No, he means 61+122 = 183 per pocket, which is what I posted earlier. That gives you 4% p.a. effective interest for the first 183*11 = 2013 MYR that you have.

This post has been edited by TOS: May 10 2024, 08:35 AM

Yup, so I suggested stick to the 4% (0.02 MYR) option.

Oh, Rize "round-up" calculation is different from GXBank? Not 0.015 round up to 0.02?

Ah, I get it now. (0.015*366)/0.038 = 145.

So maximize Rize first then GXBank lah

I personally don't use Rize, sticking to GXBank for now.

Agreed!

Ah it's just how you distribute the money lah. But it's better than the original option 61 where you put only 61*11 = 671. Now we know you can put 61*(10 pockets) + 1403*(1 pocket) = 2013 as a modified version of the "option 61".

Hi, you may refer to my post in the page earlier:

The additional 1% p.a. over the "advertised" 3% p.a. is simply due to the round off from 0.015 to 0.02, i.e., the additional 0.005 MYR is what contributes to the extra 1% p.a.

If GXBank pays you exactly 0.015 then you will get 3% p.a. You can confirm the maths:

Now, forget about round up or round down. In normal case, GX Bank pays you 3% p.a., so you put 183 MYR per saving pocket (and 1 main account), you will get daily interest of 183 *0.03/366 = 0.015 MYR. (3% p.a. interest here, nothing fancy). -> Formula: 183*0.03/366 = 0.015

But now GXBank rounds up the 0.015 to 0.02 MYR. You reverse the formula above to get the interest rate -> Formula: 183*(unknown interest rate)/366 = 0.02. Rearranging equation and solve for the unknown interest rate: Unknown interest rate = (0.02*366)/183 = 0.04 aka 4% p.a.

To further double check: GX Bank pays you additional 0.005 MYR on top of the original 0.015 MYR, which is an increment of 0.005/0.015*100% = 33 and 1/3 %

Since the amount of principal (183 MYR), compounding period (366 days a year) remains unchanged, the rise in interest rate should be exactly the same as that of the increment percentage in additional interest, i.e. 33 and 1/3 %. Let's check:

1% / 3% * 100% = 33 and 1/3 % (Hey presto!)

QED

Fuiyoh insider reporting live from event

Can share with us what other new features are coming?

Fair enough, of all the 3 digital banks, they are probably the best. 1% no frills cashback, 6% interests, steady infrastructure. CS maybe not so good as complained before lol (opposite of Rize)

Nope, we are playing with "rounding up" tactics here. And we are limited by the number of saving pockets that GX Bank allows us to open.

Since he is in the conference now, maybe we can ask insider cybpsych to lobby GX bank management to open another 50 more saving pockets for each GX Bank user

This post has been edited by TOS: Aug 2 2024, 11:47 AM

0.11 * 365 = 40.15 MYR.

Not too bad lah. Every morning just need to spend one minute to transfer all 10 cents from all 10 saving pockets to main account and transfer 11 cents to AEON Bank to reinvest the interests at 3.88% p.a. (or Rize for 3.8% p.a. if you prefer).

Oh yea, right. The interest is effectively doubled due to the rounding up from 0.005 to 0.01.

Gotcha!

I also notice that GXS Singapore and Maribank offers the same round up tactics as well. https://www.gxs.com.sg/

https://www.maribank.sg/product/mari-savings-account

Daily interest crediting hehe. But Mari doesn't have saving pockets while GXS limits the number of saving pockets at 8.

Rize not yet end. Got one more month until 30th September, 3.8% p.a.

This post has been edited by TOS: Aug 3 2024, 08:24 PM

Did you happen to buy anything using GX's debit card on that day?

The amount "on hold" is still eligible for interests until the transaction is cleared a few days later.

I experienced that before. Once the card transaction is settled and the amount on hold is zeroised a few days later, you earn interest on the main account/saving pocket balance of 49.37 (which will be 0, in your case).

lol still dreaming of a bug in GX Bank system

GX Bank can access via Senai Airport free Wifi.

No issue.

Oh shittt!

Now 6% becomes 4%... lai lai time to check the correct number to deposit from 1st October onwards.

0.005*366/0.02 = 91.50 MYR each for all 10 saving pockets + main account = 4% effective rate?

Is my number correct sifus?

This post has been edited by TOS: Sep 6 2024, 11:53 AM

Not too bad eh. 91.50 * 11 = 1006.50 MYR earning 4% p.a.

Let's hope Rize keeps up with the game next month, and wait for BeU to launch a counter-attack against both.

The problem is they still can't give out loans to people yet. The Flexicredit feature is what brings the money in, but now those who need money still have to be waitlisted. And they will need time to build up their customers' credit profile to know how the default rate is like for the general pool of customers.

https://gxbank.my/flexicredit

Probably will burn money for another few years before they see the light at the end of the tunnel. ZA Bank in HK just turned profitable for the first time this year after burning through for 4 years.

Haha they bet on a recession and BNM might cut rates soon?

This is called the round-up trick. Found by our accountant friend back in April.

It can only be done for banks (like GX Bank) which pay daily interests and offer multiple saving pockets, and we seek to double the interest paid to each pocket (+ 1 main account) by rounding up 0.005 MYR in interests to 0.01 MYR.

Normally, the formula for daily interest paid is principal * interest rate / number of days in a year. GX Bank uses ACT/ACT convention (actual number of days in a month, actual number of days in a year), and this year there are 366 days.

So to know the exact amount to deposit we work backwards.

0.005 = principal * (2%) / 366 days. Upon rearranging, we get principal = 0.005*366/2% = 91.50 MYR

What this means is that without rounding, if you deposit 91.50 MYR into each saving pocket + main account from 1st October onwards, GX Bank would have paid you 0.005 MYR interest per day. But because the system has to round up 0.005 to 0.01 MYR, that means with 91.50 MYR principal you earn 0.01 MYR instead of 0.005 MYR in interests (the interest rate effectively doubled from 2% to 4%).

You can verify the maths: interest rate = daily interest * number of days in a year / principal = 0.01*366/91.50 = 4% p.a.

91.50 MYR is per saving pocket/main account. GX Bank allows for a total of 10 saving pockets + 1 main account = 11 accounts/pockets in total. So, to earn the full 4% p.a. rate, you deposit 91.50 into all 10 pockets and the main account for a total of 1006.50 MYR. The saving pocket is just something originally intended to segregate your money for different purposes like marriage, car, holidays etc. (mental accounting...) but now we abuse it for an entirely different purpose.

Hope that helps.