Banking & Saving
Mach by Hong Leong Bank Fixed Deposit (FD) Promotion – Get up to 4.00% p.a. (until 30th April 2013)
Mach by Hong Leong Fixed Deposit Promotion – Get up to 4.00% p.a.
Campaign Period: 7th January 2013 to
|Tenure||Mach Existing Interest Rates (p.a.)||Mach Promotional FD Interest Rates (p.a.)|
T & C’s :
1. Auto-renewal of promotional FD interest is not allowed. Upon maturity, the Mach FD shall be renewed at the prevailing board rate of the contracted tenure.
2. No interest is payable if the placement is uplifted in less than three completed months.
3. For any premature withdrawal of FD whether voluntarily or involuntarily, the Association of Banks in Malaysia rules shall apply on the withdrawn amount. Any paid interest shall be clawed back and deducted from the principal FD amount upon withdrawal.
Mach by Hong Leong FD offers up to 4% p.a. for their current promotion, which is quite an increment from the existing interest rates! But, there’s quite a few rules to follow in order to get this promotional interest rate. First up, the promotional rates will only be given if you set up your FD for a 6, 9 or 12-month tenure. And each tenure actually offers different interest rates (as per table above). And no surprises here, the maximum 4% p.a. is given to the 12-month tenure.
Having said that, we’re pleasantly surprised that Mach by HLB have not gone down the “Step-Up” route where they only give you the advertised rate on the final month (and poor rates in the months before that one), or the “CASA Bundle” route, where you have to put a minimum amount in a low-interest paying account. All you have to do is open a Money Box Deposit Account (with no mandated minimum deposit beyond the account’s minimum deposit), which should be easy enough, but unfortunately there aren’t too many Mach branches around (4 in the Klang Valley).
The minimum placement to earn these promotional rates is RM10,000 (maximum is RM250,000) and new as well as existing Mach customer can enjoy this promotion. We actually did a full review on Mach by Hong Leong FD account when it was first introduced, so we say have a read to help you better understand on what Mach by Hong Leong FD is all about!
How good are these rates? Well at the time of writing in early January 2013, Mach is offering the second highest rates for all 3 tenures (highest if you don’t want Bank Rakyat), so getting 3.6% p.a – 4.0% p.a. is certainly worth the trouble if you have a lot to save. Want to find out what the latest Best FD rates in Malaysia are? Check out our regularly updated Best FD Rates in Malaysia article, or try out our latest Malaysia FD Rates Comparison Tool.
Latest update: This promotion has been extended until 30th April 2013
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