Great info.. Thank You

I think the better option is Bank Islam's effective rate 4.65% for 2 years, credit interest every 3 months。
But too bad it is only available until end of June, and it requires minimum RM50K






This post has been edited by BoomChaCha: May 21 2018, 10:15 AM

I just called. Am Bank in Tamn Sri Permaisuri offers 4.4% for 1 year

Yes, correct.
There is no such 4.5% renew for existing FD depositor.
Existing depositor can renew to get 4.1% for 1 year.
New customer's rate is lower than 4.1%

But my Bank Muamalat branch's service is good.

My Bank Muamalat FD is joint account, dislike from other banks, Bank Muamalat's FD joint account needs all depositors to come to the branch to withdraw,
Bank Muamalat does not practice either one to sign or either one to withdraw from FD account. Only saving account is allowed either one to withdraw.

This post has been edited by BoomChaCha: May 23 2018, 05:17 PM

I did the same.
I withdrew from Bank Muamalat, paid RM 2.80 for a check, then placed 1 year FD at 4.4% rate in Am Bank this afternoon.

No, 100% not true, you do not need to open Am Star account.
You definitely can use your existing True saver account to credit monthly interest from FD.

The AM Bank staff tried to “cheat“ you to open Am Star account, that was very bad of him/her..

I have Bank Islam's 2 years FD too.
No, Bank Islam basic saving account does not need to pay RM 12 annual fee, unless if you need the ATM card for internet banking.
If I remember correctly, the ATM card annual fee is RM 8.

My Bank Islam basic saving account calls "Akaun Simpanan Wadi'ah", minimum balance needs to keep RM 20, no annual fee.
When you open your Bank Islam saving account, you need to be very careful.

If your FD is joint name, and If you want to use internet banking, then the saving account cannot be joint name.
Because joint name saving account is not allowed to use (to link) in internet banking.

So, if your FD is joint name and if you want to use internet banking, then your "Akaun Simpanan Wadi'ah" saving account
has to be single name.

If you place Bank Islam today (24 May 2018), 2 years later, the maturity day is Sunday, so you need to ask Bank Islam will
they pay one day interest for Sunday or not?
https://www.timeanddate.com/calendar/?year=2020&country=69

If you place Am Bank today (24 May 2018), 1 year later, the maturity day is Friday, you will not lose interest.
https://www.timeanddate.com/calendar/?year=2019&country=69

This post has been edited by BoomChaCha: May 24 2018, 12:44 AM

This depends on banks, some pay, some do not pay, some need to ask, like MBSB.

Last time I requested Standard & Chartered bank to transfer my matured FD (matured on Saturday) to saving account on Saturday,
so that at least I gained 2 days interest from S&C saving account.

Check out first page's Post #3 for more info:
https://forum.lowyat.net/topic/4154481

This post has been edited by BoomChaCha: May 25 2018, 12:27 AM

Can explain more about qard saving? Thanks

No, I did not get Qard account, but I got Wadi'ah saving account instead, it required RM 20 to open.
Just like you, I only need a basic saving account to credit and withdraw FD interest every 3 months.
I do not have the ATM card which cost RM 8 per year, so I will need to go to counter to do all withdrawals.

I do not see any big difference in between Qcard saving & Wadi'ah saving..
Do you have the ATM card?


I guess most or all banks require 2 IDs to open FD accounts now.

Bangkok bank required 2 IDs from me to open FD account with them.
I received a free ABS trolley luggage from RinggitPlus, the quality was OK.

This post has been edited by BoomChaCha: Jun 1 2018, 09:44 PM

I also just checked with Am Bank 2 mins ago, they told me 4.4% for 1 year FD was still available until the end of this week.

So you mean the interest rate will go down lah...
This means Bank Islam 2 years FD at 4.65% is a good choice now, but beware that Bank Islam should not pay interest for Saturday & Sunday.

Just called BR, BR said no FD promo now..

Wah.. Bro, play so big to complain to Bank Negara..

I also encountered the same problem when I tried to make a withdrawal from Bank Muamalat last week, I was not aware
all joint name depositors must present to withdraw the FD.

Luckily Bank Muamalat was so kind to let me to withdraw by myself first but on condition that another joint name depositor
must present the next day to sign on the withdrawal form.

Actually either one to sign is only applied to Muamalat's saving account, FD will need all depositor to sign with withdraw.

Wah..Bro.. The is the real Power from Big Guy Bro..

This post has been edited by BoomChaCha: Jun 6 2018, 05:12 PM

No, this is not true.
I have made 2 withdrawals from Bank Muamalat on exact the maturity dates.

Yes，can, can issue check.
I have received 2 banker's check from Bank Muamalat from my 2 FD withdrawals.
One banker's check cost RM 2.65


This post has been edited by BoomChaCha: Jun 6 2018, 04:47 PM

If I place this 5 months eFD today (7 June, 2018), can I uplift on 7 Nov 2018? or only can uplift on 8 Nov 2018?
I just need to deposit fund to my maybank saving account, no need to do FPX, right?

Thanks

Very good job.. Thank You

Start 3.80%
1 3.90%
2 4.20%
3 4.50%
4 4.55%
5 4.60%
6 4.65%
7 7.00%
Effective rate for 24 months is 4.65% ---》 These 7 rates are fixed, depositors will get exactly effective rate 4.65% after 2 years

Bank Islam's 4.65% FD is very attractive, but it requires min RM 50K, furthermore it locks depositors' funds for 2 years.


This post has been edited by BoomChaCha: Jun 10 2018, 11:47 PM

The best is to take out on Tuesday, if you take out on Wednesday, you will lose 1 day interest

Yes, 4.65% rate will lock RM 50K for 2 years in return.
Unless if have a strong cash flow in next 2 years time, otherwise better to place 1 year FD.



Who do not want to have a better rate? Nobody will want to against the money, right?
But too bad, RM 50K min deposit will stop some depositors from placing this FD.

By the way, anybody knows what is the best FD rate for 6 months?


New Bangkok Bank FD Promo

This post has been edited by BoomChaCha: Jun 11 2018, 04:43 PM

Don't get yourself confused.
This is actually a 2 years FD.

I did not read the T&C about this FD, but I guess it should be like normal T&C:
If you withdraw before reaching the 3rd months, you get 0% interest;
if you withdraw after 3 months but not reaching 2 years, you get 50% of the interest

Thank You..

This post has been edited by BoomChaCha: Jun 11 2018, 06:51 PM

Thank you for your correction..

ambank - Taman Sri Permaisuri
1 year - 4.40%
6 months - 4.25%
3 months - 4.10%

Yes, over the counter. This 4.4% is for everybody

This post has been edited by BoomChaCha: Jun 12 2018, 09:37 PM

Why US rates have a global impact
https://www.bbc.com/news/business-44389203

According to Chine press, Malaysia has 2 options to cope with US raised interest issue:
(1) Follow US to raise interest to keep foreign investors; but car loan rate
and housing loan rate will go up too.

(2) Don't react to US raised interest rate, then Rinngit will depreciate and
possible to become RM 5 exchange to US 1; so import goods will become very expensive, but good for exporting goods to oversea.

By the way, I heard Bank Muamalat maybe will have a FD promo in October or November this year.