Should you dump your savings account for a fixed deposit?

Many of us keep our money in a savings account, where it is easier to access during a time of need. But we all know that a savings account doesn’t offer much in terms of interest, and seems like a waste when you think of how much you could be growing your money. Fixed deposits on the other hand; offer a higher interest rate but less flexibility.

But just how much of a difference does it make?

So say you’re one of the luckier people to have RM5,000 as your savings and would love to see it grow further. Which option will help you gain more money, a savings account or a fixed deposit? Whilst the answer is obvious – what isn’t so obvious is by how much.

Savings Account

Before you dismiss the idea of savings accounts giving you more savings, it’s worth noting that there are some savings accounts with an interest rate of 3% p.a. or higher. Problem is, most of these accounts require that you have a significant amount of savings in your account to be eligible for it.

Bank Rakyat
 offers an interest rate of 3% for those who save RM100,000 in their account. All savings accounts by Affin Bank have the same rate as their fixed deposit, which is 3.38%, but you will need about RM1,000,000 to be eligible for that and well, not all of us are millionaires.

If all you have is RM5,000, on average most banks give a rate of 0%-1% p.a., with the highest rate giving you RM50 per year with that amount. There are those like the

Alliance Buddy savings account that give you up to 1% with RM5,000. The highest available you can get for your RM5,000 in a savings account is the Hong Leong Junior Savings account with an interest rate of 2.9% for the first RM50,000 although this is reserved for children below the age of 18. Not too sure if your child can have RM5,000 in their account, but if they manage to gather all their allowance savings, presents and ang pows up to RM5,000, they’d be getting an extra RM145 in their account.

So you will get something for your RM5,000 – just not much. Let’s look at fixed deposits instead.

Fixed Deposits

Fixed deposits have a higher interest rate with anywhere between 2.9%-3.5%, with some being more. You may find the idea of saving in a Fixed Deposit account a little tougher as you have to keep a certain amount in your account at all time, or else lose out on the higher interest rate. But if you really want to put that RM5,000 away for your future instead, it’s a good option. You can always choose 1 month – 3 month FD’s for a little more flexibility but rates for these are usually lower than those for 6 and 12 months.

The average fixed deposit rate would be about 3% p.a., especially within the first year. So if you go with this, you would get RM150 for your RM5,000 savings although you can’t use that money straight off when you get it. The

Mach Fixed Deposit by Hong Leong Bank
 gives a high interest rate of 3.7% p.a. and the flexibility to make partial withdrawals. This means you get RM185 a year and that’s definitely a higher amount than what any savings account can give you.

Should you get an FD?

Of course, with a higher interest rate, the Fixed Deposit gives you more money. But it’s not a good idea if you need to constantly access the money. However, fixed deposits can be opened with as little as RM1,000 and at 3%, you earn RM30 per year just by saving it. In your regular savings account at 1%; you earn RM10, which in the end will be used to off-set the numerous ATM fees you’re charged.

The fact of the matter is you do need savings that you don’t touch so why not use a fixed deposit that gives you a little extra for saving than keeping it in a savings account which in turn encourages you to spend it by offering easy withdrawals? Of course, you can continue to have a regular savings account for all those usual day-to-day expenses and transactions but as far as savings go – why not make it earn for you?

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Cheaper Prices This Durian Season

For those of you who go crazy over the king of fruits, you’ll be glad to hear that our national fruit is currently having a remarkably good season. The durian fruiting season is longer than usual this year, and the yield is bountiful. Better yet, in some areas multiple factors have led to a drop in durian prices – not only are the aromatic fruit high in supply at the moment, it’s friendlier on your wallet too.

A durian stall along Macalister Road, Penang was seen selling durian packed in airtight containers for only RM10 each. Its owner, Lim Beng Choo, attributed the low price to the decline in sales during the fasting month in May. “Now, there is abundant supply, so we have retained the price,” she said. “The price is likely to drop a bit more since supply is increasing and many traders are also selling it.”

(Image:
The Star
)

Orchard owners in Segamat, Johor are also reporting an extraordinary season for the durian fruit. Harvesters are having to tie tree branches and put up nettings to deal with the heavy fruiting of the durian trees.

“Among the types of durians that are fruiting heavily this season are durian kampung, D24, D13, Musang King, Tembaga, Duri Hitam, and Udang Merah,” said Arman Ishak, an orchard owner in Batu 8 Jementah, Segamat.

However, Segamat durian trader Yow Qian Hat said that the good durian season may not guarantee lower prices. This was because the Segamat durian has its own loyal buyers from other states as well as neighbouring countries of Singapore and Thailand.

The duration of the annual durian season varies from year to year, but July is considered the peak month for durian feasting in Malaysia. Following the poor durian harvest over the last couple of years, Malaysians will definitely welcome the improved crop of durians this year.

Where are your favourite durian haunts? Share with us your go-to spots and we’ll let you in on the cheapest places to get your durian fix!

(Sources:
The Star
,
News Straits Times
)

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5 Ways Lalamove Delivers More Value For Businesses

The pandemic has seen the logistic industry grow into one of the most demanded essential services that do not only cater to large businesses, but also SMEs that make up 98.5% of Malaysia’s business establishments.

When Movement Control Order (MCO) was first declared in March 2020, you might have noticed more and more fleets of vehicles, most notably cars and motorcycles, each carrying its own colour identity on the road. Lalamove is one of those fleets, but what makes them stand out besides its easily-recognised orange branding?

If you are a business owner looking for the right delivery services to move your products, here are 5 ways how Lalamove can deliver more value for your business.

So there you have it. If these 5 values are what you are looking for in moving your business – be it on a small, medium, or large scale, you may want to consider Lalamove. Besides offering a variety of vehicles compatible with your products, Lalamove also has a convenient, no-hassle mobile app that lets you book and manage all your delivery needs.
Lalamove mobile app is available for download in both App Store and Google Play. For more information, head on to
Lalamove.com
.

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Malaysia Airlines Offers Liverpool FC Fans The Chance Of A Lifetime With #RiseWithPassion Contest

For many football fans around the world, visiting their favourite football club’s stadium is always an entry in the bucket list. It almost always is a dream that never gets fulfilled simply because of how expensive it is: flights, accommodation, and meals add up to make it simply too pricey.

If you’re a Liverpool FC fan, here’s a chance to potentially be a part of history. Malaysia Airlines, in collaboration with Liverpool FC, is offering two diehard fans the chance to win an all-expenses paid trip to the UK for a trip of a lifetime.

#RiseWithPassion with Liverpool FC

The #RiseWithPassion contest offers three winners the ultimate fan trip: flight tickets for two to the UK, a tour of Anfield stadium, exclusive LFC merchandise, dinner with an LFC legend, and the most exciting bit of all: tickets to watch the final home match of the season against Wolverhampton Wanderers.

If you’ve been following what has been one of the most thrilling title races in recent memory, you’ll know that Liverpool are neck-and-neck with Manchester City at the top of the Barclays Premier League, where the title winners may only be decided at the last game of the season.

Yup, that means the winners of this contest may actually be a part of the Premier League trophy presentation after the final round of matches on 12 May!

And, as it turns out, winning this contest would be a breeze for true fans who share the same indomitable spirit as Jurgen Klopp’s fearless team have shown this season. Here’s how to enter the #RiseWithPassion contest:

Step 1
: Pair up with a friend.

Step 2
: Tell us how great partnerships result in success. This can be presented in a caption, picture, or video.

Step 3
: Add a 7-word cheer for your favourite football team. Be sure to
include the Malaysia Airlines and LFC logos
 in your post.

Step 4
: Upload to Facebook or Instagram. Ensure that the post’s privacy setting is set to “Public”. Include the hashtags #RiseWithPassion and #MHxLFC, and tag @malaysiaairlines in your caption.

The three best submissions will win the trip of a lifetime. Plus, the ten most creative 7-word cheer submitted in this contest will be featured in the LED boards around the Anfield pitch.

Win More With RinggitPlus

Sounds simple enough, right? Now, let RinggitPlus sweeten the deal. Include the
#RinggitPlus
 hashtag in your caption, and be in the running to win a brand new LFC 2018/2019 home jersey – just for participating! We’re giving away a total of 10 jerseys, and winners will be selected at random. Just remember to include the #RinggitPlus hashtag in your caption!

Contest ends 29 April 2019, so put your thinking hats on and submit your best entries!

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Can Taking on Another Loan Actually Save You Money?

Managing your debt is an important part of dealing with your finances. Eliminating a debt as soon as possible helps free up cash, lowers recurring expenses, and contributes to a healthier cash flow overall.

