#SaveMoneyWithHann: Saving Smart While Interest Rates (and OPR) Are Low

It’s been a while since I’ve posted, but it’s been a busy time here at RinggitPlus. We’ve got a few really exciting things going on, one of them being our annual
RinggitPlus Malaysian Financial Literacy Survey 2020
 (if you haven’t done the survey, please do so. It will help us get a sense of how things are going financially with Malaysians, this is especially important this year!)

In recent weeks, I’ve been asked this important question in various forms, which is “Hey Hann, now that BNM’s OPR is so low (1.75% at the time of writing), how should I best save my money? Are fixed deposit (FD) accounts still good?”

How The OPR Affects FD Interest Rates

With BNM’s Overnight Policy Rate (OPR) having been reduced from 3.00% at the start of the year to
a record low of 1.75% today
, it’s not great news for those who are reliant on FD interest as a source of income. This group commonly consists of retirees, as they cannot take on risks to grow their savings. Of course, there are other segments in this group as well, but as a whole they are most impacted in terms of generating returns.

In general, FD rates are dependent on the current OPR, because the OPR is the interest rate that BNM issues for banks to lend funds to one another (yes, banks also borrow money from other banks). This rate is usually passed on to the customer (that’s us), which is why the OPR essentially determines the interest rates of all savings and loans offered by the banks.

A lower OPR means lower interest rates – which applies to both loans and savings. BNM may lower the OPR to encourage lending (and thus, spending) to stimulate the economy. The 1.75% rate today is the lowest it’s been for years, because BNM is doing its role to jumpstart the economy which has been battered by Covid-19 and the various MCOs.

If you do quick sweep of both board and promo FD rates among local banks today, you’ll find that the rates have indeed come down in lockstep with OPR, with rates between 1.5% – 2.5% p.a. depending on the tenor and promotion, when in September 2019 they were almost double at 3.0 – 4.2% p.a..

So, while FDs have always been considered one of the best ways to earn guaranteed returns on an individual’s savings, its returns today (and the foreseeable future) may no longer be adequate to fund retirement expenses or supplement retirement incomes.

But before you start withdrawing your lifelong savings in FD and following some “financial gurus” and their dangerous advice to invest in stocks or properties or gold or some random investment plan, take a step back to consider the possible outcomes.

For example, a retiree who expects to live only a few years (sorry, morbid example) will not find that investment advice particularly useful since it exposes them to capital risk without sufficient time to recoup any potential investment losses and enjoy higher returns in exchange for taking that risk.

Oh, and with the huge amount of financial scams and fraud cases lately, it’s best to play it safe and stay vigilant – if anything sounds too good to be true, it probably is.

Good Savings Ideas To Consider As FD “Alternatives”

Whether you are in retirement or just an individual with low risk tolerance and suffering from cripplingly low interest rates on your FDs, what can you do?

Before you start considering riskier options, here are some quick and easy ideas to maximise returns. If you’re open to a little risk, there’s an option for you at the end of the list as well.

1. “Interest Hunter” – Research FD promos or consider High-Interest Savings Accounts

Wait Hann, didn’t you just say FD rates are at a record low and we should do something about it? Surely not put back into an FD or a CASA (Current Account/Savings Account)?

Well, unless you’re an “FD hunter” already, your FDs are probably stuck in low(er) interest board rates of 1.X-2%, and the time is now more than ever to turn into a FD hunter (someone who does homework and ensures they’re at leading rates all the time).

My research team keeps tabs on rates each month, and they’re updated and freely available in our
Best Fixed Deposit Accounts In Malaysia
 piece, so you can ensure you’re at the top end of that 2.5% rather than in the 1.X% range. Why bother? Well for some who have the RM250,000 PIDM-guaranteed limit stashed away, 1% is an extra RM2,500 a year; not bad for a couple of hours of work moving things around, right?

Additionally, you might also want to consider
high-interest savings accounts
. We also have an actively-updated article on that, because these accounts easily offer 10-20x more interest than a conventional savings account. Of course, there are some requirements or “tasks” that you need to do to unlock the high rates, such as depositing a minimum amount into the account, or spending a set amount with your credit card by the same bank. Some banks even unlock more “bonus interest” if you purchase insurance or savings plans.

High-interest savings accounts are a useful option if you:

are not the FD type because you need the cash at any time

have multiple sources of income which you can fund into a CASA

spend some money each month using a debit or credit card (say RM500-RM1,000) rather than just cash

Best of all, you can do both from the comfort of your own home through the articles above – we’ve done the research for you.

2. The FD Log Roll – earn higher FD rates without sacrificing (too much) liquidity

OK, so you’re an FD loyalist, and are feeling a little lazy to constantly move your money around different banks every 3-6 months or so, but still want to maximise your interest?

Why not try the FD Log Roll, inspired by the folks who built the Pyramids:

(Image: PNAS)

The concept is as follows: Rather than tying up all your money into a 12-month FD or suffer low interest on a 1-month FD (reminder, this is for lazy FD loyalists only), why not split this savings into 12 equal amounts, and have concurrent 12-month FDs which mature (and automatically renew) each successive month?

After the first year, you’ll have all your money in long term FDs (earning 2.-2.5% p.a. rates based on today) but yet have monthly flexibility when you need some money out!

As an illustration, say you have RM120,000. Under the FD Log Roll concept, you would split into RM10,000 x 12 and have maturity dates as follows:

Jan 2021 – RM10,000

Feb 2021 – RM10,000

.

.

.

Dec 2021 – RM10,000

Remember, you don’t have to go to the bank once a month for the next 12 months to do this – almost all online banking facilities offer easy FD placement. Once you’ve set this up, you’ll always have some funds readily available to withdraw each month without any interest penalties.

3. Have a Flexi Home Loan also? Don’t be a charity to the bank

This is a simple one that some folks overlook. A flexi home loan is attached to a current account, where interest earned there is used to offset the interest charges from your home loan.

What’s more important, a current account may have a higher interest rate than a short-term FD (i.e. 1-12 months). So instead of putting your savings into an FD, you could put it into the offsetting current account to “upsize” your effective interest (and thus reduce the interest charges incurred on your home loan). What’s more, a current account also lets you withdraw funds at any time, with no lock-in period like a traditional FD.

