Would like to ask anyone here with experience with HSBC Advance current account. Did you need to close your Advance account to avoid paying the RM10 per month account fee after withdrawing the 5% promo FD?

I transferred all my money out from the account after the maturity of the 3 months 5% promo FD meaning the account balance is RM0 now. So, would the account be automatically closed after a while or do I still need to go to the branch to close it manually? Would I still be charged the monthly fee if I leave it as it is currently. Thank you.

Better go and close. Or u could convert to a statement savings but conversion is slow. After I sign the form for 10 days the hq still not yet convert and they continue to charge me 10.60. So I lut them kow kow and cc the email to bnm. After a few days my account is converted and 10.60 reversed from my account.

People fail to settle their credit card bill on time, people take personal loan to go shopping, vacation. People taking 10 years to pay car loan for a BMW that they have no money to pay. One unsettled credit card bill bring in interest of min 10%. The longer you stretch the car loan, the more interest you pay. All those people don't know that free SA exist, pays the bank free rm8 48/year. Those people who park their money in board rates FD to get priority status. Banks earn at least 0.5% interest from them (banks can pay promo rates but instead they give board rated). So no FD promo? No problem! Lots of people willing to give free money to the banks.

Of course banks need to balance their cash reserves with the money loaned out. FD is not the only way banks earned money.

Besides they already have promo last year. Will be a while until they will come out with another promo.

http://www.thestar.com.my/opinion/letters/...-is-ridiculous/
Friday, 26 February 2016
Midnight withdrawal ruling is ridiculous

 
.....

And the bank got to keep my money for free for one day!

I am just a small time senior citizen with my few thousand ringgit in fixed deposit.

.....

So far, I found different banks using different days for calculation for monthly inteerst:

Using 366 days: AmBank, CIMB

Still using 365 days: BR, HL

MBB wise need to confirm again as some doubts earlier. 

Tomorrow plan to withdraw OCBC FD. Then KWSP self contribution max amt. Rest goes to RHB 4.45% 12 mth.

Also has SCB 4.25% mature later this month. Will move to BR for 2 yrs 4.55%. Unless better promo comes up. 

Thanks for the screenshot. Btw, isn't it better to put under maybank GIA-i for eFD seeing that they will give 4% instead of PB eFD which give only 3.45%?

Let me give you an answer (with the intention to solve your curiousity that will eventually kill you, if I did not intervene).

Why would some people rather earn less interest when you can earn higher elsewhere ?  The answer can be found in genxgenygenz postings.  To be precise, the words "chiak beh liao" would explain it all.

At 3.45% p.a., some people's FD would be earning more interest (in absolute terms) in a month than what you would earn in 1 year @ 4% .

For example, 

MR. LIM puts in a RM10million FD at 3.9% p.a.  He earns rm390k per annum, and the bank credits his SA rm32,500.00 every month.
MR. RANJIT SINGH put in a RM100k FD at 4.0% p.a.  He earns rm4k per annum, and the bank credits his SA with rm333.33 everymonth.

For MR. LIM, he may be in a situation of "chiak beh liao" whereas MR. RANJIT SINGH is merely surviving day to day.  Hence, psychologically, MR. RANJIT would be very sensitive to interest rate difference where as MR. LIM would not.  Hence, also why, MR. RANJIT SINGH cannot pathom why MR. LIM do not go for the highest interest rates.

The law of absolutes and reaching the level of "chiak beh liao".

if one got USD1M deosited into FD, he can be eligible for Private Banking, no need Fresh Fund also the bank will give promo rates, and therefore in the above case, Mr. Lim will perpetually get more from interest paid, haha. Actually if you are a Maybank Premier Wealth, your RM also can give you their Promo rates when renewing matured FD.

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.

Guess I am in Mr Ranjit position. Btw, when I reach Mr lim position, I will still be Mr Ranjit. No point giving up free money.

