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Deposit rates available as at August 2017

Deposit rates available as at August 2017

Old Aug 18th 2017, 10:46 am
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Default Deposit rates available as at August 2017

There are many discussions in threads about what deposit rates you can get in Malaysia so starting this thread to consolidate what rates people have got on recent deposits. With the RM at an all time low against a number of currencies now is an ideal time to bring money into Malaysia (either to buy a home or for living expenses or for the initial MM2H FD)

If would help if when replying you could provide the following info

MM2H FD or a non MM2H FD (there may be differences in rates that banks provide for these).
Month of this year that you got the rate
Rate you received
Term (how many years)
Bank

Any other relevant info that can be provided would be appreciated.

Thanks
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Old Aug 19th 2017, 1:52 am
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Default Re: Deposit rates available as at August 2017

Citi bank and OCBC banks allow Canadian passport holders to put money in mutual funds.
HSBC Msia doesn't allow that ;-/ Also their FD rates are so low compared to other banks. Talked to RM, he can't help much as that's the bank policy. He said to buy mutual funds in other banks and FD in HSBC ;-/
Only advantage with HSBC is the Global View that connects all other HSBC accounts in other countries for easier management and immediate transfers.

Was at Affin Bank Fettis Branch last week (next to CIMB). They have different FD and FD Combo.
Regular FD 4% pa (any amount).
They also have some linked to investments and different combinations and can go as high as 5%

Since there are more Brits here on the forum, maybe British passport holders have no investment restrictions at HSBC?

Last edited by columbine; Aug 19th 2017 at 1:55 am.
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Old Aug 19th 2017, 4:49 am
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Default Re: Deposit rates available as at August 2017

Originally Posted by columbine View Post
Citi bank and OCBC banks allow Canadian passport holders to put money in mutual funds.
HSBC Msia doesn't allow that ;-/ Also their FD rates are so low compared to other banks. Talked to RM, he can't help much as that's the bank policy. He said to buy mutual funds in other banks and FD in HSBC ;-/
Only advantage with HSBC is the Global View that connects all other HSBC accounts in other countries for easier management and immediate transfers.

Was at Affin Bank Fettis Branch last week (next to CIMB). They have different FD and FD Combo.
Regular FD 4% pa (any amount).
They also have some linked to investments and different combinations and can go as high as 5%

Since there are more Brits here on the forum, maybe British passport holders have no investment restrictions at HSBC?
But are the Malaysia funds attractive? I had a look at them and most seems to have up to 5% buy in cost, and yearly fees of around 1.8%.
Why not buy fees from overseas brokers?
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Old Aug 19th 2017, 6:46 am
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Default Re: Deposit rates available as at August 2017

Originally Posted by stepen View Post
But are the Malaysia funds attractive? I had a look at them and most seems to have up to 5% buy in cost, and yearly fees of around 1.8%.
Why not buy fees from overseas brokers?
Different banks recommend different funds. You just have to go talk to the RMs, look through the kind of funds they have and what you want eg good equity funds with good dividends or funds that will likely appreciate in value etc short to mid to long term...Different funds and banks have different charges (not 5%!) and the front load fees are negotiable with the RMs.
Since the money is here, it's not much point moving it as every exchange and transfer incur costs. Might as well make as much use of what is here for the short to medium term, then review again.
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Old Aug 19th 2017, 6:55 am
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Default Re: Deposit rates available as at August 2017

Originally Posted by columbine View Post
Different banks recommend different funds. You just have to go talk to the RMs, look through the kind of funds they have and what you want eg good equity funds with good dividends or funds that will likely appreciate in value etc short to mid to long term...Different funds and banks have different charges (not 5%!) and the front load fees are negotiable with the RMs.
Since the money is here, it's not much point moving it as every exchange and transfer incur costs. Might as well make as much use of what is here for the short to medium term, then review again.
Have you found any funds with fees under 0.5%? The ones I saw had all very high fees. Seems the index revolution hasn't reached Malaysia yet. I'd rather incur some fees to transfer to a US broker and pay 0.1% fees than paying 1.8% yearly.
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Old Aug 19th 2017, 7:11 am
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Default Re: Deposit rates available as at August 2017

Originally Posted by stepen View Post
Have you found any funds with fees under 0.5%? The ones I saw had all very high fees. Seems the index revolution hasn't reached Malaysia yet. I'd rather incur some fees to transfer to a US broker and pay 0.1% fees than paying 1.8% yearly.
No nothing like 0.5% but don't like to deal with foreign brokers eg US. Not familiar with the US tax. In the past few yrs the funds were making good money so I don't mind paying the 1+% and less messing around. Every thing here is bought in Ringgit, deducted in Ringgit and I'm spending here. Makes life a little easier and less complicating.
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Old Aug 19th 2017, 8:43 am
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Default Re: Deposit rates available as at August 2017

Originally Posted by columbine View Post
Citi bank and OCBC banks allow Canadian passport holders to put money in mutual funds.
HSBC Msia doesn't allow that ;-/ Also their FD rates are so low compared to other banks. Talked to RM, he can't help much as that's the bank policy. He said to buy mutual funds in other banks and FD in HSBC ;-/
Only advantage with HSBC is the Global View that connects all other HSBC accounts in other countries for easier management and immediate transfers.

Was at Affin Bank Fettis Branch last week (next to CIMB). They have different FD and FD Combo.
Regular FD 4% pa (any amount).
They also have some linked to investments and different combinations and can go as high as 5%

Since there are more Brits here on the forum, maybe British passport holders have no investment restrictions at HSBC?
Hi Columbine,
thanks for the suggestion of Affin Bank. Looked up their rates online and the 4% for 13 months plus is the best advertised rate I have seen. Interestingly enough though they have a lowers rate for their MM2H FD of 3.45% which can be locked in for 5 years.

AFFINBANK - Conventional Interest Rate
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Old Aug 19th 2017, 2:21 pm
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Default Re: Deposit rates available as at August 2017

Originally Posted by simon2017 View Post
Hi Columbine,
thanks for the suggestion of Affin Bank. Looked up their rates online and the 4% for 13 months plus is the best advertised rate I have seen. Interestingly enough though they have a lowers rate for their MM2H FD of 3.45% which can be locked in for 5 years.

AFFINBANK - Conventional Interest Rate
You're welcome Simon.

The FD for MM2H is 12 to 60 months. I think they review it every year at maturity.
When we first came to Penang our MM2H FD was and is still with HSBC. Initially we were only allowed to put the whole amount in for 5 years, not like now where you can choose yearly or 5 yrly etc. The interest rate in those days was about 3.75% for the5 year FD. Into the 2nd or 3rd year the govt suddenly announced FD rates for MM2H to be reduced to 2+%! Immediately we received a Notice from HSBC reducing the 5 yr locked in rate from about 3.75 to 2+% with immediate effect!!! That shows rates can still be changed even if the FD is locked in, much to our surprise. And now MM2Hers are not allowed to move the MM2H FD to different banks at yearly maturity. So rules do change depending on the economy.

Last edited by columbine; Aug 19th 2017 at 2:25 pm.
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