Yesterday already posted 22409 to Sonnet Porky on the explanation supplied by Ambank for the promo MSIA12.
Look at bottom of link.
For those asking about payment (Adele123)- read closer at item 5, RM 20 FPX at opening.
https://www.ambank.com.my/eng/promotions-pa...D-via-FPX-Promo

This post has been edited by oldkiasu: Sep 18 2022, 09:09 PM

Usual words - FD is very simple. Place at highest rate.
Whatever that means. Easy to say. Result is another story.

Just did the routine check on the online offers at Hong Leong. Appears there was some changes for their 1 Sep to 31 Oct 2022 TIA promo.

3m from 2.65 % raised to 2.75 %. (Normal TIA 2.40% now).
6m from 2.95 % raised to 3.05 %. (Normal TIA 2.55 % now).
12m from 3.20 % raised to 3.30 %. (Normal TIA 2.40 now%).

CORRECTION thanks to Kinwawa tip on how to access eFD promo.

On the eFD and eFD-i online, normal rates available for various months ranging from 1.80 % for 1 mth to highest normal rate at 2.25 % at 6 mths to 60 mths.

eFD and eFD-i online,
3m from 2.55 % raised to 2.65 %. (Normal 2.20 % now)
6m from 2.85 % raised to 2.95 %. (Normal 2.25 % now).
12m from 3.05 % raised to 3.15 %. (Normal 2.25 % now).
18m from 3.30 % raised to 3.40 %. (Normal 2.25 % now).

Please inform if the rates above are wrong or are raised again in response to the very strong competition from the other banks which makes the above rates no longer competitive.

This post has been edited by oldkiasu: Sep 20 2022, 06:06 PM

Thanks, I was just looking at their rates. Can now see the promo eFD FPX offers after go more deeper into the placement steps compared to TIA and normal FD online.

Phoned Bank Islam on Wed 21 Sep 2022. 3 Promo from 15 Sep to 31 Dec 2022.

6m 3.3%
12m 3.5%
18m 3.7%

MaxCash bundle 70TD-i:30AlAwfar
3m 2.45% ER
6m 2.50% ER

AlAwfar Extra Cash 10,000 (lucky draw promo). Rate 0.02%.

Please post if any correction needed or rate adjusted to compete.

Phoned Ambank on 21 Sep 2022. OTC promo till 30 Sep 2022 for Priority customer.

With 10k in CASA, min 10k. OTC cash or cheque, no trf to acct.

3m 3.0%
6m 3.3%
12m 3.5%

Bundle 70FD:30 CASA. OTC. FD part at 4.10%. ER depends on CASA rate. Please check.

No promo for non-priority. Normal OTC Board rate.

1m 1.8%
3m 2.1%
12m 2.25%

Please post if any correction needed, or adjustment made to offers to compete.

USA Fed rate raised 0.75. Out of 8 central banks expected to raise rates this week.
Sweden, USA, England, South Africa, Norway, Taiwan. 2 nearby Indonesia, Philippines.

This post has been edited by oldkiasu: Sep 22 2022, 02:40 AM

Last known for MBSB Combo A Bundle promotion for 12 mths was 70x5.55 FD + 30x0.05 PW =
388.5+1.5=390. Effective Rate 390/100=3.9 %.
Minimum 5k. Earmark in PrimeWin till maturity.

This is a fraction of the 8 OTC promo offers in Combo A and Combo B. Some may suit your needs.

You may also wish to take a look at the MBSB Board Rates, they can be placed online conveniently with much smaller principal.

This post has been edited by oldkiasu: Sep 30 2022, 09:56 AM

https://www.mbsbbank.com/promotions/term-de...ooster-campaign

As I had posted before, my group of FD depositors had discussed about what is the real meaning of highest rate and how to obtain the highest rate practically. They came to the conclusion that to avoid getting a lower rate on any particular day, the common sense thing to do is to ask and place in the afternoon. We all know that this may not be convenient and not so weather friendly for the depositor.

