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 Fixed Deposit Rates In Malaysia V. No.15, Strictly for FD Discussion Only

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BoomChaCha
post Aug 10 2017, 06:22 PM

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QUOTE(Deal Hunter @ Aug 10 2017, 02:26 AM)
Please check, the 10k unlikely at 3.95%. wef 1 Jun 2017, 1 year normal board rate was down to 3.80%.
Anyway it is supposed to be CASA and not normal FD.

wef 1 August 2017, for the savings band which 10k falls in:-

Affin Gold (senior) Savings at 2.15%

Ordinary, Statement and Junior at 1.45%

Affin Plus at 0.75%

Basic at 0.65%

At best, if 90k FD and 10K at Affin Gold (Senior), get 8244 + 430 = 8674 for 100k lock in.
This is 4.337% p.a. for 2 years.
Not competitive against 4.3% p.a. for 1 year especially if get monthly interest payment at Bank Muamalat and opportunity of rising FD rates.

Note that if 100k FD and 10k SA, the rate is slightly more.
*
Your calculation is wrong. Where got effective rate 4.337%?

The effective rate is in between 4.28% to 4.3% even if use Affin Gold saving rate to calculate.

Not all fund in Affin Gold saving account will get 2.15%,
First RM 4999.00 in Affin Gold will get 0.85%, then from RM 5000 to RM 99,999.99 will only get 2.15%
http://www.affinbank.com.my/General/Rates-...erest-Rate.aspx

The previous Affin promo straight 4.3% promo is better than this current promo.

QUOTE(Deal Hunter @ Aug 10 2017, 04:05 PM)
Too bad the various Affin savings rates for the lower savings bands are even lower than those mentioned. The final collection will be down more depending how much lower available for placement.
The rate is slightly more than Bank Muamalat at best, but maybe depositors not old enough to qualify for the better rate.
Seems like the FD rates are getting more competitive, and may regret 4.337% for 2 years lock in.
*
Bank Muamalat:
Pro: Competitive 4.3% for 1 year
Cons: Minimum RM 100K. Minimum RM 500K to get monthly interest. Need ATM card (RM 12 per year) for internet banking.

Affin Bank:
Pros: Competitive 4.28% to 4.3%. Minimum RM 10K. Interest will pay every 6 months. No need ATM card for internet banking.
Con: 2 years tenures. But this may be a good thing if interest rate is not going up in next 2 years.

Conclusion: I think Affin bank is slightly better since the interest paid every 6 months and this can compensate the difference of extra 0.02% from Bank Muamalat. Can consider to take a gamble to go for Affin if you do not use your money in next 2 years.

This post has been edited by BoomChaCha: Aug 10 2017, 06:47 PM
BoomChaCha
post Aug 10 2017, 11:11 PM

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QUOTE(gsc @ Aug 10 2017, 10:37 PM)
Assume 90k in FD, 10k in Affin Gold saving at 2.15%.
The saving interest after two years is rm430 (non compounded) Is this calculaion wrong?
*
Just now I used total RM 120,000.00 to calculate.
RM 108000 (90%) put to FD at 4.58%, RM 12,000 (10%) put to Affin Gold, I came out with effective rate 4.28%

I saw the FD promo flyer in Affin Bank few days ago, it printed clearly the effective rate is in between 4.28% to 4.3%.
Too bad I forgot to grab it so that I can show it to you.

The Affin officer also told me that the previous pure 4.3% FD promo is slightly better.

I do not know how do you calculate RM 430?
But I am sure the effective rate is in between 4.28% to 4.3% for this current Affin promo.

A bigger fund is required in order to get a better return (max 4.3%) for this Affin FD promo, Affin bank is quite cunning in this area..

I do not think you have any other better option besides Affin Bank (2 years) since you do not like to put in Bank Muamalat..


This post has been edited by BoomChaCha: Aug 10 2017, 11:18 PM
BoomChaCha
post Aug 11 2017, 04:37 PM

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QUOTE(gsc @ Aug 11 2017, 02:34 AM)
Assume 10k and above place in Affin Gold saving, 2.15%
It does not matter we use 100k or 120k or 200k, the effective interest rate remain at 4.337% for 12 months.
Not bigger fund size get better return.