So how exactly can
taking up another loan
 save you money? The answer is quite simple – with a debt consolidation service.

What is Debt Consolidation?

A debt consolidation service is one loan that you take to manage all other loans you currently have.

Servicing multiple loans is a hassle for many reasons. The loans are usually due at different times in a month and paid to different lenders/banks. Most payments are serviced through various methods such as cash deposit or online banking. It can also be quite tedious to keep track of the different interest rates for each loan.

By simplifying your finances and consolidating all your loans with
Alliance One Account
, your existing loans will be paid off in advance. You pay only one loan at a lower interest rate. It’s not only easier; it saves you plenty of money at the same time.

Here’s an example of how this can work for you.

Before Consolidation:

Let’s say you have a
RM60,000
 personal loan with an interest rate of
10% per annum (p.a.)
 with a monthly repayment of RM1,500.

At the same time, you have other credit cards with an average balance of
RM40,000
, of an interest rate of
18% p.a.
 and your monthly repayment is around RM2,000.

On top of all that, you have a home loan with a remaining balance of
RM350,000
 at a rate of
4.67% p.a.
 for 30 years, and your monthly installments are
RM2,000
.

This means your total outstanding loans are RM450,000 and your monthly repayments are about
RM5,500
.

After Consolidation with Alliance One Account:

Consolidate all your loans of
RM450,000
 with
Alliance One Account
 and stand to enjoy interest rate from as low as
6.88% p.a.
.

This means, you may pay as little as RM2,630 each month for your loans.

That’s a
48% in savings
 on your monthly repayments!

With the
Alliance One Account
, you can manage your loans in any configuration that you’re comfortable with, depending on your income and property value! You can include all your credit cards, personal loans, car loans and even your mortgage into this account and streamline your payments.

This gives you the flexibility to pay less each month, save on total financing cost and/or have more cash in hand because you consolidated all your loans in one place – in the
Alliance One Account
.

Sounds Great! How Does It Work?

To apply for the Alliance One Account, you need to have an existing home loan. When you consolidate your home loan and other loans with Alliance One Account, you need only to pay ONE loan at a low interest rate.

To find out how much you can save with
Alliance One Account
, try out the Alliance One Account online loan simulator!

For more information, visit
www.alliancebank.com.my
.

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You Can Now Pay Your Utility Bills On...Lazada?

Online shopping giant Lazada has a new feature – but it’s one you might not have expected. You can now pay your utility bills on Lazada – making it the first e-commerce platform in Malaysia to do so.

Following a series of bill payment facilities from e-wallet providers in Malaysia, Lazada is also offering this feature. Currently, you can only pay for your Syabas and Astro bills on Lazada, although more utility providers may be added in the future. According to
Lazada’s FAQ
, you will not be able to make payment for another person’s bill as the name on the bill must match that of the Lazada account owner (though currently Astro and Syabas bill payment options do not require account name input). There is no service fee charged for paying your bills through Lazada.

You can pay your bills on Lazada under the “Top Up & eStore” section. The function is available on both web and mobile app versions of the platform, but is slightly easier to locate on the app. Besides the Lazada e-wallet, the accepted payment methods for bills are credit/debit card (Visa and Mastercard only), online banking, and instalment via Maybank for amounts above RM500.

To encourage users to start using the new bill payment feature, Lazada is offering cashback on your bill payments for a limited time. From now until 30 September, you can get 10% cashback capped at RM20 for paying your bills with Lazada Wallet.

If you have not topped up the Lazada Wallet before, you can also make use of another cashback promotion that runs until 29 September. Just top up at least RM50 into your Lazada Wallet and you will get 10% instant cashback capped at RM20. If you are a Mastercard holder and never used Lazada Wallet before, you should also take advantage of
another
cashback promotion – just be the first 400 to top up on Tuesdays with your Mastercard and get 15% instant cashback capped at RM20. For existing Lazada Wallet users, the
Mastercard Tuesdays
 promo offers 5% instant cashback capped at RM15 for the first 1,000 users.

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What Revs Up Or Puts the Brakes on Your Car Resale Value?

Contrary to other forms of big money investments like houses or businesses for instance, cars possess a definite ever-descending value from the moment you stick a key into its ignition for the very first time.

No matter the decline, the significance of cars and their purpose are clearly exhibited in the bumper-to-bumper traffic we encounter daily. Many of us consider cars a necessity. As such, you’ll want to take as good care of your vehicle as possible.

Out of these many factors that come into play when deciding a car’s resale evaluation, only a pinch fall within the owners’ control. Today, we reveal these factors and to what extent they are scrutinised when it comes to selling your car.

1) Mileage and Years

If we lived in a Disney movie world, cars would tell you that age is merely a number – but that’s not the case in reality because it does significantly tamper with its value upon resale.

In the equation of large number of years adding up to a larger risk scale of damage, no complicated algorithms exist – in short, it will depend on the number of years, mileage and condition post wear and tear.

Subjectively, one could own a car for many years and yet not clock in exponential mileage – this would mean the car would be able to fetch a higher value upon resale, neatly subduing the ‘years’ factor.

On average, Malaysians traverse between 20,000km and 25,000km per year and a total mileage that exceeds 100,000km upon resale value automatically slashes its value by the thousands.

Ever wondered why some people believe in pushing off their cars once it reaches the fifth year – the answer lies in multiplying the approximate yearly average by 4 or 5 and it barely dodges the all important 100,000km mark.

In a similar vein, you could own a car for 10 years, drive it all over Malaysia but keep it in such good repair that it outperforms a car half it’s age. In that sense, it’s just like the human body.

2) Make and Model

Automobile conglomerates manufacture blueprints of different models within its parent brand to cater to different market segments, therefore resulting in varying specifications and of course prices to cover production cost.

Logistics and technicality within models aside, these brands have certain value to their names and have different appeal thresholds in varying markets. In Malaysia for instance, brands like Honda, Toyota and Nissan make up the affordable range, while Mercedes Benz, BMW and Audi occupy the continental slots.

However, this alone won’t solely define the resale price.

Price of spare parts, availability of specialist mechanics, quality track record and even public perception greatly affect the value of cars in Malaysia. Cars from Peugeot, Citroen, Alfa Romeo, Fiat, Volvo and Ford tend take a harder hit upon resale compared to say, a locally made or Japanese vehicle.

Continuous product recalls or bad press can affect a cars value just as badly as the case where spare parts and servicing is unduly high.

3) Condition and Upkeep

Generally, appraisers can be very picky with the car’s interior and exterior appearances, but wait till he pops the hood – and if what he sees under it does not meet his high expectations, you will be the one who bears the losses.

What hurts most when you have to bear the losses is that it could have been prevented simply by taking a few things in stride – a last ditch economical touch-up, if you will.

Appraisers typically use a four-point grade system to judge the condition of a vehicle as either Poor, Fair, Good or Excellent – and most cars end up in the Fair category due to little details like dents, dings, paint scratches or chips, resulting in a fair bit of losses on its prevailing owner.

One of the main contributors to appearance devaluation include after-market and performance-based accessories and modifications which are ubiquitously popular amongst Malaysians, causing thousands to also be washed down the toilet.

This grade system also spans over the heart of the vehicle itself – the engine. Engines in good running order despite being original (replacement engines often give more appraisers the wind-up) make your vehicle that much more attractive.

Making sure all relevant parts are replaced (and replaced with original manufacturer spare parts will also be more to your advantage) after long spells of usage will go a very long way in upping the price you can ask for your secondhand vehicle.

If you are confused about where to begin with sprucing up the interior, exterior or even under the hood, get a foreman to assist you in obliterating minor niggling problems and turning it into a seemingly pristine second-hand vehicle that even you would buy – a stitch in time does save nine!

The Chequered Flag

A lot of the factors mentioned above, including many technical aspects eluding most of us go a long way in determining the value of one’s car upon resale.

What’s important to remember is that its value adopts a steady descent as long as the keys remain in your hands but this should not be a problem if you intend to be loyal to your vehicle for long spans of time anyway.

Always remember that a car’s value involves a lot more than it’s digits at a second-hand dealer. Oftentimes, you can get more ‘value’ by keeping a car for it’s use to you then selling it at a knockdown price just because that is what the ‘market’ has decided it’s worth. Align your lifestyle with your car-buying goals and you’ll surely come out tops!

And if you are a little spoilt for choice or still in the shadows about picking a ride after reselling the old faithful, use our
car loan calculator
 to find one that will be worth your hard-earned money. Good luck!