If an RM uses outdated info from yesterday, how to blame just because what was decided by bank management and discussed/made known to the top FD level in the morning to bank manager, and only later in the day told or put into memo for RM or counter staff? Admittedly this depends on how long they drag the morning bank briefing, and how fast the memo is made/corrected and actually read or printed for distribution to staff. Even the public posters and notices printed on paper may not be changed, and even more dubious the electronic displays and webpages. This sort of up-to-date problems had been mentioned and posted for years, but unfortunately the blame had always been laid to the staff instead of the bank work system which had not been improved to overcome the unrecognised/unaknowledged bad situation. And the fault of the depositor for going too early is not highlighted.

There are timing issues in banks which we need to know and cannot ignore, whether it is when foreign exchange rates are changed, or when the short 1 day or few days rates are determined, or the closing times or practical times for various transfers and activities. This is simply a practical matter which maybe a secretary/runner who does bank ops everyday would take into account. In particular, CIMB is notorious for its FD rates being subject to change Until Further Notice style.

This post has been edited by oldkiasu: Oct 6 2022, 12:44 PM

Just cross your fingers and toes. Maybe someday can reach that canggih level although so many states and new holidays declared. There was some story that states can choose up to 3 adhoc additional holidays each year - dunno true or not. Cashflow projections/allowances for banks in various states for withdrawals won't be so simple as now. Previously, the noise was on the weekend problem.

This post has been edited by oldkiasu: Oct 6 2022, 03:52 PM

Effective Rate calculations for Bank Islam bundle promo 15 Sep to 31 Dec 2022.

3 mths 70x4.35 + 30x0.05 = 304.5 + 1.5 = 306.0 ie 3.06 % ER

6 mths 70x4.45 + 30x0.05 = 311.5 + 1.5 = 313.0 ie 3.13 % ER

The 70 TD-i is PIDM protected. The 30 Al-Awfar is not PIDM protected.

This post has been edited by oldkiasu: Oct 6 2022, 04:22 PM

Posted before about my kakis discussion on the question of whether BNM OPR rates and FD promo rates are possibly correlated or not at all since kakis are all seriously in it. To summarize, there is a variety of suggestions of causes, but consensus is that Malaysian OPR is irrelevant to the quantum of the highest promo rates.

Possibly any relevance is more on savings rates or even possibly the bottom FD rates. And even this is not really backed by real data as kakis focus was on comparing actual top rates against Malaysian OPR effects and other considerations of competition and budgetting for bank cashflow funding.

At this point, kakis main focus is that a lot of money is going to divert away from bank support (lousy rates) to take advantage of the raise from 60k to 100k per year voluntary contribution at EPF to replenish EPF funds. Basically those banks that do not raise their promo rates are really going to be hard hit in a funding sense especially when the business loan sector is picking up.

Another idea is that worsening exchange rates are driving out funds to non-Malaysian opportunities although the kakis know that this is somewhat different from the normal or promo FD placers, and maybe they are scratching their heads on how to measure the impact or ascribe what is the impact practically for any real pragmatic help to decision making.

This is all based on the pragmatic questions about what do you really mean by a high promo rate, especially how to place in the situation to be acceptable - seems all kiasu to lose?

This post has been edited by oldkiasu: Oct 14 2022, 08:24 PM

If you have any doubts about the rate, you can just post your calculation and I am sure there are some people here who can tell you whether it is OK or not. But you need to be sure about the indicative rate and your effective and maturity dates and perhaps whether you are counting up to your actual lifting date. Most times, we have people with trouble calculating the correct number of Interest Bearing Days by not using a computer. You do not even need to state your principal or profit even. Just the number of days in your calculation and whether it was matured in this month.

This post has been edited by oldkiasu: Oct 14 2022, 11:03 PM

FYI HL TIA-i promo rates now 3m 2.85 (same as new CIMB promo rate).
6m 3.15 less than new CIMB 3.4.
12m 3.50 less than new CIMB 3.7.
Please post any counter reaction from HL later.

