Sure or not? Sounds very good but how come I don't read about it anywhere?

I have been using Alliance SavePlus all this while, but recently they again lowered the tier payout and added one new one, which is RM 350,000+ then only can get 2.25% (which sucks anyway).

All this while, their highest tier was RM200,000 with 2.25% interest.

I am looking for other options, including 6 months or more FDs which pay monthly interest that will surely be better than this. Two potential good ones are Am Bank and Bank Rakyat i-Term deposits....

This post has been edited by Hobbez: Jul 30 2020, 06:20 PM

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

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

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

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.

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

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.

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

What other conditional savings acct plans have very low tiers or no tiers to pay out an interest?

Thanks, but it seems minimum funds must be RM10k.

Others like UOB Invest Pro and Alliance SavePlus also won't pay anything for small amounts < RM 10k (at least).

So RHB is the best? I tried applying for their credit card but no success. I heard is not easy to get RHB credit card, especially for self employed.

And OCBC even not accepting credit card applications now.

So their 360 accounts cannot "work" without a credit card from them.

What other banks offer this kind of conditional savings acct where you spend with CC will get interest into the savings acct...?

This post has been edited by Hobbez: Sep 28 2020, 09:45 PM

Debit card not suitable for my spending circumstances. I am planning to spend online at foreign site, not local. And I doubt they accept debit cards.

RHB sucks. From my experience.

The only other one doing this is StanChart.