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.

Hong Leong Flexi FD

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?