As an example, let’s say you’ve got a RM500,000 Flexi Home Loan balance with Bank A at 3.3% p.a. The same bank’s FD rate is at 2.0% for 12-month FDs. If you kept savings of RM100,000 into Bank A’s FD, you’re basically saying no to up to 1.3% p.a. in interest on that RM100,000, because if you stuck it in the linked current account to that Flexi Home Loan, you would be paying 3.3% interest on only RM400,000 (RM500,000 – RM100,000), saving you 3.3% x 100,000 (RM3,300) per year vs making only 2.0% x 100,000 in that 12-month FD (RM2,000) for that same year. A big difference, plus you get to use any of that RM100,000 at any time!

4. Money Market Funds – (Slightly) Higher returns than FDs, yet similar ‘government’ risk

Investopedia definition: A
money market fund
 is a type of mutual
fund
 that invests in high-quality, short-term debt instruments, cash, and cash equivalents. These funds are generally seen as extremely low-risk, but some individuals have the assumption that since they are not guaranteed by Perbadanan Insurans Deposit Malaysia (PIDM) like FDs, our money is “not safe”.

In practice, a MYR money market fund in Malaysia will invest typically in Malaysian Government Securities (MGS). Some funds will also invest in fixed income securities issued by corporations or financial institutions that may be guaranteed by the Malaysian government, Bank Negara Malaysia, or government-related entities. So your capital is only really at risk if the Malaysian government or the corporation defaults (of course, you should read up on the fund’s factsheet to see where it is investing before deciding).

So yes, while PIDM offers deposit insurance guarantees on your FD accounts, most money market funds invest in securities issued by BNM on behalf of the Malaysian government. Will let you readers decide if one is riskier than the other!

Fun fact: one of a bank’s main investments is on government-issued bonds (as well as securities issued by private corporations). These investments are generated from fixed deposits (ever wonder why most FD promos require “fresh funds”?), and the difference between the returns from those securities and the FD interest paid back to customers is the bank’s profit.

5. Bonds/Bond Funds – Some capital market risk, but higher returns

WARNING: this option has capital market risk, i.e. you may lose money. So this should not be an option for the risk averse.

In general, you can expect bond fund returns to be in the range of 4-6% based on current Malaysian Government Bond yields.

Again, you’ll need to check what each bond fund’s allocation covers – they may also include a mix of short- and medium-term bonds issued by both the government and private corporations. Different fund managers will allocate different ratios to fit in to the fund’s risk exposure and, of course, maximise returns.

But remember! This option carries the risk of capital loss. So go in with two eyes open on this one, and don’t put your hard-earned savings into something you’re not familiar with. Regardless if you’re a retiree or just a risk-averse individual, you should review your overall portfolio (including EPF, property) with a licensed financial planner (or contact me if you need, I’m one) to see if having an allocation to Bonds / Bond Funds is a suitable strategy given your financial goals.

Final words

While OPRs are at their lowest rates in years and unlikely to increase for at least 6 months or more (due to the ongoing economic damage from the Covid-19 pandemic which is likely to stretch well into 2021), it’s really important to not be too downhearted if you’re dependent on FDs and cash savings to fund your expenses.

Regardless of where you are in your life stage, know that you can still do something about it and earn some meaningful returns.

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    Alisiany Giniban Anak Alban

    2 years ago

I like to find new income from here☺

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Finance Minister: Short-Term Economic Recovery Plan To Be Launched This Month

(Image: The Sun Daily)

Prime Minister Tan Sri Muhyiddin Yassin will launch the short-term economic recovery plan (ERP) this month, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. The plan, which will take place between June to December, will focus on three key objectives: empowering the people, propelling businesses, and stimulating the economy.

“Truly, the short-term economic recovery plan represents an opportunity for us to take advantage of new opportunities arising from the Covid-19 crisis for the sake of the nation’s future development,” said Tengku Zafrul. He further explained that the government’s approach to achieving the objectives will be based on four features.

Firstly, the ERP needs to be agile and dynamic. This means that the plan must be able to be continuously refined, depending on the changing needs and challenges throughout the year.

Secondly, the ERP will prioritise cooperation between the public and private sector. It would include measures that see the involvement of industry players from the private sector, rather than just government-linked companies and government-linked investment companies.

Thirdly, the ERP needs to feature comprehensive communication and a wide reach. In other words, the government will communicate their efforts openly and with transparency, ensuring that Malaysians and the business sector will develop confidence in the plan. Consequently, they can play their roles in reviving the country’s economy.

Lastly, the implementation of the ERP will be data-oriented. Its execution is based on data and statistics so that the measures taken can be monitored as well as quickly and accurately refined. “The latest data will be shared with the government and private sectors, as well as implementing agencies for continuous improvements,” said Tengku Zafrul.

The short-term ERP is part of the country’s
six-phase plan
 to aid Malaysia’s
economic recovery
 following the Covid-19 pandemic and the enforcement of the movement control order (MCO). The six-phase plan is comprised of 6Rs, namely resolve, resilience, restart, recovery, revitalise, and reform. The ERP marks the start of the recovery phase, and will be followed by a medium-term revitalisation plan under
Budget 2021
 as well as a long-term reform plan in the form of the 12th Malaysian Plan.

(Source:
The Edge Markets
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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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    Jorcus

    3 years ago

Good to hear!

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Public Bank Revises AIA Visa Gold Credit Card Cashback Rate

Public Bank has announced a revision to the benefits of its AIA Visa Gold credit card, bringing its current cashback rate of 2% for AIA insurance premium payments down to 0.2%. The revision is set to begin on 1 December 2020.

Additionally, the bank did not announce any cap on the amount of cash rebate that you can earn via the AIA Visa Gold credit card with this new 0.2% cashback rate. Prior to this, you can only earn a maximum of
RM100 per annum in cash rebate
 via the card – a limit which was revised from an earlier cap of RM350 back in August 2019. Aside from these updates, the AIA Visa Gold retained its other benefit; the 0.1% Unlimited Cash MegaBonus on both local and overseas retail purchases remain unchanged.

With this latest revision to the
AIA Visa Gold credit card
, you will earn much less than you currently do. As a simple example, if you are paying RM100 in insurance premiums each month, you will only be able to earn a cash rebate of RM0.20 each month come December 2020 – in comparison to the RM2 that you are currently earning with the existing 2% cash rebate.

For more information about this revision of Public Bank’s AIA Visa Gold credit card, you can call the bank at 03-21768000, or send an email to
[email protected]
.