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Here’s a More Flexible Data Plan to Fit Your Flexible Finance Situation

Some rigidity is important when it comes to managing your finances. Keeping a strict budget, always paying the right amount on your loans, and paying them on time are all important ways in which sticking to one thing contributes to a healthy cashflow.

But there are also times when flexibility is what you need to help ease your financial burdens. Sometimes you want to spend more on your wants rather than your needs, sometimes you want the option of different payment methods, and sometimes you want to be able to pay only for the service that you use.

Thankfully, Hotlink hears you and in their goal to provide the best products for you, they’ve come up with the new Hotlink Postpaid Flex. A flexible postpaid plan with no contract necessary.

With unlimited calls and SMS to all networks, no contract fees or hidden fees, and an affordable RM30 per month base plan, Hotlink Postpaid Flex also offers a few unlimited high-speed internet bundles of your favourite apps that you can mix and match with.

Their base plan might be all you need, but you can also select one of these 5 add-ons:

Of course, you don’t have to add just one of these unlimited bundles to your plan. You can mix and match as you see fit, and change it however you like every month. If you do a lot of video calls, share plenty of pictures and videos via messaging apps, and like listening to music a lot then you should add Unlimited Chat (RM5) as well as Unlimited Music (RM10) to make your plan cost RM45 monthly.

If you’re a heavy sharer of content and like to have your finger on the pulse for the latest online news and gossip, you should add the Unlimited Social (RM10) and Unlimited Chat (RM5) for a plan that costs RM45 a month also.

For the social influencers who also use the internet heavily when on the go, you can add on the 5GB high-speed internet (RM25) on top of Unlimited Social (RM10) for RM65 a month.

If that’s a little too steep for you, they even offer a great value bundle for your ringgit with 3GB high-speed internet at only RM10. Which, together with the basic plan gets you 4GB plus unlimited calls and text for just RM40 a month!

Don’t get locked into the same plan forever, paying for services you don’t use. Get Hotlink Postpaid Flex and get the most flexible and affordable postpaid plan with all your favourite apps on the No. 1 4G network in Malaysia right now.
Click through to their official website to find out more
!

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Is Salary Advance An Acceptable Financial Remedy?

You’ve heard of cash advance, but have you heard of salary advance? It’s not a phrase that is commonly thrown around in the professional world, and in most companies, it’s not something that is offered freely.

But sometimes, desperate times call for desperate measures. Here are some of the things that you should know about salary advance, before you even think about requesting for one:

What Is A Salary Advance?

As the phrase suggests, a salary advance means getting your salary (or pay) ahead of time. For example, say your salary is paid on a monthly basis on the 25th of every month. Then, let’s say that some unexpected financial emergency befalls you on the 10th, and you request for a salary advance from your employer.

Upon approval, your next salary that is supposed to be paid on the 25th will be disbursed on the 10th instead.

No Kidding! How Does It Work?

The most important thing that you’ll need to remember is that a salary advance works just as any other loans; which means that there are conditions attached to it. First, we address the amount to which you can request for an advance. According to the
Employment Act of 1955
, ‘An employee may only request an advance in the amount that does not exceed the employee’s salary in the preceding month’.

In a not-so-legal term, it means that you’re only allowed to request for a salary advance that is not more that your last withdrawn salary. But when you’re in a financial pickle and have nowhere else to turn to, a month’s salary is still a great help, no?

Note that while some of the smaller companies may agree on your request with just a handshake and an understanding nod, most companies will ask you to sign a little agreement document acknowledging the salary advance which spells out its amount, the repayment schedule, and the permission to allow the company to deduct your future salaries for the repayment.

Speaking of the repayment period, there’s no exact regulation that governs it. It’s up to your employer’s discretion and how you word your request; whether you want the company to deduct the lump sum amount from your next salary, or deduct a predetermined amount over a time span.

Will It Be Reflected In My Employment Record?

Why yes, of course. Your salary advance request, along with other official requests such as annual leaves and medical leaves will go into your employment record, and there it will stay until perhaps the end of time (or until it’s somehow destroyed, or deleted, or written off, you get the picture).

Bear in mind that while salary advance is legally allowed as per the Employment Act of 1995, it’s not something that is prevalent in the professional world. The phrase itself is somewhat of a taboo, as it reflects on your money management skills.

Perhaps it won’t matter as much if you work in a small company where your boss is the ultimate authority. But for those of you who work in large corporations with a dedicated Human Resource (HR) department, you will, without a doubt, have to go through several stages to get the approval for your request, and seriously, do you really want your financial problem bandied about – across departments – for the sake of some cash?

Will My Company Charge An Interest On My Salary Advance?

That’s a hard no, people. Our employment regulations help protect your rights to your own salary (whether it’s an advance or not) by
expressly forbidding companies from charging an interest to a salary advance
.

How Do I Request A Salary Advance?

Hold your horses, before you give yourself any hope of remedying your financial emergency with a salary advance, first check with your company whether it’s allowed, or whether they have a policy against it. Some companies post their salary advance guidelines online or on the employee handbook. If your sleuthing resulted in zero intel, head to your HR and have a discreet conversation with them about it before putting yourself on the spot.

Once you’ve gathered the intel, pick a time when you’re sure your boss or HR manager isn’t in a rush or busy, and politely ask to speak to them in private. Then, take a deep breath, cross your fingers, and state your intention to them in a concise, businesslike manner.

Avoid emotional and long narrations. Your boss or HR manager will ask the reason why you’re asking for an advance to
deem whether or not your request is worthy of an approval
, but they don’t need to know the A-Z details on how someone crashed into your precious car, or how you thought your heart would jump out of your chest when you were robbed at knife-point. Just say that you’re going through a financial emergency and that you need the money urgently, with the emphasis on it being a one-time only request. Besides, you wouldn’t want your boss of all people to be privy to your personal problems, do you?

Read Also
:
How Close Are You From Being Completely Broke?

What If I Leave My Job Mid-Repayment?

The agreement between you and your employer should cover the what-to-dos in the event you willingly leave or are fired from the company. What usually takes place is the company will simply deduct your final salary and/or your severance package.

If the former presents a huge financial challenge for you, talk to your employer and see if the repayment schedule can still continue, but through a direct debit. Besides, if you already have the repayment schedule agreement in place, it may be illegal to simply deduct the remainder of your salary advance in one go.

If you’re facing any problems with your salary advance repayment agreement after you leave your employment, contact the
Labour Law office
 to get some clarification or support on the matter.

So Should I Consider A Salary Advance As An Option?

If your financial situation at the time is dire enough to disrupt your work performance, and if it’ll help lift you out of your financial emergency, then it’s fine to seek financial assistance from your employer. Just remember that it should only be a single occurrence, and not a habit. Besides, your employer is not obliged to assist you financially, and may turn your request down without a backwards glance.

If you do get a salary advance and your request is approved, it’s imperative that you should stick to the repayment plan, and never ever ask for a second advance while you’re still paying off the first one if you want to remain in your employer’s good graces and maintain your reputation at work.

Lastly, a salary advance is a private affair between you and your employer, so keep the matter on the down low. For your career’s sake, don’t share it with anyone – especially with your colleagues – whether your request is approved or not. Also, it’s wise to abstain posting about work-related related updates on your social media account. You never know who might be reading them.

If you have some time to resolve your financial difficulty, and you don’t want to dip into your future salary, maybe try applying for a personal loan as an alternative. There are plenty of personal loans that offer fast approval and low interest rate (provided you have a good credit record) to assist you in your times of monetary needs. Have a look at our
comparison page
 for a list of available personal loans in the market!

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Syaza Abd Jani

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How to Get the Most Out Of Your Car Insurance

Car insurance is an essential purchase for every car owner and since we have to renew it every year, saving up on it means saving up on our annual expenses, too. We’ll show how to save as much as possible and get the most value out of your policy with these clever tips:

Buy The Right Amount

Car insurance policies, namely ‘market value’ policies don’t often pay (in cases of total loss) for the total amount insured. It’s pay-out is determined by the market value of your car at the time of the incident claim. Thus, it doesn’t make sense to insure your car for more than what it’s worth and pay higher premiums when you may not be able to claim for it later.

Instead, here’s what you should do: look for ‘agreed value’ policies that offer a pay-out that is based on the value insured rather than its declining market value. Not all policies offer this option though, so do check with your provider before purchasing. If you are opting for a depreciating market value policy, be sure to insure your car for an amount that is closer to its market value.

Inform Your Insurer About Safety Additions

This will probably help your case even more now that the second phase of detariffication for car insurance is expected to come into effect in 2017 . Soon, car insurance rates will no longer be regulated but essentially determined by risk factors. This means, any security features that you add onto your car to prevent theft, loss, or accidents can help to lower your premium rates.

