Looking to read feedback from FD clients. Just curious question concerning financial literacy of people.

As readers at this forum, do you routinely place Fixed Deposits at the minimal Board Rates available (based on Maybank FD Board Rates wef since 9 July 2020), or at the promotion FD rates for general public at any particular period, or at special promotion FD with special conditions for select clients?

Thanks for the feedback. Hoping for more promo e-FD as well for short periods.

Some FD rates after Malaysian OPR 0.25% increase on 11 May 2022

AFFIN ISLAMIC BANK
Online eTerm Deposit-i, minimum 10k, payment on maturity

3m 2.25, 6m 2.45, 9m 2.55, 12m 2.85

OTC Invikta customers, minimum 50k, from 13 May to 7 June 2022

1m 1.85, 3m 2.35, 6m 2.55, 9m 2.65

12 to 18m 2.9, 19 to 24m 2.95, 25 to 35m 3.00, 36m 3.25

Payment on maturity if 1 year or less, 6 mth interest payment for longer periods.

This post has been edited by oldkiasu: May 16 2022, 11:46 AM

AMBANK told me still no news of promo FD change after OPR increase.

Still now at existing promo offer from 1 April to 30 June 2022. Minimum 10k for 12 months. 70 FD:30 CASA bundle.

Normal customers 3.35%.
Wafeeq 3.40%.
Existing Priority 3.50%.
New Priority customers 3.60%.

MBSB promo minimum 100k.
6m 2.40, 9m 2.50, 12m 2.60
normal board rate 6m 2.20, 12m 2.45.

Existing Primewin 70:30 bundle still available.

OCBC promo 1 Apr to 17 May 2022, 9m 2.4, 13m 2.5 just ended.
Can anyone come out with new FD promo info?

UOB promo from 13 May to 31 May 2022, minimum 10k, OTC/online.

Islamic 6m 2.25, 12m 2.60.
Conventional 6m 2.15, 12m 2.50.

BANK ISLAM said no promo FD now.
Please post if any new promo from Bank Islam.

BANK MUAMALAT existing promo for FTA-i from 15 April to 15 October 2022 still running.
OTC and online, minimum 5k, profit paid monthly, half yearly or on maturity choices.
6m 2.25, 12m 2.43, 18m 2.63

BANK RAKYAT existing TD-i promo still running. Minimum 10k, can choose monthly payment of profit.
12m 2.6, 24m 2.8
Says may revise soon.

HONG LEONG online still at existing promo rates. Change from 1 June.

Conventional and Islamic by online FPX, minimum 10k.
3m 2.00, 6m 2.25, 12m 2.35, 18m 2.65, 24m 2.75.

36m Step-up promo by online FPX, minimum 10k.
1 to 12m 2.45, 13 to 24m 2.80, 25 to 36m 3.15. ER 2.8

TIA from online account, no PIDM, indicative rates
3m 2.25, 6m 2.35, 12m 2.55

End of Bank Rakyat promo coming soon on 9 July 2022.
Bank Muamalat has a promo 15 April to 15 October 2022 using internet placement for FTA-i.
6m 2.38%, 12m 2.80%, 18m 2.88%. Can select credit profit monthly to savings account.

Hong Leong TIA-i promo (islamic investment, no PIDM) at HLConnect.

3m 2.55%
6m 2.65%
12m 3.10%

minimum initial TIA-i at RM 500 (whatever that means).

Placement is not by FPX, but by debit on-line with HLConnect internet banking from existing SA balance.

Principal can be selected to be auto-creditted into the SA on maturity.

This post has been edited by oldkiasu: Jul 2 2022, 01:49 PM

Only a bank with silly untrustworthy management would throw away the trust of TIA investors by giving less or investing in unsafe arrangements or lose money due to financial or technical problems.

U mean big borrower has no idea or allowance in case of increase in loan interest rate before taking the loan? If no plan, then he will always eventually fail however lucky he is.

I don't think having FD account has any relevance.
In my case, I used an existing sole SA to do the placements, and as the account to receive the profit and principal. I do not know whether a joint CA would be eligible.
For my first placement at HL TIA-i some years ago, I had to do a risk appetite questionnaire online at HLConnect. I do not know whether this needs to be done nowadays for newbie.

The Indicative Profit Rate (IPR) is actually what I get and not 85/100 x IPR.

So far so good with the HL-TIA IPR payments after numerous placements and maturities at various tenors. Please do not consider this as a general endorsement for other banks TIA. My personal view is that the TIA risk depends on whether the bank has honorable management and practice prudent use of the TIA funds. If I cannot sleep soundly because I doubt the honor system or the greater risk appetite or entanglement of the bank, then I would avoid regardless of how attractive the Indicative Profit Rate is.

My risk appetite is not so important, but rather the perception/judgement/evaluation of whether the bank is seen to be prudent and competent or worse. For me, the risk is not in the T&C but the questionable ethics, decision making performance at various levels affecting the customer, and entanglements of any particular bank in running any particular banking products.

This post has been edited by oldkiasu: Jul 6 2022, 01:48 PM

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

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%.