(Source:
Public Bank
)

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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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Malaysia Revises Its Poverty Line Income From RM980 To RM2,208

(Image: Aliran)

Malaysia has revised its national poverty line income (PLI) from RM980 to RM2,208, raising it by more than twice its previous level. This was announced by the Department of Statistics Malaysia (DOSM) during the reveal of the Household Income And Basic Amenities Survey Report 2019 last week.

According to the chief statistician Datuk Seri Dr Mohd Uzir Mahidin, the new PLI was calculated based on an updated 2019 methodology that emphasised healthy and optimal food intake and quality non-food basic needs. Previously, it was based upon the 2005 methodology, which focused on the minimum food and non-food requirements instead.

(Image: New Straits Times)

“From the aspect of food items, before this we looked more towards the concept of ‘minimum’, but this time we stress on the discussion with the Health Ministry – optimum and healthy and quality, and it is based on the 2017 Recommended Nutrient Intake and the Malaysian Dietary Guidelines,” said Datuk Seri Mohd Uzir.

DOSM also increased the number of non-food essentials from the previous 106 items to 146 items for the new methodology, taking into consideration changes in household spending patterns as well as prices of current goods and services.

Separately, Datuk Seri Mustapa Mohamed, minister in the Prime Minister’s Department (Economy), said that with the PLI revision, the country’s poverty rate has increased from 0.4% in 2016 (24,700 households) to 5.6% (405,441 households) in 2019. However, he went on to clarify that if the 2019 methodology had been applied for the 2016 calculations, the poverty rate back then would have been 7.6% (525,743 households) instead of 0.4%.

(Image: Malay Mail)

“This means that, if measured using the new PLI methodology, the country’s poverty has decreased by two percentage points from 7.6% in 2016 to 5.6% in 2019. This clearly shows the poverty eradication programmes and initiatives carried out by the government, supported by various parties such as non-governmental and private bodies, have yielded good results,” said Datuk Seri Mustapa.

Datuk Seri Mustapa also said that efforts to improve the PLI calculation methodology are an indication of the government’s determination, concern, and transparency in better serving the people. He further added that the right statistics will help the government establish more accurate policies, strategies, and approaches for each target group that requires assistance.

(Source:
Malay Mail
,
New Straits Times
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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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Transport Ministry: Possible Incentives For Good Drivers; Almost 1,300 New AES Summonses Since 1 September

The Ministry of Transportation is considering offering incentives for good Malaysian drivers who drive prudently and observe the rules. This incentive may come in the form of vehicle insurance discounts, which is a contrasting move from offering discounts to issued summonses. The ministry also confirmed that there will no longer be any discounts for offences under the Automated Enforcement System (AES).

According to Transportation Minister Anthony Loke, the ministry will be discussing with the General Insurance Association of Malaysia (PIAM), which suggested with the incentive in the first place.

“Discussion with PIAM will be initiated immediately, in fact this idea came from PIAM when we were having a dialogue with them. We do not want to be seen as just penalising people; we want to make it clear that the main aim is to educate people in their driving behaviour, so other than penalty, we want to have a set of rewarding systems as well, to incentivise people to drive prudently,” Loke said.

The ministry hopes to implement the incentive next year, by which time more information will be provided before it is launched.

Meanwhile, Anthony Loke also announced that traffic offenders will no longer be given any discounts for offences captured by the AES system. This means that starting 1 September, the ministry will be taking a stronger stance, and reiterated that there will no longer be any discounts after the government’s recent
takeover of the Automated Awareness Safety System (AWAS) via JPJ on September 1
. There will also be no “early settlement” discounts that was previously available.

“Offenders will be given 60 days to pay off the compound rate of RM300, no more RM150, while also face points reduction in our Demerit Points System (Kejara),” Loke said.

Interestingly, the transport minister also revealed that in the first two days since the JPJ began operating the AES system, there have already been a high number of summonses issued to traffic offenders – 1,298 in total.

Traffic offences

Summons

Driving above speed limit

1,121

Non-compliance to traffic lights

147

Total

1,298

Anthony Loke added the ministry will upload details on camera locations and the Demerit Point System on the
Road Transport Department (JPJ)’s website
. However, the transport minister reiterated that the ministry’s goal is to foster prudent driving behaviour and he hopes that revenue from summons will be zero.

(Source:
The Edge
)

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Get paid handsomely by just staying in bed

As part of a
 bed-rest study
, NASA is paying people USD5,000 a month to lie in bed for 70 straight days in order to see how

weightlessness affects astronauts’ health.

They do everything from eating, playing games, talking, and even answering the call of nature by using bed pans.

It may sound easy to just earn USD5,000 a month by staying in bed, but it isn’t easy staying horizontal for 70 days straight. That means no sitting up or lifting your legs up whatsoever. However all of it is for a good cause.

If Malaysia were to fund such a study for our Astronauts, would you sign up? You’d be a stay-in-bed professional. Perhaps Mondays wouldn’t seem so blue then.

Happy weekend!

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3 Ways to Get Your Finances on the Right Track

One afternoon, I was at a petrol station fueling up when a homeless man asked me for money. I gave him RM5, but he said needed more because a RM5 wasn’t enough to buy a meal at Old Town Kopitiam. I was baffled by his demand (and seemingly specific eatery of choice) but I gave him the RM5 anyway because it was all I had extra after paying for my fuel. I figured if he asked around a bit more; he could rack up the amount for his Old Town wishes or just eat a
mamak
 like I had a few minutes earlier.

As I was driving away, I realised I was annoyed at the indignance of the man asking me for more when I already gave him money but more than that; I realised his situation seemed oddly similar in concept to many of us – and it is this line of thinking that keeps us from saving.

If you’re wondering how are we similar, chew on this: Have you ever found that your budget didn’t work out as planned and you couldn’t save up each month? How often have you paid more for a luxury item or restaurant when a cheaper one would have sufficed? Our free-spending habits stop us from giving up our wants and comforts rather than settling for our basic needs. As a result, you’d either run out of money before your next paycheque and have to deal with loads of debt to pay off later.

Looking at your bank account, you may think there’s no room to go about spending better but there just might be but like the man at the petrol station – you aren’t willing to trade the Old Town Kopitiam experience for something lesser (ok, Old Town isn’t exactly the epitome of luxury spending, but you get the idea!). While we aren’t telling to deprive yourself from finer things in life, cutting back on some of the guilty pleasures could actually save you heaps- be it treating yourself to designer coffee; or monthly shopping spree.