Features such as immobilizers, special alarm systems, GPS tracking devices, and even the act of parking indoors overnight could help reduce the quoted rates. Just be sure to have your car inspected thoroughly before purchasing your car insurance, so that you can justify all the added security features to the insurance provider.

Maximise Discounts

Apart from the no-claim discount (NCD) that essentially rewards you for not making claims, there are other discounts you can take advantage of to reduce your insurance costs. For one, some insurance providers may offer discounts when you insure more than one car with them under your name or your immediate family. You should also look into online renewal discounts and promotional offers, especially when purchasing a new car.

Otherwise, you can also try asking for loyalty discounts especially if you have been with the same provider or agent for a long period of time.

Read also:

Is Takaful Motor Insurance Better For You?

Get Acquainted with the Finer Points of Your Policy

Whether you’re a veteran or a newbie, it’s important to understand your car insurance plan thoroughly in terms of what it covers and what it does not. For instance, modifications made to your car may not be covered if damaged in an accident, unless you’ve specifically requested for it to be insured and paid the additional premium.

The same goes for damage from flood, landslide, storm and riot, which will only be covered if you add it onto your policy.

Do note that these add-ons can significantly increase your premium, so it’s a good idea to think them through before agreeing to pay the extra premium. After all, why pay for something that you don’t need?

Name Another Driver In Your Policy

If someone else drives your car even on an infrequent basis, add his or her name to your policy – after all, the first two names (yours included) are free. You’ll want to do this to avoid paying a
Compulsory Excess Fee
 of RM400, which will incur if the person driving your car gets into an accident and isn’t listed on your car insurance policy.

Note that this fee could still be charged if the person driving your car happens to be a ‘P’ (probationary) driver, ‘L’ (probationer licence) licence holder, or under is 21 years of age. A Compulsory Excess Fee is different from a Policy Excess, which is applicable when you’re making a claim.

The
Policy Excess Fee
 varies from one insurance provider to another, and is imposed at their sole discretion. For example, if your Policy Excess Fee is RM200, you won’t be able to make a claim for any damages that is below this amount. It also means that if the damages to your car is, say, RM3,000, you’re only entitled to a total claim of RM2, 800. Try to find a policy with low or no Policy Excess Fee for better savings!

Ask About Additional Services

Your insurance policy often comes with special benefits that you might be aware of. Most comprehensive policies offer free towing, repair warranties, as well as complimentary roadside assistance in the cases where you need help changing a tire or jump start your car. However, not every policy will offer these equally, so it’s important to shop around before settling on one.

The easiest way to look for a comprehensive car insurance that is perfect for your beloved road companion is of course by going through our
car insurance
 comparison page. Remember to take your time to read through the available car insurance listed on there, and make every ringgit that you pay for your car insurance policy count!

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Shopee Malaysia Now Accepts American Express Cards

Shopee Malaysia has now added support for American Express credit and charge cards. Amex cardholders can now add, save, and use their Amex cards on the entire Shopee platform, including on the ShopeePay e-wallet.

Since its launch in Malaysia, Shopee only accepted Visa and Mastercard-issued credit cards. However, users began stating that since early this morning, the Amex icon appeared on the app when users wish to check out or save a new card into the platform.

I’ve personally tested it this afternoon, only to have a failed payment verification. However, another attempt later passed verification and I was able to save my Amex card on the Shopee app.

I also managed to top up my ShopeePay e-wallet with the saved Amex card, confirming that Amex acceptance is now live on Shopee.

However, for Maybank Amex credit cardholders, it is highly unlikely that ShopeePay top-ups will earn TreatsPoints or cashback, given the bank’s strict “no rewards for e-wallet reloads” – even the Maybank Shopee co-branded credit card does not have any benefits for ShopeePay top-ups. The exception to the rule is the Maybank Grab Mastercard Platinum, which currently remains the only credit card that rewards e-wallet reloads (albeit only for GrabPay).

This is a game-changer for American Express cardholders in Malaysia, as it means their cards are now accepted in one of the two biggest e-commerce platforms in Malaysia. This will be music to the ears of highly rewarding cards such as
Maybank 2 Premier Amex Reserve
,
Maybank 2 Gold
 and
Platinum
 Amex, and for the select few, the
Amex Platinum charge card
. The Maybank Amex Reserve and Amex Platinum are among the
best air miles credit cards
, while the
Maybank 2 Amex
 is one of the best cashback credit cards with its 5% weekend cashback feature.

Update:
Shopee’s website now lists Amex as one of the payment partners:

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About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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    Fonda

    2 years ago

If using Amex direct purchase from shopee also get no point/cash back?

Or only top up to shopee pay don’t have?

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    Pang Tun Yau

    2 years ago

    Reply to

        Fonda

Based on my testing, I received 5% cashback on shopee direct purchases from several sellers. Not sure about the bill payment option, but almost 100% certain shopeepay will not be entitled since it is an e-wallet.

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Free 1GB "Productivity Internet" For Malaysians Until End Of This Year

Prime Minister Tan Sri Muhyiddin Yassin has announced a new free internet access plan for Malaysians that will replace the current 1GB mobile data during the Movement Control Order and Conditional MCO (CMCO).

Dubbed “1GB Productivity Internet”, this is part of the Government’s PENJANA economic recovery plan, and will replace the existing free 1GB high-speed internet access for users. Under the terms of the “1GB Productivity Internet” offer, all Malaysians will receive 1GB data allocation daily to access specific online learning and productivity tools. The data allocation, valid from 8am to 6pm daily, can be used to access online education platforms Udemy, Classruum, and SunagoLearn, where the telco industry has made a range of online courses available for free.

In addition, this service will offer unlimited access to Microsoft Office 365 applications (as they are cloud-based services), as well as the Zoom video conferencing service.

The telco industry is also committed to providing connectivity solutions for education purposes during this period. YTL Communications, for example, has a Learn From Home initiative where parents with children in government schools, students and faculty of partner tertiary education institutions can receive free SIM cards with 40GB of data. For qualified students from B40 families, they can receive free mobile phones and SIM cards with 120GB of data.

Besides that, the Government will also offer free and zero-rated access to all Government websites as well as Covid-19 related apps such as Gerak Malaysia, MySejahtera, and MyTrace.

Originally, the
free 1GB mobile data
 was announced as part of the PRIHATIN Economic Stimulus Package, where all mobile phone lines will receive 1GB complimentary mobile data that is usable from 8am to 6pm daily throughout the Movement Control Order (MCO) period. This was then
extended by the telcos
 when the Conditional MCO (CMCO) commenced, with almost all telcos extending this offer until further notice.

The 1GB Productivity Internet will commence from 10 June, the day after the current 1GB free high-speed internet feature ends, and will be available to all prepaid and postpaid customers from Celcom, Digi, Maxis, U Mobile, and Unifi Mobile.

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About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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    sally keay

    3 years ago

Can’t watch you tube, because you tube also have education video,(chines physician class, baking cooking class)

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Malaysian economy is on track

Amidst the
gloomy predictions
 Malaysia’s economy seems to be facing, Malaysia’s central bank Governor Zeti Akhtar Aziz is bringing in a little bit of sunshine back as she claims Malaysia’s economy is
on track to expand to 5 per cent
 this year as domestic demand holds up and exports recover.

This is still a cut from its original forecast where it was predicted to expand as much as 6 per cent though, but Zeti is focusing mostly on growth rather than inflation, because global growth would remain subdued and inflation was stable.

While the government’s subsidy rationalisation would contribute in some part to higher prices, productivity gains could help lower costs, Zeti said. The government’s financial position would improve from revenue collection, which had become more efficient, and the implementation of a value-added tax would also boost the revenue base.

But if you’re hoping that this little ray of light would help strengthen the Ringgit for any future travel plans, you’ve got to wait it out a bit longer. Zeti has no plans to venture to internationalise the currency in this kind of environment even though
the ringgit has declined to 3.2606 per dollar
, the worst performance among Asia’s 11 most-traded currencies.

But Zeti assures there’s nothing to worry about. If you compare Malaysia’s currency with other currencies, it’s been relatively stable. As long as the underlying fundamentals remain strong, then over time it should be an appreciating trend.

Such optimism is truly noteworthy!

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Prudential, Great Eastern Confirm Insurance Coverage For Wuhan Coronavirus

(Image: AFP)

*UPDATE 31/1/2020:
The Life Insurance Association of Malaysia (LIAM) and the Malaysian Takaful Association (MTA) have announced that
all member insurers in the country will cover Wuhan coronavirus treatment
 in their medical insurance policies.

