Malaysia Best Rates 2011 July 25 Update

Fix Deposit

Affin Bank still offers the highest 3.6% for 12 months. 3.1% to 3.35% is common with all other banks. 1 month FD is mostly at 3% to 3.05%. Most of the foreign banks continue to offer lower FD rates.

Base Lending Rate

Most banks offers 6.6% now except JP Morgan Chase offers the lowest at 6.2%.

Saving Accounts

The Bank of Nova Scotia offers 2.05% while Bangkok Bank and Bank of Tokyo offers 2%

CIMB Air Asia Saver Account offers 1.6%

Don't forget you can get a simple widget

like above to show on your blog / web site.

Just visit here to see how.

Car Loan

Maybank continues to offer the lowest car loan rate starting from 2.7%. However, this is NOT a standard rate apply to all applicants. The actual rate can range up to 4.3%. Alliance bank on the other hand offers 2.8% to 3% which may be a better deal in general sense.

Bank Muamalat offers 2.85% for both New and Used cars but it requires an admin charges of RM600.

CIMB offers 3.25% for used cars.

Don't forget Car Loan rate is Fix Term Rate

which is effectively a MUCH HIGHER

than variable term rate

like House Loan and Fix Deposit.

House Loan

There are too many factors in considering a good house loan, so we don't think its fair to simply summarize them here.

Our advice is to source for at least 3 offers, preferably a mix of local and foreign banks.

Read More

Malaysia Best Rates 2010 March 11 update

1 month Fix Deposit

Most banks offer 2.25% now except a few ones. Most of the ones who are still stuck at 2.0% are international banks like Bank of China, JP Morgan, Bank of Nova Scotia and Alliance banks.

1 year Fix Deposit

Highest offered rates is 2.75% by Affin Bank, AmBank, Bangkok Bank, Bank of Tokyo-Mitsubishi UFJ, Deutsche Bank, Hong Leong Bank, Malayan Bank.

Base Lending Rate

Most local banks stand at 5.8% now with Affin offers the lowest at 5.75%. International banks offer lower rate starting from 5.50% by Royal Bank of Scotland.

Saving Accounts

Kuwait Finance House continues to offer highest saving interest rate in its KFH Savings Account-i at 1.5%. This account is also very simple and straight forward.

Other than that, Standard Chartered's Al-Wadiah Savings Account-i offer 1.0% for up to RM 10,000 savings.

CIMB's Air Asia Savers Account and Mudharabah Saving Account-i also offers 1.0%.

Other accounts who seems like offering high interest rate but require high amount of saving are excluded. Some special accounts like OCBC's iQ Saving is also excluded because their offer rate may seems high at 3.28% but their effective rate is hard to simplify for general public. In short, for those accounts, if you use up the benefits they offer then it would be a great deal but if you do not use any of those stuff then its better you stick to a lower but 'real' rate, simpler and more straight forward saving account.

Don't forget you can get a simple widget

like above to show on your blog / web site.

Just visit here to see how.

Car Loan : NEW Car

Maybank continues to offer the lowest car loan rate starting from 2.7%. However, this is NOT a standard rate apply to all applicants. The actual rate can range up to 4.3%.

Bank Muamalat offers 2.85% for both New and Used cars but it requires an admin charges of RM600.

Most other banks rates offer are 3.25% for New cars.

Car Loan : Used Car

CIMB offers the lowest 3.25% used car loan rate.

Most of other best used car loan rates offer are 3.75% by Affin, Hong Leong Bank, Alliance, EON and RHB.

Don't forget Car Loan rate is Fix Term Rate

which is effectively a MUCH HIGHER

than variable term rate

like House Loan and Fix Deposit.

House Loan

Affin remains as the best house loan offer at BLR - 2.3%.

Standard Chartered offers BLR - 2.25%

Most banks offers are BLR - 1.8%.

Multi-tiers house loan offers are excluded because it would be impossible to simplify their pro and cons without knowing the actual details of your particular loan details. Hence, only simple and straight forward house loan offers are compared.

Read More

Charge your future usage : how did it happen ?

The way credit card companies forward calculate interest has sicken many users. Together with the 5 cents round up mechanism, there are cases where its not even the users fault not to totally pay off their last month balance.

Some are still in shock how consumers can be abused in such a way. Well, this is how ...

Credit card companies used to charge 18% interest on the amount you underpay and owe to them. Seeing that this high interest has caused many people in debt and even bankruptcy, banks are urged to reduce that rate. So the project of multi-tier interest rate was born.

If the amount you owe is not that much, banks may reduce that rate to 13.5% for example. Like wise, if you continue not to pay, banks will have the rights to charge 18% interest again. So lower interest rate is imposed on lower loan amount.

So far so good isn't it ?

Well, banks are going to give you more. In addition ...

We will give you 22 days interest free on all transactions, if last month outstanding balance, as per monthly statement, are settled within due date. In cases where this interest free is not applicable, we will charge interest on all transactions from the posting date.