Here are three ways you could stop tripping yourself over each month:

Wants aren’t Needs

What you want isn’t what you need. Those two words hold different meanings: on is desire to own something and the essentials for basic living. Keeping your money for necessary spends only sounds harsh but hear me out. Once you’ve added up the needs (which includes saving!); you’ll then be able to see how much wiggle room you have in your budget for wants. Much like it is putting the horse before the cart (because carts aren’t equipped to pull themselves); it is about putting the important things first. Once you’re equipped with the survival needs, you can add some of the items from your wish list into the check out cart.

Emergency Funds

Save for the rainy day- this is a common term we hear from time to time. Unfortunate things can happen to anyone- be it leaky pipes in your home; a child needing hospitalisation or an unexpected job loss. Allocating some money for your survival plan each month could gradually build up a foundation for emergency funds. Shield yourself with this monetary back-up to mitigate these problems should they arise in the future. At least, you know you are prepared for the worst.

Say No Now, So You Can Say Yes Later

Sacrificing what you want today will allow you to say yes to much better things in the future. You could choose to save more this month so you can save it to buy something bigger or truly life-changing in future. The delaying of gratification may seem alien in our culture of fast everything but Rome certainly wasn’t built in a day and neither will your financial stronghold. Saving in a good deposit account will also see a good interest rate giving you returns on your investments. It’s as if the bank is helping you to achieve your dreams. Now what could be better than that?

We are all guilty of indulgence in one area of our lives or another but sabotaging your account each month will not only leave you high and dry; you’re essentially paving your way to financial doom. Keep bad spending at bay and kickstart a better financial year this 2015 by simply changing the way you look at your money.

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CIMB Campaign Offers Eco-Friendly Prizes, Including Electric MINI Cooper SE As Grand Prize

From now until 31 August 2022, CIMB Bank is running its Card2WIN Credit Card campaign, which will allow eligible credit cardholders a chance to win a grand prize, as well as monthly and weekly prizes. To participate in the campaign and win, you’ll need to earn entries by making eligible transactions, as well as fulfil specified spending requirements.

Open to all principal and supplementary credit cardholders (except for Platinum Business and Fuel Tanker cardholders), the prizes that are on offer are all “green prizes” that will contribute to a sustainable lifestyle. Here’s the full list of prizes that are up for grabs:

Prize categories
Details
Units
Allocation
Grand prize
3-Door Mini Cooper SE (worth RM185,000)
1
1 unit for the whole campaign period
Monthly prize
Apple iPhone 13 Pro Max 512GB (worth RM6,699)
8
2 units per month
Weekly prize
Inokim OZOa Electric Bike (worth RM3,388)
18
1 unit per week
Weekly prize
Segway-Ninebot F40 Electric Scooter (worth RM2,588)
18
1 unit per week
Weekly prize
Samsonite Magnum Eco (worth RM1,599)
18
1 unit per week
Consolation prize (weekly)
Boost Stars (worth RM100)
486
27 units per week
Consolation prize (weekly)
Boost Stars (worth RM50)
1,008
56 units per week

No registration is required to participate in the campaign. Instead, cardholders will need to earn entries by making eligible transactions with a minimum spend of RM100 in a single receipt. You can check out the table below for the eligible transactions and the number of entries that you’ll gain:

Eligible transactions
Qualifying entries
Every RM100 spent in a single receipt
1 entry
– Every RM100 spent in a single receipt for e-commerce, e-wallets, dining and groceries
– Every RM100 spent for overseas spend
5 entries
– Every RM100 spent in a single receipt for insurance or takaful payment
– Every RM100 spent in a single receipt for CIMB 0% Easy Payment Plan (EPP) with a minimum spend of RM300*
*
the minimum spend and tenure may vary across merchants
10 entries

In addition to earning entries, you’ll also need to meet the minimum spend requirements in order to qualify for specific prize categories, namely:

Grand prize
: Spend a minimum of RM10,000 on retail transactions throughout the entire campaign
Monthly prizes
: Spend a minimum of RM1,000 on retail transactions throughout the entire campaign
Weekly prizes
: No minimum spend required

Note that transactions such as cash advance, payments of annual fees and service charges, as well as standing instructions do not count as eligible transactions for this campaign.

If you manage to meet all the requirements mentioned above, you may then be randomly selected by CIMB as potential prize winners, and asked to answer some questions as the final step to winning the prizes.

For the weekly prize category, 300 participants will be shortlisted each campaign week. If you’re shortlisted, you’ll receive one question via SMS within 12 weeks from the end of each campaign month. The first 86 participants who correctly answer the question in the fastest time will be declared winners. The prizes will be delivered to their mailing address within 12 weeks from the end of each participating month.

Meanwhile, for the monthly prize category, ten participants will be shortlisted. Instead of one question, the candidates will get two questions via SMS within 12 weeks from the end of the campaign period. You’ll win if you’re one of the first two participants to provide the right answers, and your prizes will be delivered to your mailing address within 12 weeks from the end of each participating month.

As for the grand prize category, ten participants will be shortlisted by CIMB at the end of the campaign period. The selected participants will be contacted by the bank via telephone within 16 weeks from the end of the campaign period, and will be required to answer two questions. The first participant to answer the questions correctly will be crowned the winner, who will receive the grand prize on a date to be determined by CIMB.

Finally, do be aware that each credit cardholder is eligible to win only a maximum of one prize for each prize category throughout the campaign period.

(Source:
CIMB
)

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Nur Adilah Ramli

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    Wandyboy

    1 year ago

Terbaik cimb

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MOF: Banks To Charge 4% To 5% Annual Interest For Loans Supported By EPF Savings

(Image: MOF)

The Ministry of Finance (MOF) has revealed that banks will charge a lower interest rate of 4% to 5% p.a. for loans that are supported by Employees Provident Fund (EPF) Akaun 2 savings, in comparison to the current rates of personal loans in the market. As such, the proposed facility will not be a drain on the people.

“This initiative will not burden the people as the interest rate (conventional) or profit rate (Islamic) that will be charged by the banking institutions involved in this initiative is expected to be between 4% to 5% per annum. This rate is significantly lower than the current market rate of personal financing from banking institutions charged at around 8% to 15%,” the MOF shared in a statement, adding that it is working on finalising the details of the facility.

