the good thing is, your money is intact although not winning anything.

Just asking out of curiosity, you are not obligated to reply, but I'm wondering if your 800k is just a small part of your basket of investment vehicles that you manage to distribute risks OR it's the only one?
There's a saying that you cant get rich by merely putting all your eggs in FD so what do the sifus here think?
Thank you

CIMB e-FD promotion 12 months 4.15% 6 months 4%
thumbs up

Not bad, but i rather take the 4.1% otc for the sake of having a joint name. 12 months is too long a time for a single name efd

For those who have 5k and less than 100k, there are 3 rational choices depending how long they can place and their expectation of increase in FD rates. Check out Bank Islam as follows for their promo of 8 May to 7 July 2017:-

8 mths @ 3.9%.
12 mths @ 4.1%.
18 mths @ 4.25%

Thanks. I calculated the same but when I used some online calculator it gave me a different answer 😅

MBSB merger - Any one with long MBSB FD affected?

It seems existing MBSB FD certs need to change to new cert.

2 options ,

1)do nothing, wait for system to auto-convert you to new FDs. rates dont know.

2)premature withdrawal now till end 2017, interest calculated , added to principal to form new merger FD certs, get new maturity dates but keep old  FD4.7% rate!

After listening to the details, I see an opportunity to extend FD maturity. ie to do prem withdrawal  just before the 6 monthly int is paid.

if the calculated  interest is for 50days,  new FD maturity will be extended by 50days. can potentially delay till 120 days and so  extend that FD by same duration!

sorry for the typo  yes  10 k , is better to use the promotion rate or the old rates ? But if promotion rate after the promotion over will be back to normal rate .

Can do it in Maybank2u online?

I have 100k extra cash, and wanting to buy a new car. Should I put the 100k cash into a bank to earn 4% interest and take a 100k loan for 9 years with 3.5% interest for a new car?
Or i should use the cash to buy the car directly.

OP is that true? I will try to nego higher if possible
HSBC 5% p.a

I just got the above from my email, apparently it's for their Advance members, need to keep RM30k to qualify, hmm

This is one of the usual problems with newbies always kena con or misunderstand or never read Terms and Conditions of FD.

Person serving you at bank can sometimes be new, ignorant, badly trained, misguided, lazy or have language problem reading long legal T&C. You should always be careful of the possibility  that the person answering is actually unable to clearly point out, or avoid mentioning the unpleasant parts, while focussing on the pleasing parts, when answering question. Complaints, loss of customers and trust, legal liability for misleading or partial or concealed half or imperfect answers is one of the problems when answering questions especially for people trained to push sales/bank products. The banks try to overcome mistakes from human communication/interaction problems with T&C.

Similar to T&C quote 3.6 from OCBC can be found applicable at all banks.

quote

3. Promotions Mechanics and Conditions: Monthly Income (Mi) Fixed Deposit/-i Deal

3.6. Upon maturity of the promotional Fixed Deposit/-i Deal tenures, the promotional interest/profit rates will cease to apply and the Fixed Deposit/-i Deal will automatically be renewed with a similar tenure at the prevailing board rate, unless the Eligible Customer withdraws the Fixed Deposit/-i Deal upon maturity of the promotional tenures.

unquote

The only way a for a FD to have a promo FD rate is to have the old FD redeemed and then have a new FD placed. Normally the money need to be transferred out and then back in under the Fresh Fund condition for the new FD promo in 12 months time. Unless, the bank specially allows the use of renewal funds (eg Ambank).

Otherwise, you will always end up with with a board rate for the same length of time if auto renewed with or without auto add-on of interest/profit. In your case, if you had placed RM 10,000 now.  After 12 months, a new FD of RM 10,438 principal will be made under auto renew and auto add-on for another 12 months at the board rate then which may be around 3%.

The questions of the financial illogic/illiterateness in an internet banking age for autorenew and autoaddon especially in  maximising gains from promo FD is seldom mentioned. The only way it can be justified is when the FD depositor has so little available money, that it is disqualified from the promo rate and had to be placed at  the best bank board rates like Affin Bank or MBSB.

Not only you like that method, the bank love it even more than you as it is their dream come true.