For him, why would Mr. Lim put in @ 3.9% when he can get RM400k if he can place @ 4%. Is RM10,000 / 12 months = RM833 extra per month not worth it? Well, I can answer him on your behalf. It is because for Mr. Lim who has RM10 mil, RM833 p/m is not critical to his survival nor will it make him much richer.

Unfortunately, this is something that he will never comprehend. Because he isn't where Mr. Lim is yet.

It's the same why some won't understand why I would buy a car for cash instead of taking loan. They think the cash can be used to get >4% FD and pay off hire purchase interest at 2.x-3.x% and pocket the difference. They do not understand the feeling of being debt free from housing or car or any loan. It's like having wings every month without any commitments tying me down. The freedom and reduced stress for me is absolute, as you so put it. But all he would see is, the little gains he could get by trying to make the most of the money available.

This post has been edited by McFD2R: Mar 2 2016, 12:12 PM

Indeed. EIR is what matters. I was pointing out why some people don't understand my priorities and what my absolute is. They even say I should invest the money to get more rather than dumping fully into a car. Well, if there was such a guarantee in investments that I can get more than the FD rates, maybe, just maybe.

For Tun Ram, all that matters are the cents and dollars, without taking into consideration the reasons why some people do not bother with the difference.

Anyway, my MBB 5+5 promo is reaching the first 5 month tier @ 4%. Have it in 4 different placements. All due this Sat. Most likely would leave 3 of it to continue with the next 5 months @ 4.5% for an effective of 4.3% (I think).

I believe 4% is guaranteed, no? I've just had several at 4%, automatically renewed for the next step up for another 5 months. Don't think it was suppose to be more than 4% either.

Sucks, EIR only about 3.465% ...

Just came back from UOB Puchong. Placed 12 months @ 4.5%pa.

Then went to OCBC to withdraw a matured FD. Took 40 minutes just to conclude an FD withdrawal. I do not understand why I have to go through Personal Banking counters, before proceeding to the normal transaction counter to collect. I blew my top when after waiting for close to half hour, someone who just came in, took a number and immediately his number was called. I went to the girl who was issuing number and asked "Why I do have to wait for a personal banker just to conduct an FD withdrawal?". Straight away she went to a guy colleague who then went to a counter to call my number. WTF service is this. I can't wait to have all my FDs matured in OCBC before withdrawing.

Not enough for PB ..

UOB only took me 3 mins from the point of me entering the bank till I walked out. Impressed it took that fast or unimpressed that they have so little customer. Depends on which side of the coin some like to look at.

It is a good thing. Just pointing out some people may look at it the other way. If I was uncertain of the bank, I wouldn't have placed an FD there.

Placed with MBB RM250k for 9 mths @ 4.23% yday, immediate interest RM7,9xx. Placed that in their 12 mth @ 4.31%. If you average out each FD per month, I'm looking at 4.36% per annum.

RM250k x 4.23% @ 9 mths = RM7,931.00 / 9 mths = RM881.20
RM7,9xx x 4.31% @ 12 mths = RM344.00 / 12 mths = RM28.50

RM881.20 + RM28.50 = RM909 x 12 mths = RM10,918 / RM250,000 = 4.367%

I know, it's messed up. But what the heck. Of course that only works if you don't touch the FD interest and immediately placed it into FD again. Do note, minimum placement for eFD campaign is RM10k, so I top up to make that amount. But I used actual returns from the 9 mth promo as calculation for accuracy of percentage.

Then eXau5t should clarify. His was a sweeping statement, which doesn't benefit the community in here. At least that's what I think. Otherwise, any Tom Dick & Harry just come in and say, "Went to XYZ bank, and was offered 4.6%". Then full stop. Like, what?

At least mention that perhaps, he was offered because his sum was big enough to be offered such rate. Or which bank branch that offered this rate.

Yes, many in here is greedy for 4.5%

Many branches do. They discriminate based on how much you are bringing in to the deposit.

Placed another sum in MBB, 12mth effective 4.31%, showing the breakdown of the step up.

This post has been edited by McFD2R: May 24 2016, 05:24 PM


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eFD means you don't do it at the bank counter. You simply do it online. Minimum RM10k, minimum 12 months and must select "Credit to Account" when matured. You won't see it when placing it. Once done, you can go in to check your FD account, and it will be displayed there when you hover your mouse over the icon next the the interest rate.

Though I didn't try, I don't foresee any problem with that.

It makes no difference even if you staggered it as per your suggestion. The interest rate will still be the same. Besides, eFD is simple, even if it is 10 of them. You're not doing it over the counter and he has some measure of ensuring he has money in the event he constantly needs it.

It makes no difference as I've said. With RM10k x 10 placements, he can withdraw any amount he wants at any time. If he needs RM30k, he withdraws 3 FDs and still remain RM70k which will still net him the eFD campaign rates.

Small staggered amounts are more for people who anticipate they may need that sum soon.