note the term "maximum"

if MAB is 50,001. u earn 1.65% * RM50000 and RM1 * 2.65%. EIR is not 2.15%

This post has been edited by zenquix: Aug 4 2020, 03:52 PM

The page and table has cautioned on the max EIR.



This post has been edited by GrumpyNooby: Aug 4 2020, 04:51 PM

Revision of Privilege$aver Campaign Terms & Conditions

Please take note, effective 1 Sep 2020, Deposit Bonus Interest of Privilege Savings Account /Deposit Bonus Hibah of Super Salary-i and Credit Card Spend Bonus Interest will be revised as follows:


Clause 11
Table 1.
• Deposit Bonus Interest/Hibah will be revised from 2.00% p.a. to 1.50% p.a. with average balance cap of RM 200,000 during the month
• Credit Card Bonus Interest will be revised from 1.50% p.a. to 1.00% p.a.

Clause 14
Eligible Account holders can earn up to 4.60% p.a. (from 5.60% p.a.) in the promotion account based on total interest/return earned from the Base Rate and total Bonus Rates on all Bonus Categories of Deposit, Card Spend and Wealth Management as seen in Table 1 of the Campaign Terms and Conditions.

https://av.sc.com/my/content/docs/my-revisi...egeaver-tcs.pdf

Hmmm, why the SC bank staffs never mentioned these to me and instead tried to sell me a package of "Savings Plan" + FD? I guess they only get commission thru this....

The thing I don't like about Saving Plans is the banks tie you up for many years and you cannot ever withdraw the capital, only the interest. Typically 10-20 years thing.

Or should I insist on the basic savings plus FD only. I have enough funds to even become a SC Premier customer overnight.....

This post has been edited by Hobbez: Aug 5 2020, 07:18 PM

The Savings Plan is to earn extra 2% Invest Bonus interest for PSA?

I'm not sure, but I was shown this plan they have going with Prudential, where you must commit to a sum to save every year and they pay a guaranteed payment annually. And then at the end of the maturity (when you are old and maybe dead and gone), they will pay a big lump sum. Not related to PSA. But they tie it with their FD package.....6 mths at 7+%. But the FD amount to be accepted is proportionate with what you put into the Savings Plan....

The problem is, this one ties you up long term for 15 years I believe. Premature withdrawal will lead to loss of capital as the penalty.

This post has been edited by Hobbez: Aug 5 2020, 07:27 PM

That's why it is called "Savings Plan".

I think the best option is to sign up for their Bancassurance or Unit Trust to meet the criteria to get 2% interest for the Saving Account which is 2.1% but will drop to 1.5% in Sept.

Put some money into their unit trust and then can get overall rate of 3.5% which is still very attractive.

What do you think?

This post has been edited by Hobbez: Aug 8 2020, 12:47 PM

how much sales charge before u get stg out of it?

Make sure the product you selected to commit will have a decent return; other you might as well invest yourself.

Then, the Invest Bonus is up to RM 20k for normal banking customer.

What is this Invest Bonus? Didn't hear anyone mention it. Is it related to their Bancassurance Unit Trust program?

I don't know, but I only commit the minimum for their unit trust plan.

Any idea the minimum unit trust amount needed to purchase to be eligible for the 3.5% saving rate?

This post has been edited by MUM: Aug 8 2020, 04:10 PM

I think RM12000-15000 per year, for 5 years.

Usually banks would charge abt 5%-6% sales charges for each ut buy..... Just not sure abt the sales charges of this ut that you gonna buy n also maybe there is a quota or ratio that you must hold between ut n saving to be eligible for that 3.5% rate.
Example, just example... For I am not sure....
UT 20k can qualify to hv max 40k in saving to qualify for the 3.5% rate. Do they hv tis quota?

I don't think so. This not like other typical FD + CASA plans.

It's not actually even a plan offered by the bank, but just suggested by the bank staff, cos I really don't want any long term savings or insurance or UTs.

So it is just a plan suggested by the bank staff n not a requirement that come together to be eligible for the 3.5% saving rate product from the bank...
Uuumph...
Ok. Thks for telling

No, the base PSA account only gives you 2.1% (next month 1.5%).

But by investing into their Bancassurance (unit trust) plan, bank offer the PSA another 2%.

This post has been edited by Hobbez: Aug 8 2020, 04:59 PM

That is the Invest Bonus for PSA that I was pointing:


If your contribution to their WMP is RM 12k per year, the Invest Bonus will be eligible for the 1st RM 20k.
For Priority Banking Clients, if your contribution to their WMP is RM 72k per year, the Invest Bonus will be eligible for the 1st RM 100k.

This post has been edited by GrumpyNooby: Aug 8 2020, 05:44 PM

so to get the extra 2%pa interest for that RM20000 you need to put into UT RM1k per month

2%pa on RM20k is RM400 pa or RM33.30 pm extra untung
invest 1k per month, unit trust fees if 5% sales charges is RM50 per month sales charges...extra expenses....

siapa lagi untung? bank or me?

This post has been edited by MUM: Aug 8 2020, 05:33 PM