free
4.1st-3rd time free, 4th onwards. RM 5.30

Hi @cybpsych,

Let's go through your four scenarios one by one:

1) You can transfer from MBB IGB to TRUE Savers to enjoy the flat interest rate of 2.8%.
2) You get three free withdrawals from TRUE Savers per month. Any withdrawal after that will incur a RM5.30 (including GST) cost because TRUE Savers is meant for you to park your money in there to earn the high interest rate. Yes, any withdrawal from your TRUE Savers include transfers, bill payments, ATM cash withdrawal, etc.
3) Correct! Please use your TRUE Transact to pay bills or IBG tranfers for free.
4) If you want to transfer any money from your TRUE Savers to your TRUE Transact Account, you can do this but please note that your transfer from your TRUE Savers to the TRUE Transact is considered a withdrawal, hence the 3 free withdrawals per month. The fourth withdrawal and upwards will cost RM5.30 (including GST).

thanks, i'd like to add 5th scenario:

5) TRUE Transact -> TRUE Savers is free?


from the explanation, it seems to be best to IBG from other banks --> TRUE Transact (fully liquid, e.g. bill payments, IBG, etc) --> TRUE Savers (partial-liquid fund in short to mid-term savings to gain higher interest).

Hi @cybpsch,

Yes, you are right, any transfer from TRUE Transact into the TRUE Savers is free. So if you'd like, you can also transfer money from your other bank account into TRUE Transact -> TRUE Savers.

Hi @Pink Spider,

When you apply for the TRUE Debit MasterCard, you'll get the TRUE Transact Account and the TRUE Savers account but you can also ask the branch to link your current AmBank account to the TRUE Debit MasterCard. If you'd like, you can also choose to have two separate ATM cards (your old debit card linked to your current AmBank account, and the TRUE Debit MasterCard, which is linked to TRUE Transact and TRUE Savers).

Hi @livelysalmon,

Thank you for applying to the TRUE Debit MasterCard! Have you activated your card through the AmBank ATM first? I will send you a PM for more information so that I can determine the linkage issue.

Thanks!

thanks for the detailed explanation

A noob question on Debit Card...

If I use my Debit Card to make purchase e.g. at Aeon or any other departmental store, just my signature will do, or do I need to key in PIN + signature?

Hi Pink Spider,

Just your signature will do!

My worst fear.

If credit card lost, can dispute.

But DEBIT card...swipe, habis all duit

Hi all~my husband went and applied for TRUE debit card yesterday, well they exactly gave 2 account number one was SA another one was CA . But I would like to ask what if make transfer 5k into saving account,how much in interest paid will i get in the last day of the month? counter as daily basis right？ so somebody can show me how to calculate the interest paid? thanks alot

Hi @Pink Spider,

Just to clarify, there are actually two choices for e-payment:

For MasterCard merchants, you just need to sign the slip upon the transaction.

If you're paying via MyDebit (or e-Debit) by MEPS, then you will need to input your pin.

Fret not! If ever you feel an un-authorised purchase has been made on your card, you can always contact our friendly dedicated service line at 03 2178-8999 for help.

Hope that helps!

you will get around 11-12 ringgit, worth a cup of frappe

I got the Debit Card a few weeks ago but have not received the PIN yet until today. I called TRUE CS a few days ago and was told they would check with admin dept. & get back to me. Unfortunately, I have not heard from them since.

Hi Nom-el,

Sorry to hear about that! I will send you a PM soon and will need you to revert to me with your details. Please check your inbox.

Thank you.

thanks for replied i got it

Hi @sunnie11,

Here's the calculation of the rate:

Amount x 2.80% / 365 days (x tenure) = Total RM payable interest

Say in August, you'll be placing the money from 1 August to 30 Aug:

RM5000 x 0.028/365 x 30 = RM11.50 interest paid

Hope that helps!

@cklimm is right, that's about the price of a frappe.

