Hmm, 4.35 -> 4.20 -> 4.15

Unfriendly trend @ OCBC

It's 4.25% for 5 months - Islamic FD. I got it from my RHB Remisser.

Thanks for the info. U guys were lucky with the 4.8 or 5% FD at that time ?

Now they are a bank now. Last Oct I asked about the SI, the officer said cannot do that for the monthly interest. Not sure they have changed that banking in interest for customer. Maybe will disturb the officer again next week.

They still need to catch up as a bank, no online account, even ATM machine being installed in their new premise. Debit card in March only. Still inconvenient to customers for FD interest withdrawal.

anyone know the MBSB 4.6% until what time？

This is a nego rate, can change from time to time. Call MBSB branch to see if they can offer u this rate or even higher. They will confirm with HQ.

Thanks for the great explanation bro.

I am just wondering then, this feature almost making it like an FD with a one month tenure right ?

Cause the usual FD, you will only get the interest after you 'commit' the funds for a certain period of time e.g. 6 months. And if you were to withdraw any thing earlier, all the interest will be forfeited.

So a monthly interest rate sounds like a rolling 1-month tenure FD right ?

Would there be any way that I can commit my principal for, say, 6 months and I just get the interest on a monthly basis? If yes, what's the consequences if I were to withdraw the principal earlier than 6 months ? Am I liable to some sort of clawback to the disbursed interests ?

This post has been edited by Xaemen: Jan 5 2019, 04:05 PM

No, that would be too easy


Yes, certainly.

And I don´t think you can get monthly interest for a 6mth FD, usually this starts with 1 year.

Ok, so it's possible to structure an FD like that with a clawback clause ? How do I go about to do it ?

Is MBSB offer protected under PIDM?

Yes, it is.

Source: https://www.mbsbbank.com/consumer_deposit_term_deposit.html

You have to decide on your funds liquidity and when to use (or not use) in coming future.
E.g.
if you are undecided may use it in coming 1, 2, 3, 4 or 5 months, then park under 1 or 3 months FD
if you know you only need to use it in coming 6-11 months, then park under 6 months FD
if you know not going to use for 1-1.5 years, then park under 12-15 months FD
etc.

You cannot have the cake and eat it. If you park 6 months with monthly interest, and withdraw before 6 months is up, the back will deduct the fee and penalty from your principal amount when you uplift/withdraw. Therefore the safer way is save in 1 or 3 months FD and renew.

The other way is to split your funds into multiple FDs, e.g. let's take 100k
- put 60k for 12 mths
- put 30k for 6 mths
- put 10k for 1 mth auto renew board rate

ended on Dec31 ... rip
This page is temporarily unavailable, kindly proceed to Apply & Invest > Fixed Deposit if you wish to place a Fixed Deposit. [CLK00875]

Depending on the FD product and bank. AmBank 6 mth FD for seniors can still get monthly interest.

True. Even HLB eFD can get monthly interest.

Thanks guys. Will try ask at the nearest MBSB branches.

Any other banks that have higher rates than MBSB? Or better terms

Xaemen
I am just wondering then, this feature almost making it like an FD with a one month tenure right ?

NO in important ways.

Cause the usual FD, you will only get the interest after you 'commit' the funds for a certain period of time e.g. 6 months. And if you were to withdraw any thing earlier, all the interest will be forfeited.

YES this is the way the banks are going to work this year on for FD like p0m6 or even for monthly p1m6.

So a monthly interest rate sounds like a rolling 1-month tenure FD right ?

NOT AT ALL IN IMPORTANT DIFFERENCES. You need to understand the differences (nitty gritty details/figures) critically not to be conned with loose thinking, jargon, sweet talk and advertisement.

The 1 month FD autoroll with or without autoaddon of interest is usually at a much lower 1 month rate which can be done with autorenew. It is for normal low board rates and not better promos rates which are usually from 3 months up with higher minimum placement requirement.

You cannot autorenew with with or without autoaddon of interest to principal at promo rate, but will always suffer big drop to lower FD board rate.

Would there be any way that I can commit my principal for, say, 6 months and I just get the interest on a monthly basis?

YES you can get a p1m6 FD at Bank Rakyat with a minimum principal of 5k a placement.

If yes, what's the consequences if I were to withdraw the principal earlier than 6 months ? Am I liable to some sort of clawback to the disbursed interests ?

The bank will take back all the FD interests paid monthly by deducting from the principal given back to you.

Allthough you do not end up with interest, the important difference is that you can consider it as getting back part of your principal earlier than on maturity date! The other important difference, is that also can gain Savings Interest if you leave it in the bank's Savings Account or transfer the monthly paid FD interest to another bank account with higher monthly rest Savings Account such as OCBC 360 to get from 0.5 - 4.1% p.a. or UOB EA up to 3.6% (with 50k EODB).

However, if you want a better return, you should avoid FD board rates, and choose the best promo deal with monthly payment of interest. This type of FD promo usually 12m and longer tenure.

There are also promo FD which pay every 3 months p3 or 6 months p6.

There are 3 major reasons why periodic payment of interest is attractive.

1) Earlier return of fund as interest or considered as principal return in case of early uplift before maturity.

2) The periodic (monthly) interest can be used for expenses and help cash flow.

3) The periodic interest can be added on to other available funds to make more FD. This can be at other banks wherever there is the best promo on at that time. This enables growing of FD at a faster pace than waiting for maturity to act. The time difference will make a significant contribution.

This post has been edited by Deal Hunter: Jan 7 2019, 12:01 AM

https://www.ambank.com.my/eng/promotions-pa...PriorityBanking

Full TnC https://www.ambank.com.my/ambank/SiteAssets...yBankingTnC.pdf

still ongoing

sorry, didn't see you posted before, you are fast!

thanks for this. very useful.