Hi cherroy,

Thanks for merging up the threads. I understand its tough work moderating the forums.

However, the AUD Savings Plan I am referring to is not really a Foreign FD account, but rather a Close Ended Guaranteed Investment Fund which can be an alternative to FD.

It works more like a Savings/Education Plan denominated in AUD. Hence the reason why I didn't post it up together with the foreign FD threads.

Here are some of the reason why its different:

1. It comes with Free Insurance Coverage of up to 125%.
2. It is Creditor proof unlike normal bank FD, where creditors can go after your FD money.
3. There's zero withholding tax. Normal bank FD above RM100,000 is subjected to 5% tax.
4. You may even get to enjoy Tax Relief up to RM 6,000 Life Savings/EPF as well as RM3,000 Education reliefts as its considered a life savings/education plan.

This is the closes thing you can get to opening a foreign currency account without having to pay the account charges.

There will be a newspaper advertisement on the News Strait Times on the 24th and 25th April, for those who subscribe.

Offer period is from 18th April till 19th May, 2008 subjected to a first come first serve basis. Offer may close earlier if the assets are fully subscribe.

Current assets available is AUD 7 mil only.

Meanwhile, the company is trying to get more assets approved, so that more people can get to participate.

Hope the additional info can be of help to those interested.

Thank. Best Regards.

High yield currency is under a lot of pressure with interest rate cycle is on the way down, and massive unwinding carry trade. Already said NZD is already in bearish tone since last few months back.

As said before, this is not a place to chase for higher return, it is a place for asset diversification and hedge against RM depreciation (just in case).

Currently those foreign currency FD/call account etc by commercial banks generally can accept bank in but cannot withdraw back as foreign currency note, as far as I know. Because Banks don't prepare those note or having those note in place all the time, that's why they don't allow customers to withdraw as note.

Now BOE has slashed rate to 1.0% already last week or so. So no possible for others to give 2% anymore.

Already said mah, quoted from Yahoo finance.