UOB Prosperity Fixed Deposit Promotion (ends 28th February 2014)

UOB Prosperity FD 615x300

UOB Prosperity Fixed Deposit Promotion (ends 28th February 2014)
Drawback: High minimum deposit amount.
Promotion Period:1st December 2013 - 28th February 2014
Min. Deposit Amount: RM10,000
Max. Deposit Amount: RM10,000,000
Advertised Rate:
1. 3.38% p.a. (3 months)
2. 3.55% p.a. (12 months)
3. 3.65% p.a. (13 months)
Effective Rate:
1. 3.23% p.a. (3 months)
2. 3.55% p.a. (12 months)
3. 3.65% p.a. (13 months)
Tenure: 3 months, 12 months, 13 months
Terms and Conditions:
1. Promotion is not valid with other ongoing promotions.
2. Removal of earmarked CASA before completion of earmarked period will result in promotional rates changed to prevailing board rates.
3. Promotional rate is only applicable to FDs placed during the promotion period.
For full terms and conditions, click here.
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Banks are already preparing for next year's Chinese New Year even though Christmas Season isn't over yet. It's good to save money so why not go for it? UOB is introducing the Prosperity Fixed Deposit promotion that offers higher-than-normal interest rates (still unable to match the top 3 banks unfortunately, but still in the top 5 nonetheless). This one's a bit different so you may want to pay close attention. The promotion allows you to choose from 3 tenures: 3 months, 12 months, and 13 months.

The 3-Month Fixed Deposit + CASA Bundle:

If you don't wish to keep your money for too long, you can opt for the 3-month tenure but this option is the odd one out because out of all the 3 tenures available, this one is actually is a fixed deposit plus CASA Bundle. Assuming you've deposited the minimum amount of RM10,000 into your fixed deposit account, you have to deposit 5% of your FD amount into one of the listed CASAs above (which would be RM500). Below is a table to give you an idea on the effective interest rate for the 3-month option.
3-month Prosperity FD + CASA Promotion3-month FD Promo Rate3-month CASATotal
Initial DepositRM10,000RM500RM10,500
Interest Rate (p.a.)3.38%0.30%3.23%
Interest EarnedRM83.45RM0.37RM83.82
*CASA rate based on Basic Savings Account

The 12-month Fixed Deposit:

From this point on, it's just a normal fixed deposit with higher rates. The 12-month option offers 3.55% per annum instead of the usual 3.10% per annum. The table below shows you the interest you'll earn in contrast with the interest you get from the normal rate. The minimum deposit for this is the same.
Promo Rate
Interest Rate (p.a.)Deposit AmountTotal Interest Earned
3.55%RM10,000RM355
Normal Rate
Interest Rate (p.a.)Deposit AmountTotal Interest Earned
3.10%RM10,000RM310

The 13-month Fixed Deposit:

This one is an odd one because there is no "normal" 13-month tenure for UOB's fixed deposit. Instead, this one is a special rate for those who decide to keep their fixed deposit for one month longer. This 13-month deposit rate is at 3.65% p.a. You can go for this one if you feel like you don't need the extra money.

The Triple Prosperity Promotion:

In case you're interested in getting some gold items or other decorative items, you can check out the Triple Prosperity Promotion where you have to put in a certain amount of cash into your CASA account in order to get them. You can check out the details of the promotion here.
Overall, this promotion is an odd one because when you look at it, the only "normal" option here is the 12-month option. The 3-month rate comes with a CASA while the 13-month rate is the odd one out. If you do not wish to go for a CASA Bundle, then you're stuck with only two choices. There's no intermediate tenure for this promotion. Just something to keep in mind, if you try to withdraw your FD amount during the first 3 months of the tenure, you will not get any interest. Any withdrawals thereafter and the bank will only pay you 50% of interest earned. It's standard bank rules.
Interested in knowing more about FD as well as the top rates for 1, 3, 6, 9, 12 months FD tenures? Then head on to our “Best FD Rates in Malaysia – Earn up to 4.01% for one year” article! If you're looking to compare the best FD rates in the market, you can use our handy Fixed Deposit Comparison Tool.

 

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