*UPDATE 30/1/2020:
 More insurance companies have released statements since the original date of publishing. This article has been updated to reflect that.

The Novel Coronavirus (2019-nCoV) – more commonly known as the Wuhan coronavirus – has been the subject of much talk in Malaysia lately. While there are only seven cases of the virus in the country so far, some insurance companies in Malaysia have confirmed that they will be extending medical coverage for cases relating to the coronavirus.

Prudential, Great Eastern, AIA, Tokio Marine, Zurich, and Etiqa are some of the insurance companies which have made express statements stating that their medical plans will cover cases of the coronavirus. Of course, this is subject to the terms and condition of each policyholder’s medical plan.

(Image: Prudential)

“Prudential in Malaysia confirmed that we will extend medical coverage to our customers, for admission in relation to any 2019-nCov infection within Malaysia – subject to any other terms and conditions,” said
Prudential Malaysia
 in its Facebook post on 26 January. Other insurers including
Great Eastern
,
AIA
,
Tokio Marine
, and
Etiqa
 have posted similar announcements to that effect on their Facebook pages.

Meanwhile,
Zurich Malaysia
 posted a notice saying that its medical plans would “provide coverage for respiratory-related illnesses caused by the Novel Coronavirus (2019-nCoV)”, subject to terms and conditions in the respective plans.

Zurich also directly addressed the exclusion clause in most medical insurance policies that could possibly affect a claim for a coronavirus case. “Zurich will waive the standard exclusion and continue to provide coverage, should the Ministry of Health classify the 2019-nCoV as among ‘communicable diseases requiring quarantine by law’,” the insurer said.

When there was a spike in
Influenza A(H1N1)
 cases in Malaysia in 2009, major insurance companies also decided to allow payouts on claims related to the disease in spite of the “communicable diseases requiring quarantine by law” exclusion clause.

(Image: Ministry of Health)

On a related note, the
Health Ministry
 has released a list of 26 hospitals that will serve as referral hospitals for both suspected and confirmed cases of the coronavirus in Malaysia. This means that if you need medical treatment for a suspected case of coronavirus, you can only be sent to one of these 26 government hospitals.

While most people associate medical insurance policies with treatment at private hospitals, it is also possible to make an insurance claim for treatment at a government hospital – once again, depending on the terms of your specific policy.

As stated in each insurer’s statement, policyholders with any enquiries should contact their respective insurance providers for further information on the coronavirus matter.

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HLB Extends DuitSmart Financial Literacy Initiative To Visually Impaired Community

Hong Leong Bank (HLB) has announced the introduction of an inclusive financial literacy initiative for the visually impaired community. The HLB DuitSmart CSR platform contains financial literacy content presented in an audio format in English, Bahasa Malaysia, and Mandarin, which will also be converted into Braille.

“Financial literacy is an important basic life skill for everyone, but communities, such as the visually impaired community are often faced with challenges in getting access due to the lack of resources in Braille and also due to their socio-economic standing,” said Domenic Fuda, Group Managing Director and CEO of HLB. “This initiative aims to address these challenges by starting off with having material that can reach out and be used by the community to empower them with financial knowledge.”

According to Zalman Zainal, Chief Marketing & Communication Officer of HLB, the initiative will start off with 30 financial literacy articles in audio format. These will cover the areas of Understanding Common Financial Jargon, Investment and Savings, Financing, Scams, Emergency Fund Planning, and EPF Members Entitlement. “These audio files were recorded in-house by our staff who had volunteered for this special project,” he revealed.

HLB DuitSmart was first launched in September 2019 with the wider aim of making financial information and knowledge more accessible to all Malaysians. Besides the latest inclusion of audio-accessible financial literacy content in the platform, Hong Leong Bank also took measures to bridge the gap faced by Malaysia’s visually impaired community with regards to access to financing. Last year, HLB introduced the nation’s
first talking ATMs
 for the visually impaired community in its Brickfields and Pulau Tikus branches.

“We are grateful to know that Hong Leong Bank is taking the first step to make banking and financial education more accessible and inclusive of the visually impaired community. This initiative is truly a step forward in addressing the challenges we face with financial services and understanding them better,” said Moses Choo, Consultant for the National Council for the Blind, Malaysia. “With this, we look forward to working with more banks and are ready to provide feedback, creating equal opportunities for our community to benefit from the products, services and solutions the banking industry has to offer.”

You can gain access to the audio financial literacy files on the
HLB DuitSmart website
.

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Govt Proposes Expanding Income Tax Relief To Cover Mental Health Services

As part of a big push to address mental health in Malaysia, the government is allocating RM70 million to improve mental health-related services in Malaysia, as well as proposing expanding income tax relief to cover some services.

In the Budget 2022 tabling, Finance Minister Tengku Zafrul Aziz noted that the Covid-19 pandemic had not only wreaked havoc on the economy, but also led to issues such as domestic violence and depression. To address this, Budget 2022 will see RM70 million allocated to improve support, counselling, and psychosocial services, as well as increasing advocacy programmes including engaging with non-governmental organisations.

On top of that, Tengku Zafrul also proposed that the current income tax relief for medical examinations (currently claimable up to RM500) be expanded to cover consultation costs of psychiatrists, clinical psychologists, and licensed counsellors.

In recent months, mental health experts have been
calling for medical insurance policies to cover mental health issues
 and treatment. With these proposals in Budget 2022, the government is taking some steps to help Malaysians in this regard.

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    Anonymous

    7 months ago

is applicable to personal tax and/ or company tax?

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#SaveMoneyWithHann: Surviving Covid-19 & MCOs For SMEs

It’s been 5 months since Covid-19 gripped our nation, causing us to be on some form of lockdown (MCO, EMCO in some places, CMCO, and now RMCO), ripping away at supply chains and consumer/business demand. It was a particular nightmare for SMEs in Malaysia, as they were the most exposed to the effects of the pandemic.

What’s worse was the fact that most SMEs don’t (or can’t afford to) have a financial “parachute” for events like these. When we surveyed Malaysians with businesses earlier this year after the start of the first MCO in March, we found that over two-thirds of business owners only had cash reserves to last them for 3 months or less.

As an SME owner, angel investor and startup mentor myself, I have been asked by many fellow business owners on advice on how to manage during this time. Although the government has announced several (and on a piecemeal basis) relief measures for SMEs – check out all the
Prihatin
 and
Penjana
 stimulus packages for businesses – the common questions I keep getting from those business owners are:

Should I take Government Scheme X?

Should I apply for Scheme Y vs Loan Z?

Should I shut down or keep going?

What does Pivoting my business or New Normal mean?

I don’t have all the answers, but I hope I can give some helpful ideas and frameworks to all business owners out there, insights from the finance world with RinggitPlus as well as being involved (as a mentor/investor) in many business industries (F&B, e-commerce, finance, media, technology, logistics, and manufacturing) over the last 10+ years.

TLDR: Not all SMEs were the same going into this pandemic-induced economic crisis, and not all will be the same coming out of it. As a business owner, some of your steps to survive will depend on whether you have a
liquidity
 or
solvency
 issue – those 2 situations are very different.

Fix liquidity issues with grants & loans, fix solvency with deleveraging & pivots.

Financial Issue or Business Issue? Or Both?

While business issues will almost always certainly lead to financial issues over time, it’s important to understand if the Covid-19 pandemic or the xMCOs (x can be E or C or R as appropriate) have impacted either your overall business or your short-term financial position.

But Hann, what’s the difference?

If your company has a sizable (many-months or multi-year) cash reserve to pay for operational costs but have seen sales & profitability drop during the last 3 months, you have a
business issue
 but not a financial problem (yet).

If your company is not impacted by Covid-19 or the xMCOs directly, and so your business is doing fine/better during this time, but are being asked to give longer credit terms to your customers (whom are having cash-flow issues), then you have a
financial issue
 but not a business issue.

If your company has seen significant drops in sales / profitability, will continue to be impacted by consumers’ and businesses’ reluctance to spend, and do not have a large cash reserve (<6 months), then you have
both
 a business issue and a financial issue.

For this column, I’ll focus on how to tackle financial issues, as business issues can be very specific to your individual businesses – I’d be happy to take any questions in the comments below or over email.

Finances: Do you have a Liquidity or Solvency issue?

Without getting bogged down into accounting terminology, the best way to describe the difference between Liquidity and Solvency is Short Term vs Long Term.

Liquidity vs Solvency

Liquidity

Solvency

Official Definition

A SME’s ability to pay off its current liabilities with its current assets

Is an SME’s ability to pay for long-term debt in the long run

Layman Definition

How easily you can pay your vendors and staff from your incoming customer collections and current cash balance.