This post has been edited by oldkiasu: Oct 18 2022, 02:05 PM

Kakis discussion says BEST promo rate has nothing much to do with Malaysian OPR. Kakis opinion is that best promo rates are set according to 2 main bank running factors. 1) Desperate or need to capture fund first for bank use. 2) Bank take opportunity make money by forex/bonds etc at local or foreign currency, as understood banks do not rely on lending to make money.
Also other unusual factors for certain banks like getting more HNWI for sale of bank, or campaign to get new customers. Usually kakis are all disqualified since they already dispersed their money for either PIDM issues, or already old customers with all banks after many years of hopping around for best rates.
Kakis do not usually place with second or third or low promo rates by banks not falling under factor 1 or 2 - those are usually taken by loyalists and those either don't know or too much bother to change. There are 3 categories - low board FD rates, ho-hum retainer promo FD, and BEST promo FD. Most rates mentioned belong to the ho-hum promo FD category.

This post has been edited by oldkiasu: Oct 20 2022, 01:11 PM

Trying to get new passengers in sinking ship where old passengers jumping off?

This post has been edited by oldkiasu: Oct 20 2022, 01:19 PM

In practice, my kakis never use Effective Rate for calculation because it seldoms ever gives the exact figure. They also never do things like divide by 4 for 3 months, or 2 for half year, or by 12 for 1 month because guaranteed always wrong answer exactly because of the arithmetic. They always use the number of days in the tenor, which is 92 days if you place in October 2022 and the relevant FD Rate and the Savings Rate. In this case, it is more than a quarter of a year.
My kakis had to explain to any number of FD placers why their calculations are almost always inexact or grossly off wrong and what is the right way.
If you are placing with MBSB, they seem to have wisen up to the calculation problems after various complaints - don't know whether bank program was bad or what - so now you can get a printout for the various MBSB promo tenors for the principal when you place instead of arguing/complaining later. Just ask for it. This is a good feature which all banks should be encouraged to adopt instead of creating unnecessary doubts or miscalculations.

This post has been edited by oldkiasu: Oct 23 2022, 08:54 PM

Effective Rate is a way of comparing bundle promo (say 80FD:20SA combo) or step promo against normal FD or SA rates or any other annualised rate of return for other investments. For comparison purpose to know which is supposedly better or worse deal, every investment is compared per annum style, although the actual profit/interest received depends on the tenor period for FD or on conclusion of sale of say a commodity or share.

For calculating Effective Rate for Bundle FD, most people simply ignore the tenor, as arithmetically it does not change the answer regardless whatever tenor is involved.

However, having an ER does not mean that calculating on it is the actual sum of both FD and SA components because of 2 things. First is the unavoidable bank's method of rounding for the FD and the SA which may result in a slight rounding error unless coincindentally it works out the same. The other more serious case is that the SA interest rate changes for better or worse (affected by OPR) and especially if using Islamic SA indicative profit rate.

On the other hand, the tenors cannot be ignored in step FD as it can lead to disputable results.

In the case of Bundle FD, the actual collection is something that is not be actually seeable directly. This is because the FD part matures on a certain Maturity Date, but there is no entry for the SA portion until maybe the end of the month or start of next month or maybe even 6 months later - naturally this figure is way off from the calculated SA interest from the bundle especially if you shift funds or interests in the SA at various times.

For kakis, they must always be knowledable on the subject and ready to explain/demonstrate/calculate to show all this to avoid doubts and misgivings.

It is not correct to say bank programs are foolproof or that they got it all done properly.

This post has been edited by oldkiasu: Oct 23 2022, 10:50 PM

Bank Rakyat still going 4.05 % for 6 months OTC.
Bank Muamalat now at 2.7 % for 1 month online although bank website did not update previous dropdown info of 2.45 % for 1 month. Can try if exceed the maximum allowed at other places like OCBC 360 at 3.1 %, etc.

This post has been edited by oldkiasu: Dec 26 2022, 11:42 PM