Well if you want to maximise returns, you should do that.

Hmm. They must have discovered that people were using this previous loophole to put with them for 3 months, then close account after that. Guess they rugi quitee a lot with many people exploiting this loophole.

Previously one can do as I wrote and get extra 5% by opening joint account with gf/wife/brothers /sisters /parents/uncles/aunties.

This post has been edited by Ramjade: Oct 21 2015, 03:34 PM

Is efd. Just refer to cimbclicks page

No. Is not the crappy stuff where you need to deposit xx% into CASA. CASA here is for them to credit interest into. I think it just cost rm20 to open a normal basic account? Of course why opt for basic savings when you can use Truesavers to earn an additional 2.8% on the interest of the FD?

If above 50, I think i will pick ambank 4.55% you will never get such good deal again. Dump for 5 years. No need to worry about FD promo every year. Mbsb have been offering 4.7% for few years. Despite opr didn't go up, none can beat it yet. So that's why I say the 5 years one is really worth it

I don't think so. As I am sure HSBC want new customers. No harm asking.

Once you place, any change in opr will not affect your deposit. Only your future deposit will be affected.

That's not FD. FD does not need you to deposit money monthly. That's ocbc e-SmartSavers. You won't get 4%. But you will just get lower. Don't know how much lower. Best is deposit min rm50 at the beginning of the month.

After 31/12, you won't get 4% but 3.05% provided you deposit min rm1k into the account every monyh. After 31/12 either you close account, or use a efd which can accept min rm1k (more worth it 3.15% and same thing lock in for 1 month)

Cimb efd is until end of the month. You will need min rm10k. For ocbc, you can only withdraw max RM25k/year. More than that, you need to go to bank. Closing account also need to go to bank

Why auto renew? By autorenew, you are giving banks free lunch of approximately 0.5% Every year! (I based it in other banks offer FD at 4.2%/year). Please don't do that. Better you lock in for long term at least you won't be giving free 0.5% to the bank. DO NOT GIVE FREE LUNCH TO BANKS! They are not your grandfather or parents.

This I can accept.

sandkoh, why would you want to give banks free money? Banks leech from people (licensed ah long) So one should leech from them. By not leeching form them, one is not forcing banks to give better rates. The more people leech from them, other bank have to offer better rates so we won't lose customer.

If more people act like me and some lowyat forum people, we might see other banks offering >2.8% for SA, > 4.2%/pa FD. You want that don't you?

This post has been edited by Ramjade: Oct 23 2015, 08:41 AM

You are putting at 3.7% for one year. Other banks are able to give like 4.2% for one year. What's stopping the bank from paying you the extra 0.5? Nothing. Hence one is giving the banks free lunch worth 0.5%.That 0.5% might not seem like much. But over 5 years, and if the sum is big, is substantial. Refer to my mbsb 4.7% vs ambank 4.55% comparison. The difference for a rm10k deposit is rm70+ (despite the difference in interest rate is only 0.15
Image the differnece of 0.5%!). A RM100k, will give a difference of Rm700+ and a rm1m will give a difference of rm7000+. You tell me, do you want to give the bank that much of free money?

This post has been edited by Ramjade: Oct 23 2015, 08:47 AM

You are putting at 3.7% for one year. Other banks are able to give like 4.2% for one year. What's stopping the bank from paying you the extra 0.5? Nothing. Hence one is giving the banks free lunch worth 0.5%. If you tell me that is not free lunch worth 0.5%, I don't know what to think.

For the cc, if you spend rm1k a month with cash, you are spending rm1k. But by getting cash back of rm100, one is spending only RM900 for rm1k of stuff.

This post has been edited by Ramjade: Oct 23 2015, 08:55 AM

Yes. Is people choice. Let's say we are going to put 1 Year with bank A. Why go for board rates with bank A when bank A can give you promo rates? That's what I meant. If is out of the way, not worth. But if within distance of bank B and bank B able to give better rate for same term, one should choose bank B over bank A.

I agreed with this statement. Lock in for 1 month as you never know if you wont need the money next month.

But when I locked in for 1 month, you don't see me choosing banks with 3.15% or maybank 3.15%. Instead I choose maybank 3.25%. I am not going to give banks free 0.1%

Same thing with my Truesavers. Previously was using m2savers which give only 2.25%. When Truesavers come out, I switched and now gained 2.8% instead of 2.25%. If ambank a smaller bank than maybank able to give 2.8% for their SA, I don't see why maybank cannot. They choose not to give 2.8% instead only choose to give 2.25%. So since they are able, why should I give them the free 0.55% money?