If you sold off all your assets to pay for your loans, would you have any money left?

Timing of issues

Short-term issue

Long-term sustainability issue

Cash

When people refer to “Cash Flow Issues”

When people refer to “Profitability” or “Sustainability”

Severity

Can be serious, but can be solved with financing alone.

Critical, need both a business change and a financing solution

How to fund your business through this time?

Metaphorical Funding Waterfall

Regardless of whether you have a liquidity issue or a solvency issue, for Malaysian SMEs I would recommend going through what I call the
SME Funding Waterfall
, and only stopping halfway down the waterfall if you have solvency issues (because you cannot solve solvency issues by raising debt or equity).

What is the SME Funding Waterfall and how does it work? The main principle is to raise money as relevantly and cheaply as possible first, before “going down the waterfall” to more expensive options (from a rate or relevancy perspective).

The SME Funding Waterfall:

Customers

Vendors

Grants

Invoice/PO Financing

(Stop here if you have a Solvency Issue, continue if you have just a Liquidity issue)

Soft Loans

SME Loans

Equity

1. Customers

So, you have both liquidity and solvency issues, and cannot continue operating (whether it’s buying materials for the product you’re selling, or paying staff who are providing services) without short term-funds, how would you raise money from customers? Pre-selling is the most business-relevant and cheapest way to do this. Can’t request full pre-payment? Start with 20% or 50% or whatever you need to get going. If you’re needing the full 100% to “get started”, you probably need to review your product/service margins…

This stands at the very top of the waterfall as it is the simplest option to inject some liquidity into the business. Pre-selling products isn’t as uncommon as you think – there’s a reason why even established companies go crowdfunding sites like Kickstarter for new products. On the local front, we’ve also seen local SMEs offering pre-sale offers as well as store credit at generous discounts – all with the goal of raising liquidity to overcome short-term financial issues.

2. Vendors

Outright requesting discounts (which helps both the business and financial situation) – or longer payment terms (which helps the financial situation) – might be difficult for some to do. But, if your SME buys products and services from larger businesses, any amount that you can get with longer terms is basically 0% interest working capital for the duration. So an extra 30 days repayment term is an extra 30 days of funding your expenses for 0%.

3. Grants

Most people assume grants from governments (usually with milestones or job creation caveats) or corporates (usually to develop products or R&D) are ‘free money’. While they are certainly “free” in that you don’t have to pay them back in RM, they usually come with conditions to activate this “freeness”.

I would advise SMEs looking to go this route to be a little careful to ensure that the grants are relevant to their business.
Don’t solve a financial problem just to create a business problem down the line.

4. Invoice / Purchase Order Financing

These are usually offered by banks, P2P lenders, or other financial institutions against your customer orders. Invoices are legal documents that compels your customers to pay you, usually with terms (say 7 days, 30 days, or even 90 days). While they are usually expensive on a per annum basis (ie can be 6-12% p.a.), they can be useful because they are done on a short-term basis and have very flexible repayment terms.

Waterfall mid-point – stop here if you have a solvency problem, the next few steps don’t help you solve that, they will just kick the can down the road.

5. Soft Loans

“Soft loans” are loans which are either cheaper (in % terms), or more flexible (in repayment timelines or initial moratoriums) than the market benchmark for loans or a similar ilk. Examples include the Special Relief Fund (SRF) through the
Prihatin
 Stimulus Package, and the
Penjana
 SME Financing (PSF) that was part of the Penjana Economic Recovery Package. Both the SRF and the PSF offered up to RM500,000 per SME at a flat rate of 3.5% p.a..

At the moment, anything 3% flat p.a. and below for SMEs are considered below market, along with initial moratoriums (no need to repay for the first X months), so keep that in mind when determining if a loan is ‘soft’ or not.

6. SME Loans

Exactly what it says on the tin. Get an SME loan (either HP financing or clean term loans) for the purposes that you need them for. Rates are anywhere from 3-12% p.a. flat, which makes them the second most expensive form of raising funds for your SME.

7. Equity / Shares

Issuing shares or raising equity is frequently seen to be the first option for SMEs, because they are seen to be “lower cost than loans” (i.e. no interest) or “no need to pay back” like grants. In financial terms however, if you have a growing business which is only set back by temporary financial issues (i.e. cash flow and not profitability), then it’s actually the most expensive form of financing.

To give you a sense, if your business (either revenue or profitability) grows by more than 12% a year, then raising equity would cost you far more than even the most expensive of SME loans.

Final words

Remember the waterfall. Good luck, prepare your financing options now, don’t get caught flat footed by another MCO (or even EMCOs in your locality).

If any SME owners out there have a specific issue or are grappling with a business or financial problem, I’m more than happy to help, or lend an ear, just drop me a question in the comments below or shoot me an email!

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5 Practical Reasons to Own Credit Cards

Some people consider credit cards to be the ultimate blessing and some consider it to be the ultimate evil. In a time of emergency where you may need medical attention it may serve as the perfect savior, provided there is sufficient credit on the card.

At times, such as when you are standing in front of that gorgeous looking rose gold iPhone 6s and your phone is a little bit outdated with signs or hints it may be giving you issues, it will definitely be the most tempting devil to have a credit card. But how you negotiate such forks in the spending road is entirely up to you.

There is enough literature and fear mongering about the perils of credit use that we really needn’t go into it. We’re sure you’ve come across people who have at one time or the other, told you to look the other way where credit cards are concerned. For this article, we want to focus on how the prudent use of a credit card can actually be good for you.

1. Credit Score Indicator

A lot of people tend to think buying all their items with cash is always best. They feel it is safer to avoid any bank interest or disputes (if any arises) with their banks. There’s certainly nothing wrong with paying for your spending in cash but sometimes, having a credit card helps establish financial history for yourself with the banks.

In the view of financial institutions, it becomes difficult for them to evaluate a customer if they have no previous loans or a
CCRIS (Central Credit Reference Information System)
 record.

An acquaintance of this writer, a young lawyer, wanted to take a mortgage. Despite being financially healthy in terms of her bank account, she was finding it a little difficult to get a direct approval on her mortgage. It was communicated to her that the banks found it somewhat suspicious that a young successful lawyer did not have a credit card and all sorts of other supporting documentation needed to be provided.

In cases where the bank is not satisfied with the information to approve the loan, they may grant a lower sum then what was being requested. In some scenarios the bank will ask for a guarantor or even a fixed deposit to be locked in for X number of years.

2. Spending Tracker

Many people feel that credit cards are the fastest way to rack up debt and with no doubt someone could easily lose control. However, it can also be a good, if not a great tool to track an individual’s spending. All your monthly statements would give you the perfect check and balance as they appear in full detail where you have spent your money, or in this case spent your credit. You then can do your planning and budgeting and probably even forecast your expenses for the coming months.

If you are working for a company that requires you to spend first and be reimbursed later; using a different credit card would make your claims process a whole lot simpler. You not only get to keep the rewards, it also avoids the hassle of separating the bills between personal and work/business expenses. Besides, do you really want your boss and finance lady seeing those embarrassing purchases you made online?

3. Travelling Overseas

Travelling with a credit card could come in handy for all the unexpected deposits and charges at the hotels or for a car rental that may occur. When travelling abroad, most of us carry limited amounts of foreign currency. If you were travelling on a budget and had to unload a big chunk of it at the concierge desk for your accommodation, that could spoil your entire holiday’s itinerary.

Using your credit card to book your trip also gives you the advantage of having travel insurance included for your trip for free. Many credit cards automatically give you free but limited travel insurance coverage when you book your trip with the card. Although this may be of some use or help, in the case of emergency and you need immediate medical attention abroad, the credit card could be of help too.

Believe it or not, there are people who have forgotten to bring any foreign currency with them on trips as well. Some people keep it in the house in a “safe” place and completely forget to bring it along when they are leaving. In times of need, the withdrawal of a small amount of cash may come in extremely handy (do note that prior registration is sometimes required with the bank to be able to withdraw internationally; do check with your respective banks on their policies relating to overseas withdrawal).

4. More Value For Money

Different cards have different types of benefits that you receive on your credit card. Generally speaking these cards give you a ‘reward’ when you spend your money using the cards. In today’s economic climate we need every little sen we can get back.

If you were to dine in a restaurant and paid cash that would be all the value you get. However, if you had the right credit card to use, you could earn some rewards in terms of points or cashback. On top of that, if the restaurant has tied in with selected banks, it would give you further discounts on the bill. That gives the customer two points of return rather than using cash which gives you nothing extra in return.

