Hi June,
Maybe you can explain in greater details here how "up to 4% interest rate for saving plan" works.

3. Membership Eligibility

(iii) Customer’s gross annual income or total wealth management asset are within the
following range:-
(a) Customer’s single gross annual income is RM60,000 and above; or
(b) Customer’s total asset under management is RM50,000 and above;
and such other criteria as the Bank may from time to time impose.
b) For joint Membership, either one of the customers must satisfy the above criteria. Joint
Membership is limited to three (3) eligible customers.
* Need to have at least rm5000 monthly salary to open?

Emergency doesn't happened once a year.

What if I met another emergency that i need to withdraw money out again, how much penalty for 2nd withdrawal, 3rd, and 4th??

so, june, when are you free for coffee?

June, are the T's and C's for this iQ account similar to previous year's, or there are changes ? Esp on the interest rate ? Thank you,.......

Ah very enlightening. Thx guys!

I see that this account is more about convenience than anything else....

The savings plan isn't really that great considering the staggered placements & 2 yrs tenor.

One thing more to consider is card theft could be potentially more dangerous since it is linked to your current / savings account! (although the card still looks very chun imho  )

Ok, here's why I decided to open an IQ account...

1. OCBC pays my utility bills every month. I have lots of bills because I have more than 1 property, so this alone is worth the RM5.

2. The "forced-saving" plan pays a relatively high 4% p.a., good if you plan to save up a sum of money to use in 2 years time - in my case, it'd be a new MPV.

3. I like how the current account can draw from the card's credit limit and vice versa. This way, your cheques are less likely to bounce (happened to me once because I forgot my bank balance) and you have at least RM5,000 extra credit limit.

4. You get a platinum Visa credit card for free.

RM5,000 for such "extra" privileges is not a lot of money. I'm a HSBC priority customer and I have to maintain at least RM200,000 in my account or I'm charged RM150/mth.

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June: what happened to iqmall.net? Did someone at OCBC forgot to renew the domain name and the website had to close down?

Thank you,...

Well, on my part, I have people running all those things and chores for me, like tracking my acocunt balance so that my cheque does not bounce, ensure my ALL my tenants pay their utility bills every month since the prop utilities are under mine and my company's name, etc, and other chores.

It is a sunken cost to me, thus, I don't wish to have a duplicate expense. RM5 is not a lot, but we are talking about money management here.

Having one Visa and one Mastercard Plat cards are sufficient for me, don't need another one.

If the 200k left inside the HSBC account yields something, then it's worth it, otherwise, it's best to be in other vehicles.

About that structured deposit from HSBC, I'm afraid I am not so much for structured deps anymore, I am very deep in them from all that I have bought in Sgp and Canada.

By the way, HSBC Priority Customer for 200k is not a big deal, that's just USD55k.......

I wanted that 4% from iQ because this is one channel of diversification for my RM, to be safe in the highest possible FD instrument in RM.

I was about to say one more thing - but lookie got ahead of me - it's that 4% can drop anytime,... even after you have signed-up for the iQ,....... Now it has dropped !