After reading the postings here, decided that HLB 4.5% was the FD to get since my SCB 15mth FD matured today. So hurriedly I uplift my SCB FD and proceed to HLB Bkt Tinggi, Klang branch which was near my office. The HLB branch there was quite busy with many people. My turn came and I proceeded to inform the counter girl that I want to place FD on the promotional 4.5% rate for 6 months. The counter girl ask if I have a saving account with the branch, I say no but I do have a a savings account with another branch. She says cannot, I have to open another account with the branch in order for me to place the FD. I need to take another que number to open the account. Got fedup, took my money and proceeded to Affin Bank. There I was greeted like an old friend, attended to immediately by a middle age lady (no leng lui here...sigh) and she proceed to explain to me on the promotional rate of 4.6% where by 20% of it need to be placed in either a 1 month (4.05%), 2 months (4.10%) or 3 months (4.3%) FD while the balance 80% will enjoy the 4.6% pa interest. She advised me to take up the 3 months FD @ 4.3%. After making some rough calculations, the first 3 months interest came out more that than the HLB 4.5% FD (3 months period). After that, I can take the 20% and find other FD to put (hopefully can find a better rate) while the balance 80% can enjoy the 4.6% interest.
I find that the customer service experience at Affin bank so much more better, we are really being treated as customers instead of being treated like livestocks at HLB.

Bought a Cashiers Order. SCB charged me RM2.80 for it.

This post has been edited by matow: Dec 18 2015, 07:03 PM

Your were lucky to have your placement without fuss at HLB.

But to me, it might be blessing in disguise as maybe after 3 months, when my 20% placement matures, there might be better FD rates for me to take advantage of.
But I have to take my hat off to the Affin Bank service. Even if it is a FD, savings or current account, it is done be the same officer who is serving you. There is no need to queue for individual type of account. But then again, there isn't much of traffic volume in the bank, hence they can afford to do it this way.

Are you comparing 3months or 6 months?

I comparing the first 3 months only, not the entire 6 months, therefore calculations should be the following :-

Affin bank

20k x 0.043 x 3/12 = RM215
80k x 0.046 x 3/12 = RM920
Total interest for 3 months = RM1135

HL BANK

100k x 0.045 x 3/12 = RM1125

You must remember that after 3 months, I can take out the 20k and find for other promotional FD to put in.
Maybe if I'm lucky I might get 4.5% and above, who knows??

My SCB branch is the Saadiq Islamic branch in Bkt. Tinggi Klang.
The counter girl ask whether I want the money to be bank in to my SA or if I want a Cashier order, so I opt for cashiers order. Maybe the Islamic branch allow it?

Except for UOB, MSBS and OCBC, other major banks are nearly all in Bkt Tinggi Klang.
SCB, HSBC, HLB, AMBANK, RHB, CIMB, PB, ALLIANCE, BSN, MBB, KFH
I use my motor bike to get around and I also work nearby, some of the banks like SCB, MBB, HSBC are in walking distance. I have some flexibility to come out once in a while, so curi curi some work time to do this lor


This post has been edited by matow: Dec 19 2015, 01:41 AM

The 3 month 4.3% is tied to the 15 mth 4.6% FD promo.
Let's say you have 100k, Affin's promo is that in order for you to enjoy this 4.6% rate, you have to place 20k in either a 1 mth (4.05%), 2 mth (4.10%) or 3 mth (4.30%) FD, the balance 80k gets to be placed in the 15 month 4.6% pa rate.
If you choose like me to place the 20k in the 3 mth bracket, after 3 months you can uplift the 20k + the 3 months interest @ 4.3% pa and place it on other banks FD. The the balance 80k will continue on until it matures after 15 months @ 4.6% pa interest.

I have attached the flyer on Affin Bank's FD promotion.

This post has been edited by matow: Dec 19 2015, 09:08 AM


Attached File(s)
 20151219085955069.pdf ( 51.23k ) Number of downloads: 87

For my case since I'm taking up the 20% on the 3rd option of 4.3% pa rate, effective rate can only be calculated for only 3 months, then the funds will split into 2, 80% will remain to enjoy interest rate of 4.6 pa for the remaining 12 months and the other 20% of the fund I will take out and put into other FD.

My simple calculation for the 3 month effective rate would be as follows:-

Taking 100k as an example,

20k x 0.043 x 3/12 = RM215
80k x 0.046 x 3/12 = RM920
Total interest for 3 months = RM1135

Per annum interest would be RM1135 x 4 = RM4540.00.
To calculate effective rate, simply divide RM4540 by principal amount of 100k and multiply 100 to get percentage.
Which is effective interest rate of 4.54% pa for 3 months.
Then the 100k funds will split into :-
80k @ 4.6% pa for balance 12 months
20k to invest in other promotional FD.

Hopefully after 3months, there would be some attractive promotional FD rates for me to park the 20% fund.

I just received a call from Hong Leong Bank sales person. She claims to be offering a new type of Savings Account whereby they can guarantee interest rates of 7 to 8% per annum but with some terms and conditions applied. She requested for a meeting with me tomorrow for a presentation at my office. I also clearly asked her if this was investment link type of savings but she said no, this is pure savings (almost like FD type) and no risk. I'm intrigued and said that I'll meet her and listen without obligation.
Anyone else got such telephone call from Hong Leong Bank?

If bundle with UT, I'm not taking it.
Anyway, will listen to her presentation and update on it to you guys.

Come to think of it, sounds like insurance scheme, thanks for the warning!

Will update once I meet with the sales rep.

The sales rep is female, hope she is a leng lui .

This post has been edited by matow: Dec 23 2015, 12:14 AM

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

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

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

Not so leng lui....

Sorry about that
Anyway, have read the HLA savings plan topic and already decided not to take up the plan.

Thanks for the advice