108,000 at 4.58% for two years, interest earned 9892.80
12,000 at 2.15% for two years, interest earned 516.00
Total interest earned for 120k for two years is 10408.8

Working backwards the interest rate is 4.337%.

Did you times 2 years for your saving account interest rate ?

The key factor here is the Affin Gold saving account rate at 2.15%.
Am bank True Savers, Ocbc Easi save (?) etc all gave high saving rate when first launched but cant sustain in two years.
*
Your calculation is absolutely correct but provided if Affin Gold pays flat 2.15% p.a.

Please do not forget the 1st RM 4,999.99 will earn 0.85%; then the next remaining fund from RM 5000 to 99,999.00 will
earn 2.15%
Attached Image

For example, let's say if put RM 12K to Affin Gold, 1st RM 4,999.99 will earn 0.85%, then the remaining RM 7000.01 will earn 2.15%

Now use your calculation: Total RM 120,000.00 FD fund:
(1) RM 10,800.00 (90% ratio) at 4.58% for 1 year FD = RM 4946.40 interest p.a. x 2 years = RM 9892.80

(2) RM 12,000.00 (10% ratio) in Affin Gold:
(a) RM 5k at 0.85% = RM 42.50 interest p.a. x 2 years = RM85
(b) RM 7K at 2.15% = 150.50 interest p.a. x 2 years = RM 301

Total interest earned per year (omit compound interest):
RM 4946.40 + 42.50 + 150.50 = RM 5139.40 p.a. / RM 120,000.00 = 4.282833% effective rate p.a.

Is my calculation correct or not? sad.gif

This post has been edited by BoomChaCha: Aug 11 2017, 05:13 PM
BoomChaCha
post Aug 11 2017, 04:48 PM

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QUOTE(Deal Hunter @ Aug 11 2017, 12:27 PM)
The posts from gsc and BoomChaCha pointed to differences in the correct way to calculate. I just telephoned Affin Bank to check up what is the correct method.

1) For 10k for 2 years at 4.58% p.a., 1k in Affin Gold at 0.85% p.a
2) For 100k for 2 years at 4.58% p.a., 10k in Affin Gold at 2.15% p.a.

Did not seem to be 9k FD and 1k SA, nor 90k FD and 10k SA. Not 90%:10% but 10:1.

Affin website shows the different savings products rates displayed as "bands" instead of "tiers".
All the savings products are actually tier-type except special for Affin Gold which is different as "flat" or one rate only for a savings balance.

Banks normally have a tendency to use jargon and carelessly lump differences due to imprecise miscommunication and lack of clearcut examples. This is especially among those banks whose command of English is more confusing than clear. Some banks are outstanding for either good reasons or for the wrong reasons.

Normal size FD 10,000 x 4.58 / 100 x 2 = 916
Affin Gold 1,000 x 0.85 / 100 x 2 = 17
Total collection 916 + 17 = 933
Rate   933 / 11,000 x 100 / 2 = 4.240909... p.a.

Bigger size FD 100,000 x 4.58 /100 x 2 = 9160
Affin Gold 10,000 x 2.15 /100 x 2 = 430
Total collection 9,160 + 430 = 9,590
Rate  9,590 /110,000 x 100 / 2 = 4.35909... p.a

Affin Gold savings also provides "free" insurance up to a maximum limit. Check with bank for actual details.

Note that the 10:1 ratio is better than the 90% or 9:1 ratio.
The bank person says this explanation is for all Affin Bank and not different for different branches. So check out what is actually happening at your branch.

I was told a few days ago that the promo ends at end of this year. Affin Islamic have a different set of promos ending on 30th August which are different in details from the set of promos at Affin Bank. Don't get confused.
*
1) For 10k for 2 years at 4.58% p.a., 1k in Affin Gold at 0.85% p.a ---> correct
2) For 100k for 2 years at 4.58% p.a., 10k in Affin Gold at 2.15% p.a. ---> 10k in Affin Gold: 1st RM 4,999.99 will earn 0.85%, then the next remaining RM 5000.01 will earn 2.15% based on chart below:
Attached Image

Ratio is 90% to FD & 10% to CASA.
Please take note this flyer is stated clearly that the 2 years FD effective rate is from 4.28% to 4.3%.
Attached Image

This post has been edited by BoomChaCha: Aug 11 2017, 04:52 PM
BoomChaCha
post Aug 12 2017, 12:38 PM

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QUOTE(Deal Hunter @ Aug 12 2017, 12:00 AM)
Thanks for the two attachments. But I am still doubtful whether they are properly written (meaning being different) in English. Cannot simply believe whether written or oral.

