I went there at about 930, 5 mins Kau dim the fd placing .not really crowd . i opened the fd acct and transfer the funds to my HLB saving yesterday .

this one needs funds transfer  from another bank?

Can someone please clarify, why do they state its 4.38% PA for 11 months insread of 12 months? Tq

11 months tenure right? After 11 months we can withdraw. How bout the calculation of the interest?   
[FD amount] x 4.38% x 11/12 ?

So it should be worth taking out deposit put in hlb under payday promotion few days ago do transfer to another bank. Then fpx to current promotion right?

i just checked, under HL connect > new placement > FD promo: no more promo left.

Anyone know if the maybank IFD 3.88% can be done online?

I tried but it doesnt show such promo

Oh ok....didnt see

Too troublesome over counter for 3 months...might as well do other bank for higher rate

Thanks

hl e fd 13 mth 4.2%

Minimum placement amount further lowered to RM1,000!

Any recommendation for small amount of FD? I got around 1k+ fund for putting in FD.

I called MBB branch to confirm the monthly interest. Tomorrow going to move from OCBC to MBB. 

I don't think MBB one has the restriction like AmBank for 50+ to get monthly interest. Will try to ask tomorrow (excuse me if I forgot). Anyway u can confirm if u go there tomorrow. 

Yes you can, as long as you can prove that the funds are from a different bank. So I suggest you snapshot or keep a copy of the interbank transfer that is done to your MBB account.

HLB eFD promo extended to 31 Dec 2017! 

The MBB flyer did mention about "newly transferred funds" to CASA for this FD promo. Not sure the "freshness" definition for MBB though ! 

So you opt to uplift from HLB efd before maturity and jump into MBB bandwagon.
Tempting....

Just curious.
This difference is based on full eFD maturity or just the current month maturity which will be credited into your SA?

There is no penalty in early upliftment for HLB eFD right?
what about the interest credited to you?

Same like you, i also just put in HLB eFD ,

cheked  the potential gain from MBB extra 0.1% FD,
i decided not to  withdraw prem.  go for MBB
the gain is too little, MBB FD cannot do online...

For RM10,000  eFD in HLB at 4.2%, withdraw lose 7 days interest=lost RM8.54

take the trouble go Maybank get 0.1% = gain RM10 in 1 year, not worth the trouble...

If FD RM100k, u can gain only RM20 after 1 whole year.

Hi, please share if you know or were able to reverse engineer how banks calculate interest.

Banks normally give a simple calculation on how they calculate interest but most of the time we don't get the same result. I'm a fan of FDs and most of my FDs are in Maybank. So I one day just wondered if I could find out exactly how maybank calculate FD interest with high accuracy and I was able to do just that. +/- 1 sen due to rounding.

Maybank states that interest is calculated daily. So how much does RM100 with 3% interest earns in 1 day? First, we get the the 3% of 100 which is
100 * 0.03 = 3
Next we get the ratio of 1 day of all the days in the year which is normally 365 or 366 in a leap year. So for 2017 that will be 365.
1 / 365 = 0.00273972602739726027397260273973
You will need most of those decimal numbers to get really accurate results.
So the answer will be
3 * 0.00273972602739726027397260273973 = RM0.00821917808219178082191780821918

Do this for everyday your FD runs and add up the interest and you will get the same result on the day the interest is given like every month or 3 months or 6 months or yearly.

Of course we can simplify the ratio calculation by adding up the days. So in a monthly FD, you need to count the number of days from for example 5th Nov to 5th Dec which is 30 days.
30 / 365 = 0.08219178082191780821917808219178
Different months have different number of days so take note.

Now for some tricky part. What if you go over to the next year? If the next year have the same number of days as the previous year then the calculation will be the same. However if the number of days on the next year is different you will need to calculate 2 range of days separately for the different years. So, which year does Dec 31 to Jan 1 fall to? It falls under the previous year. Lets have this example: RM100, 3%, 1 month from 5th Dec 2016 to 5th Jan 2017.

5 Dec 2016 to 1 Jan 2017 = 27 days
1 Jan 2017 to 5 Jan 2017 = 4 days
27 / 366 = 0.0737704918
4 / 365 = 0.0109589041
3 * ( 0.0737704918 + 0.0109589041 ) = RM0.2541881877

The same calculation applies to saving accounts. It's just that savings account changes balance every time you make a transaction. So to compute the interest accurately, you will need to calculate the interest every time the balance changes at the end of the day. If there are multiple transactions within the day, you only need the final balance at the end of the day for your computation.

I tried to reverse engineer how credit card interest is calculated but was not able to get it accurately. Maybe because I have too little data to extrapolate the formula. I paid credit card interest only once in my life because I forgot to pay my MB2 credit card.

Hope you find this interesting. Please share if other banks compute their interest the same or if they have a different formula.

From where you get this information?