Aside from that, the ministry also stressed that this EPF-based loan facility will not
breach Section 51 of the EPF Act 1991
 because the savings balance in Akaun 2 is only used as a support for loans through withdrawals at the age of retirement. In the meantime, the EPF members will still continue to receive dividends on the savings used as backup.

(Image: Bernama)

For context, one of the items included in Section 51 of the
EPF Act 1991
 states that members’ EPF fund cannot be assigned, transferred, attached, sequestered, or be levied upon for – or in respect of – any debt or claim whatsoever.

“This is in line with the EPF’s investment objective as a long-term retirement fund to hedge and increase the value of members’ savings through the declaration of a stable and sustainable dividend rate,” the MOF emphasised, adding that it will not consider allowing further EPF withdrawals for individuals who are still struggling financially from the impact of Covid-19. The ministry also noted that all countries that had previously allowed similar assistances during the pandemic have stopped doing so since 2021.

Meanwhile, Prime Minister Datuk Seri Anwar Ibrahim – who is also the Finance Minister – clarified that the government will utilise Islamic financing for the Akaun 2 loan support facility. This is in a bid to keep service costs at a minimum. However, EPF members (both Muslims or non-Muslims) who opt to borrow through conventional methods are also welcome to do so.

“For EPF, it has chosen to ask members to use the Islamic financing loan method with the lowest interest rate, which is of course lower than the market loan rate,” said Datuk Seri Anwar during a Parliament session.

(Image: Bernama)

Earlier this month, Datuk Seri Anwar had floated the idea of allowing EPF contributors to use their
Akaun 2 savings as collateral for emergency loans from banks
. It serves as a compromise, following persistent calls from various parties to allow yet another EPF withdrawal, despite having already rolled out four pandemic-related special withdrawals previously (
i-Lestari
,
i-Sinar
,
i-Citra
, and the
RM10,000 special withdrawal facilities
).

The prime minister also stressed that this latest facility should only be taken up by those who are truly struggling with their financial circumstances and are in desperate need of cash.

(Sources:
New Straits Times
,
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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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CNAsia, Intcys Sign MoU In A Bid To Set Up Digital Bank For Women

(Image: The Edge Markets)

Investment holding company CNAsia Corporation has announced its intention to obtain a digital banking licence from Bank Negara Malaysia (BNM) so that it can set up a digital bank that serves specifically women. This comes following its signing of a memorandum of understanding (MoU) with Intcys Sdn Bhd to establish a consortium that provides digital banking services for women.

According to a joint statement from CNAsia, women are one of the most vulnerable groups in the current Covid-19 pandemic, with many facing financial constraints due to loss of jobs and the inability to conduct businesses as usual. They are then forced to look for other sources of income. As such, the proposed Women Empowering Women (MyWeW) digital bank will focus on helping them obtain various digital banking services, including entrepreneurial financing, micro-loans, debit and credit applications, as well as the opening of digital bank accounts.

(Image: Malay Mail/Shafwan Zaidon)

“Through such digital banking products, low-income women in the country will be able to access the convenience of online banking to conduct business through smartphones, increase their income, and improve the family financial situation,” said MyWeW advisor Dato’ Sri Azalina Othman Said, who is also the member of Parliament for Pengerang and the Deputy Speaker of Dewan Rakyat.

Meanwhile, the executive director of CNAsia, Chang Chee Ching said that the company sees digital banking as a future trend. “When Bank Negara opened up its licence application, we believe it is a wise business move for CNAsia to have a go at the MyWeW digital bank,” he said. CNAsia will be investing a total of RM400 million for this effort.

Director of Intcys, Wan Nurliyana Abdul Rahman also added that the objective of the MoU was to apply for the necessary licences from BNM and other appropriate authorities so that the consortium can carry out financial services tailored primarily for women. “Digital banking has been developed in a few other countries like Sweden, India, and Bangladesh. They have (conventional) banks for women, but we want to be the first country to have a digital bank specifically for women,” she emphasised.

For context, BNM had issued the policy document on the licencing framework for digital banks just last week, as well
as opened applications for five digital banking licences
 for conventional or Islamic digital banking business. Interested parties will have until 30 June 2021 to apply, and the results are slated to be announced by the first quarter of 2022.

(Sources:
CNAsia
,
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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Touch ‘N Go eWallet Introduces Money-Back Guarantee For Fraudulent Transactions

TNG Digital has announced a new money-back guarantee feature for its
Touch ‘N Go eWallet
, designed to increase the security of the app and protect its users. Touted as the first of its kind in Malaysia, it is now rolling out to all verified users of the e-wallet.

The new feature allows users to report any unauthorised transaction and request for compensation by submitting a claim form within the e-wallet app or at TNG Digital’s website. The transaction will then be investigated and, if verified to be fraudulent, the user will receive 100% of the amount credited back to their e-wallet within 5 working days.

According to TNG Digital CEO Syahrunizam Samsudin, the introduction of a money-back guarantee is a direct response based on feedback on e-wallet usage in the country. A Nielsen study revealed that 46% of Malaysians are concerned about security measures and fraud risks related to digital payment, which may be a contributing factor on the low 8% e-wallet penetration rate in Malaysia.

He said, “security remains a top barrier for digital payment adoption in Malaysia. As a trusted partner for Malaysians to live, pay and transact, the Touch ‘n Go eWallet make lives easier as users can securely and seamlessly make payments across a multitude of services including utilities, entertainment, F&B as well as through RFID and PayDirect, unique features of our app.

With Money-back Guarantee Policy, we want to continue playing an active role in improving your digital lifestyle and we aim to do so by ensuring that you are protected at every point of your transactions.”

Touch ‘N Go eWallet’s new Money-Back Guarantee feature is only available to all verified users – that is, those who have completed the eKYC account verification process. Verified users will see a green shield with a white tick on their profile image on the top right of the app. The eKYC verification process is a requirement for all e-wallets imposed by Bank Negara Malaysia, as a means to prevent fraud and money laundering via e-wallet apps. To verify an e-wallet account, users simply need to snap a photo of their IC (or other identification documents for foreigners), as well as a selfie.

The Touch ‘N Go eWallet is available for download on
Android
 and
iOS
.

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Pang Tun Yau

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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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A Guide To Financial Management For Fresh Grads

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Syaza Abd Jani

Syaza Abd Jani

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HSBC Credit Card Home and Away Privilege Programme

HSBC Credit Cards – They Really Are The World’s Local Bank.

Enough with all the special deals and competitions we’ve been writing about lately – how about something a bit different? How about a Travel Privilege Programme that’s open to everyone?

