Your calculation is wrong. Where got effective rate 4.337%?

The effective rate is in between 4.28% to 4.3% even if use Affin Gold saving rate to calculate.

Not all fund in Affin Gold saving account will get 2.15%,
First RM 4999.00 in Affin Gold will get 0.85%, then from RM 5000 to RM 99,999.99 will only get 2.15%

Just now I used total RM 120,000.00 to calculate.
RM 108000 (90%) put to FD at 4.58%, RM 12,000 (10%) put to Affin Gold, I came out with effective rate 4.28%

I saw the FD promo flyer in Affin Bank few days ago, it printed clearly the effective rate is in between 4.28% to 4.3%.
Too bad I forgot to grab it so that I can show it to you.

The Affin officer also told me that the previous pure 4.3% FD promo is slightly better.

I do not know how do you calculate RM 430?
But I am sure the effective rate is in between 4.28% to 4.3% for this current Affin promo.

A bigger fund is required in order to get a better return (max 4.3%) for this Affin FD promo, Affin bank is quite cunning in this area..

I do not think you have any other better option besides Affin Bank (2 years) since you do not like to put in Bank Muamalat..

The posts from gsc and BoomChaCha pointed to differences in the correct way to calculate. I just telephoned Affin Bank to check up what is the correct method.

1) For 10k for 2 years at 4.58% p.a., 1k in Affin Gold at 0.85% p.a
2) For 100k for 2 years at 4.58% p.a., 10k in Affin Gold at 2.15% p.a.

Did not seem to be 9k FD and 1k SA, nor 90k FD and 10k SA. Not 90%:10% but 10:1.

Affin website shows the different savings products rates displayed as "bands" instead of "tiers".
All the savings products are actually tier-type except special for Affin Gold which is different as "flat" or one rate only for a savings balance.

Banks normally have a tendency to use jargon and carelessly lump differences due to imprecise miscommunication and lack of clearcut examples. This is especially among those banks whose command of English is more confusing than clear. Some banks are outstanding for either good reasons or for the wrong reasons.

Normal size FD 10,000 x 4.58 / 100 x 2 = 916
Affin Gold 1,000 x 0.85 / 100 x 2 = 17
Total collection 916 + 17 = 933
Rate  933 / 11,000 x 100 / 2 = 4.240909... p.a.

Bigger size FD 100,000 x 4.58 /100 x 2 = 9160
Affin Gold 10,000 x 2.15 /100 x 2 = 430
Total collection 9,160 + 430 = 9,590
Rate  9,590 /110,000 x 100 / 2 = 4.35909... p.a

Affin Gold savings also provides "free" insurance up to a maximum limit. Check with bank for actual details.

Note that the 10:1 ratio is better than the 90% or 9:1 ratio.
The bank person says this explanation is for all Affin Bank and not different for different branches. So check out what is actually happening at your branch.

I was told a few days ago that the promo ends at end of this year. Affin Islamic have a different set of promos ending on 30th August which are differnt in details from the set of promos at Affin Bank don't get confused.

Thanks for the two attachments. But I am still doubtful whether they are properly written (meaning being different) in English. Cannot simply believe whether written or oral.

Supposing that the correct interpretation is 90% FD and 10% Affin Gold for the best case calculation (not 10:1 ratio), and tier calculation is used for Affin Gold instead of flat rate on the savings balance in the published band.

For 10k, made up of 9k and 1k, the collection is 824.40+17=841.40 which is 4.207% p.a. only. If the minimum placement is only 10k (please confirm), then the best at the lowest placement is 4.207% p.a. whicih is lower than flat calculation which give 4.240909% p.a.  Lower than the extended promo of 4,25% at Bank Islam for 18 months. What is the meaning of 4.28% quoted in the flyer then?

For 100k, made up of 90k and 5k and 5k, the collection is 8244+85+215=8544 which is only 4.272% p.a, - still lower than 4.28% p.a! Also lower than Bank Muamalat 100k at 4.3%  for only 12 months.

For the odd figure of 120k, made up of 108k and 5k and 7k, the collection is 9898.80+85+301.00=10278.80 which gives 4.2828333% p.a.

For 200k, made up of 180k and 5k and 15k, the collection is 16488+85+645=17218 which gives 4.3045% p.a.

For 1m, made up of 900k and 5k and 95k, the collection is 82440+85+4085=86610 which gives 4.3305% p.a

For 2m, made up of 1.8m and 5k and 95k and 100k, the collection is 164880+85+4085+5600=174650 which gives 4.36625% p.a.

