I think their "current" promo is even before May OPR increase. I have been withdrawing FD's from them since May OPR increase.

Hoping they can have good rates as what they have done in the past. Maybe even nego rates. But it looks like for past 2 mths, they don't really need to hold on to FD deposits of their customers.

in my previous withdrawal, the staff kept remindiing me to bring back the money when there is a new promo. At least 3 times. She said one of the reason BR did not offer a new promo is that their 2 years rate is still among the highest then. So when other banks start to offer a new rate this round, pretty sure BR will try to top them.

Hopefully by end of the year, we will see most banks offering 4% for FD

perhaps can consider put in foreign currency FD,especially in USD, better rate and also can earn from currency ecxhange.

two wks ago i renewed my FD under BR for 24mth @ 2.8%... will need to see whether wan withdraw n placed elsewhere in end of the mth

*Ambank Special Empowerment Deposit Drive* 🔥🔥🔥
*7 Jul - 31 Jul* *APPLICABLE FOR both ISLAMIC TD-i & CONVENTIONAL FD*

*6 months @ 2.80% p.a*

*9 months @ 2.90% p.a*

*12 months @ 3.20% p.a*

Offer validity:
*valid till 31 Jul 2022*

*Valid only for AmBank Priority Customer*

Is ambank the first to hoot promo?

Wow, that is quick. 3.2% is Need to check T&C further if it is simple FD. Ambank likes to tie with CASA.

In the most logical scenario, BNM would dribble up 0.25 % every 2 months at their MPC to counter effects of interest and exchange rates of other countries. When the OPR was decreased at every MPC previously, it was like giving a bank subsidy/lifeline to those who overbought property and losing income (FD depositors may be just considered as collateral damage!!). Now that business and work is up again and rising, it is time for the banks to recover their profits and appease the depositors.

The Bank Rakyat promo started on 22 March and supposed to end on 9 July 2022. Just supposing the above scenario is what is going to happen, how should Bank Rakyat or other banks handle the situation?

To me, if Bank Rakyat had already or nearly achieved the targetted amount of funds to provide for 1 and 2 year operations, then obviously there is no need for another promo till 1H 2023. If they had failed to collect enough then, they may need a new promo which can be competitive with the other banks. The question then was and is still whether short 1, 2, 3 or even 6 months tenors have rates that are attractive enough to really beat 12, 18 and 24 months rates?

All the banks should already be prepared/planned as to what to do when OPR increases. It is only a question of whether they want to be front mover, slower to announce or opt adjust realistically to competition according to their projected cash flow and lending/deposits ratio, and the performance/uptake of their existing promo.

This post has been edited by oldkiasu: Jul 6 2022, 05:50 PM

Aiyo up so little. Quickly up to 3% lar. Normalise it.. fd suffer a lot

Any chance Hong Leong will revise the rates of their promotions for 7.7 due to the increase in OPR? I feel like there isn't enough time to revise the rates/materials on their site.

Any monthly profit paid will be taken back once you do premature uplift by clawback from principal. The longer delay withdrawal, the worse loss.

Let us see how quick Hong Leong can work by tomorrow. Otherwise I will be looking at Ambank 3.2%.

i opt interest upon maturity

Maybank will raise its BR from 2% to 2.5%, and its BLR will be revised from 5.65% to 5.9% per annum.

Similarly, the Islamic base rate and base financing rate will be increased by 25bps from 2% to 2.25% and from 5.65% to 5.9% respectively.

In line with the revision, Maybank and Maybank Islamic’s fixed deposit rates will also be adjusted upwards effective July 8.

I just my FD on April 2.58% one year in Ambank 😖😣😔 damn ....

that's the nature of promo rate la

you place tomorrow with higher rate. then come sep increase opr again, how?

Small players like us will lose every advange already by exchanging from MYR to USD and back with the banks shitty rates. Would be fine if you could just bank in and out USD notes, but certainly cannot.

One word from this AmBank promo I don´t like

same thought

just withdrew $$ from KDI Save, in anticipation of HLB 7.7 fd promo

hope can get new rate after midnight (system update).

may try to wait it out till afternoon, hoping for an updated rate, but risk of quota finish.