With Bank Negara’s recent OPR reduction, most Fixed Deposits have lowered their returns, from 3.70-4.00% pa to 3.30-3.60% pa.

1. AmBank (3.60% pa)

• Minimum Deposit: RM1,000

• Yield: 3.60% pa

• Tenure: 10 months

• Promo Ends: 31 August

• Application: Online (FPX)

Link: https://www.ambank.com.my/promotions/eFD-eTDi

2. Standard Chartered (3.50% pa):

• Minimum Deposit: RM30,000

• Yield: 3.50% pa

• Tenure: 12 months

• Promo Ends: 30 September

• Application: Online (SC Mobile)

Link: https://www.sc.com/my/promotions/fd/

3. Hong Leong Bank (3.45% pa)

• Minimum Deposit: RM1,000

• Yield: 3.45% pa

• Tenure: 3 months

• Promo Ends: 14 August

• Application: Online (FPX)

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

4. Maybank Islamic (3.45% pa):

• Minimum Deposit: RM1,000

• Yield: 3.45% pa

• Tenure: 6 months

• Promo Ends: 30 September

• Application: Online (FPX)

Link: https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/promotions/account_and_banking/efd-promo.page

4. CIMB Bank (3.45% pa):

• Minimum Deposit: RM1,000

• Yield: 3.45% pa

• Tenure: 7 months

• Promo Ends: 14 August

• Application: Online (FPX)

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

5. Public Bank (3.45% pa):

• Minimum Deposit: RM5,000

• Yield: 3.45% pa

• Tenure: 6 months

• Promo Ends: 30 September

• Application: Online (FPX)

Link: https://www.pbebank.com/en/promotions/latest-promotions/pb-efd-via-fpx-campaign-7/

6. Affin Bank (3.30% pa):

• Minimum Deposit: RM10,000

• Yield: 3.30% pa

• Tenure: 12 months

• Promo Ends: 31 August

• Application: Online

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

Are Fixed Deposits worth it?

Yes, if you’re looking for 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.

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 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.

Thanks for reading till the end!

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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.