At visit to CIMB on 19 January 2017, CIMB promo rates already changed from previous promo rate. 1 month dropped from 3.25% to 3.2%. 3 months dropped from 3.85% to 3.8%. 6 months maintained at 3.45%. 12 months maintained at 3.4%. All at minimum 10 k until further notice.
Staff did not mention 4% @ 3 months. So is it expired promo, special, nego or very new promo? Pls ask Coolstore for details.

Long time didn't do MBB FD otc. If otc, can see cert in M2U?

i am new to the world fixed deposit and would need some advices from all gurus. After around one year of hard earned savings, managed to save 10k and would like to know which bank should i go for? Read through all the replies in this forum, seem like bank rakyat or maybank are the best options for now? Is there any other bank that i can consider at? Another question is that if i opt for bank rakyat, how should i apply for that in the sense that do i need to have an account at bank rakyat first? If not, how should i carry that much of money? Is it in cheque and how should bank issue cheque and how much is the charges?

Thanks in advance and sorry being noob in this matters

This post has been edited by Newbies2017: Jan 22 2017, 04:21 PM

Impressed that you seek advice and managed to save 10k in one year. As to the question of best bank FDs for now - this depends how long you are willing to stay put, your age and health risks, and how you budget your future cash flow. When considering the best, it is also good to understand exactly what you would consider as bad and why in a bank FD and operation wise. Balance is essential and finding/knowing the negative side and how to avoid/overcome them is the most important thing about managing FD. Start by eliminating the most atrocious banks and deals which may be attractively presented to overcome the hidden costs or misguidance.

The physical location of the particular bank branch itself and the presence of the other competitive banks nearby may be important for survey comparison, last minute confirmation of changes, negotiation and convenience of bank cheque and cash transfers within a short time. This depends whether there are such banking areas in your town. Some people remain stuck at one bank because of original mistakes in choice of bank branch location as they feel too much trouble to move for some gain.

If you already can transfer money thru an ATM card, internet banking or thru smartphone app from your existing bank account, you can chose to open a bank account first, and then transfer the money in thru IBG (11 sen) or IBFT (53 sen).

If you do not wish to open a bank account besides the FD account, you need to bring cash, personal cheque (RM 0.53 deducted from acct) or bank cheque (fee depends on particular bank - but at least RM 2.53).

However, you must open a bank account if you wish to take advantage of the following:-
1) Payment of interest monthly, principal or final amount into your bank account from your FD account.
2) Keeping track of your money in your bank account with setting up of internet banking service or thru app instead of regular visits to update passbook.
3) Transferring out money to other bank account (my Bank Rakyat branch stopped issue of bank cheques and only do OTC bank transfers - free for oldies) on your own as you find the ideal FD promo choice later.

To save annual fees, some people opt for basic savings account. However, some people pick savings that have high interest rates and monthly rests. Choice depends how you intend to manage your cashflow and how you want to use the bank account.

This post has been edited by Deal Hunter: Jan 22 2017, 07:07 PM

Yes

ya, like i said hard-earned savings that is why i need to survey and compare wisely before i place the fd. FD terms doesnt really matter as long as safe and having good return but would prefer it to be the most 12 months. For the points that you have mentioned, location is not under consideration given that most of the banks are only around the most 20 minutes drive from my house. Perhaps like you mentioned, the things that i have to think of is whether to go for a savings accounts as well as the promo rate for now. But the question for now is that is it safe to go for bank rakyat which i read from the replies is without PIDM protection as i am kinds of worry that my money will gone just like that. Sorry if i am too paranoid, just want to be extra careful when it comes to money.

This post has been edited by Newbies2017: Jan 22 2017, 10:48 PM

Can't decide between which Bank to place my FD? I'll be putting in 10k. Any advice as to the pros and cons between OCBC/Ambank/HongLeong/Maybank? Looking at minimum 4% return

I do know Hong Leong is offering Online FD placement? Just transfer funds through online interbank transfer?

p/s: What's the usual steps to open a FD account if I walk into any Bank branch?

This post has been edited by -kytz-: Jan 23 2017, 12:31 AM

It is your hard earned money, so it is your right to decide in your circumstances. Personally, I don't bother about the PIDM so much. Some banks have reputation problems - dubious investments/losses/expansions that reflect on over ambitions, or poor customer business services, or doing dubious activities - the kind of management quality and influence that we would rather not see or hear about in a bank.

In the case of Bank Rakyat, their FD product Term Deposit-i is Islamic compliant. As a cooperative bank, all depositors will be protected by the Malaysian government under the Ministry of Finance instead of PIDM. It is up to you to view this as being better or worse than PIDM but there are a lot of co-ops that would be affected if Bank Rakyat or Agro Bank are not backed up by the government. In the case of Bank Rakyat TD-i, the bank guarantees to pay a final amount which is the sum of the principal and dividend (interest) at the maturity date printed on the FD cert.

Promo rates usually are at 10 k nowadays altho much higher minimums have also start showing up. For longer terms, the Bank Rakyat normal board rate of 4.3% for 5 years is competitive. The minimum amount is only RM 500 per FD placement. But to enjoy monthly payment of interest into your Bank Rakyat savings account, the minimum amount is RM 5,000 per FD certificate.

The usual promos are usually around 12 months, with some as short as 1 month and going up to a 24 months. The promo rates altho better than most board rates for these short terms are only around 3.2% to 4% with Hong Leong tempting eFD at 4% (with possible high of 4.18%) for 8 months with a minimum of 10k and monthly payment of interest.

In my view, with only 10k, the best deal presently is the Hong Leong eFD promo which needs to be done thru FPX payment. Please read up the unique procedure at the Hong Leong bank website - I did not explain how this works in my earlier replies. In the case of the lock-up for Maybank 12 months, you may like it if you can accept the step-up structure uneven cash-flow and threat of changing the rate if OPR changes.

If you can meet the conditions you may wish to consider OCBC 360 savings as an alternative to FD.
Depending on your circumstances, you may find extra contributions or voluntary contributions to EPF as another alternative.
Unit Trusts investments are much more complicated and can be rather shaky.

This post has been edited by Deal Hunter: Jan 23 2017, 03:46 AM

br 4.08% today started?

Started. Doing it now. Collecting gifts !

for monthly interest, must ask, right?

Guess Hong Leong has 1 of the better deals now at 4.0% or 4.18% if target hit?
Looking at Maybank originally , hmm ...

Bank Rakyat is it covered by PDIM ?

Have to specify during placement.

BR not covered by PIDM. To me not a big deal.

alliance bank : 4.05%, min. 50k per cert

Yeah, i saw this. But dont think I can commit 50k here. Have about 20+- now extra to put.

so many different rate confusing a little.
Let's say i'm 26 yet to be 27.

What would you suggest for maybe 500k? Best if can withdraw monthly else yearly.

Go nego with banks see what they offer.

In BR this morning to terminate one FD and RENTAS out the fund. Then renew 3 FD's to 12 mth 4.08% with monthly interest.

Collected the gifts:



This post has been edited by bbgoat: Jan 23 2017, 08:25 PM

The Alliance promo of minimum 50k at 4.05% for 1 year with monthly interest payment is not for everybody.
Only for those 40 years and above for sole FD, or joint FD where 1st name is 40 years and above.
Some are not qualified.

i asked one br branch, the personnel said for promotion fd no monthly interest option, payable upon maturity only..