Supposing that the correct interpretation is 90% FD and 10% Affin Gold for the best case calculation (not 10:1 ratio), and tier calculation is used for Affin Gold instead of flat rate on the savings balance in the published band.

For 10k, made up of 9k and 1k, the collection is 824.40+17=841.40 which is 4.207% p.a. only. If the minimum placement is only 10k (please confirm), then the best at the lowest placement is 4.207% p.a. whicih is lower than flat calculation which give 4.240909% p.a.  Lower than the extended promo of 4,25% at Bank Islam for 18 months. What is the meaning of 4.28% quoted in the flyer then?

For 100k, made up of 90k and 5k and 5k, the collection is 8244+85+215=8544 which is only 4.272% p.a, - still lower than 4.28% p.a! Also lower than Bank Muamalat 100k at 4.3%  for only 12 months.

For the odd figure of 120k, made up of 108k and 5k and 7k, the collection is 9898.80+85+301.00=10278.80 which gives 4.2828333% p.a.

For 200k, made up of 180k and 5k and 15k, the collection is 16488+85+645=17218 which gives 4.3045% p.a.

For 1m, made up of 900k and 5k and 95k, the collection is 82440+85+4085=86610 which gives 4.3305% p.a

For 2m, made up of 1.8m and 5k and 95k and 100k, the collection is 164880+85+4085+5600=174650 which gives 4.36625% p.a.

So is quoting 4.28% -4.3% a meaningful range when the actual range is less at the lower end and more at the top end. Especially for non-senior who cannot qualify for the better senior Affin Gold rate?

For the time being, at 100k it is still worse than Bank Muamalat. At the lower end it is worse than Bank Islam at 4.25% for only 18 months extended to 30 September. So what is the purpose of this promo - hoping nothing better shows up before or after October?
*
I hope my calculations are correct:

Total 100K Deposit, 90% to FD and 10% to Affin Gold

(1) After First 6 Months
90K FD Interest at 4.58% = RM 2061
10K in Affin Gold Interest (0.85% + 2.15%): 21.25 + 53.75 = RM 75
Total interest earned: RM 2061 + RM 75 = RM 2136 auto deposit to Affin Gold

(2) After Second 6 Months
90K FD Interest at 4.58% = RM 2061
RM 12,136 (Initial RM 10K + RM 2136) in Affin Gold Interest (0.85% + 2.15%): 21.25 + 76.71 = RM 97.96
Total interest earned: RM 2,061 + RM 97.96 = 2158.96 auto deposit to Affin Gold

(3) After Third 6 Months
90K FD Interest at 4.58% = RM 2061
RM 14,294.96 (12,136 + 2,158.96) in Affin Gold (0.85% + 2.15%) : 21.25 + 99.92 = RM 121.17
Total interest earned: RM 2061 + 121.17 = 2182.17 auto deposit to Affin Gold

(4) After Fourth 6 Months
90K FD Interest at 4.58% = RM 2061
RM 16477.13 (14294.96 + 2182.17) in Affin Gold (0.85% + 2.15%): 21.25 + 123.37 = RM 144.62
Total interest earned: RM 2061 + 144.62 = 2205.62

Total interest earned in 2 years: RM 8,682.75 (2136 + 2158.96 + 2182.17 + 2205.62)
Effective rate 4.341375%


-------------------------------------------------------------------------

Total 10K Deposit, 90% to FD and 10% to Affin Gold

(1) After First 6 Months
9K FD Interest at 4.58% = RM 206.10
1K in Affin Gold at 0.85% = RM 4.25
Total interest earned: RM 206.10 + 4.25 = 210.35 auto deposit to Affin Gold

(2) After Second 6 Months
9K FD Interest at 4.58% = RM 206.10
RM 1210.35 (Initial RM 1000 + 210.35) in Affin Gold at 0.85% = RM 5.14
Total interest earned: RM 206.10 + RM 5.14 = RM 211.24 auto deposit to Affin Gold

