1. Alliance Bank Labour Day Term Deposit-i Promotion (ends 31 May):

• Minimum Deposit: RM5,000

• Max Deposit: RM20,000 (1 month), RM10,000 (2 months)

• Yield: 5.10% pa

• Tenure: 1-2 months

Each customer is only entitled to one placement. You cannot subscribe to multiple packages for this promo.

To make a placement, you must head over to an Alliance Bank branch.

Link: https://www.alliancebank.com.my/Promotions/Banking/labour-day-term-deposit-promotion

2. Alliance Bank SavePlus Account/-i eFD promo (ends 30 Jun):

• Minimum Deposit: RM1,000

• Yield: 4.10% pa

• Tenure: 12 months

To qualify for this promo, you must open an Alliance Bank SavePlus Account.

Each customer is only entitled to 1 placement with the Promotional Rate throughout the Promotion Period.

If you’re already an existing customer, this promo will not apply to you.

Link: https://www.alliancebank.com.my/Promotions/Banking/saveplus-flyonusapr-promotion

3. Affin Bank eFD/eTD-i Campaign (ends 31 May):

• Minimum Deposit: RM10,000

• Yield: 3.75% pa

• Tenure: 12 months

Link: https://www.affinalways.com/storage/campaigns/eFD-eTD-i-Campaign-TnC-ENG.pdf

4. Public Bank eFD via FPX Campaign (ends 30 Jun):

• Minimum Deposit: RM5,000

• Yield: 3.70% pa

• Tenure: 12 months

To access this promotion, login to your PBe account and select "Fixed Deposit", then choose "PB eFD via FPX Campaign".

5. CIMB eFixed Deposit (eFD) via FPX Campaign (ends 18 May):

• Minimum Deposit: RM1,000

• Yield: 3.70% pa

• Tenure: 7 months

Link: https://www.cimb.com.my/en/personal/promotions/latest-promotions/efd-i-2024-campaign.html

6. RHB Term Deposit & e‑Term Deposit Campaign (ends 30 June):

• Minimum Deposit: RM1,000

• Yield: 3.70% pa

• Tenure: 9 months

Link: https://www.rhbgroup.com/fd/index.html?utm_source=Campaign&utm_medium=INPWS&utm_campaign=24DPCASALuxuryWatch

7. Hong Leong eFD/eFD-i Promo (ends 24 May):

• Minimum Deposit: RM1,000

• Yield: 3.65% pa

• Tenure: 6 months

Link: https://www.hlb.com.my/en/personal-banking/promotions/dp-efd-i-month-long-promotion-2024.html

Are Fixed Deposits worth it?

Absolutely.

FDs offer two valuable benefits: safety and predictability. Your money will grow at a predetermined rate, and you’ll know exactly how much you’ll earn at the end of the term.

In the unlikely event that your bank fails, your deposits are protected by PIDM up to RM250,000.

When should I consider Fixed Deposits?

• If you need to achieve a savings goal (down payment for a car, education, holiday trip, etc.)

• If you have little to no financial knowledge in other investment products.

• If you are going to retire (or retired) and have a less risky appetite.

• If you need a place to store part of your emergency savings.

Compared to ASB, Cash Apps, and Mutual funds – which is better?

It's difficult to determine which is better since each investment has its own set of pros and cons.

However, it's important to note that ASB, Cash Apps, and Mutual Funds are not insured by PIDM, as they are classified as investments.

While the returns on these products can potentially be higher, they are not guaranteed, unlike fixed deposits.

Fixed Deposits are liquid, but…

If you redeem your funds early, you may forfeit some (if not all) of your accrued interest.

To lessen this impact, split your FDs into separate subscriptions, so you can access part of your funds when you really need them and not lose the interest earned for the entire amount.

Eg. You plan to make an RM10,000 fixed deposit.

Instead of placing the entire sum into one subscription, you can split it into 3-5 separate subscriptions.

If the minimum deposit amount is RM1,000, you can even split it into 10 subscriptions!

This way, you will only forfeit part of the interest earned, rather than for the entire sum if you withdraw your money early.

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DISCLAIMER: The information contained in this article is for informational and educational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The opinions of this article are solely that of the publisher.