So is quoting 4.28% -4.3% a meaningful range when the actual range is less at the lower end and more at the top end. Especially for non-senior who cannot qualify for the better senior Affin Gold rate?

For the time being, at 100k it is still worse than Bank Muamalat. At the lower end it is worse than Bank Islam at 4.25% for only 18 months extended to 30 September. So what is the purpose of this promo - hoping nothing better shows up before or after October?

Yes, I will open a current account to see if I can take advantage of this 5.3% interest.
Thanks

Regarding the HLB monthly interest, apparently since last mth, they have changed the T&C.

I renewed on July 11th, and interest payments will only be done at the end of 6 mths or 12 mths,
so no more monthly interest.

Confirmed this at the branch today in Sri Petaling (for my certs anyway) even though I never
changed anything when i renewed.

I once encountered this. But I was told that the penalty is act on the pre-calculated interest. Means.. Suppose give u x amt of interest, but the end deducted that for the early uplift

Bank Rakyat so quiet recently?
i tot all banks are short of cash now,
why Bank Rakyat no FD promo for so long time d ?

here you go......... 
http://www.thestar.com.my/business/busines...worrying-banks/

i call ambank but they dont have any info on this rate. their ongoing promo is 4% for 12 months minimum 10k.

can you please share at which branch you made the 50k placement ?

Thank you for your reply. Main priority is to get the certs and update them, as I can't remember when  they were last updated.

The limit of 2 certs is a letdown, as i understand there is an RM10 stamp fee, hence multiple trips mean multiple stamp fees.

Ambank eFD: 6 months at 4.00%, min RM 10K, valid until 31 Oct

Hong Leong Bank OTC:
(1) 10 months at 4.1%, min RM 10K
(2) 6 months at 3.9%, valid until 31 Oct

Called one Am Bank branch, a female staff said she just received this new promo, maximum is 4.1% for 1 year,
if want to get 4.15%, then she needs to call HQ for approval, but she said the chance to get 4.15% is almost
impossible since another customer wanted to put RM 20 millions also could not get 4.15%.

I was quite frustrated, then called to another AM bank branch, a female staff said yes, can get 4.15% after
call to HQ.

Thanks so much, your info just come in at a right good timing....   

Thanks.

I have some Aust$ left downunder for years now. Thought of transferring that to a foreign FD here.

Thought in the past, saw really attractive foreign FD rates. But checked the web, now <2% rates!

Can transfer back to RM with higher rate. But for sentimental, I still have some Aus$ mentality, etc etc, reluctant to transfer out.

So a foreign FD will allow me to keep the Aust$ and get a higher rate (not really now).

Thanks.

Anyone heard of Manulife Manusecures Series. They offer 11% to 17% interest for duration of minimum 5-20 yrs.
Wonder if it's trust worthy.

http://www.manulife.com.my/servlet/servlet...6F0000126C9TUAU

I've never bought any of these, it seem very good. How bank can compete if this is true?

FD promo:

OCBC, min 10k
Conventional 12 mth 4%,
Islamic 12 mth 4.1%
15 mth: Conventional 3.9%, Islamic 4.0%
Mi FD same promo but with monthly interest

MBSB:
8 mth 4.08%
60 mth 4.3%
12 mth 4.2% for 500k (can try to nego further ??)

AmBank:
For today only:
12 mth 4.2%
6 mth 4%

Muamalat: No promo for now

I got this info too, not limited to senior citizen tho.......

See my updated post. AmBank 4.2% till end this week. 

Update 3/10/2017:

UOB fd promo same as last month (did not find out more details as rate not attractive to me  )

HL OTC 6 mth 3.9%, 18 mth 4.1%. (HL eFD 12 mth 4.2% is better)

MBSB able to give 12 mth 4.25% nego rate for >500k FD. Nego to get even better rate !!

AmBank FD promo till end of this week or Monday 9/10 as some members found out.

FD promo:

OCBC, min 10k
Conventional 12 mth 4%,
Islamic 12 mth 4.1%
15 mth: Conventional 3.9%, Islamic 4.0%
Mi FD same promo but with monthly interest

MBSB:
8 mth 4.08%
60 mth 4.3%
12 mth 4.25% for 500k, nego for better rate

AmBank:
12 mth 4.2%
6 mth 4%

Muamalat: No promo for now