My FD in Bank Islam matured recently and so went to branch for withdrawal, took number (first queue as no customer) and next minute my turn, withdraw FD n deposit into saving account (Bank Islam S/A) took around another 10 minutes. Then start using mobile Bank Islam app to transfer to MBSB S/A. Later went straight to MBSB branch (10 km away) and also took the number first queue also to place the FD, all done less than 30 minutes in both places including travel time to MBSB.

FD certs issued on the Spot. No need to pay any bank charges at all except petrol fees.

RHB 3.9% @ 9 or 12 mths, pure
UOB 3.85% @ 9mths
Ambank 3.95% @ 6mths, condition
CIMB 3.85% @ 6mths
HL  3.9% @ 6mths
Affin 3.9% @ 12 mths
Mbsb 4.25% @ 6mths, bundle
got 1 maturing next week.
Park for myself and others too.

The daily limit is per day, not per bank. So if the limit is 50k, you can only transfer to a maximum of 50k regardless to a single bank or more. So for 100k, you need to transfer out 50k on a day, and another 50k on the next day.

Why not just get a cashier order/banker's cheque?

By doing this, it's a lot more convenient for us because we can do it all via online, rather than driving/parking/extra overhead cost of "banking".

But, sometimes most of us are 'hunting' for the best deals, and usually to achieve these good deals almost always requires our fund to be "fresh funds". and to get those good rates, we have to go OTC ourselves to physically get that rate.

UNLESS if we can do that online, most of the time all placement done online are almost always on board rate, and seldom promo rates.

So YES it's very convenient, but you'll still have to be present at the bank itself. So might as well go for the hassle of physically getting a Banker's Cheque in the morning, and head to the next good deal to deposit, and lock in at that rate on the same day.

Cash is definitely a disadvantage for security purposes, especially when it comes to a large sum. Instant Transfer, IBG have no bank charges these days and is the preferred choice. There is also FPX as an option.

An easy method for transfer of large sums of money is by using banker's cheque or bank draft.

SSPN 4% dividend is not guaranteed.. may be lower or higher...hopefully they still can maintain at least 4% for 2019..

Yes that is the downside. For guaranteed dividends better stick to pure FD.

in short not FD.

I apply the KISS principle for FD, also not good to put all eggs in a basket.
that said I apply/divide certain amount to FD, funds, shares, etc ....

I would suggest you get a family member like your sibling or so, you transfer the fund to them, and ask them to bank into your account using theirs. That will be able to convert it into "fresh fund". Hahaha, this is what I did back then.

LOL may i ask how much is the interest? and the amount?

transfer to bank B. Buy bank draft from Bank B for not the same amount.

Other Bank draft is considered fresh fund unless Bank A promotion states something like incremental bank balance growth bla bla

Here are the latest FD promotions and pick the best that suites you

RHB 3.9% @ 9 or 12 mths, pure
UOB 3.85% @ 9mths
Ambank 3.95% @ 6mths, condition
CIMB 3.85% @ 6mths
HL  3.9% @ 6mths
Affin 3.9% @ 12 mths
Mbsb 4.25% @ 6mths, bundle

3. 12month 3.9 vs. 6 month 3.9.
The former has advantage if you really dont foresee that you need to take the money out that soon and also you foresee that there is a possibility of OPR rate drop within 12 months. Else, it's better to go to the latter as the effective interest is the same provided that you keep them in for the same amount of time and there is no OPR rate cut.
the advantage would be that you have flexibility of using the money or putting in different accounts etc. after the first 6 month.

Not Islamic? Need fresh fund?
My FD in OCBC matured and they called me said now is 3.0% only.

Minimum Placement Amount For Each Certificate is RM10,000.
Maximum Placement Amount For Each Certificate is RM10,000.

If interest for CASA is insignificant/negligible, EIR of 2.97% for 12m is considerably good given there's a high chance of another 1 or 2 OPR cuts in the pipeline till end of year.

Effective interest rate since 10% is earmarked to CASA for 3m.
Assuming no return from CASA, min EIR is 3.3% pa x 0.9

If you have elected for auto renewal when you put yr FD, there is no auto adjust if it falls on a non-banking day. If you did not elect for auto renewal, the bank normally give u the extra interest to compensate for the non-banking day.

But nowadays, banks are smart. They automatically elect auto-renewal for you.

earmark 3mth only. eir shld be around (2.97x3 + 3.3x9) /12 ~= 3.2175
too bad no uob acct and also not efd is it this one

i am not sure is it in their website.
a girl told me about this when i was at bank just now.
basically its a 5 years saving plan, 10k every year, can get 1k guarantee cash back every year too.
rate around 5+%

then only you can place the 3.75% FD.