1% in how long?

yeah most think like you why bother only 1%
late comers baru ada chance...

RM8 is bonus as
base return is 3.73% for double entries RM188 + RM888


yes correct


.....well said


No another way to look at it
it should be that way 10.5% pa

A lot of people make the mistake of choosing IRR vs NPV. The key reason to choose 888 vs 188 is this: reinvestment opportunity(ies).

Yea, true, 188 indeed offers higher % return vs 888, and we usually quote returns in annualized percentage, hence this issue arises.

Let's breakdown the maths. RM3 return over 188 for 1 month -> annualized simple interest (x12 months): 19.15% p.a.

RM 8 return over 888 for 1 month -> annualized simple interest (x 12 months): 10.81% p.a.

But one should bear in mind this promo is "seasonal", i.e., it's not year-long, it only happened during CNY promo (and maybe another round during Hari Raya? Christmas?)

We never know. But what we know now, is that in one month's time, you get RM 3 out of 188 and Rm 8 out of 888.

It's important to bear in mind that by quoting the returns in annualized term you are implicitly assuming you will get RM 3 for 188 every month till end of February/early March next year, which is clearly not the case.

Think carefully, 19.15 % p.a. and 10.81% p.a. are both ridiculously high interest rates, why would GX Bank give you such rates when they only charge 8.06% p.a. for their personal loan Flexicredit (annualized, effective rate, which is always higher than simple interest rate anyway).

Thus, from a user's point of view, RM 8 in one month vs RM 3 in one month with a promo not certain to continue in the coming months, or at least with some degree of uncertainty, you should maximize net present value (NPV) by choosing the 888 package instead of the 188 package, even though the later offers higher annualized return, which is right from the start, a misleading figure to use for such a short-term, infrequent promo.

Google "NPV vs IRR fallacy". A lot of people make that mistake. Standard business school lectures will cover that: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3090678

Consider we both kiamsiap and calculative. Just sharing with sifu.

This post has been edited by TOS2: Mar 10 2025, 08:57 AM

Consider also that this thread has users still doing the rm0.01 rounding method due to its 4% return rate....

Finance is as much about psychology as maths.

TOS2 did u try to aim for both RM188 and RM888? i think they only picked the first eligible deposit right?

Hi, may I know if this bank is still worth using? I initially registered because of the 1% cashback rewards and the 3%+ p.a. interest, but they have already canceled those. Should I still use it?

anyone manage to withdraw yen at japan using atm ?

I am doing that too. Even if you leave it at 91.25 and don't withdraw for one whole year, 1 year later, on the 364th day, your effective rate is still 0.01/(91.25+0.01*364)*100*365 = 3.85% p.a.

So, whether to withdraw the daily interests of 11 cents is really a choice of whether the effort to withdraw 11 cents daily is worth earning the extra 0.15% p.a. or not.

A lot of people don't realize the combo power of daily interests, saving pockets and, round-up tricks. They are actually the best thing banks have offered in this country for decades for small peanut savers because the effective rate is approaching FD rate due to round-ups, though only small capital can be put in per account/pocket. Compensate this with 8-10 saving pockets, you raise the capital to earn FD-like returns to 800 MYR per digital bank. Multiply by 3-4 digital banks (we know GX, Boost and Ryt offer daily interests + saving pockets so far, waiting for info from KAF), that's 2400 MYR - 3200 MYR, daily interests, no early withdraw penalty like FD...

But yea, psychology does play an important role. Any amount beyond that, you still earn low 3% ish return like 3 to 3.3% p.a.

As long as the competition for deposits continue, we savers will continue to be pampered.

I did what I mentioned before. And yes, first eligible deposit is 888, the 188 is ignored, just a fail-safe mechanism in case 888 promo is fullly utilized.

It's free money from GX Bank, you pay a price of 0.01 MYR * 11 account/pocket = 0.11 MYR in daily interest, just for one day. And you get 8 MYR one month later.

These days RM 8 seems like small amount... nobody cares, at least in my place can buy 0.8 days worth of meal

This post has been edited by TOS2: Mar 10 2025, 09:35 AM

Free atm withdrawal? overseas 1% cashback?

oh shoot your post just reminded me that it was 91.25.. dont know why i somehow remembered it as 91.50

Hehe that was last year. 366 days at 2% p.a. -> 0.005*366/0.02 = 91.50 MYR

Yeah agree with you IRR is very misleading if the period is so short.
because the rate got amplified 10.81% and 19.15% pa, ' multiplied ' by 12 mah....

Naturally such rate must not be equated to a 1 year FD so no one should go boast oh we get 19.15%pa, so ridiculously high!

But it is still useful for people to decide, you want 10.81% or 19.15%.
Sure 19.15% is better if you are tight or have better use of that additional money elsewhere..

I chose 10.81% as I do not have better use of the extra rm700 on top of RM188, might as well I go for RM8 instead of RM3

Ramjade might have better use of that additional RM700 elsewhere.
So for him 19.15% sure is better than 10.81%

Talking about % rate without time period is meaningless
Like it or not all rates must be based on 1 year, even if it means you can only earn it for 1 month or 3 months

as in eg 1 month FD stated as 3.5%, not 3.5%/12
or 3 month FD stated as 3.6% and not 3.6%/4
For ease of comparison

Very good point. I actually overlooked this.

But come to think about this. If we adjust for risk and liquidity, in the immediate next-1-month, you are sure to get an annualized rate of 10.81% p.a. (RM 8 out of 888).

Unless Ramajde minum kopi with some GLIC insiders and know for sure any Bursa stock will surge by more than an annualized rate of 10.81% p.a. in the next one month (or in simple interests, 0.9% per month), then he should rationally place his marginal 700 MYR into that stock.

As far as I am concerned, only GX Bank offers a guaranteed 0.9% in 1 month back in February. No FDs which pays monthly interests match GX's offer for that month.

Maybe the FD kakis can chip in and counterargue if I missed any special offer.

Assumptions made sure to get RM3 0r RM8 is not necessarily correct

You may not get any, FCFS, so Ramjade is clever he put in little bit only, his disappointment in case tak dapat, is capped at rm188 unlike us who gambled with RM 888.

2nd point, assuming sure to get , he already got RM3 in hand with just rm188.
Put in another rm700 return is no more the same...it is no longer 10.81%

What is extra rm5 for additional rm700 layout? Much lower than what he can get from playing options I suppose....

Nice boss. You take the argument to a whole new level. Salute salute.

If you do the 888 + 188 thingie right after 12 am I would argue it's sure dapat. It's anyone's guess if he stayed past 12 to deposit his money...

received this email, account blocked, cannot do transactions , already email gxbank waiting for reply regarding the issue.
do u guys account also block.

may be u can share what you do previously

What happen?

agreed - maybe share what you have done recently that might have caused it to get blocked? either outgoing or even incoming money..like excessive transfer in and/or out maybe?

for recently transaction, QR scan, transfer money to my TNG, and move out money from saving pocket, and one withdraw money.

This post has been edited by T.Alvin: Mar 11 2025, 03:58 PM

doesnt sound abnormal unless its a huge amount or something that might trigger their system. worth to give them a call via phone to understand why.