(3) After Third 6 Months
9K FD Interest at 4.58% = RM 206.10
RM 1421.59 (1210.35 + 211.24) in Affin Gold at 0.85% = RM 6.04
Total interest earned: RM 206.10 + RM 6.04 = 212.14 auto deposit to Affin Gold

(4) After Fourth 6 Months
9K FD Interest at 4.58% = RM 206.10
RM 1633.73 (1421.59 + 212.14) in Affin Gold at 0.85% = 6.94
Total interest earned: RM 206.10 + 6.94 = 213.04

Total interest earned in 2 years: RM846.77 (210.35 + RM 211.24 + 212.14 + 213.04)
Effective rate: 4.23385%

-------------------------------------------------------------------------

Yes, this Affin FD promo is quite misleading. Too bad our Malaysian laws are not straight... vmad.gif
RM 10K deposit cannot get 4.28% effective rate, I think only if put at least RM 50K probably can get effective rate 4.28%
Attached Image

This post has been edited by BoomChaCha: Aug 12 2017, 01:11 PM
BoomChaCha
post Aug 12 2017, 01:33 PM

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QUOTE(gsc @ Aug 12 2017, 03:48 AM)
Key points
1) is tier or flat rate is used for saving interest rate
2) lower amount deposited into SA will defintely generate lower return as the interest rate is very low.
3) bank wrote 4.28 - 4.30% could be they know SA rate will be going down not up in the next two years.
    It is better write a lower effective rate than give a higher rate as the difference is quite small.
4) it may not be competitive at this moment but could be one of the best in near future. Only time can tell and the bank may change the rate before promo end just like Muamalat Bank

You are correct, this is not an attractive deal.
*
Now the new FD promo fashion requires FD depositors to deposit 10% to saving so that
bank can wan yeh (play game to adjust saving rate) with this 10% fund.
Can this be called Fixed Deposit? 天理何在？ mad.gif

I think once a bank launches this type of FD & CASA promo, only 2 things can happen to saving account:
saving rate will either drop or maintain, no way saving rate will go up.

RHB FD promo, if want to get 4.15%, then need to put at least RM 10K in saving account, otherwise 4.1%.
But I am not sure if allow to withdraw RM 10K from saving account or not after FD is placed?
Attached Image

This post has been edited by BoomChaCha: Aug 12 2017, 01:37 PM
BoomChaCha
post Aug 13 2017, 01:40 AM

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QUOTE(aeiou228 @ Aug 12 2017, 02:34 PM)
My opinion on your effective yield calculation. I will take your calculation for the 10k deposit as an example.
4.23385% should not be the true per annum effective rate i.e. % p.a. Because interest has been compounded into the second year.
The actual effective % p.a. should be the first year calculation, that is 210.35 + 211.24 = 421.59 = 4.2159% p.a.

There is an easier way to calculate the approximate per annum effective rate when banks trying to confuse depositors with the stupid 90:10 ratio thingy. 
[ (4.58 x 9) + (0.85 x 1) ] / 10 = 4.21% (approximate rate bacause half yearly compound interest was omitted)
*
Oh.. doh.gif You are right. Thank you for your correction. thumbsup.gif

So, RM 10K's second year effective rate is higher than first year effective rate if no withdrawal from Affin Gold in 2 years.
Second year effective rate is 4.2518% (RM 212.14 + RM 213.04 = RM 425.18 / RM 10K)

Now if we compare to RM 100K FD with Affin Gold and no withdrawal in 2 years:
First year effective rate is 4.294% (2136 + 2158.96 / RM 100K)
Second year effective rate is 4.38779 (2182.17 + 2205.62 / RM 100K)

Are above calculations correct? sad.gif
BoomChaCha
post Aug 13 2017, 01:56 AM

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QUOTE(Nom-el @ Aug 12 2017, 05:06 PM)
You are correct. Affin uses split-tier rate to calculate the interest for most of its CASA like Public Bank and HLB Pay&Save-i, not the total end day balance which makes calculation more complicated. So, the actual effective interest will always be lower. The only exception is AFFIN BARAKAH CHARITY ACCOUNT-i with 2.2% p.a. flat interest. It is an islamic account though, so not sure if it can be combined with the promo or not. Some banks allow the crediting of interest into islamic savings account while some don't.

