Actually BR can offer such good rates because it's not PDRM protected.

You are actually paying extra for an insurance policy that you most likely do not need.

If BR closes down, then most probably your ringgit will be worth almost nothing anyway.

Another con is, if you deposit more then 50k in 1 deposit, you can only claim that FD at the branch you apply the FD for once expired.

Also nowadays, Bank Rakyat very slow service. You can only go to the branch to open the FD.

This post has been edited by BrookLes: Aug 16 2022, 09:34 PM

Wow luckily you remind me.
I go and check, luckily my 50k fixed deposit all monthly.

Dunno why they dunno how to default give customer the better option like monthly interest and dunno how to advise customers to put less then 50k into one fixed deposit certificate.

It's like they are totally brain dead or something.

Actually they should also give customer option to just request that fd get deposited into savings once expired.

But ok good also. At least I know my money is safe.

This post has been edited by BrookLes: Aug 17 2022, 12:31 AM

Problem is. Most ppl would have already put their monies into FD a long time ago. Very few ppl who puts money into FD have much cash in savings anyway.

Haha you should have put Tia in HL. Almost same rate at this promo

They should give promo rate for this TIA also.
I am pretty sure if they offer say 3.25%. It will be very attractive.
Very possible to give this rate since they do not have to pay for PIDM.

Actually, I can do that "thankless" task. Just joking. But doubt they will actually go and rectify even if someone tells them. They just want to protect their stomach that's all.

To be honest, I really do not see most banks improving.

For example, when I go apply cc just 1 week ago. The stupid bank even required me to go and get my EPF details. I have to travel quite a distance to go get my EPF details and in the end, my application got rejected. Why need my EPF details when I gave you my payslip, IC and even my employment letter.

The stupid person who told me to go get my EPF details did not even inform apologize to me for my efforts and did not even find out for me the actual reason as to why my application got rejected. I mean my salary is RM14700 and I do not even have any debts aside for another CC. My suspicion is that the approval probably met his quota. And maybe she should have like suggested me to create an FD with the bank or something to improve my chances. Those people are just useless people taking orders that's all.

Another thing that is funny is, when I first put in my application, that stupid lady actually miscalled me 11 times in the morning.. I mean seriously how stupid one can get to be honest.

I mean if even simple task like this they cannot do, how would those simpletons even be able to design a website that is even user friendly by even simple standards. Look at Hong Leong bank. I just changed my phone but yet when I do my transaction approval, I cannot even approve my transaction using my new phone. Of course, I can complain to them and ask them to rectify this but then yes, they could probably solve this issue for me, but then I think this transaction approval issue, i think it would take them at least 6 months to solve this issue.

The people they hire are not really the brightest to be honest. But then this is the situation in Malaysia to be honest where most people dun really use their brains.

In fact the worst kind of people probably got employed like that guy who rejected my cc application and rejected my cc application just because he can because no vips will probably apply for cc online anyways.

This post has been edited by BrookLes: Aug 18 2022, 09:05 PM

Not really because the rate given for shorter period 3 months is pretty abysymal.

You are probably getting 2.65% vs 3.2 % 12 months.

I really doubt putting for 3 months is really even worth it to be honest.

And then you have to make sure you remember to renew your FD after 3 months.

Also you are making the assumption that banks will give a promotion rate that is reflective of the increase in interest rate. But there is quite a high chance they will not increase their promotional interest rate in line with the interest rate hike.

If I have lots of money in savings right now, I just put in Bank Rakyat 12 months 3.3% monthly interest. Unless something drastic happens, the promotional rate will definitely not be much higher then this to be honest even if they hike interest rate in september.

i rather have a piece of mind putting 12 months.

This post has been edited by BrookLes: Aug 18 2022, 09:17 PM

TIA at least from HL perspective is just another FD in disguise but without the PIDM and that is why they can give you a better rate and even allow you to put a min amount of RM1000.

This post has been edited by BrookLes: Aug 18 2022, 09:02 PM

But then, they pay you the rates that they displayed all the time.
Like I said. this may only apply to Hong Leong.

It does not take a rocket scientist to figure that out because Hong Leong TIA is always slightly higher then FD like 0.1 percent higher.
But of course, you can continue to pay the extra for "PIDM" if you want that "peace" of mind.

If it is really a "riskier" investment, I am sure the interest rate will not be slightly higher then that of FD right?

They probably hide this under TIA because they want to cater for people who prefer "secure" investment and PIDM and who wants the "safest" investment.

But then for those with sharp eyes, they will think for themself why TIA interest is only slightly higher then FD. It is not that difficult to figure out that you are paying extra to buy that PIDM interst.

Of course if something bad happens to the bank, then maybe it's more likely that the TIA part will take a hit first. But that scenario is unlikely.

This post has been edited by BrookLes: Aug 20 2022, 02:14 AM

You can discuss this with your pb if you are a privileged customer

Maybe by doing the maths, you will find that if you put in your money at 3.2%, you will probably not lose that much even if it goes to 3.5 to 3.6%

And you are actually doing a bet that banks are going to increase their promo to 3.5 or 3.6% just because interest rates goes up.

The fact is, there is also the same probability that banks may not even increase their promo rates in line with the interest rates increase if they feel that their current promo rates are already attractive. Unless of course 1 bank start taking the initiative.

4.25 is the norm few years ago.

Well. If as a fund manager he can make this kind of mistakes, I now know why even in the tng investment side, they can still charge ppl for a fund that delivers only 2.85% max and even that is not guaranteed. The only attractive part is, you can put your spare cash in and take it out at after 2 days. But funny that when I try to put my money in, they still use "gimmicks" like saving for a car or a house when all I want is the best place to park my savings fund.

The only reason why I still put in there is because I am not able to register for kdi and this gives me the opportunity to make at similar rates compared to fd for my chump change. Thinking back I really should not have been lazy in at least creating an account for kdi few months back.

If malaysians were sophisticated, I am pretty sure tng invest would not charge fees for a fund that only can "deliver" 2.85% and even that is not guaranteed. I do not really mind paying fees if they go above 3%to be fair.

For me, I think the 3 banks that offer great interest rates are affin, hlb, bank rakyat maybe ambank.

To be honest, i dunno. Will they raise their promo rate by much more then their current. We will see.

This post has been edited by BrookLes: Sep 9 2022, 01:06 AM

Arrrr the decision to put into more risky assets or not is also a pretty "complicated" process

When revised today?

Yeah talk so much until can say 6.55% or something is actual pure fd product.

If can monthly then is better then bank rakyat

Really thx. Hmmm but nvm I just put 10k into rakyat. It's ok la. 30 cents give them for management fees