1 mth - 2.05%
6 mths - 2.4%
9 mths - 2.45%
12 mths - 2.5%

Still there when I checked earlier today.

Affin

6 mths - 2.45%
12 mths - 2.85%

Frankly, I don't see how much one stands to gain, or lose by doing so.

Using Affin as an example :
3 Months 2.48%
6 Months 2.73%
9 Months 2.75%
12 Months 3.05%

If one opts for even 6 months, you will get 2.73% pa, instead of 3.05%.

Now, if in 6 months time you renewal is due and OPR goes up, you again opt for 6 mths at, maybe 2.9% instead of maybe 12 mths 3.2% because there may be yet another hike in OPR. In that sense, you would never be able to opt for the maximum promo % percentage. At the end of it, 2.73% + 2.9%, your average 12 mths would be only about 2.81%, instead of one shot 3.05% based on Affin.

Don't make sense. For me, most of my funds are minimum 6-12 mths FD. I have smaller sums in shorter duration FD for just n case rainy days.

This post has been edited by McMatt: Jul 8 2022, 12:39 PM

Using 100k and Affin again as an example, at 6 mths, you would get RM1,365 (100k x 2.73%pa / 2). If one NEEDS to use this RM1,365 at month 6, one needs better financial management. RM1,365 x 2 = RM2.730. Instead of RM3,050 after 12 months. If I was a retiree, I would have planned to have enough resources for a minimum 12 months, rather than relying on monthly, quarterly or half yearly returns.

My example were merely to state that a person's returns when placing 6 mths or 12 mths, can be higher if one look at the bigger picture, instead of focusing purely on fear of rising OPR.

They would deduct from the upliftment. Imagine BR paying 4.8% for 2 years placement, but one uplift prematurely but interest paid monthly or quarterly based on 4.8%. If there are any banks that foolishly doesn't do it, do let me know

Never put all in a single basket. For example, if you have RM50k, break it down to 5 FD placement of RM10k each. You can even place each 5 in various terms as you see fit ie. 1 x monthly, 1 x 3 months, 1 x 6 months, 2 x 6 months or however you see fit. If there is real need for "emergency", it won't make any difference if you need to use it all. Most people can plan their finances. Emergency only necessary for medical reasons in most cases. Surely you should have cash where you can access instantly for car repairs, home repairs, etc.

Affin Online 12 months @ 4.23% (non-Invikta)

Opened a Bank Islam account by applying online. Chose Cyberjaya branch, went there and completed in less than 20 mins. Will do several IBT and head back next week for the 4.5%.

I asked, and the officer says promo till year end? What?

That was fast.

I did 3 certs today at BI Cyberjaya. The electronic signature had issue, and after waiting for near 10 mins, proceeded with manual forms for signature. All in all, took me just over half an hour which is slow considering I was the only person there.

I can never fathom why an ATM card is necessary for activating online banking. I find it absurd and a way just for banks to make money. And the annual fee is like I'm paying to use their online services. Pfftttt!

Indeed, they should just renew at the prevailing promo rate for the same period of placement, whether it went up or down. Board rate is an insult to them.

For those complaining about BI, I was pleasantly surprised today. Had 3 certs matured today. Logged in and checked that they auto renewed all 3 at 4.2% pa. And to think I just went to MBSB to open an account yesterday to transfer from BI for the 4% tomorrow 😅 Guess I don’t need to do that already.

What am I missing?

Much appreciated for sharing it again. Will be checking it out again daily. Now that you mentioned it, I do have some recollection reading something similar but have forgotten it was BI. The above few responses shows how toxic sometimes a forum can be to those who don’t stalk the thread often enough. And to think we are all here to help one another

That’s one way of viewing it. Thanks.

Lol ... indeed it was to be. Just moved the max limit to MBSB. Will see if I can go over to Cyberjaya to rentas transfer the remaining today if got time. Thanks for the heads up to everyone.

Problem was I did not increase transfer limit in settings. And after I did this morning, says will take up to 12 hours before it takes effect.

If 10k @ 4% = RM400, 3.9% = RM390, 3.8% @RM380 .... it may not be worth your time to go around chasing it, unless it can be done online. Otherwise, your hour(s) and petrol already cost more than the difference of RM10-20.

If 100k, the different then become RM4k vs RM 3.9k vs RM3.8k ... for some, RM100 extra also not worth to chase it because their time is worth more than that. I know I wouldn't.

I also got a notification via MAE app on the 2.7%. But I couldn't find it in M2U. I have short term funds to place in FD for now.

I did read the notification that says 1 month 2.7% though. I’ll check with the RM. Thanks. Blur sotong, didn’t realise the 2023 post lol