This has been in the news and was discussed briefly here. I have been CB customer for a long long time. It will be transferring to UOB later, but the asset will be acquired by UOB. For me, not a concern.

I know of PB customers of UOB also going for this FD offer in CB.

I have recommended my relatives for this CB campaign. Well, nowadays, u have to "endure" some questioning by banks esp foreign banks for new account opening. Depends on individual, it may not be that "painful" ....................

Don't bother with Tiger Bank...

They don't really need the $$$..
Ordinary FD also got people taking it up.
I mean board rate level...

Undoubtedly a lot of ordinary people do not think/know how to grow up their FD with low sums of money by adding on money from monthly interests and savings. They rather gamble or stick to their old ways than understand how to use dispersed small sums to grow faster. Normal to find this people have funny idea that need lots of money instead of a system/plans to beat the situations at various times. They need to think a bit beyond the common ideas on how to increase their returns. Most FD depositors simply throw away the time element instead of making good use of it.
A basic problem may be due to the silly idea of passive income or lock-up steady savings, instead of actively scheduling to maximise for more profits. Like got too much money/income, don't know what to do to make more from the money. Got money to make more than normal money, but don't know or don't want or don't care.

CIMB Preferred FD rates
12 months - 3.15%
15 months - 3.25%

Wow.... Higher then the affin , win liao

lol it's a bad idea to come to fd thread and say all these

No impact as once FD is placed and the interest rate locked in at 3.55%pa, then UOB has to commit to it

What's your tried and tested formula to grow? Please share your knowledge. Thanks.

i think he wanted to to say property.

"Like got too much money/income, don't know what to do to make more from the money. " maybe he refer to property that appreciation is faster.
too much money maybe let say got Rm 2mil, put in property, appreciation 6-8% / or even more , rather than 3% in FD.

I think so la. dont blast me. my knowledge is shallow than baby pool

Thanks and appreciate. Cheers

I was invited to a luncheon hosted by UOB recently. Someone asked UOB manager about CB still aggressively looking for new customers with this 12 mth 3.55% FD. He said CB probably is trying to make sure by the time the deal go thru', their asset is higher/inflated. Then later UOB fork out 3.55% for the FD ........................ Just some comment for coffee talk !

This post has been edited by bbgoat: Jul 15 2022, 10:52 AM

The difference between 3.55% and the 3.15% (Affin 12 months invikta) is 0.4%, which will be the acquisition cost of a a PB customer.

sikit sikit jadi bukit. thats the formula for FD! no need no guru to teach...

Just a reminder to all potential HLB efd customers.

I have an efd with HLB for one year and it matured on 7.7.2022. When i tried to withdraw it online it gives an error that i have no efd with the bank. I have sent numerous emails and called them few times. For over a week now they still cannot get a solution for their technical glitch.




This post has been edited by ikanbilis: Jul 15 2022, 12:01 PM

Thanks for the negative heads-up.

Unfortunately technical hitches is something not uncommon even in bank software.

It is only a question of how often one checks accounts and how alert one is to compare bank against own accounts to spot the errors.

For most people, they trust bank and do not do counterchecks that the actual performance/record is right, so any technical problems end up hidden from sight later, or corrected.

Maybe can check whether CASA creditted for non-renewal or FD auto-renewed. The principal may have increased with added on interest, but new maturity date instead to 7.7.2023. The total number of live FD should still be the same if existing FD is replaced with renewed FD. If it is not like this, then really problem. In general, the FD auto-renewal feature is something that needs to be understood by FD depositors.

This post has been edited by oldkiasu: Jul 15 2022, 12:26 PM

I take it that you have checked your savinhs account.

MBSB BANK 70:30 PrimeWin promo from Fri 15 July 2022 by tel yesterday.

6m 2.75 %
9m 2.90 %
12m 3.15 %
18m 3.20 %

CASA never credited with the interest. The interest is added on to the principal which is renewed for another year.

One month before maturity i asked if they could change the instruction to withdraw the principal+interest to CASA. They say cannot but i could withdraw all on maturity date. Unfortunately this has not been the case and my money has stuck there for more than a week.

Thanks yo.

So it is just an auto-renew principal and interest for another year at lower board rate.

Sorry, but cannot change instruction once made original instruction at any bank.

The best thing you can do now, is to premature withdrawal for the renewed eFD as quick as you can since you did not withdraw on 7.7.2022 or 8.7.2022. I don't think BNM complaint will help, since you do not understand how this FD instruction thingy works for all banks. You will not get any new interest for the renewed FD since it is now a premature withdrawal. But still it is better if you take out the money and then place at a better interest rate somewhere.

The general advice is ALWAYS credit principal and any interest into a designated CASA account automatically on maturity if checked first that you are allowed to set this instruction on placement of FD.

In the past, when there was no FD promo business, it was the general assumption that auto-renewal was usually a good convenient idea for those who do not hop from bank to bank. The savyy FD promo investor should be aware of banking history/tactic and reasoning behind this, and discard obsolete and no longer relevant advice/teaching/practice to avoid interest loss. As always, we must adapt to changing situation and change our way of thinking and operational ways appropriately.

For your info, some banks do not have automatic withdrawal on maturity instruction, and you always have to be mindful when the Maturity Date is due.

But HL eFD now does have option for full withdrawal to your CASA on maturity. However, another sometimes overlooked aspect is the condition of the CASA at maturity date. To prevent this fiasco/avoidable problem the general advice is that one needs to regularly keep alive any relevant CASA accounts at set dates.


This post has been edited by oldkiasu: Jul 15 2022, 03:03 PM