got la. read slow slow

yup today. actually i snapped a photo but lazy to upload, so just retype the info.

I don't know why is it so hard for you to get effective rate but anyway
for your example above

Interest rate = 4%
Effective rate = 4%

That is the standard rates. For promo rates, you need to keep updated with the bank's latest promo or hang around in this thread for latest info.

I cant help but to ask another question.

Why for 1 month, you calculate 4.0* 1months/12months to get effective rate
For 24 months, you did not calculate 4.0* 24months/12months to get the effective rate?

TIME is money in finance. You have to be consistent when involving time in calculation.

thanks. sounds that HL bank offer the highest rate

Welcome. Your Rm800k will sure help achieve the Rm888,888,888.88 target for 4.18% interest for sure. Only issue is, you have to ibg tranfer Rm30k daily over from another bank to your HLBB which I think is stupid and troublesome.

This post has been edited by TOMEI-R: Feb 23 2017, 05:26 PM

what do u mean?
i cant bank in by cheque?

HOng Leong Bank promotion must be a internet savvy. Must do FPX Internet transfer, trasnfer fund from other bank. Most bank limit RM30k per day, but Maybank you can do multiple 30k a day. (meaning you have to do 27 times)

I suggest you go to OCBC, Alliance, or AmBank and negotiate rate.

The hlb 4.0% p.a. 8 months fd promo is online based, via fpx. There's a cap on daily transaction limit.

No cheque.

your patience pays off. you got him to paint himself into a corner. let's see how skilful he is in verbal Will his master come to his aid? or will his master leave him there to perish?

With RM800K, you can easily get priority banking. If in KL, I'm sure the Bank Rakyat people will be more than willing to buy you coffee & discuss rates... I believe they have one of the best at the moment

This post has been edited by okuribito: Feb 23 2017, 05:52 PM

Like mentioned by two fellow forummers, you have to have a Hong Leong Bank account, and access to their hong leong connect site. You have to place your FD online and transfer (FPX) your money from another Bank to your hong leong FD and each transaction is limited to RM30k/ Day. If you dont have a Hong Leong bank account, dont bother as their promo is till the 28/02/17 which is less than 5 days.

This post has been edited by TOMEI-R: Feb 23 2017, 06:35 PM

you really don't get it do you pal ?

for 24 months@4.0% the calculation is as below

4.0* 12/12 months = 4.0% and its the same for year 2

so effective rate is 4.0% for year 1 and 4.0% for year 2

for month 1 to month 12 = 4.0% * 12/12 = 4.0%
for month 13 to month 24 = 4.0% * 12/12 = 4.0%


take an example 15 months @ 4.0% P.A. (for the sake of telling you that you aren't seeing the picture yet)

interest rate = 4.0%
effective rate = 4.0% for year 1 (mth 1 - mth 12) and 1.0% for year 2 (mth 13 - mth 15)

and this is how banks calculate the for you

for month 1 to month 12 = 4.0% * 12/12 = 4.0%
for month 13 to month 15 = 4.0% * 3/12 = 1.0%


do you get it now pal ? this called Per Annum interest rate try to ask your local bank and they calculate like this too

can we all now proceed back to the main path of this thread and post about latest interest rate offered by banks ?

Have fun.

LMAO!!!!!!!!!!!!

Just had dinner and thought of coming back to check for updates... This made my evening...

Come...

And seriously you have good patience.


...........................

On side note: that's how we derive the total interest we earn, so technically not wrong what...

I'll give you one piece of cookie. With chocolate chip toppings. 🍪

This post has been edited by Cookie101: Feb 23 2017, 07:25 PM

u mean i got to transfer all the fund to HLB within 5 days via internet?

i am not najib cant do that.

with so much bullets, you can walk into any bank with chequebook in hand and ask for manager of private banking & negotiated rates

really?
i am not aware of this........

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This post has been edited by carentan: Feb 23 2017, 08:16 PM

3.83% for Islamic 12 months.