Alright then, we’ll tell you about the
HSBC Home and Away Privilege Programme
. It’s not one of those Invite Only deals for celebrities and CEOs, all you need to take advantage of tens of thousands of special offers and discounts is a normal HSBC credit card.

We’d like to tell you everything that’s included but to be honest, there’s just too much to write about so we suggest you
go and check it out for yourself
.

To cover the basics it’s a credit card Privilege Programme that runs in over a hundred  and sixty countries around the world, offering discounts on Shopping, Dining, Hotels, Airfares and Health and Beauty Treatments. Take a look at
the page for Singapore Deals
.

See, we told you it was good. If you’re even thinking of making an overseas trip in 2013 applying for an HSBC credit card makes a lot of sense.

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Finance Minister: EPF Should Not Be Seen As Solution To Challenges

Finance Minister, Tengku Datuk Seri Zafrul Abdul Aziz has reiterated that the Employees Provident Fund (EPF) should not be seen as a solution to challenges, as it will adversely affect the retirement savings of Malaysians.

Speaking in a video to address comments and calls to enable another round of EPF withdrawals via i-Citra due to the floods that hit several states in Malaysia recently, Tengku Zafrul gave various points and statistics to highlight the detrimental effects of another round of withdrawals while at the same time reminding the public that the Government is already providing various financial aids to flood victims of up to RM61,000 per household.

Tengku Zafrul noted that EPF withdrawals were only enabled as a short-term measure to provide immediate financial assistance due to Covid-19, an unprecedented event that affected the whole world, but the EPF should not be seen as a solution to every challenge the country faces. In addition, he also noted that the government did not enable EPF withdrawals back in 2014 when the country faced a similarly devastating flood.

“The purpose of the EPF is none other than the preparation for old age, when the ability to continue working diminishes. It is important to know that the rakyat has retirement savings because not long from now, in the year 2030, Malaysia is expected to hit the status of an ageing nation. In just eight years from now, the amount of retirees and elderly will comprise 15% or more than 5.3 million of the population,” he said.

Since the three EPF withdrawal facilities were launched, EPF members were allowed to withdraw up to RM71,000, and in total,
 EPF members have withdrawn over RM101 billion from their retirement savings
. Tengku Zafrul stressed that more withdrawals would further affect the issue of the lack of retirement savings which is already at worrying levels.

Further, Tengku Zafrul also noted that many EPF members would not be able to make any further withdrawals anyway as they do not have enough minimum savings to withdraw. Almost 50% or around 6 million members have EPF savings below RM10,000, which means they do not qualify for i-Citra withdrawals.

According to Tengku Zafrul, the Government is providing various financial aids to assist flood victims, including a
 RM1,000 cash aid under Bantuan Wang Ihsan (BWI)
, a RM500 voucher to purchase electrical appliances, car and motorcycle repair aids, a
RM10,000 loan at 0% rates
 with an immediate 6-month moratorium, and several others.

(Source:
The Edge
)

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Get an iPhone from RM25 with Celcom’s EasyPhone Plan

For many of us, the upcoming Raya celebrations means getting new clothes, new shoes, and new furniture. How about getting yourselves a new phone also? You might be thinking that the one you have is fine and you don’t really need an upgrade right now especially with how much they’re priced at. But what if we said you can get the latest and greatest iPhones and Android phones from as low as RM25 per month?

How Would That Even Work?

With Celcom’s Easyphone instalment plan. Celcom makes it easy for you to own the latest and greatest smartphones with a low instalment plan. For example, you can own the new Samsung Galaxy 8 for just RM145 a month or a Samsung Galaxy 8+ for RM165 per month.

Not really an Android person? You can get the iPhone 7 32GB for RM95 or an iPhone 5s for just RM25 per month, not including the postpaid plan. There are few other cheaper ways to get your hands on a brand new iPhone than that! In addition, you can also choose between 20 other smartphones including the Huawei P10 series, all for low monthly payments over 24 months.

What Else Do I Get With This?

Aside from the low monthly instalments, EasyPhone also comes with Device Protection that gives you peace of mind in case anything bad happens to your device. With this protection, you’ll get your device replaced if you end up being the victim of snatch theft, robbery, a house break-in, or if your device has been declared lost while you’re travelling overseas.

You will also get your device repaired in case of accidental damage. You will even be reimbursed in cases where airtime has been used when your phone was stolen. With this level of security, you won’t have to worry about being disconnected from your loved ones.

Shouldn’t I Just Save Up to Buy it in Cash?

You can do that, sure. But waiting for the latest devices to tumble down in price means you’ll be waiting for quite a while. Also, paying for things in instalments means you get to have the device with you sooner than if you had to save up all that money. Furthermore, Celcom’s EasyPhone makes it easier to sign up by not requiring a credit card. That’s right, you don’t need a credit card for this, just your identification card or equivalent official ID is enough.

Sounds Great! Where Do I Sign Up?

You can visit
Celcom’s Official website
 for more information on
Celcom’s EasyPhone plan
 and take a look at the different types of phones on offer so you can choose which one you’d like to have for this coming Raya. Happy shopping!

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AmBank Prosperity Bonanza! dishes out some serious dough

That’s right.
The Grand Prize is a whopping RM388,888! There will also be 14x RM18,888 First Prize winners from each state and 75x RM888 Daily Winners.
 Irresistible, isn’t it?

All you have to do is deposit RM1,000 into your Savings/Current Account/-i, or RM10,000 into your Fixed/Term Deposit to qualify. Every incremental deposit of those amounts will earn you one entry.

If you’re an existing AmBank or AmIslamic Bank customer, you get 10 automatic entries plus 2x entries for each incremental deposit.

Furthermore, the first 150 customers per branch who deposit a minimum of RM2,000 into their Savings/Current Accounts/-i will also enjoy an AmBank umbrella.

Promotion will go on until 31 March. Here are its
terms and conditions.
 Time to start saving!

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Malaysia's Unemployment Rate In November 2020 Increases Slightly To 4.8%

The unemployment rate in Malaysia has increased marginally by 0.1% since October to settle at 4.8% for the month of November 2020, the Department of Statistics Malaysia (DOSM) revealed. The latest data also showed that the number of unemployed persons has increased by 2.2% (16,200 people) since last month, coming up to a total of 764,400 persons now.