Do note that Affin Bank keeps reducing the interest rate for its CASA. They revised it a few times already this year alone.
*
Thanks for sharing about Affin Barakah Charity account-i thumbsup.gif
Now I do not feel comfortable with this Affin FD promo because of the 10% saving account issue.

QUOTE(Deal Hunter @ Aug 12 2017, 06:40 PM)
Thanks for showing the calculations. Although we know that savings and FD interests are calculated depending on the number of Interest Bearing Days which is affected by the Effective Date and program's treatment of last sen, your calculation is a fair indication rclxms.gif .

As I did not keep savings in Affin on a regular basis, I had not tested and found out the actual method they used for savings. Using the method I used for calculating Affin Bank FD for various tenors, I have a close final interest figure that is RM 1.17 less than yours, but there is no proof to think that it is correctly accurate and applicable to savings calculations.

aeiou228 says that it is not proper to take the final 2 year collection. Thus for 100k, get 8,628.75 and divide by the principal and divide by 2 years to get 4.34% (which looks better than 4.3% at Bank Muamalat) is not proper for him.. The first year collection at 4,294.96 at 4.29496% is more appropriate then. But if you want to look at it from a compound interest view over 4 half years, than 4.20624% may be another view of things. It is not as if there is only one way to look. It depends on what are compared over time.

For me, the question is why should I keep such big interests in Affin, when I can simply remove them and place as part of another different good FD anywhere at higher than 2.15%? This is why I like monthly, quarterly or half yearly payment of interests as it provides a flow of funds.
.
*

Yes, you can IBG your interest from Affin saving account to another place which can give you a better return.
Yes, I love monthly interest too  thumbsup.gif

QUOTE(wonghs @ Aug 12 2017, 07:30 PM)
Can withdraw immediately after placed FD. Anyway i withdraw the next day.
as at 1 aug. conventional FD promo full, i went for the islamic FD, the exact amount of the interest (to be paid) already printed on the receipt.
*

Okay.. Thanks thumbsup.gif

This post has been edited by BoomChaCha: Aug 13 2017, 02:01 AM
BoomChaCha
post Aug 13 2017, 08:23 PM

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QUOTE(aeiou228 @ Aug 13 2017, 12:42 PM)
The second year effective rate should not be 4.2518%. My calculation is 4.0798%. Here's how I derived the figure:
[425.18 x 100] / 10,421.59 = 4.0798%

Therefore,
1st year effective rate is 4.2159%
2nd year effective rate is 4.0798%

The drop in 2nd year effective rate is due to the FD:CASA ratio is no longer 90:10 in second year FD. The principal in lower interest (0.85%) side of Affin gold account had increased from 1000 to 1421.59 at the beginning of 2nd year and further increased to 1633.73 at the second half of 2nd year, while the 4.58% FD side still remain the same at 9k in 2n year.
*
Aiyo, Taiko, you are 101% correct... thumbup.gif You save our lives.. thumbsup.gif

Below are the summary:
First Year: FD Deposit 10K
(1) Interest earned after first 6 months: RM 206.10 + 4.25 = 210.35
(2) Interest earned after second 6 months: RM 206.10 + RM 5.14 = RM 211.24
Total interest earned after 12 months: 210.35 + 211.24 = RM 421.59
RM 421.59 / RM 10K x 100 = 4.2159% effective rate

Second Year: FD Deposit RM 10421.59 bring forward from the first year
(1) Interest earned after first 6 months: RM 206.10 + RM 6.04 = 212.14
(2) Interest earned after second 6 months: RM 206.10 + 6.94 = 213.04
Total interest earned after 12 months: 212.14 + 213.04 = RM 425.18
RM 425.18 / RM 10421.59 x 100 = 4.079799 effective rate

Thank you very much.. notworthy.gif notworthy.gif notworthy.gif

For RM 100K deposit, 90% to FD & 10% to Affin Gold:
First year effective rate: 4.29476%
Second year effective rate: 4.20712%

Encik Affin tries to fool us right? bruce.gif

This post has been edited by BoomChaCha: Aug 13 2017, 08:56 PM
BoomChaCha
post Aug 14 2017, 12:20 PM

