fixed D and retirement plans

[kurtgoh]

fixed D in malaysia

Hi,

have any of you explore this,
I'm thinking of having a fixed D in malaysia local banks, the interest rate is around 4% per annual.
lets say we park RM50k per year and use this money as retirement.

Doable?
If not, what are the obstacles or hesitation ?
Do share your views

 

[koolaid]

Most banks are currently offering about 3.5%pa for 6m.

Do check out the special promos which the banks offer. Just renewed 2 batches of funds with public bank last nov. Iirc its called step up fixed deposit. Very attractive rates. 4%+ for 6m.

 

[koolaid]

just fyi. Some banks dont allow p+i. Int will be credited to a seperate ac.

 

[kurtgoh]

Most banks are currently offering about 3.5%pa for 6m.

Do check out the special promos which the banks offer. Just renewed 2 batches of funds with public bank last nov. Iirc its called step up fixed deposit. Very attractive rates. 4%+ for 6m.

i see, so i guess you also supported this idea.

how long have you been keeping them?
If i'm not wrong, foreign cant enjoy such rates and had to put minimum amount.

public bank is only offering 3.35% for their PLUS Fixed Deposit Rates

 

[koolaid]

i see, so i guess you also supported this idea.

how long have you been keeping them?
If i'm not wrong, foreign cant enjoy such rates and had to put minimum amount.

public bank is only offering 3.35% for their PLUS Fixed Deposit Rates

i have the usual checking, savings, multi currency, FD and investment accounts with both foreign (hsbc) and local banks (public, maybank, rhb). mostly opened more than 7 years ago. stopped banking with scb and hl.

most of these banks have FD promos every once in awhile. sometimes, i receive these promos via mail. sometimes the relationship manager will call or email me. sometimes i walk in and find out myself.

the promos could be just pure FD using funds from another bank. they wont allow you to use existing monies. some promos will allow you to use exiting fund. there are also those promo that ties in together with some investments. ie put in rm100k into some investment funds, and you get to place a 6m FD of up to rm100k @ 12%pa.

 

[kurtgoh]

i have the usual checking, savings, multi currency, FD and investment accounts with both foreign (hsbc) and local banks (public, maybank, rhb). mostly opened more than 7 years ago. stopped banking with scb and hl.

most of these banks have FD promos every once in awhile. sometimes, i receive these promos via mail. sometimes the relationship manager will call or email me. sometimes i walk in and find out myself.

the promos could be just pure FD using funds from another bank. they wont allow you to use existing monies. some promos will allow you to use exiting fund. there are also those promo that ties in together with some investments. ie put in rm100k into some investment funds, and you get to place a 6m FD of up to rm100k @ 12%pa.

wow.. quite an investor you are.

very rich.

I have another question, how do you convert your SGD to RM in such scenario?
The transfer rate is terrible, i can't possibly carry SGD20K to money changer and change for RM..

 

[koolaid]

wow.. quite an investor you are.

very rich.

I have another question, how do you convert your SGD to RM in such scenario?
The transfer rate is terrible, i can't possibly carry SGD20K to money changer and change for RM..

usually tt to my multicuurency a/c, or carry over to bank in.

i think for a few k, most money changers in msia will ask u to declare and sign form. quite strict. some may not even want your business.

i have a few regular $changer in johor, muar melaka kl... sometimes they will close an eye cos i patronize them regularlee.

 

[kurtgoh]

usually tt to my multicuurency a/c, or carry over to bank in.

i think for a few k, most money changers in msia will ask u to declare and sign form. quite strict. some may not even want your business.

i have a few regular $changer in johor, muar melaka kl... sometimes they will close an eye cos i patronize them regularlee.

i guess for local money changer, if you are changing above 5k, they will need a copy of your ID.

I'm trying to figure out what is the safest and easiest method to remit 20k of SGD to RM.. any suggestion

 

[koolaid]

i guess for local money changer, if you are changing above 5k, they will need a copy of your ID.

I'm trying to figure out what is the safest and easiest method to remit 20k of SGD to RM.. any suggestion

u know, there are a few ways to do it but i would refrain from posting it here.

try this. set up a savings ac in msia with a few k myr first. banks will always ask you why. tell them u are planning to buy a property in the near future so you need to have an ac for transactinos. then make a few more trips to bank in the rest.

 

[sendtolee]

i guess for local money changer, if you are changing above 5k, they will need a copy of your ID.

I'm trying to figure out what is the safest and easiest method to remit 20k of SGD to RM.. any suggestion

Try transferwise...