According to chief statistician Datuk Seri Dr Mohd Uzir Mahidin, the small increase in unemployment rate in November was primarily due to the implementation of the conditional movement control order (CMCO) across the country following the third wave of Covid-19. While economic activities continued to go on, the strict standard operating procedure (SOP) and tough economic environment may have led to job losses and the cancellation or freezing of new hires.

(Image: The Edge Markets)

DOSM’s figures also showed that the number of actively unemployed persons – defined as unemployed individuals who are actively job-searching – went up by 2.3% to 637,700 persons from October 2020. “Likewise, the inactively unemployed or discouraged group who believed there were no jobs available increased by 1.3% to 126,700 persons (October 2020: 125,100 persons),” said the report.

Meanwhile, the number of employed persons dipped by 11,000 individuals from October to 15.2 million persons in November 2020. Those in the employee category increased by 0.2% to 11.78 million persons, whereas own-account workers (self-employed individuals) dropped by 0.6% to 2.41 million persons.

DOSM’s report also noted that the overall growth in labour force since October was almost flat, with an addition of 5,200 new individuals to record a total of 15.96 million persons in November. In addition to this, the labour force participation rate fell by 0.1% to 68.4% since October. Meanwhile, the number of persons outside the labour force increased by 0.4% to 7.37 million individuals. “Among others, the increase may be due to persons taking a break in job-seeking for family reasons,” said the report.

In light of the continuous uncertainty in the economic and health situations – both internationally and domestically – DOSM predicted that this softer trend of labour demand may continue in December 2020. “Meanwhile, the labour supply will remain competitive in this challenging situation,” said the report.

The unemployment rate in Malaysia had earlier reached an unprecedented height in
March
,
April
, and
May
 2020, brought on by the implementation of the MCO in a bid to combat the spread of Covid-19. It eventually improved during the latter half of the year in
June
,
July
,
August
, and
September
, before increasing slightly again in
October
.

(Source:
DOSM
)

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Alex Cheong Pui Yin

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Luno Set To Introduce Several New Cryptocurrencies In 2022

Cryptocurrency exchange Luno Malaysia has revealed that it is planning to introduce more cryptocurrencies for trading on the platform in 2022.

According to the country manager of Luno Malaysia, Aaron Tang, the company is currently seeking for approval from relevant regulators, including the Securities Commission, to add several new coins to its existing offerings. If Luno is successful in its negotiation, you can expect to see the new coins being rolled out within the first half of 2022.

That said, Luno did not share any details as to which new cryptocurrencies it is looking to add. Based on an ongoing poll within the Luno app, however, it is likely that the new coins may be selected from contenders such as Cardano, Solana, and Uniswap.

At present, Luno offers a total of five cryptocurrencies on its platform, namely Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin – with
Bitcoin Cash being the latest addition
.

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    Hans

    1 year ago

What happened to this? Where are the new coins? When is Luno adding

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Eat Big With The Hong Leong Credit Card

Eat Big With The Hong Leong Credit Card

Stuff Your Face with an Extra 30% at Publika.

The nice folks at
Hong Leong
 think we all need feeding up, so they’ve clubbed together with
Publika
 to offer 30% discount at selected restaurants in the Mall when you use your credit card to pay.

Fancy a Japanese Charcoal Steak? Head along to
Angus House
. Chill out with some awesome cake? Settle down at
Red Beanbag
. Something stylish for that someone special? Light a candle at
Alessio
. All in there are XX awesome eateries to choose from.

The Eat Big Offer runs until 30
th
 September 2013 so there’s plenty of time to take advantage of Hong Leong’s generosity.

Terms and Conditions Apply
.

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Cool Starbucks Discounts Courtesy Of AmBank Credit Cards

Sizzling hot days are ahead of us so head on down to your nearest Starbucks for a thirst-quenching Frappuccino. And if you’re an AmBank or MBF credit cardholder don’t forget you’re also entitled to a
20% discount
off your favourite blended beverage.

This promotion is valid until 15 May 2013 at all Starbucks stores in Malaysia and applicable to all AmBank, AmIslamic Bank and MBF credit cards. Discount only applies to Starbucks Frappuccino blended beverages and is not cumulative with other on-going promotions and discounts.

For further details please refer to the promotion Terms & Conditions.

Get your very own AmBank credit card at
RinggitPlus.com
 and you can start chilling out at Starbucks for less.

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Here Are 4 Easy Ways to Make Extra Money On Election Day

Planning to flex your entrepreneurial muscles on the most significant day of Malaysian history but not sure how to go about doing it? Hence, if you’re interested to make some extra moolah without coming off as a tasteless opportunist, then here are some ideas that might be of interest to every Malaysian voter out there.

Rent Out Your Room

Some voters may have shifted to another state for good but their residential address in their identity cards still remain unchanged. While a good number of Malaysians would choose to head back to their family’s residential home or crash at their friend’s place, there are also a number of returnees who take this opportunity to check out for homestay or AirBnB options that are available during this season. We have already seen a few hotels and other accommodation styles offering discounts and cashbacks so why not jump on that bandwagon?

Take this chance to help another voter out by allowing them to bunk at your place for a small sum. Who knows, with the right topic and mindset, you might even find a new brunch buddy to hang out once the election season is over?

‘Rotiman’
 to the Rescue

You know your childhood is awesome if it is filled with memorable visits of the rotiman making his rounds around your neighbourhood. Even until now, we can’t deny that the horn of a
rotiman
’s toot is music to our ears, especially when your eyes sparkle at the sight of these nostalgic, visually-pleasing snacks.

With that said, while you might not have a motorcycle license nor the chops to cleverly arrange 20 different snacks on top of your vehicle, what you can do on the other hand is to buy a packet of ice, put it in your cooler box and toss in a mix of both sweetened and unsweetened beverages for it to chill.

Once you’re done doing that, don’t forget to park yourself near the polling station, open your car boot and put up your ‘For Sale’ sign. Just remember to charge a reasonable price least someone reports your ‘extra-curricular activities’ to the local council authorities, forcing you to close shop altogether.

Makeshift Carpark

If there’s anything that we’ve learned about the previous election is that the closer your home is to the polling station, the better as this will cut down on your commuting time. Having said that, living too close to these places of interest are not without its pitfalls. If your home is next to a market,
pasar malam
, mosque or school, chances are, you might have encountered the experience of random strangers choosing to park their car near your home.

