You could be right. Banks are more keen to get us to take their debit cards, and earn some fees annually.

Anyway, will go ask them when I pass by the branch.

And if you have placed FD using the existing saving account for maturity of FD and interest payment, they won't permit such instructions to be transferred to a new Savings Account.

hahaha. No worries. I have one FD with Affin maturing in 2024, and don't need to use Affin Secure approval. Will consider opening basic savings account if their FD rates are good enough again in future

Bank Islam FD how many months? TQ

I had a problem when opening basic savings account with RHB. I informed them I wanted a no charges account, but they incorrectly designated Opt 2 for me (which option they maintain I believe we can't see it online). When I saw the next day that they had charged me RM8, I went back to the bank to have it rectified to Opt 1, and refund the RM8

This post has been edited by BWassup: Oct 18 2023, 05:03 PM

AmBank bundling consistently gives very good rates, tho we might have to do a bit of work to get the highest effective rate.

Spending with debit card, online payments and e-wallet top ups also count toward the RM1,000 bro. I don't have an AmBank credit card, but I just use the debit card instead.

If we have not placed max 100k into Truesave, can still ask for the special FD rate of 7.45%? Then effective rate almost 5% liao

BoomCha Cha & guy3288 have both done it past few days. And previous bundling in September, others also did it with Truesaver account.

Think you need to speak to the manager, or consider going to another branch

September around the same. 7.25%? I also did one then. The branch is Bangsar Baru. You can ask them as well

This post has been edited by BWassup: Oct 20 2023, 12:01 PM

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This post has been edited by BWassup: Oct 20 2023, 04:07 PM

Earlier you posted got effective rate of 4.875%. This was before the maximum Truesaver balance of RM100k was filled right?

I believe other depositors can still get this effective rate as long as not more than RM100k in Truesaver account?

I fully agree with you.

Furtheremore, all money in Truesavers account is fungible for interest calculation purposes. Meaning that, if the savings account balance is 60k, there is no difference or separation between let's say, 10k with a "hold" status under 10k FD + 10k Savings bundling, and 50k other savings which is available for withdrawal on demand. The same interest calculation parameters apply to the entire 60k.

I highly doubt that AmBank has devised a system sophisticated enough to calculate interest separately within the same account. It would consume more time and computing resources to make additional runs to do this.

That is why AmBank always lists down the types of accounts that can be bundled with FD, because the control for the method of interest calculation is at account level. For example, they disallow high interest accounts from the bundling to limit the effective rate.

Since they have permitted Truesavers account to be bundled with the FD, logically, the interest calculation has to follow the promotion rates for the entire Truesavers account balance (up to 100k) under the various criteria set i.e. deposit 3k, spend 1k, unit trust.

This post has been edited by BWassup: Oct 20 2023, 11:52 PM

I had a small balance in Truesaver on 1 Sep, and deposited 50k on 8 Sep for FD bundling. I made some transactions since then to meet the 1k spending criteria. It's a bit tedious to calculate the average balance for the month so I haven't bothered to do it, but just by looking at the e-statement daily balances, the average balance from 8 Sep to 30 Sep should be marginally over 50k.

I received 23.74 on 30 Sep which is very close to the estimated conservative base interest :- 50k x 0.75% x 23/365 days = 22.63.

I received 55.39 today, which is the bonus interest (1.15% + 0.6%) :- 23.74 x 1.75/0.75 = 55.39

AmBank's calculations are correct.

This post has been edited by BWassup: Oct 21 2023, 06:05 PM

Not bad, whilst waiting for clearer directions.

This post has been edited by BWassup: Oct 23 2023, 09:34 AM

Means if bundle with Truesavers account, still can get up to 2.5% on Truesavers.

Maximum effective rate 4.875%

[Called Ambank today (25/10). The FD bundling promo is until March 2024]

This post has been edited by BWassup: Oct 25 2023, 09:38 AM

One reason for hybrid product is management of maturity profile? FD portion is fixed term, whilst the saving portion is on call. Interest rates on savings account can change as well (though in practice it doesn't change often), so the effective rate is technically not fixed

You are not losing RM700 actually. It is just an opportunity cost of withdrawing the renewed FD after only one month. If the money was in HLB Basic Savings Account instead of being auto-renewed, the interest rate would have been 0.25%.

Just curious to learn about SG practice if we Malaysians should wish to make any FD placements. If the SG banks do not do auto-renew, what happens to the FD proceeds at maturity?

And if we go in to withdraw after one month, will they pay us additional one month FD interest, and at what rate?

Thanks bro

This post has been edited by BWassup: Oct 26 2023, 11:48 PM

Is that for all banks?

I think I have done some eFD without auto-renew, but credit proceeds to savings account.

FPX is supposed to be same day, as long as we meet the cut-off times. Bank Islam's practice is not really acceptable in this day and age. Who is earning interest on your money for the 3 days in transit?

This post has been edited by BWassup: Oct 30 2023, 06:25 PM