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> Conditional High Yield Savings Account

acejlsh
post Oct 25 2017, 09:02 PM, updated 2y ago

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Which one are the best or your favourite products?

1) OCBC 360 Account
2) OCBC Smart Savers
3) RHB Bonus Savers
4) RHB Smart Account
5) UOB ONE Account
6) Maybank2u / Affin Bank E-Savers
7) Alliance SavePlus / My Esavings
8) UOB EAccount
tkwfriend
post Oct 25 2017, 09:07 PM

I always doubt and always something goes wrong
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Public mutual = Hybrid of Saving account and FD
howszat
post Oct 25 2017, 09:15 PM

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RHB Bonus Saver has no other conditions after 12 months. Fantastic account for day-to-day use.

RHB Smart has too many restrictive conditions. Read the conditions first.
Ramjade
post Oct 25 2017, 11:37 PM

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QUOTE(acejlsh @ Oct 25 2017, 09:02 PM)
Which one are the best or your favourite products?

1) OCBC 360 Account
2) OCBC Smart Savers
3) RHB Bonus Savers
4) RHB Smart Account
5) UOB ONE Account
6) Maybank2u / Affin Bank E-Savers
7) Alliance SavePlus / My Esavings
8) UOB EAccount
*
None. Use Phillip money market fund.
jfleong
post Oct 26 2017, 02:56 AM

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QUOTE(Ramjade @ Oct 25 2017, 11:37 PM)
None. Use Phillip money market fund.
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That is for not so emergency fund.
But you need to keep some money that you can withdraw/use immediately - like if you get into an accident etc - no time to wait 1 business day
You can always use your CC to cover that, but it's still better to have something that you can use immediately
Ramjade
post Oct 26 2017, 05:44 AM

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QUOTE(jfleong @ Oct 26 2017, 02:56 AM)
That is for not so emergency fund.
But you need to keep some money that you can withdraw/use immediately - like if you get into an accident etc - no time to wait 1 business day
You can always use your CC to cover that, but it's still better to have something that you can use immediately
*
If you have maybank, withdrawal can be done on that day itself. Not needed to wait 1 day.
cklimm
post Oct 26 2017, 11:24 AM

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QUOTE(acejlsh @ Oct 25 2017, 09:02 PM)
Which one are the best or your favourite products?

1) OCBC 360 Account
2) OCBC Smart Savers
3) RHB Bonus Savers
4) RHB Smart Account
5) UOB ONE Account
6) Maybank2u / Affin Bank E-Savers
7) Alliance SavePlus / My Esavings
8) UOB EAccount
*
9. HLB pay and save
acejlsh
post Oct 26 2017, 01:16 PM

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QUOTE(howszat @ Oct 25 2017, 09:15 PM)
RHB Bonus Saver has no other conditions after 12 months. Fantastic account for day-to-day use.

RHB Smart has too many restrictive conditions. Read the conditions first.
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Yes, only need to work hard to get through the first year incremental bonus interest. A real good saving rate @ 2.65% thereafter.
acejlsh
post Oct 26 2017, 01:16 PM

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QUOTE(cklimm @ Oct 26 2017, 11:24 AM)
9. HLB pay and save
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Oh yea, I "tertinggal" this. Yes, this one also another type.
billy08
post Oct 26 2017, 01:20 PM

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are these high yield accounts give better interest rates than FD?
acejlsh
post Oct 26 2017, 01:24 PM

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QUOTE(billy08 @ Oct 26 2017, 01:20 PM)
are these high yield accounts give better interest rates than FD?
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Ranging from 0.5% to 4.28%, subject to fulfilling the products T&C monthly as well as your account balances on top of 0.0% to 0.5% of base interest with no condition.

This post has been edited by acejlsh: Oct 26 2017, 01:27 PM
Nom-el
post Oct 26 2017, 03:26 PM

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My favourite would be OCBC 360 Account. It is easy to fulfill the conditions to get 4.1%. Even without the credit card spend, it is still easy to fulfill the conditions to get 2.9%. It is flexible in the sense that you do not need to fulfill all conditions to get the bonus interest. There is also an Islamic version, OCBC 360 Account-i which is similar although one of the bonus category is based on debit card spending instead of credit card spending.

Personally speaking, I think the RHB Smart Account and UOB ONE Account are not that worth it as the actual effective rate is not that high and they are too restrictive. Must fulfill one condition first before other conditions to qualify for the bonus interest rate. UOB ONE Account bonus interest rate is based on split-tier, meaning the maximum effective rate is much lower than the advertised maximum rate of 4.28%. UOB EAccount is much better if one has more than 50k, as the rate is 3.6% without any hassle.

