Maybank FD interest rate 3.9%

[brownsharon]

Hi,

I was told that Maybank gives 3.9% interest for the term deposit for MM2H visa applicants in the event I keep the account 5 years.
CIMB suggested 2.8% for 12 months recurring every year based upon market interest.

Do you guys think I should go with Maybank?

[scott]

hi, brownsharon,

Welcome to the site. I've never come across the Maybank offer of 3.9% for 5-year term before. Maybe it's new, or a recent promotion. It sounds great.

I'll go to Maybank tomorrow and ask about it.



PS : I once got a 4.5% pa offer from CIMB for a 2-year term. At that time the general 12 months rate was 3.5% if I remember correctly. The offer from CIMB lasted for a couple of months.

[scott]

hi,

It's tomorrow and I've been to Maybank.

I was told by a credit officer that they do not have a 3.9% mm2h FD scheme.

They have, and I was given a brochure, a Premier Capital Income Secure Saver Scheme which is an insurance linked product giving 4.2% in Year 1, and 3.3% for 4 other years and it's open to folks aged 20 to 65 years. This product started on March 15th 2010 and closes on 31st May 2010.

As an insurance product I assume that it doesn't count as an FD. This would need to be checked out with MoTour.

The current rate for a 12 month FD at Maybank is 2.80%.

For interest I noted down the following rates from the Maybank Board :

Base lending Rate 6.05%
USD/MYR sell TT/OD 3.3870 buy TT 3.3150 buy OD 3.3050 currency notes 3.390 & 3.260.
GBP/MYR sell TT/OD 4.8630 buy TT 4.7650 buy OD 4.7450  currency notes 4.910 & 4.700.
AUD/MYR sell TT/OD 2.7880 buy TT 2.7090 buy OD 2.6930 currency notes 2.930 & 2.660.
EUR/MYR sell TT/OD 4.1650 buy TT 4.0850 buy OD 4.0650 currency notes 4.170 & 4.010.
SIN/MYR sell TT /OD 2.4040 buy TT 2.3390 buy OD 2.3310 currency notes 2.400 & 2.320.

[JAYDEE]

Scott,
That sounds more like it.
In fact I was in at CIMB Menara BHL, Penang last week and they advised me their interest rate on FD is 2.75%. They also had some very interesting rates for other short term FD's that really don't apply to MM2H fixed deposits, which is a pity, but the MM2H FD is of course for one or more years at a time.
I will be setting up my MM2H FD next week when I get back from Australia, so I will have information hot off the press by May 4.
The great point about investing in CIMB FD is that if you have RM150,000 or more invested, then you get Special Customer treatment (CIMB PREFERRED) and get to go upstairs for coffee, OJ and Great Customer Service in a special section.
Anyone who needs to look for this service and what is offered should click on www.cimbbank.com.my and check out CIMB Preferred.
Cheers & Beers,
JAYDEE

[georgeshooter]

When we opened our FD, we were told that this sum is a pledged for our mm2h and will not be eligible for the "prefered member" in CIMB

[JAYDEE]

Georgeshooter,

A quote from CIMB Bank web page:
"CIMB Preferred is the priority banking service from CIMB Bank that offers exclusive lifestyle benefits, special promotions and banking privileges across the region. This exclusive membership is by invitation only and is extended to customers with a minimum deposit of RM150,000, investment of RM100,000, mortgages of RM500,000 or by any other criteria determined at the discretion of CIMB Bank."
Cheers & Beers,
JAYDEE

[Joe]

Jaydee, what is an exclusive lifestyle benefit?

[JAYDEE]

Joe,

You need to check out www.cimbbank.com.my to find out.
Cheers & Beers,
JAYDEE

[scott]

hi, Joe,

Welcome to the site.

[JAYDEE]

Today was bank day, so I went to CIMB Bank to set up my MM2H FD.
Here's the deal. They were paying 2.75% up until 18 May when the rate changed to 2.8%. That of course is for a 12 month term.
I opened my FD for a 60 Month term, and that gives me a 3.7% rate of interest. A much better deal.
Because the amount is RM 150,000, that gets me into CIMB Preferred with all the Perks, and that includes a parking space out in front of the bank, which is a very busy branch.
So the lesson for me has been, that you have to go to the bank personally to get the right information. Of course all the information is on their web page at www.cimbbank.com.my as well , but 1 on 1 will give you the right info at any bank in Malaysia.
Cheers & Beers,
JAYDEE

[scott]

hi, jaydee,

Thanks for that. I visited the website as the 3.9% is tempting, and had a look at the various interest rates for 12 months to 60 months.

For existing FD's there could be a problem in changing the term now that the FD has got a "lien" stamp on it. If I change from my 1-year FD to a 5-year FD then I would need to cancel the one in order to open the other. I guess anyway. I wonder if CIMB is clever enough to do this with the need for permission from anyone at MM2H central.

. . . err, the folks at Immigration will have a copy of the original FD.

I also noticed that the CIMB site has a MM2H Home Loan offer.

[scott]

hi,

I emailed CIMB on the issue of using the FD towards preferred status. This is their reply, and I've included the chap's name and details if anyone wants to further check with him :


We are glad to inform that FD for MM2H is entitle for CIMB Preferred Membership .

'CIMB Preferred is the priority banking service from CIMB Bank that offers the exclusive lifestyle benefits , special promotions and banking privileges across the region . This exclusive membership is by invitation only extended to customers with a minimum deposit of RM 150,000 , investment of RM 100,000 , mortgages of RM 500,000 or any other criteria determined at the discretion of CIMB Bank.'   

You may find further information pertaining to CIMB Preferred via our website i.e  ' www.cimbbank.com.my '  or you may contact our CIMB Preferred Call Centre at 1-300-885-300 for further enquiries.

Thank you.

 
Abd Wahab Mat Ali
Customer Resolution Department (CRU)
Level 35 , Menara Bumiputra Commerce
11 , Jalan Raja Laut
50350 , Kuala Lumpur .

Tel: 03-2619 1188 ext 2384
Fax: 03-26913248 .
Email:wahab.ali@cimb.com


As usual with some stuff it's a version of the diplomatic credo: "1 policy, many interpretations." If at first you don't succeed ask someone else. 

Good fun, huh. It keeps the optimism alive.

[brownsharon]

Hi, Everybody

I'm sorry for late posting about follow-ups.
I've been in Thailand for a week.

Anyway, today I got 3.9% interest for 5-year FD for 300,000RM from Maybank in Mid Valley Megamall.

5-year FD will be automatically renewed when it's mature.
Their official interest rate is 3.5% for 5-year FD , but there is a special promotion if you mention it.. 
The staffs were well aware of MM2H and they made all the works ready in an hour.
They asked us to have a coffee and come back in an hour and everything was ready then.

So... Good luck for everyone.

[scott]

hi, brownsharon,

That's great. Thanks for the post and the info.

It just goes to show huh! When I asked at Maybank here in Perak they didn't have anything like this. As usual, ask, ask, and ask around. Boleh Malaysia.   

I remember once in Maybank getting a cashier's cheque re-issued. The counter-staff said it would cost RM12. I'd already checked on the Maybank website and the cost was about half this.  They didn't believe me, so they reluctantly checked online and, hey, yep, but no apology, not even an oops.