I will use mbsb 4.7% as an example. Despite bank negara increases opr last time, the 4.7% didn't change. Why? Cause they know no one can match their rates hence they didn't change it. So even if bank negara increases rate, I don't think any banks are ready to offer that high interest. Remember bank negara cannot hike the rate or else >70+% Malaysians may default and these will cause problem for banks which will cause a chain reaction.

If I were in your shoes, once the SG HSBC account is open, I will remove the FD say after 6 months (remove my premium account status in malaysia) as once the SG account is open, they cannot close it. The most is the SG account get downgraded but it will still be there. HSBC cc is not as good as Maybank's. One can always TT or transfer the money online via other banks. Make use of HSBC and then dump them. That's if I am in your shoe. (Hence keeping the FD for say 3-6 months that way nothing will happen to the SG account)

Even with the monthly compounded interest, I am very sure it cannot beat a 4.2%/pa FD. So why settle for 3% when you can get more at 4.2%? With Rm300k, one is able to get premium customer status at other banks too. Well that is my 2c

You misunderstand me. If bank A offer 4.2% and bank B offer 4.0% for 1 year and both located next to each other, why should you choose Bank B over bank A? By choosing Bank B, one lose interest of 0.2%! It is same as giving Bank B the 0.2! Compare apple to apple and orange to orange. One cannot compare 1 year and 5 years as one might no want to lock in money for 5 years. Hence I give the example of Bank A vs Bank B. Same location, same term. Only different is the interest rates. All banks are the same (I am talking about pidm banks). The differnece is whether have to wait long time, comfortable seats, air-conditioning working or not and got leng lui/leng chai only.

You are forgetting about no of people. If there are 100,000 people who choose 3.15% over 3.25%, the banks are getting extra free rm83300 by offering 3.15% instead of 3.25%! Get my point? The lesser people who choose 3.15%, the lesser banks get. Hence they have to work harder (offer better rates) to meet their target. The goal here is forcing banks to give us better rates. That way, more competition. When there are more competition, it is us who benefits.

This post has been edited by Ramjade: Oct 23 2015, 10:48 AM

cybpsych, guess no one asked me. Well now you mentioned it, I will state it here. Did you see me asking people to pick mbsb because of it's super high rates? Did you see me recommending banks like HLB when there are other banks offering better rates? I don't as I assumed people have access to all banks easily. So if one have easy access, why choose a lower bank over a bank able to give higher rates?

List on how to give banks less money,
- For FD, SA always go for banks with the highest rate at same location or nearby with same duration without complicated T&C
- For loans, go for banks with the lowest effective rates rate. Do not take personal loan just to live a "happy life"
- For CC, go for banks which offer easy to get high CB. Do not pay late and minimal amount.

haur
Again why dump money into normal savings which earn miserable interest while waiting? One can choose a SA which able to give high interest while waiting. Get a few extra bucks while waiting. Is their own fault for decided to keep in negligible interest giving SA as all transactions can be done online via high interest giving SA. Heck even with only Rm1000, I still keep it in high interet giving SA. At the end of 1 year, more or less I get a free topup from the banks (~rm28).

They can also put in 1 month efd rather than letting it sit and earning 0.01% interest. There are banks which offer min rm1K placement for a month.

This post has been edited by Ramjade: Oct 23 2015, 12:05 PM

For me sentimental value is useless. My loyalty is to my bank account. Will the bank give you reward you for your loyalty if you put FD with them (lower interest, 1 year) compare to another bank which able to give high interest? I dont think so. Until a bank rewards it's customer for being loyal, I will not change my stand.

Btw, I shared my principles with my friend, he agreed whole heartily with me. He agreed that his loyalty is also to his bank account not the bank.

That's new. I think might implement what you just said. Thanks. I always assumed better to put all FD together in one date so easier to uplift. No need to go to bank always. Thanks for the tips

This post has been edited by Ramjade: Oct 23 2015, 12:20 PM

If you want to boost the effective rates to >4.6%, ask them to credit the interest to truesaver so that your interest is earning 2.8% instead of say 0.05%