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QUOTE(aeiou228 @ Aug 14 2017, 12:03 PM)
Most certainly. One thing for sure, it enables them to push up the advertised rate as high as 4.58% with the ratio thingy.
Affin would get a lawsuit if this happened in western countries. mad.gif

QUOTE(aeiou228 @ Aug 14 2017, 12:03 PM)
RM0.00 CIMB Bank: Enjoy 3% p.a. bonus interest when you top up min RM3000 in yr Current/Savings acct. For more info, call 0322036201. Valid till 30Sep.T&C apply

Got this sms today. Not sure about the T&C though.
*
I received this same SMS about 1 months ago.

I called them and after some identity verification, the CIMB agent said I need to maintain minimum RM 3400.00
in my CIMB basic saving account, then I will get extra 3% bonus in my saving account starts from July until December 2017.
so my total interest is 3.25% (0.25% + 3.00% bonus). This extra interest bonus will only pay during next year in
January or February 2018.

You have to call this number in order to confirm your are interested to participate in this extra bonus campaign.
now I put all my extra money to CIMB saving account.

I just opened a CIMB internet banking with my free debit card.

I called to CIMB this 0322036201 again less than 1 minute ago, the CIMB agent said this extra bonus 3.00% campaign
starts from July 2017 until end of January 2018. Interest bonus will pay in February or March of 2018.

No limit of deposit to put to CIMB saving to enjoy extra 3% bonus, if want to put RM 50K+ (temporary parking) also can..

This post has been edited by BoomChaCha: Aug 14 2017, 12:38 PM
BoomChaCha
post Aug 14 2017, 01:10 PM

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QUOTE(aeiou228 @ Aug 14 2017, 12:45 PM)
Thanks for the info. I've got a CIMB current account which pays me 2.30%. Add extra 3% bonus = 5.30%.  drool.gif
Sure bo ? Any limit or cap in the TnC?
*
Ha..? whistling.gif 5.3%? thumbup.gif
CIMB agent only told me I just need to keep minimum RM 3400 in my saving account until January 2018 in order
to enjoy extra 3.00%.

For your case, you have to call CIMB to find out. Please let us know if you can get 5.3%
Good Luck thumbsup.gif

Now I recall, I received this SMS in June, about 2 weeks before July..

This post has been edited by BoomChaCha: Aug 14 2017, 01:12 PM
BoomChaCha
post Aug 14 2017, 01:18 PM

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QUOTE(doinkz_gaara @ Aug 14 2017, 01:12 PM)
Is it for all accounts or we have to activate it?
*
I think CIMB sent me SMS because I have FD there.

You can call this CIMB number to find out, it is a direct line, the agent will pick up the phone fast..
03-22036201

You have to let the agent to confirm and activate this bonus to your saving account on the phone.

You cannot activate it by yourself.

Good Luck.. thumbsup.gif

This post has been edited by BoomChaCha: Aug 14 2017, 01:21 PM
BoomChaCha
post Aug 14 2017, 03:42 PM

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QUOTE(aeiou228 @ Aug 14 2017, 02:44 PM)
Just called them. Here are the infos:
1. My 3% bonus ends on 28Feb 2018.
2. Yes it's 2.3% + 3.00% = 5.30% for 6 months.
3. 3.00% bonus only apply to minimum incremental average balance.
4. Whatever exiting balance in the casa before today will not enjoy the 3% extra bonus.
5. No mention of maximum amount.
*
Wah.. quite envy you.. 5.3% whistling.gif whistling.gif
You can forget about FD and put all your money to CIMB current account now..
Very good deal man.. thumbup.gif

3. 3.00% bonus only apply to minimum incremental average balance.
4. Whatever exiting balance in the casa before today will not enjoy the 3% extra bonus.

For example, if today I have RM 3400 in my CIMB saving, this existing RM 3400 will not enjoy
any extra 3% bonus, only any amount more than RM 3400 will enjoy extra 3% bonus.
Is this explanation correct?

Did you ask when you will start enjoy this bonus?

Just now when I called, my 3% bonus starts from July 2017 until end of January 2018, total 7 months.. hmm.gif

Thanks for your info..

