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.

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

I can confirm on this (the interest calculation part). What do you mean by 1mth deposit? You are referring to FD? UOB's FD rate for 1 month is very low at 2.7% p.a. Even 1 year also 3% only.


Are you referring to the UOB eAccount here? If yes, the info you got is wrong. No need to buy any investment at all. Either the staff is ignorant or lying to you to get you to buy their investment product.

It is separate limit for IBG, IBFT & 3rd party transfer. So, total you can transfer per day is 130k.

UOB eAccount no longer offers free IBFT for amount exceeding RM5,000.

https://www1.uob.com.my/personal/useful/fees/e-account.page

It is from UOB MY. More info can be found on the link below: -

https://www1.uob.com.my/stash/index.html

Anyone knows how the interest calculation works for UOB ONE? Is it Base + Tier 2 if fulfill all the conditions or get Tier 2 interest only instead. If I am not mistaken, the bonus interest is only applicable to the first 50k deposit last time. I don't know if anything has changed since then. Anyone with UOB ONE Account can share how it works?

Thank you for your reply. Is it based on your actual experience or your assumption on how it works? How about for this scenario: -

Saving: More than RM100k, Spend RM500 UOB credit card. Deposit RM2500 to UOB one account.

Answer: Base + Tier 2 = 2.65 + 2.65

or

Answer: Base + Tier 2 = 2.65 + 0

I have read the T&Cs. That is why I am confused.



According to this, the Bonus Interest will be payable on the Average Day-End Balance up to RM50,000 for that calendar month. However, there is a 3% rate for balance above RM50,000. This does not make sense at all unless the 3% includes the interest from the base interest (it is cumulative instead of separate). The rates shown on the T&C are outdated btw. The T&C is very poorly written indeed. The calculation method is supposed to be separate for base interest and bonus interest but is should be added up if there is a cap on the balance. Or they changed the conditions but forgot to update it.


I am aware of that but what I am not sure about is the max EIR of 3.05% applicable only on the bonus or on the total interest earned.



This post has been edited by Nom-el: Aug 14 2019, 07:04 PM

Can the 3 bill payments be made to the same biller to qualify for the bonus interest? Anyone knows what is the cut-off time for interest calculation for RHB?

Thanks.


What I meant was the cut-off time each day for interest calculation. For e.g. for OCBC it is 9:45 pm and SCB it is 12:00 am. How about RHB?

I have a very frustrating experience with RHB recently. I applied for RHB Smart Account online and received the e-mail and SMS asking me to activate it at the branch. According to the e-mail, I only need to bring my IC and RM1,000. It was supposed to be a straightforward process.

I went and was told I cannot activate it because I do not have supporting documents like payslip etc. The e-mail did not mention anything about supporting documents. Since I am unemployed, I could not provide that. I asked if unemployed is not allowed to open an account and was told that is not the case but must have supporting documents. I asked what documents are needed then, but was asked what I can provide instead. I was willing to comply but did not get any definite answer on what supporting documents are needed. Why do I even need to provide my payslip etc. in the first place? I am not applying for a credit card here. Is that really RHB's SOP for account opening?

I was later told that I cannot open the account if my purpose is for savings because I already have accounts with other banks. I was asked why I want to open account with RHB when I already have accounts with other banks. I told her upfront is because of the higher interest. She said in that case, I cannot open the account then. I can only open the account if I am willing to open an FD or investment account with them. Then, they can use the FD cert or investment account as a 'supporting document'. How ridiculous is that? Why force people to open other accounts just to activate the Smart Account?

Why ask me to go to branch if they cannot open the account for me? Everything was already there with account no., internet banking login and all the staff needed to do was just activate it. I believe she was just lazy and came up with all these stupid excuses. If RHB's staff continue with this type of practice, they will be losing a lot of potential customers. Even with good rates and promotions, they would not be able to increase their market share significantly. It's like when potential customers want to open an account, they ask them to go to their competitor or stay with their competitor instead. With the emergence of digital banks, RHB could become obsolete if they don't adapt quick enough. I rather deal with digital channels than branch staff. At least, no double standard and everything is transparent and upfront.

RHB's latest T&C (updated 17 Jan 2021) is up on the website. Interest rate for Smart Account removed. I believe the 3.25% rate is outdated rate that was not updated properly in the previous T&C.

It is not true at all. One will only get 2.xx% to 3.xx% for amount above 50k depending on the exact amount. 4% is only for 100k or amount very close to that as it is based on split-tier calculation.

What is the EAR you are referring to? EIR or something else? How much did you deposit and how much interest did you get? It is impossible for you to get 4% EIR if you deposit only 60k for e.g.

So what is the EIR for 60k?

This post has been edited by Nom-el: Feb 25 2024, 05:12 PM