Don't doubt my grammar, its a carefully formulated sentences very similar to the actual terms and clauses. All the commas and periods are there for a good reason.

It is still fair isn't it ? What it says is if I paid last month balance in full, I will not be charged interest for another 22 days. Else of course I should pay interest.

There are 2 sentences up there.

The first one evolves around monthly statement. If the bank generates your statement on the 1st of the month, you don't need to pay interest of the amount on that statement up to 22th. Which is also usually the payment due date. Ok still ...

The 'all' in blue color means all the transactions on that monthly statement. Not 'all' the other transactions you used before and after the statement. Guess what, the transactions you used before is a brought forward balance, so its NOT a transaction and therefore will continue be charged interest and excluded from this interest free offer. You are also NOT getting interest free for all future transactions because they are NOT on that statement yet.

The second part starts with "if interest free is not applicable". It doesn't say if you don't pay then we charge you. There are many other reasons interest free is not applicable and no matter what they are, you will be charged. So there is ONE specific scenario you may get interest free period and ALL THE OTHER scenarios would allow us to charge you. Thats basically what it sums up to.

Now there is also a word 'all' in the 2nd part. This time, there is no statement mentioned. This 'all' would mean ALL transactions including the future ones you are going to make. And the interest is calculated based on the posting date which is totally ok even if it is a future date.

I am not quite sure if I have presented this clearly. There is the trick of saying something seems genuine and simple but yet a small word in it turn the whole thing around. A seems-to-be very thoughtful offer has been given, most of us were ok with it and now its too late to turn the game plan.

Banks came to us on day light, offered us lower interest tiers and a new way to calculate interest ( with interest free period !! ) and we bought it. So now its too late for us to pursue normal channels to change this. Whatever left is to propagate this knowledge to more and avoid to be taken advantage off.

If still want to do more, please get more people to read this series of articles ...

Credit Card forward calculate interest

How did it happen ? ( this article )

Why do they need to do this ?

What can we do ?

Read More

BEST rates in Malaysia - update 2009 12 26

Although Fix Deposit rate stays at 2% for 1 month and 2.5% for 12 months but generally FD interests are 'starting' to rise. This is inline with the speculation that interest rates will be raised by Bank Negara ... and its just a matter of time. This trend will affect both FD rate and BLR.

Three Banks have the lowest BLR since mid 2009 : 5.25%

The Royal Bank of Scotland Berhad

Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad

J.P.Morgan Chase Bank Berhad

But most loans come in terms like BLR + or - another numbers. Remember to compare your own true and effective loan rate including fee++ before deciding on a loan package. Usually these lowest BLR banks also offer less attractive effective final rates ie. BLR - a lower number. Some other deals that follow strictly on BLR on the other hand, would be great to deal with these banks.

The highest saving account interest is 1.88%

Mudharabah Basic Savings Account-i by CIMB Bank Berhad

minimum deposit RM 20

interest calculated daily, compounded monthly

The actual rate may only be 1% now. I suspect that they haven't update their marketing system yet. The actual rate payment is on a profit share bases, so the rate is not really as 'guaranteed' as other saving accounts. But historically, statistically and even politically you will most probably be getting back slightly higher interest than promised. For how long no one knows ...

However, this is still the best choice for a saving account. Other banks' Al-wadiah or Mudharabah accounts are ok too.

Some offers 1.5%

J.P.Morgan Chase Bank Berhad - Saving Account, calculated daily,compound every 6 months

Bank of America - BBS Saving Account, calculated daily,compound every 6 months

Bangkok Bank - Basic Savings Account, calculated daily,compound every 6 months

The other high interest accounts 1% are

The Bank of Nova Scotia Berhad - Basic Savings Account, calculated daily,compound every 6 months

Bank of Tokyo-Mitsubishi UFJ - Savings Account, min RM200, calculated daily,compound every 6 months

Best Car Loan rate for New Car is 2.7% by Maybank

Bank Muamalat offers 2.85% but its effective rate could be lower than Maybank. But it has a RM600 admin charge. Both banks can have up to 90% margin and 9 years tenure.

Bank Muamalat offers the same rate for Used Cars. That makes it the BEST rate for used car loan. Late payment charge in Bank Muamalat is only 1%, compares to the normal practice 8% in all other banks.

Read More

MEMBUAT REKONSILIASI BANK [-The Basic : Step by step-]

Author’s Notes :Artikel ini bukan artikel yang akan memberikan apa itu difinisi rekonsiliasi bank, maupun kajian teorinya. Melainkan akan memberitahukan cara melakukan rekonsiliasi bank selangkah demiselangkah.Artikel ini didedikasikan untuk mereka yang belum tahu bagaimana melakukan rekonsiliasi bank (seorang book keeper, atau staff accounting lainnya yang bertugas melakukan pencatatan dan

Read More