greeting.

I was planning to apply a current account so that I can issue cheque when credit card are not applicable.
since I'm already have maybank saving account, and it's really convenience for online transaction,
therefore I was seeking for some current account that maybank offered, phoa, then I found this,
Maybank2u Premier & Maybank2u Premier 1 ..... read up on their website but there's no much information,
I still end up with confusion =.=

wondering if any of you out there know what's the differences (and prolly advantages vs disadvantages?) of this two ?
I recalled I read something about interest rate, for Premier 1 if you balance is < RM50k, interest are not applicable or something ...
wondering if anyone can answer me on:
1) what's the interest rate for ? since I've got saving account already.. is it better to move most of my money to current account?
2) overdraft facility
3) which are better for personal use (normally my transaction doesn't involve huge amount) ?


thanks in advance.

i am using premier 1... i get interest.. not too sure about the lowest amount must inside the account... cuz i always left out few ringgit only.. lol

but need to pay rm10 or rm5 or rm15 per month for the current account bcuz of premier 1..

there is another current account.. the name is somethg with islamic.. no monthly charges..

i would suggest u pay a visit to the nearest maybank.. the officer will offer u and recommend u...

@LickGuy,
I haven't been able to get onto M2U's website to do a direct comparison between the 2. Premier 1 Account is really a Current Account with cheque facilities. Interest is also calculated on daily basis according to tier rate [refer to website for rate]. There is also a surcharge of RM5 p/month on this Premier 1 Account. I believe NO interest will be calculated should ur account balance drop below RM5k.

1) Current Account (CA) usually doesn't give U interest - and even if U do get, it's usually insignificant
2) Compare interest rate between Savings Account (SA) and CA - SA might be higher - if so, keep ur $ there. The higher the interest the better it is for U
3) Overdraft facility (OD) is when U draw down below RM0 - that's when the bank starts lending U $ [interest rates are calculated differently so check what ur OD interest is before using it] - I don't think U'll be making use of it so it's not a benefit for u.

I think U should just get a normal savings account with an ATM card (I'm assuming U want an ATM card issued with it). Y pay for these fanciful services when U don't need it. RM5 p/month x 12 = RM60 fee ur paying just to keep the Premier 1 Account open.

thanks jonglik & tinkerbel.
i don't usually use cheque but next month i'll be working outstation for almost a month ... cuz arranging my wedding at the same time oso .. thut of apply current account so that I can signed some cheques and let my family fill up the amount to settle some bills/fees if really in urgent.

if that's the case i'll go for m2u premier,
thanks for your advise.

@LickGuy,
If U need cheque facilities then U haf no choice but if U can do away with cheque facilities then don't bother with Premier 1.

So what is the DIFFERENCE on there accounts?

Maybank only listed Maybank2u.Premier on it's list of current accounts but not Premier 1? What does that means?

Both the account also have cheque book facilities. Anyone care to explains?

One important difference is that: Maybank2u.Premier do not require introducer, whereas to open a Maybank Premier 1 account, you require to find someone who has Maybank current account (any type), and he/she to be your introducer.
For more comparison, you may read the attached file - I do not guarantee the accuracy in that file, as some info may be out-dated.

---

Added on January 29, 2009, 8:20 pmAs what I know is that the Saving+Current account holders of 'Pacific Bank' - re-brand/re-name their account to become Premier 1 A/C after Maybank has merged with Pacific Bank in the year 2000.


This post has been edited by wkzvyx: Jan 29 2009, 08:20 PM


Attached File(s)
 Hybrid_SA___CA___comparison.pdf ( 13.14k ) Number of downloads: 264

If you have no problem with Islamic Account, Premier Mudharabah Account also a good choice. They pay dividend & if your balance >50k & no withdrawal for the whole month they paid dividend rate equal to FD rate.

Is both account applicable for OD?

Just to ask, is it all current account in any bank have to paid monthly or yearly charges ?

No necessary, also depends on the balance amount. hmm... you may also refer to my attached file in my previous post.

This is what I know from the customer service which I plan to have one current account too...

- deposit 500 to open acc
- min 1k to waiver service tax(charge rm10/ every 6 month)
- min 1k to get interest(rm10k> is 0.1, rm20k > is 0.2)
- atm card
- cheque book

That all I know. hope it help

edited : the interest is per annum

This post has been edited by Nkwai: May 28 2009, 07:09 AM

That's different from what the website?

http://www.maybank2u.com.my/mbb_info/m2u/p...l/ACC-Accounts/

Half-yearly service fee (RM10)
a. All accounts with an average balance less than RM1,000 for Individual/Joint Accounts & RM1,000 for Business Accounts each half year in June/December except for new accounts opened in June or December

b. All accounts closed by
the customer or the Bank
except for accounts closed in July or January.

c. Accounts exempted from the service fee:
Government accounts including statutory bodies, government-controlled corporations and other public utilities and authorities
Bank's accounts
Charitable or religious bodies
All accounts with approved OD facilities
Accounts of government-controlled schools
New accounts opened in June and December for the respective half yearly service fee

I'm using Maybank2u.Premier account and Normal saving account. Most of my money i keep in maybank2u.premier account because the interest is given every month,for saving it is given every 6 month. Thats why i keep it in current account.

Maybank2u.Premier if balance less than 5k still get interest but for Premier 1 Account if less than 5k you're not entitle for interest.

hi ... thanks for the information so far ... i've 2 more similar questions ...

1)what's the difference between dividends and interest? which earns me more?
2) i read through all the current account options ... m2u premier seems most suitable, but i also found net current accout-i which seems comparable. any thoughts on that? that yields dividends, that's why i'm asking about them

cheers

IINM, interest is the term they use for conventional accounts, and dividend is the term they use for islamic accounts. if you want higher dividend/interest, go for the latest, online-only, Savers or Savers-i account. These accounts give you up to 2.3% per annum.

Comparatively, current accounts also can give you dividend, but not as many as savings account.

Personally, I have been using Premier Mudharabah Account (PMA-i) as my checking account. This account pays you dividend, but not much. I just use this account to issue cheque. It does not have monthly maintenance fee.

For saving and dividend, I put all my extra cash in the Savers-i account.