Another factor is trust.
We tend to trust a bank more than another due to convenience, and service quality we experienced as well as how well it is being run.

Also, Mr Lim may not want to deposit in Bank A, even the bank gives him 4.5% if bank A had history run into losses during economy difficult time.

Rate alone is not absolute factor.
There are other consideration and individual preference as well.

Btw, 2.x% car loan, its EIR is more than 4%.
You never can win against Bank by loaning vs FD. 

An additional RM10,000 in interest return in a year is nothing?

The more millions they have in FD the more they must pay attention to the rate.
3.45% or 4.5% can give additional RM100,000 a year!

If that person is putting money in FD, then he/she should be particular about 3.45% or 4.55%. BIG difference in terms of interest for BIG amounts. Saying that person don't care of the interest, well then he should not be putting the money in FD.

Well... there are all type of forummers here. Some speak irresponsibly without thinking. I doubt that said guy would have millions in his bank account either.

wat is the investible amount for one to consider "u have make it" in your view?

Why not? FD can get 7% while UT makes -6% on the same period
Best of all, the UT potion will be locked in for 2-5 years

Any idea who gonna be the next BNM governor? 

I'm having difficulty calculating the interest paid by PBB for the 4-month step up FD  that was offered several months ago.

Supposed I put in RM50k on 30/10 . PBB's interest rate is
1st month-3.6%
2nd month - 3.7%
3rd month - 4%
4th month - 5%

The interest is paid on maturity.

This is my calculation:
1st month interest (30 Oct - 30 Nov 2015):   50,000 x 0.036 X 31 days /365 = RM152.88
2nd month interest (30 Nov - 30 Dec 2015):  50,000 x 0.037 X 30 days /365 = RM152.05
1st month interest (30 Dec - 30 Jan 2016):    50,000 x 0.04 X 30 days /365 = RM169.86
1st month interest (30 Jan - 29 Feb 2016):    50,000 x 0.05 X 31 days /365 = RM205.48
TOTAL:  RM 680.27

Public Bank paid an interest of RM679.28...

Is there something wrong with my calculation?  The difference is small but I am curious how the calculation should be done.  Really appreciate any advice   

I really dislike these insidiously deceptive promotions.

Did anyone placed FD (3 mths n above) with Public via eFD as they offer additional 0.25% pa?

What is the effective rate?

Without SA... how to transfer 6-figure amount from another bank?... use banker cheque?

X10 for 1kk. is tat how u deposit in mach last year?  

Just received a phone call from Standard Chartered Bank about Get Premier Member program:

(1) Introduce 1 person to deposit min RM 250K to FD at normal board rate, introducer will get one 32" LED TV
(2) Introduce 2 persons to deposit min RM 250K respectively to FD at board normal rate, introducer will get one 48" LED TV
(3) Introduce 3 persons to deposit min RM 250K respectively to FD at board normal rate, introducer will get one 55" LED TV

FD tenure is 6 months.

All depositors will get one mini Ipad for free... 

I forgot to ask the brand of the TV..

Standard Chartered Bank does not have FD promotion now.. 

d tvs are safe...hardly anyone will be so idiotic to put 250k at board rate

2 promo all tv brand is samsung
Standard Chartered Bank Get Premier Member program
T&C
https://www.sc.com/my/priority/campaign/mgm/

Standard Chartered Bank Enjoy the gift of good fortune, with JustOne Account
T&C
https://www.sc.com/my/save/casa-gift.html

You can sell the TV + ipad mini to pocket the profit. 100% profit. Gold plated toys hard to sell.

Easily can profit >rm1312.5. Ipad and TV sell slightly cheaper than market price. Sure profit.

One ipad mini 4 16gb WiFi from Apple malaysia sells for rm1599. Sell at rm1499, TV sell at about rm800, profit rm2299.

I agree that is why I said everyone has own comfort zone. If it is blanked out, means it is not intended for public viewing, then others should not keep guessing and getting OT.