almighty kim's overseas' account!

Update #3 on the Mach FD,

The cheque cleared 23 Dec, while the FD date starts from 22 Dec,
I am 8 cent richer than supposed to be...

No effect to your NTA

but for the other mach fd, you are richer by rm109.59 in 1 day..............

Ok, my cheque dated 22-12 (I opened around 9pm) and they scanned my cheque to open the promotion FD but until now I still don't see the FD reflected in Hong Leong Connect and the cheque is still not cleared...

maybe bounced?

why didn't fund transfer? amount too large?

Priority status have to pay????? Nvr paid a single sen ....

If you are qualified, I am sure you would jump at the chance because pay less for BC, and can get free stuff. Cos your motto is NEVER GIB BANK FLEE MONEY...hahahah

No, the requirement for this MACH FD is have to issue cheque to guarantee fresh funds and need to open new MACH FD though I already have an existing one but different branch.

Sorry for the late update.

I have met up with the SA from Hong Leong Assurance, they are pushing a 6 year savings plan called "Gain Wealth".
You choose an amount (10k or 20k or any amount you are comfortable with) and you have to deposit each year that amount for 6 years. Each deposit they will give an interest of 20%, let me illustrate:-

Let's take for example the deposit amount is 100k each year:-

Year. Deposit amount. Interest given
1. 100k. 20k
2. 100k. 20k
3. 100k. 20k
4. 100k. 20k
5. 100k. 20k
6. 100k. 20k

Total. 600k. 60k

Only on the 7th year can you touch the deposit amount. The interest you can use after year 1 (I think so).anyway, if you decide not to take out the interest, the interest amount will earn 5.25% pa interest.

They tell me that the principal and interest given is guatanteed and if case of any unfortunate circumstances before the plan is finish, they will guarantee the whole 6 year principal amount to the nominated beneficiaries.

They also indicate that the interest amount will written black n white on the policy.

So...any comments or advise?

Wishing all those celebrating a very merry Christmas and a happy 2016 new year to all forumers!

This post has been edited by matow: Dec 24 2015, 11:37 PM

Wow , too good to be true

I think there's more to this. You can't withdraw ALL your principal or deposit or savings on the 7th year. It's locked for a long period of time if I'm not mistaken. Go read through the T&C again

If you are interested and you are in the Klang Valley, I can pm u the contact, you can contact them and ask them to come to your place to explain the plan in detail to you.

Just to make clear, I'm not an agent of any insurance or financial institutions.
I'm just regular Joe who is sharing what was presented to me.

I think I asked them, on the seventh year, whether I can take the principal amount with the interest, they say yes. But then again, I might be wrong.
They have not given me any proposal yet but I'm not interested in it. The plan is too rigid. You need the commitment to make the yearly payments.

Anyway thanks for the warning. These insurance scheme need to put their T&C under a microscope. They are very smart, they don't give you any reading materials. I tell them to send the proposal by email, they say cannot, have to come to explain it personally.

Also, since this an insurance scheme, I think I have been out of topic, I do apologise.
This should not be discussed here.

This post has been edited by matow: Dec 25 2015, 01:16 AM

woww... if this is true i'm definitely in
just did a rough calculation, if we just dump in say minimal 10k each year (total 60k), then on 7th year we'll end up with RM74408 which is equivalent to 24% principal earned. and according to that sa everyth (including 20% interest and 5.25% interest on interest) is guaranteed right? isn't this too good for a saving plan?
hmm... but u mean they haven't officially launched it right? just feel weird that they started promoting it already without proper docs provided, and ur sa sounded kinda fishy too

i too think it's quite likely that the principal needs to be locked for many many many years, hope someone here can update us on that

really? the bank staff told you so?

i transferred on the spot after the teller said ok, but that was placed at a conventional branch, before the same promo was introduced to mach.

Well you are paying with the amount of interest given compare to what can you get by parking your money somewhere earning double digit almost every year. Let's just say 10% of RM250k vs 4.5% of RM250k. That's a difference of about RM13k. More than enough money to go on vacations.

I will take the RM13k (vacation every year) compare to being a priority customer.

Before making any decisions, I suggest you read this forum https://forum.lowyat.net/topic/2778479/all
It's a similar topic

But I agree with you, after reading the forum, the principal is indeed have be locked for many many years.



This post has been edited by matow: Dec 25 2015, 02:01 AM

yeap similar to what i expected, too good to be true
well if ur sa lenglui then ppl might fall for it, then later come here n complain

Not so leng lui....

dude, where can I get 10% a year ? Well, we are talking FD investments here. Anyway, to satisfy your curiosity, I have taken out every FD in HLB but I still get my BC for 68 sen and still enjoy their coffee whenever I go to the Priority Banking hall. So, what say you ?