5. Easy Payment Plans

If you were to make a big purchase, costing MYR20,000, it would also be good to use your credit card on a purchase such as this. Rewards would be one benefit, but you could also convert this into an easy payment plan (Please refer to your respective bank’s terms and conditions for such plans). Breaking down the payments not only makes it more affordable, but allows you to do more with the cash you have in hand. If you would like to know more about Easy Payment Plans, do browse through one of our previous articles
Easy Payment Plans in Malaysia Explained
.

Example if you had MYR20,000 to pay for the furniture you wanted to buy, you could break down the payment into 12 months with 0% interest. This would add up to approximately MYR1,667 per month. You could reinvest a portion of the balance , say MYR10,000 in a short term
fixed deposit
 and earn some interest in the meantime rather than pay off the full amount at one go. Granted the interest earned would not be much, but you get the idea on how you can play around with money to make more money.

Ready to Get Started on Your Credit Journey?

Getting a credit card could be a daunting undertaking if not properly informed on how to manage it. If used wisely it could be one of the simplest yet most beneficial piece of plastic you could ever own.

To get a hold of your spending, try your utmost to practice
conscious spending
 whenever you open your wallet.

If you think you are ready to get
your first credit card
 or a few others to help you earn more targeted benefits; check out our
credit card for lifestyle benefits page
 to find the best credit card for you.

*Image sources: Image 2 from
lifehacker
 ; Image 3 from
Furnidraft

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Govt Sets New Ceiling Price For Chicken At RM9.40 Per Kg

(Image: Malay Mail/Devan Manuel)

The government has fixed the new ceiling price of standard chicken at RM9.40 per kg, up 50 sen from the existing ceiling price of RM8.90 per kg. The new price is set to take effect starting from 1 July 2022 (Friday).

Additionally, the Agriculture and Food Industries Minister, Datuk Seri Dr Ronald Kiandee announced that chicken eggs in Peninsular Malaysia will also have new ceiling prices, set as per the following:

Grade A eggs
: RM0.45 per egg (currently RM0.43 per egg)
Grade B eggs
: RM0.43 per egg (currently RM0.41 per egg)
Grade C eggs
: RM0.41 per egg (currently RM0.39 per egg)

(Image: Malay Mail/Ahmad Zamzahuri)

Datuk Seri Dr Ronald further said that the government will allocate approximately RM369.5 million for subsidies under these new ceiling prices. He also stressed that Malaysia is not the only country to face an increase in the prices of goods; rather, it is a global problem due to supply chain disruptions, climate change, and geopolitical conflicts.

“Nevertheless, the government is trying its best to set a price control mechanism to ensure that the Malaysian Family isn’t burdened by the challenges of the cost of living,” Datuk Seri Dr Ronald stated.

The subject of ceiling prices for chicken and chicken egg has been making headlines recently as they were set to expire by 30 June 2022. The government then announced last week that it will
remove the ceiling prices for chicken and chicken eggs
 – along with subsidies for bottled cooking oil – starting from 1 July 2022. Instead, chicken prices will floated depending on market conditions. Not two days later, however,
the decision on floating prices for chicken was reversed
, with prime minister Dato’ Sri Ismail Sabri stating that a new ceiling price will be announced at a later date.

(Source:
The Star
)

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Finance Minister: RM50 ePenjana Credit To Be Paid By End Of July

(Image: The Sun Daily)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has revealed that Malaysians who are eligible for the RM50 ePenjana credit will receive the e-wallet credit by the end of July.

Tengku Datuk Seri Zafrul also said that the government will release more details about the programme soon, including the procedures that will be implemented to provide the e-credit to the people.

To recap, the
RM50 ePenjana credit
 is an initiative announced under the
PENJANA economic recovery plan
, where eligible e-wallet users will receive a one-off allowance of RM50 from the government. Originally slated to take place from July to September 2020, it aims to encourage Malaysians to adopt contactless payments as their preferred payment method, as well as to boost consumer spending. With a total allocation of RM750 million, this initiative is expected to benefit about 15 million Malaysians.

To be eligible for this initiative, you need to be 18 years of age and above, and earning less than RM100,000 annually. Senior minister Datuk Seri Ismail Sabri Yaakob had also previously revealed that you must
download the MySejahtera app
 to qualify for the RM50 e-wallet credit. Note, too, that the RM50 ePenjana credit can only be used for offline or physical purchases.

Aside from the ePenjana credit, Malaysians can also anticipate an additional RM50 worth of vouchers, cashbacks, and rebates from e-wallet service providers as it was previously announced that they will match the government’s RM50 allowance. This means that you can actually reap a total of RM100 in benefits.

The RM50 ePenjana credit initiative is similar to the previous
E-Tunai Rakyat initiative
, which saw the Pakatan Harapan government giving out a one-off RM30 digital incentive to eligible Malaysians. Boost, Touch ‘n Go eWallet, and GrabPay were involved in the exercise.

(Source:
Berita Harian
)

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Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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All You Need to Know About Priority Banking

When driving past a bank, there are times you may come across some car parks reserved for special customers. As you circle around the area looking for a spot to park, you’re probably thinking, “How come those people get to park right outside the bank and I don’t?” The answer is priority banking.

What is Priority Banking?

As the name suggests, priority banking (also called premier banking) is the kind of services, benefits, and privileges that a bank affords to particular customers.

Most banks that have a priority or premier banking facility set up, have dedicated counters, lounges, and staff to attend to these elite individuals the minute they walk through the door.

What Kind of Benefits do Priority Customers Get?

The first benefit you will notice all banks provide is a dedicated relationship manager to assist them with their banking needs, whether it’s advice for investments, help with securing loans or managing their savings account.

Being a priority customer also gives the individual reduced preferential rates on transactions or in some cases, completely free of charge. For example, priority customers may
enjoy a waiver
 on their international telegraphic transfers (TT) within its network or omission of cash withdrawal fees while overseas.

Selected banks also provide
special foreign currency exchange rates
on top of the fee waivers on international transfers.

At selected financial institutions, priority customers can expect to receive lower interest rates on home loans and personal loans as well as fee waivers for their credit cards as well.

On top of that, they would also enjoy certain
lifestyle privileges
 which grant them access to premium airport lounges in other regions, special invites to events, shopping offers, and other exclusive deals.

Those Sound Great! How do I Get to be a Priority Customer?

Priority banking customers are usually invited exclusively by the respective banks. Sometimes, other priority customers can make a recommendation to nominate a person but will of course be at the discretion of the bank.

While each bank has a different set of criteria for eligibility, it usually requires an average sum of
RM250,000 worth of deposits and/or investments
. That means, if you have RM150,000 in some form of savings deposited in the bank, a combination of investments worth another RM100,000 should secure you that priority banking status.

So Why do Banks Have Priority Customers in the First Place?

How well a bank can run its operation depends heavily on how much cash the bank has to work with. Treating certain customers with special privileges is done to entice them to do more business with the bank, thus giving the bank more funds to continue operating and servicing all its customers.

The banking industry uses its
financial knowledge to do this
 by offering advice, cutting down on paperwork, and generally holding the priority customers’ hands throughout their financial dealings with the bank.

For example, a regular customer would probably look into a safe place like fixed deposits to generate a steady stream of interest earnings.

On the other hand, the priority customer might be pointed towards different financial tools and other options which require a bigger commitment as well as higher risk for better returns.

Helping their most cash-rich customers do business benefits both the customer and the bank. The customers get better service and their money gets manages better, and the bank in turn gets their business. It’s a win-win.

If you fancy a crack at the high life, start saving up with an
OCBC premier save account
 or a
Hong Leong Bank premium savings account
 and build your way up to enjoy these exclusive priority banking benefits and the convenient parking lots every time you visit a branch. Have anything to add to this article? Do share your thoughts and ideas with us in the comments section down below!

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Attributes of the Ideal Personal Financial Adviser

With poor financial planning one is

bound to go broke or worse; spend nights on the dirty streets of Malaysia.

That is why financial advisers are

greatly needed in this fast growing economy. They play a great role when it

comes to personal financial planning. Unfortunately, most of the financial

planners in the business today only think about pushing their own products like

insurances, unit trust or some other banking plans.

Here are some of the good attributes

to consider before you select a financial adviser.

1.

Financial adviser’s attitude/personality

While choosing a financial adviser

please remember that you will most likely be cooperating with the same adviser

for the rest of your life. Be sure to choose an individual you like and are

comfortable with rather than the uneasy type.

2.

Does he put your needs first?

