Just asking. Will you place if 3.35 %, 3.5 % or 3.73%, or you will wait for more?

Those are some off the cuff rates by some FD kakis, but whether their guess/reasoning is any good compared to what actually will happen -need to see how the banks respond.

Maybe the question should be changed to.

Banks will be coming out with a number of promo rates, but we do not know which is the highest?

So will you accept the highest rate on Monday 12 September, Monday 19 September or Monday 26 September or the final highest rate will only be available in first week of October 2022?

Do you have a "formula" like say promo rate should be at least 1 % above OPR etc or a formula based on US rates, or a formula range? Or the promo rate range should be like the ones that happened previously at the particular OPR levels?

Had people placing even at best 1 month, 2 months, 3 months, 6 months as long as above best savings rates, eventhough rates not so good or published. Just adjusting their lumpy longer term FD as feel not worthwhile in long FD and making money flow available when promo rates go up later nearer to 4.25 % or more on recovery.

Thanks for the reply, but that is how the individual FD kaki have to work.

The problem/opportunity is when a group have different FD kakis with their records argueing their "experience" on "how FD promos work" as the way to the future. So it shows different facts as if no definite policy or conclusion or working "guidelines" or strategy. Not that this is a bad thing, as the group does subscribe to the idea that multiple views with differing original interpretations/conclusions/strategies does really expand understanding/interpretation and had given rise to a number of practical tools and policies/lessons for past situations.

This post has been edited by oldkiasu: Sep 8 2022, 05:13 PM

Before and after each local and foreign rate change and the affected FD rates, my group of FD kakis will normally discuss the various possibilities and prepare a united consensus beforehand.

This does not apply to individual FD placers who can do their own choices.

There is a stack of short term "waiting" FD placers, and my group debates on when and how to do the changes to the best solution.

Have you checked Bank Muamalat eFTA-i promo? The top rate to beat is 3.33 % (if no quick change again).

This post has been edited by oldkiasu: Sep 9 2022, 02:31 AM

This is the most convenient (on-line) and top rate FD with PIDM known now in first week September 2022.

You need to place from its SA (not FPX) under CPG_ONLN FTA2.0_12M (or 18M) for 3.33 %. Can choose interest to be creditted to your specified SA, Upon Maturity, Monthly, Quarterly.

There may be some confusion here because the bank quickly changed up the campaign rates from late July and the current set may be the 3rd set of improved rates (if did not missed any more changes in between).

For those interested in shorter tenors, they usually place under Bank Muamalat ONLINE FTA_RTL.

Agree with the principle, but as usual on implementation, the devil is in the details.

With online FD placement, some even place daily from their daily business collection beside those who do every few days, weekly or monthly. Makes more sense than sticking into CA or SA as long as they have a cashflow plan. The other segment are those who place for medical and aged care cashflow.

Some had even done premature uplift to switch to better rates. As a result, there is discussion as to what is the practical meaning of an acceptable highest rate, and when to obtain the highest rate on day, week and month for practical use.

From my group discussion, there is unanimous agreement, that it can be costly and unnecessary fiasco to place in the morning as the bank staff will not be informed fully yet, or the system is not up or stable.

This post has been edited by oldkiasu: Sep 9 2022, 12:00 PM

BR at 3.3 % versus BM at 3.33 % for one 10k is just a little difference of RM 3. But without counting the work, time and transport costs for BR OTC placement and uplift on maturity versus zero costs at BM online.

"In line with the increase to its SBR, BR and BFR, Bank Muamalat noted that its fixed term account-i (FTA-i) deposit rates will also be revised accordingly."

https://www.theedgemarkets.com/article/thes...ed-opr-25bps-25

BrookLes - Dunno when yet, but just half month tukar up again from this morning post.

As a clear cut example of how this works in practice for the morning versus afternoon info/placement for highest rate.

I posted a reply to BrookLes on this morning's Bank Muamalat 3.33 %.
By this afternoon, we now read from the edge report that Bank Muamalat said they will revise up their promo offer. Or maybe he wants to consider the new Affin Invikta (but that is 50k, not 10k).
If he had uplifted his Bank Rakyat 3.3 % or placed 3.33 % at Bank Muamalat based on this morning, will he not be missing out on the upcoming Bank Muamalat rate?

Talking about placing at the highest rate is one hopeful wish, or saying cannot get the highest is another view. But this is all empty talk if there is no practical tip to avoid getting less than the highest rate for the day. Never mind whatever, as long as it works in practice and gets more money.

This post has been edited by oldkiasu: Sep 9 2022, 02:50 PM

Just read the T&C. Can open individual sa ac online (need to send pix of IC, etc), and then follow with place using code MSIA12.

Min 10k, max 250k per FPX placement. FPX money must be from own account at other bank.

Interest on maturity. Can choose principal to autorenew at current board rate, or autocredit to nominated CASA.

Some FD kakis just place at best rate that can be seen on-line on Wednesday afternoon of the 3rd week of each month or later.

Most FD kakis expect rate is to go up beyond present best at 3.5% after 30 sep 2022, so they are putting short terms as well.

Those with regular biz income flow, simply stagger with placements each month for longer terms like 1 year for regular cashflow.

All my FD kakis agree that will be big mistake to put all or big principal in now for longer term.

For online FD, all my FD kakis agree that the principal plus expected interest on maturity should not exceed the Maximum Daily Transfer Limit (usually 50k). In effect, this means the principal should be somewhere just above 48,300 currently to avoid 2 transfers and some interest or placement opportunity loss after maturity.

This is not an advice, merely what some FD kakis discuss/share. Up to you to decide.

This post has been edited by oldkiasu: Sep 16 2022, 08:52 PM

Look at the bottom part of this link.

https://www.ambank.com.my/eng/promotions-pa...D-via-FPX-Promo

Longer tenor does not always higher rate especially when comparing promo rates against board rates. It is one of the most common loss making assumptions about FD to assume longer is better.


This post has been edited by oldkiasu: Sep 17 2022, 04:54 AM

Please check with Ambank. Normally from usual T&C, they will deduct the monthly interest already paid into your account before returning the reduced principal. Whether it is worth giving back the interest like that depends on your own calculation from the Effective Date of your FD, and for some FD kakis, the consideration extends to how they re-invest or used the already collected interest. In some cases, some assumptions are required about the tenors and rates expected.

Yes, that is the word used by some banks. Nowadays in Islamic FD, they use another Arab sounding word to mean you agree to this.

The rates were so bad that none of my FD kakis placed any FD in early 2021. They only started placing again at end of May 2021 at Bank Rakyat promo and at Bank Muamalat from mid September 2021 promo. Their lowest placement was 2.58 % for 11 mth BR and highest was 2.80 % for 18 mth BM, all with monthly payment of interest.

This post has been edited by oldkiasu: Sep 17 2022, 11:54 PM

Anybody here from banking/advertising industry to confirm the following?

My kakis actually believe that majority of FD placers are not followers of this forum and not so much other online financial websites, and so are not actually up-to-date on FD promos.

The only time they take promos is when the bank advertise in newspapers or article with photos are shown. This also limited to certain places and type of newspapers.

This situation exists because of using the colonial language or banking jargon which they have difficulty understanding and so lose viewing interest.

This post has been edited by oldkiasu: Sep 18 2022, 01:10 PM

Got problem? Look too rich for BSA? Or bank staff don't like your face? Just joking. Anyway usual BSA problem reported many times already in past.

This post has been edited by oldkiasu: Sep 18 2022, 08:58 PM