6. Any exiting balance on the sign-up date cannot withdraw until 3% bonus campaign ends

This post has been edited by BoomChaCha: Aug 14 2017, 04:15 PM
BoomChaCha
post Aug 14 2017, 05:11 PM

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QUOTE(aeiou228 @ Aug 14 2017, 04:21 PM)
1) Promo run from 20th July.
2) Average balances in your account on the month prior to the call made to that phone number is your baseline. Then baseline will be subtracted from the incremental average balance (IAB). IAB must be min 3k after minus baseline.
3) can enjoy 6 months starting from the calendar month you made the call.
*
I had RM 3400 (baseline) in my saving account on the date I called.
So I must have at least RM 6400 (RM 3400 baseline + RM 3000 IAB) in my saving account in order to enjoy extra 3%..? sad.gif

(1) Let's say if to put RM 10K to earn 3.25% for my case:
First RM 3000 earns 0.25% = RM 3.75 after 6 months
The remaining 7k will earn 3.25% = `RM 113.75 after 6 months
3.75 + 113.75 = 117.5 x 2 / 10k = 2.35% effective rate p.a.

(2) Let's say if to put RM 100K to earn 3.25% for my case:
First RM 3000 earns 0.25% = RM 3.75 after 6 months
The remaining 97000 earns 3.25% = RM 1576.25 after 6 months
3.75 + 1576.25 = 1580 x 2 / 100K = 3.16% effective rate p.a.

This game needs to put more money then worth it to play.. hmm.gif
BoomChaCha
post Aug 14 2017, 09:50 PM

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QUOTE(aeiou228 @ Aug 14 2017, 06:35 PM)
Yes, not worth it in your case. Unless you open a new current account that gives 2.30% and start with zero baseline. Then you will enjoy true effective 5.30% returns.  Each block of 100k yield you RM2650, 99% risk free, PIDM up to 250k, where to find wor....
*
Yes, I will open a current account to see if I can take advantage of this 5.3% interest.
Thanks
BoomChaCha
post Aug 25 2017, 03:44 PM

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Joined: Sep 2011
Just called Bank Islam for FD promotion:

(1) 9 months 3.9%
(2) 12 months 4.1%
(3) 18 months 4.25%

No monthly interest
Minimum RM 5K
Promotion ends 30 September

Bank Islam takes 3 working days to clear check even if bring banker's
check , this mean FD depositor will lose 3 days interest.

QUOTE(cklimm @ Aug 24 2017, 08:02 PM)
Kids, ambank e-promo is appeared in their portal,
4% for 6 months, 3.6% for 4 months

[attachmentid=9076631]
[attachmentid=9076899]
*
OTC is also 3.6% for 4 months, minimum RM 10K

Now HSBC's 5% for 3 months needs to sign-up credit card?
http://www.hsbc.com.my/1/2/personal-bankin...ac=HBMY_ADV_5TD

Just called Bank Muamalat, 4.3% for 12 months is still available until 2 October, 2017,
but the drawback of this FD promo is that it needs minimum RM 100K to start.
Only RM 500K & above will get monthly interest. whistling.gif Otherwise, interest will pay upon FD maturity.

This post has been edited by BoomChaCha: Aug 25 2017, 04:13 PM
BoomChaCha
post Aug 28 2017, 04:26 PM

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Joined: Sep 2011
QUOTE(Deal Hunter @ Aug 25 2017, 06:04 PM)
Affin  Islamic Bank  with rates w.e.f. 01/08/2017.

Both Affin Islamic Bank and Affin Bank staff says Affin Gold-i for seniors (50 yrs and above) not calculated on tier basis like other savings products but on the end of day daily balance falling within a band i.e say 6k for 30 days will be giving 6000 x 2.15 / 100 x 30/365 and not 5000 x 0.85 /100 x 30/365 + 1000 x 2.15 /100 x 30/365 (tier style).

Affin Barakah Charity Account-i has 1 band for all balances. It is a flat 2.20% for any balance.

There are also other non-tier calculations like for Current Account-i (individual) - on the lowesr balance of the month at 1.75% etc.
The official  printout for their RATES FOR CURRENT ACCOUNT-i AND SAVINGS ACCOINT-i is still not passable even in Communication English standard. The table should be clearer with an additional column stating tier, balance or flat, or have these calculation methods  mentioned together in the Products Type column.