From the discussion, the adviser

should figure out your ambition. He will then draft a plan based on your

financial goals. A happy financial adviser will go an extra mile to give you

the best service. So, pay them their deserved consultancy fees!

3.

Understanding and observant adviser

You will be examined by the adviser

in the early stages so as to gather as many financial facts as

possible. You will therefore be

educated and sensitised about the financial plan that best suits your needs.

Now if your relationship with this

adviser is good, you will get top cream advice. It is essential to be a student

and learn from the adviser every time you meet up.

4.

Sound knowledge about financial planning

First thing first, the adviser

should be well versed with the plans recommended. No plan is guaranteed to be

the best as they all have their advantages and disadvantages. Should the

adviser be able to articulately illustrate the pros and cons of the plan he/she

recommends, he definitely knows what he is doing. Always ask for an easier break

down of the plan so as you clearly understand.

5.

Potential associate/acquaintance

Get acquainted with your financial

adviser in order to get the best advice. Avail him/her with all possible

details about yourself, your family, relatives, income streams, and other

confidential information. Remember to treat your financial adviser like your

best friend so as to receive the best advice.

A good financial adviser is not easy

to come by. Therefore, I recommend that you go out there and talk to as many as

possible till you find the right one. He should have all the attributes listed

above and much more. Remember, when you find the right one; treat him well and

he will reciprocate. I personally know a few credible ones so do not hesitate

to contact me for a referral.

This is a

guest post by KCLau. KCLau is the best selling author of Top Money Tips for

Malaysians. His popular personal finance blog is one of the most visited

websites in the financial blogosphere with more than thousands of email

subscribers. He also hosts regular and free
financial

training online
 featuring

different financial experts. You can follow his latest updates by visiting
www.KCLau.com
.

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Banks Expected To Cut Down On Office Space And Bank Branches

(Image: Wikimapia)

As a result of the Covid-19 pandemic and the permanent changes it has brought to the financial sphere, banks around the world are closing down their branches and reducing their usage of office space. In Malaysia, banks and industry observers have told Star BizWeek that they expect to see a similar trend take place soon, if not already.

According to Sunway University professor of economics Yeah Kim Leng, it is inevitable that banks will close down its “uneconomic” branches, downsize physical asset holdings, and migrate towards more online banking services. At the same time, the plethora of digital banking services available especially in the post-Covid environment is reducing the need for bank branches and face-to-face transactions.

Institute for Democracy and Economic Affairs analyst Carmelo Ferlito observed that e-banking is a system that is very appealing to consumers as it is fast and requires no queues and parking. “Somehow, Covid-19 has accelerated or boosted this process and we may observe it continuing into the future,” he said, highlighting that the trend of financial institutions cutting down their physical presence was initiated 15 years ago.

(Image: The Malaysian Reserve)

MIDF Research head Imran Yusof also agreed that banks have been consolidating their branch networks even before the Covid-19 pandemic. While the pandemic has sped up this process, he opined that it is too early to speculate whether this trend will become the new norm. Banks are likely to still need a branch network to continue on – the question for each bank is what the optimum size of that network will be.

“Meanwhile, on office space, in general, we believe that we need to be out of the pandemic before we can make any meaningful assumptions on whether banks here will cut down on this,” Imran said. “While the pandemic has shown that it is possible to work remotely, banks may reverse their decisions as they might deem it necessary to have their workforce in the office.”

AMMB Holdings Berhad group CEO Datuk Sulaiman Mohd Tahir revealed that the banking group had already reduced actual space by about 21% over the last for years, with 40% of its workforce currently working from home. “Efficiency is the order of the day for any banking group as the entire sector is changing drastically and in order to be more efficient and improve our advantage in the sector, embracing digitalisation and improving efficiency is no longer a trend or a choice but our new reality,” he said.

(Image: Getty Images)

OCBC Bank (M) Bhd CEO Datuk Ong Eng Bin said that OCBC Malaysia is “certainly rethinking how we might optimise the use of our office space” given the positive response to work-from-home options. “But there is still some way to go before we put those plans into action. At this stage, it is clear that organisations in general will indeed need less space than they did, pre-pandemic,” he said.

While OCBC Malaysia does see less reliance on physical bank branches due to the rise of digital banking, Ong pointed out some differences between the bank’s operations in Singapore and here in Malaysia. Earlier last week, OCBC Singapore said that it would review the current need for office space and possibly reduce the number of its branches too. Unlike OCBC’s operations at group level in Singapore, the banking group in Malaysia does not have a large number of branches, with only 42 spread across Malaysia. “So we don’t anticipate closing branches the way it might be done in Singapore where we operate as a large local bank that is ubiquitous,” he said.

Besides OCBC Singapore, across the causeway DBS Bank is also reported to be vacating a number of the floors it occupies at Marina Bay Financial Centre. Meanwhile, Standard Chartered has said that it will shut down half of its branches and slash its office space worldwide by a third in order to save costs and adjust to the reduced need for physical spaces.

(Source:
The Star
)

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EPF: Payments For Current i-Sinar Applications Start Today

(Image: Malay Mail/Hari Anggara)

Applications for the i-Sinar facility made before 25 February will be progressively approved in batches, said the Employees Provident Fund (EPF) in a statement today. Additionally, payments for the applications will be disbursed starting from 2 March 2021 (today).

According to the EPF, these applications include those that are still awaiting approval or were previously rejected, before the improvised i-Sinar facility without eligibility criteria was implemented. For context, earlier i-Sinar applicants were required to meet
certain eligibility criteria
 in order to qualify for the assistance, but these
criteria were eventually removed
 in mid-February. Following that, all EPF members below the age of 55 are allowed to make withdrawals from their Akaun 1, subject to their remaining account balance.

“The EPF appreciates members’ patience while this process is under way. Members who continue to see an unchanged application status may recheck their status on subsequent days,” said the provident fund.

Aside from this, the EPF also reiterated that members who wish to make new i-Sinar applications following the removal of the criteria
can do so starting from 8 March 2021
. “This includes non-Malaysian EPF members. New applications will be processed within five working days of submission, after which members may check their application status and payment date,” it said.

Lastly, members who need to amend certain application details – such as the amount to be withdrawn, bank details, address, phone number, and payment method – can also do so starting from 8 March. These amendments can be done via i-Sinar Online.

(Source:
EPF
,
Malay Mail
)

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Alex Cheong Pui Yin

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Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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BNM Issues Commemorative Coins To Celebrate RELA’s Golden Anniversary

Bank Negara Malaysia (BNM) has announced the issuance of a set of commemorative coins in conjunction with the golden anniversary of the Malaysia Volunteers Corps Department (RELA). It consists of two coins, namely a coloured sterling silver commemorative coin (proof) and a Nordic gold brilliant uncirculated (B.U.) commemorative coin.

In a statement, BNM shared that the coloured sterling silver commemorative coin – which has a face value of RM10 – is made of sterling silver with 92.5 purity, weighing 31 grammes. It will be sold at RM275 per piece, with a quantity of 1,000 pieces available for sale.

Meanwhile, the Nordic gold B.U. commemorative coin has a weight of 8.5 grammes, and is made of copper and several other metals. It has a face value of RM1, and will be priced at RM16.50 – with 5,000 pieces minted to be sold.

In terms of design, the obverse side of the coins features the text “Jubli Emas” and “Jabatan Sukarelawan Malaysia” on the top and left circumference. Additionally, it includes RELA’s iconic pattern of digital camouflage on the left segment, and the silhouette of a RELA member saluting on the right segment. The silhouette – which symbolises discipline and steadfastness – is also set against a shield, representing RELA’s role in providing protection and security for the public.

As for the reverse side, the text “Bank Negara Malaysia” will be printed on the left circumference to indicate the issuing authority, right beside the face value of the coins (10 Ringgit or 1 Ringgit). The event logo, on the other hand, is depicted on the right side, set against the silhouette of RELA’s original logo from 1972. If you’re getting the sterling silver commemorative coin, this logo will also be highlighted in colour to create an eye-catching effect.

If you’re interested to get these coins, you can already begin to place your orders at
BNM’s official website
 from today until 8 January 2023. You can also purchase the coins in sets of two (one coloured sterling silver proof coin and one Nordic gold B.U. coin) at the price of RM330. A total of 1,000 sets will be made available for purchase.

Note, though, that there is a limit to how many of these commemorative coins that you can buy; each individual is only allowed to purchase a maximum of one set of both coins, one coloured sterling silver coin, and up to five Nordic gold B.U. coin.

Finally, the central bank reminded members of the public to place their orders through its online system instead of other unauthorised parties or ordering facilities. As always, balloting will be done in the event of oversubscription.

(Source:
BNM
)

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