Yet another bank offering flexi fixed deposit after CIMB bank launching the Big Plus For 50 Plus promotion which is Hong Leong bank new Flexi FD Account.

As per the name, flexi fixed deposit allow you to make partial withdrawal and still earn a high FD interest on your balance.

Benefit of new Hong Leong bank Flexi FD account:

• High FD interest every month, 2.5% per annum.
• FD interest is automatically credited into your Flexi One Account every month, which is further compounded every month
• Excess balance in Flexi One Account above RM30,000 is automatically transferred to Flexi FD Account to earn 2.5% p.a. interest
• Make an early partial withdrawal and still earn a high FD interest on your balance
• Receive monthly consolidated statements of their Hong Leong Flexi FD & Hong Leong Flexi One Account
• Exclusive welcome gift when you open a Hong Leong Flexi FD with a minimum of RM50,000.
• From now until 30 November 2009, new Hong Leong Flexi FD accountholders stand chance to win a brand new Nissan X-trail 2.5L

** Minimum of RM30,000 deposit.

For more details, please visit to:

For Hong Leong Flexi FD:

http://www.hlb.com.my/promo/pfs/flexiFD/index.jsp?s=promo

For Hong Leong Flexi Content:

http://www.hlb.com.my/promo/pfs/flexiFD/index1.jsp?s=promo

or Call 1800 388 888 for enquiries.

For more news:

http://www.hlb.com.my/news/2009/n150909.jsp?flag=092009

http://www.kosmo.com.my/kosmo/content.asp?y=2009&dt=0916&pub=Kosmo&sec=Negara&pg=ne_12.htm

Editor Notes:

Good strategy for Hong Leong bank to taking up the market share in the Flexi FD product. The idea is good which allow partial withdraw but the mininum deposit is too high and the rates only on par with the normal FD rates, nothing to shout out.

Lastly, I don’t like the content strategy which in my opinion you need to be really really very very “lucky” to be the lucky winner. I would rather have the bank equally sharing the contest price (X-Trail 2.5L (A) on the road price is RM144,800) to all participant, for example offering 3.0% p.a. With the extra 0.5%, the RM145K can be equally sharing by deposit RM 29,000,000.

Calculation: 145,000 / 0.5% = 29,000,000

Isn’t this sound more attractive? Win Win situation for bank and consumer. What is your thought on this?

If you you need a no frills account, with just the basics to meet your banking needs, for example checking your credit card transaction online, you should consider opening a basic saving account which offer these benefits:

• Initial deposit of RM20
• No service or maintenance charge with minimum balance of RM20 is maintained
• Six free OTC (over the counter) visits
• Eight free ATM cash withdrawal transactions.
• Two interbank-GIRO transactions for which a maximum fee of RM0.50 per transaction
• Free Bankcard/ATM card

Please to inform that according to Bank Negara rules, all commercial banks and finance companies will offer a basic savings account (BSA) and a basic current account (BCA). Staff in bank normally will offer you to open other saving account instead of basic saving account when you request to open saving account without telling them the exact type of saving account to open. The basic saving account is not profitable to them and some of the staff even don’t know have this type of account, so please insist to open the basic saving account or even talk to their superior when they told you don’t have this account.

For more details and the basic current account, please visit here

http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=964

List of Basic Saving Account for Commercial Banks in Malaysia:

CIMB bank has launched the new promotion “Big Plus For 50 Plus“, a saving plan for Fixed Deposit and Savings Account.

It is the ideal savings package for your retirement fund which is loaded with privileges, gifts and promotions, which offer better rates than normal FD and risk free investment for golden age.

Credit to goh-wz.livejournal.com

You need to open both Golden Time Fixed Deposit and a Senior Savings Account to enjoy these features and benefits which includes:

• Fixed Deposit Interest paid out on a monthly basis.
• Flexibility of partial Fixed Deposit withdrawal – Each partial withdrawal must be a minimum of RM5,000 and in multiples of RM1,000 (subject to minimum balance of RM30,000 else FD must be uplifted & account closed).
• Up to 1.00% p.a. bonus interest on your Senior Savings Account, paid out every 6 months.
• Contest: Travel vouchers worth RM1,500 x 70 winners, which can be redeemed for destinations such as China, Thailand, etc.
• Early Bird Gifts: Exclusive umbrella for the first 2000 depositors.
  50% Discounts: On safe deposit box rentals*.
  20% Discounts: On telegraphic Transfer and Cash Laju fees (RM5,000 minimum remittance)**.
  Nationwide Banking: For convenient and easy access to your funds.
• Early Bird Gifts: Exclusive umbrella for the first 2000 depositors.
• 50% Discounts: On safe deposit box rentals. (Valid for new account and valid until 31 October 2009)
• 20% Discounts: On telegraphic Transfer and Cash Laju fees (RM5,000 minimum remittance). (Valid until 31 October 2009)
• Nationwide Banking: For convenient and easy access to your funds.

Eligibility:

• Individuals from 50 years and above. Joint account are allowed, provided primary account holder is 50 years old and above.

Requirements:

• Minimum initial deposit of RM30,000 for Golden Time Deposit 2.
• Minimum initial deposit of RM250 for Senior Savings Account.
• Identity Card / Passport & Work Permit (if applicable – for foreigners).

Senior Savings:

Balance		Rates (% p.a)
Up to RM1,000		0.00
Up to RM5,000		0.05
Up to RM25,000		0.10
Up to RM50,000		0.20
Up to RM100,000		0.45
Above RM100,000		1.00

Fixed Deposit:

Tenure		Rates (% p.a)
15 months		2.50
18 months		2.60
24 months		2.70
36 months		3.20
48 months		3.50
60 months		3.80

For more details, please visit:

http://www.cimbbank.com.my/index.php?ch=cb_per_st&pg=cb_per_st_inv&ac=9&tpt=cimb_bank