"amount" = daily account balance as of closing day (e.g. 11:59:59pm?)

technically, interest is (re)calculated every single day, right?


payable interest is credited back TRUE Savers account? When is the crediting done?

Hi @cybpsych,

Yes, the interest is calculated on a daily basis (amount based on closing day). The interest is credited into the TRUE Savers account on the last day of the month.

Please see number 18 in our TRUE Debit MasterCard FAQ.

This post has been edited by marscoco: Jul 9 2015, 05:45 PM

Hi,

1. So I can visit any branch?
2. Do I need to bring along any proof that I applied for a True savers account?
3. How long will it take to process my application? Can it be ready by this Thursday?

Hi @Ramjade,

1. Yes, you can visit any branch to pick up your card, if you've applied online, the application will be in our intranet.
2. You can print the acknowledgement receipt/email, if not just bring your IC and the branch will be able to pull up your application.
3. If you go to to the branch, you will usually be able to pick up the card within an hour. However, this depends on the respective branch's wait time and application volume.

normally have stated reason why reported wor

wei my post also got deleted wor

What is the fee to perform Instant Interbank Fund Transfer (IBFT) from TRUE Transact Account?

marscoco I would like to ask the following about this True credit card.

1. Is the 3% rebate applicable for online utilities payment (TNB, TM, Water, Telco)?


This post has been edited by Ramjade: Jul 27 2015, 12:21 AM

Hi @alvinkhorfire, please refer to our Fees and Charges Page. If you transfer online, it will be free of charge.

This post has been edited by marscoco: Jul 27 2015, 09:22 AM

Hi @Ramjade,

Please refer to our FAQ for the TRUE Visa MasterCard. The 3% does not apply to online bill payments for utilites including TNB, telco, and TM, etc.

Even if you pay from uob payonline /cimb clicks/m2u?

if the exclusion is MCC-based...

a) Mobile Bill Payment (MCC 4813, 4814)
b) Utilities (MCC 4900)
c) Insurance (MCC 5960, 6300)

... how do you define "online transactions"?

Hi @cybpsych,

Online transactions shall include purchases you make online (excluding telco payments, utilities and insurance) such as booking flights online, ordering from shopping websites such as Lazada/Zalora/ebay, etc.

any other checking?

e.g. POSMODE code, description must have EC/ECOM/MART/etc?

other questions:

1) TM bills (tmnet, streamyx, unifi, landline, etc) are under telco or Utilities?

2) if I use other payment gateways, e.g. posonline or uobpayonline, is it under online transactions?

3) how about PayPal?

Hi, I have some more question

Does transfering from Truesavers to another bank counted in the 3x/month transfer?

yes, even own to own counts

Hi, Like to ask.

5 free MEPS withdrawals per month*

Does this means we can only withdraw 5times only using our ATM cards from our Transact Account?

No. What it meant is you can withdraw for free from any atm in Malaysia without charge.
The 6th one will be charged. How much will it be charged, I don't know. Unless it's from ambank atm then moat likely is free.

Will we be receiving any paper statement or can we retrieve the account statement through amonline?

I have am bank account but can't manage to open the true application at the online application form , how do I do it?

Anyone cant sign in their AmOnline at all?

You cannot sign in straight away. Need to wait 24hours of activating your card.

I already got my card last month. More like 24 days cant sign in already. LOL. Calledl CS and they said still checking.

This post has been edited by kelvinlzy: Aug 19 2015, 02:45 PM

Anyone knows whether online payment for Astro bill is eligible for 3% rebate?

I know the following categories are excluded: -

a) Mobile Bill Payment (MCC 4813, 4814)
b) Utilities (MCC 4900)
c) Insurance (MCC 5960, 6300)

Which category does Astro belongs to?

Does the 3% rebate applies to TRUE Mastercard Debit card as well? Or it is only for CREDIT CARD.

This post has been edited by MGM: Sep 28 2015, 07:01 AM

Only credit card. If I am not mistaken there is a cap of RM30/month