HLB Pay & Save account is also not bad but a bit troublesome to fulfill all the conditions to get the maximum rate (3.5%). At least, it is more flexible in the sense one does not need to fulfill one condition first before fulfilling other conditions to be eligible for the bonus interest. Beware of the islamic version Pay & Save Account-i, as the rate is based on split-tier similar to UOB ONE account. Although both are similar in terms of features, the conventional one has higher interest rate as it is based on the whole balance.
okuribito
post Oct 30 2017, 06:24 PM

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QUOTE(Nom-el @ Oct 26 2017, 03:26 PM)
UOB EAccount is much better if one has more than 50k, as the rate is 3.6% without any hassle.
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Hi the 3.6% is on balances in excess of 50K, right? Would you know what the average effective rate of interest is on the first 50K? I would guess there's a scale of rates but i can't find it on UOB's website
Nom-el
post Oct 30 2017, 06:46 PM

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QUOTE(okuribito @ Oct 30 2017, 06:24 PM)
Hi the 3.6% is on balances in excess of 50K, right? Would you know what the average effective rate of interest is on the first 50K? I would guess there's a scale of rates but i can't find it on UOB's website
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No, it is on the entire balance if it is more than 50k. Refer to the link below: -

https://uniservices1.uob.com.my/jsp/finance/fin_sav.jsp
okuribito
post Oct 30 2017, 07:02 PM

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If you have this account and actually getting 3.6% on entire balance, then I will be so happy & thankful for your headsup smile.gif Normally, they give on a scale basis - which works out to 0.815% for the first 50K sad.gif

NVM, I go to UOB tomorow & ask
qin.19
post Oct 30 2017, 10:20 PM

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QUOTE(Nom-el @ Oct 26 2017, 03:26 PM)
My favourite would be OCBC 360 Account. It is easy to fulfill the conditions to get 4.1%. Even without the credit card spend, it is still easy to fulfill the conditions to get 2.9%. It is flexible in the sense that you do not need to fulfill all conditions to get the bonus interest. There is also an Islamic version, OCBC 360 Account-i which is similar although one of the bonus category is based on debit card spending instead of credit card spending.

Personally speaking, I think the RHB Smart Account and UOB ONE Account are not that worth it as the actual effective rate is not that high and they are too restrictive. Must fulfill one condition first before other conditions to qualify for the bonus interest rate. UOB ONE Account bonus interest rate is based on split-tier, meaning the maximum effective rate is much lower than the advertised maximum rate of 4.28%. UOB EAccount is much better if one has more than 50k, as the rate is 3.6% without any hassle.

HLB Pay & Save account is also not bad but a bit troublesome to fulfill all the conditions to get the maximum rate (3.5%). At least, it is more flexible in the sense one does not need to fulfill one condition first before fulfilling other conditions to be eligible for the bonus interest. Beware of the islamic version Pay & Save Account-i, as the rate is based on split-tier similar to UOB ONE account. Although both are similar in terms of features, the conventional one has higher interest rate as it is based on the whole balance.
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I agreed to you! I prefer OCBC 360 too, easily to get 2.9%. If not mistaken, can withdraw money from the account without affect the rate brows.gif
shuin1986
post Oct 31 2017, 09:17 AM

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QUOTE(okuribito @ Oct 30 2017, 07:02 PM)
If you have this account and actually getting 3.6% on entire balance, then I will be so happy & thankful for your headsup  smile.gif  Normally, they give on a scale basis - which works out to 0.815% for the first 50K  sad.gif

NVM, I go to UOB tomorow & ask
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Do let us know after this biggrin.gif
But based on UOB calculator, the rate is for entire balance -> https://uniservices1.uob.com.my/jsp/calcula...sav_deposit.jsp
okuribito
post Oct 31 2017, 09:51 AM

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oooooooo awesome! will go soon! best if they calculate on daily basis. will ask
okuribito
post Nov 1 2017, 05:45 PM

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I couldn't go but a friend went PJ state branch. Walaueh, he say now the syt mktg staff there work in cubicle like karaoke laounge with intimate sofa brows.gif

Confirmed 3.6% on entire balance. Also interest calculate on daily balance but credit end of mth - though this not in black & white.

IMHO if got >50,000 idle for <3 mths, then worth it. Otherwise, better put into 1mth deposit
perplexedstill
post Nov 2 2017, 02:46 AM

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QUOTE(okuribito @ Nov 1 2017, 05:45 PM)
I couldn't go but a friend went PJ state branch. Walaueh, he say now the syt mktg staff there work in cubicle like karaoke laounge with intimate sofa  brows.gif 

Confirmed 3.6% on entire balance. Also interest calculate on daily balance but credit end of mth - though this not in black & white.

IMHO if got >50,000 idle for <3 mths, then worth it. Otherwise, better put into 1mth deposit
*
Why yours different with mine? I go today and they tell me, to get the 3.6%,
1. > RM50k
2. Minimum RM20k need to buy their "investment" aka Unit Trust and etc.

Still got others but i terus run after hear about the "investment". Waste my time drive so long to there. No wonder no dare to write full terms and conditions on their website la.

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