This is not to pick on Affin specifically but only because of the existing confusion within the LYN posters  who may have a simplistic worship of written words instead of questioning whether it is expressed precisely instead of ambiguously.

Other banks also have examples of how they create doubts and ambiguities but in different styles. It does not help matters that customers seldom read small print or ever make a fuss of the possibly "misleading words".

Thus banks can get away with all kinds of official black and white imprecisions which can be interpreted differently or flexibly to create confusion and differences in implementatation at different branches and among staff over FD offers and even rates.
*
I just called Affin Call Centre, the agent said Affin Gold account calculates interest based on tiers basis.
For example: 1st RM 5K earns 0.85%, RM5,000.01 to RM100,000 earns 2.15% and etc...

About Affin Barakah Charity Account-i, yes, it calculates any balance at 2.2% interest rate, RM 100 to open this account.
But any transactions in this account must related to charity.
BoomChaCha
post Aug 28 2017, 04:35 PM

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QUOTE(Quang1819 @ Aug 28 2017, 03:20 PM)
Best one so far Affin could offer? 4.25 24
*
From Page 162, Post #3225

QUOTE(aeiou228 @ Aug 13 2017, 12:42 PM)
The second year effective rate should not be 4.2518%. My calculation is 4.0798%. Here's how I derived the figure:
[425.18 x 100] / 10,421.59 = 4.0798%

Therefore,
1st year effective rate is 4.2159%
2nd year effective rate is 4.0798%

The drop in 2nd year effective rate is due to the FD:CASA ratio is no longer 90:10 in second year FD. The principal in lower interest (0.85%) side of Affin gold account had increased from 1000 to 1421.59 at the beginning of 2nd year and further increased to 1633.73 at the second half of 2nd year, while the 4.58% FD side still remain the same at 9k in 2n year.
*
Aiyo, Taiko, you are 101% correct... thumbup.gif You save our lives.. thumbsup.gif

Below are the summary:
First Year: FD Deposit 10K
(1) Interest earned after first 6 months: RM 206.10 + 4.25 = 210.35
(2) Interest earned after second 6 months: RM 206.10 + RM 5.14 = RM 211.24
Total interest earned after 12 months: 210.35 + 211.24 = RM 421.59
RM 421.59 / RM 10K x 100 = 4.2159% effective rate

Second Year: FD Deposit RM 10421.59 bring forward from the first year
(1) Interest earned after first 6 months: RM 206.10 + RM 6.04 = 212.14
(2) Interest earned after second 6 months: RM 206.10 + 6.94 = 213.04
Total interest earned after 12 months: 212.14 + 213.04 = RM 425.18
RM 425.18 / RM 10421.59 x 100 = 4.079799 effective rate

Thank you very much.. notworthy.gif notworthy.gif notworthy.gif

For RM 100K deposit, 90% to FD & 10% to Affin Gold:
First year effective rate: 4.29476%
Second year effective rate: 4.20712%

Encik Affin tries to fool us right? bruce.gif
BoomChaCha
post Sep 5 2017, 11:41 AM

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Joined: Sep 2011
Ambank eFD: 6 months at 4.00%, min RM 10K, valid until 31 Oct

Hong Leong Bank OTC:
(1) 10 months at 4.1%, min RM 10K
(2) 6 months at 3.9%, valid until 31 Oct

This post has been edited by BoomChaCha: Sep 5 2017, 02:46 PM
BoomChaCha
post Sep 5 2017, 03:54 PM

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Joined: Sep 2011
QUOTE(gsc @ Sep 5 2017, 03:16 PM)
Am signature Priority
Min 50k
4.15% for 12 months
4% for 6 months

3.6% for 4 months entitled 20 inch trolley bag, min 200k
*
Called one Am Bank branch, a female staff said she just received this new promo, maximum is 4.1% for 1 year,
if want to get 4.15%, then she needs to call HQ for approval, but she said the chance to get 4.15% is almost
impossible since another customer wanted to put RM 20 millions also could not get 4.15%.

I was quite frustrated, then called to another AM bank branch, a female staff said yes, can get 4.15% after
call to HQ.

Thanks so much, your info just come in at a right good timing.... thumbup.gif notworthy.gif
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