So then, if you can’t beat them (we need all the hands that we can get for the coming election after all), what’s the best course of action to take? Convert your home into a temporary parking lot, that’s what. This works best if you live in a kampung house with a huge grassy lawn next to it and all you need to do is to name your parking lot, put it up on Google Maps (just remember to ‘shut’ your business once election day is over to avoid potentially confused future patrons) or Parkopedia (yes, it’s a combination of both Wikipedia and parking spots!), state your price and your business is ready to fly!

Busk It Out

Not exactly an open secret but if you observe very carefully, almost every successful bazaar / creative platform in Klang Valley have these in their arsenal – food, pop-up stores and of course, live performances. This popular trifecta is employed for a good reason, it covers all bases when it comes to entertaining people from different cultures, ages and backgrounds. After all, what good is an event if it doesn’t have any ambient music to fit the on-going situations happening there?

If you are very much comfortable with belting out a tune or two in front of a crowd, then this is the perfect method for you to generate some extra funds. Lug your DJ kit /
kompang
, assemble a crowd-friendly set-list of popular chart-toppers and Malaysian folk songs and you’ll be raking in cash and fame faster than the career of a seasonal talent show victor.

On the other hand, if your ability to sound musical is only sub-par at best, then it’s best to just pass this to professionals lest you end up on someone’s social media feed unexpectedly for the wrong reasons. After all, you would want to be known as a music lover, not a noise pollution contributor which can indirectly cause a decrease in your overall confidence and charisma points.

Sure, You Can Make Money But…

The most important thing to remember about Election Day is that the voting hours are generally from 8am to 5pm so do arrive early if you are aiming for a good spot to peddle your goods or talents. If you are a registered voter, your fund-raising ambitions does not elude you from your performing your civic duty so do vote as every vote counts!

After all, this is a special event that only happens once every four years so make the most of it. As always, be safe on the road, plan ahead and may your vote help pave the aspirations of Malaysians from every generation. Have anything to contribute to the article? Share your thoughts and ideas with us in the comments section down below!

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Basic Money-Saving Kitchen Skills You Can Learn in a Day

The kitchen is a great place to start saving costs because of the sheer amount of time and money we spend on and in it. Harnessing some easy-to-learn kitchen skills can prevent us from wasting money unnecessarily.

Organizing Your Refrigerator and Pantry

You can adopt the
‘first in first out’
 rule used by grocery stores and supermarkets. Place newer food behind older food to ensure you use the older food first. This will prevent you from tossing food out simply because you have forgotten they were there. Fruits and vegetables should go into the crisper drawer because it is cooler than the rest of the refrigerator and is protected from the warm air that comes when you open it.

Avoid keeping easily perishable items by the doors of the fridge as the temperature there is the most inconsistent. Check out this resource for the
optimum places to keep your specific groceries
 in the fridge to learn the ropes. Although rearranging your food storage spaces may be time-consuming, it will keep you more accountable towards your grocery bills and save on monthly spending.

Maintaining Your Knives

Knives are built to
last a lifetime
. Knowing how to maintain your knives properly will keep them sharp for a longer period of time, hence preventing you from having to fork out cash to replace them constantly. Besides knowing which knives to use when, it is also important to know how to care for your knives to prevent them from becoming dull prematurely.

Never wash knives in dishwashers and always use a solid wooden or silicone cutting board to keep the edges sharp. Knives can last long enough to be passed down to the next generation (an average of 40 years) if they’re kept properly.

Reusing Food Scraps

Food scraps such as vegetable peels, roots, stalks, leaves and poultry bones can be recreated into delicious
stocks
 and soups, stretching your buck further. As you learn to utilize what’s already in your kitchen, you will inevitably waste less on grocery spending by preventing over-buying or buying what you don’t need (e.g. store-bought vegetable stock).

Knowing these kitchen skills will take you further in your endeavours to remain frugal whilst preparing your meals. As with all skills, you get better the more you practice them. For more on how to save money on food, check our
article on the four most important things to know to save money on food
. Do you have your own tips on how to save money in the kitchen? Share your thoughts with us in the comments section down below!

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The New Lazada Citi Platinum Card Offers Up To 10x Rewards Points For Lazada Purchases

Citibank has teamed up with popular e-commerce platform Lazada to launch the first co-brand e-commerce credit card in South East Asia. The Lazada Citi Platinum Card offers 10x rewards points for Lazada purchases, which can be used to offset future Lazada purchases. It also bundles other discounts and bonuses aimed at the millennial generation.

10x Rewards Points & More

The Lazada Citi Platinum Card works mainly as a rewards credit card, and as you would expect, you earn the highest points for using the card on Lazada. The Lazada Citi Platinum gives you 10x points for every RM1 spent in Lazada, (which also includes topping up your Lazada Wallet), capped at RM500 cumulative spend per statement month. You also get 5x points for spending at Citibank’s selected lifestyle, travel, and wellness partners, similarly capped at RM500 spend on strategic partners each month.

Once you have hit the respective monthly caps for Lazada and strategic partner spend, you will earn 1 Rewards Points per Ringgit spent, the same rate you earn for other expenditure using the card. The Lazada Citi Platinum Card also has a “Monthly Bonus Points” feature, where you will receive 1,000 additional Rewards Points if you spend a minimum of RM1,500 during the statement month.

So, what can you do with your Rewards Points? According to Citibank’s customer service, Rewards Points earned on the Lazada Citi Platinum Card can only be used to offset subsequent Lazada purchases. You can do this through Citibank’s “Pay With Points via SMS” feature or directly through your Lazada account. The redemption rate is set at RM1 = 800 Rewards Points. Based on the 10x rate for Lazada expenditure, this means that you can redeem RM1 for every RM80 you spend on Lazada – offering a rate of return of 1.25%.

Discounts On Lazada And Partner Deals

The Lazada Citi Platinum Card’s benefits are not limited to rewards points. Lazada Citi Platinum cardholders are entitled to exclusive vouchers for health, beauty, and fashion products on Lazada from the 1
st
 to the 5
th
 of every month. This month’s promos include a RM30 off voucher for Maybelline (min RM100 spend), 10% off Calvin Klein (min RM350 spend), and RM50 off Herschel (no min spend).

Lazada Citi Platinum cardholders can also get up to 20% cashback on their Lazada Wallet top-ups. However, this is only applicable to new Lazada Wallet users who top up a minimum of RM50 using the Lazada Citi Platinum Card for the first time, and is capped at RM10. Meanwhile, existing Lazada Wallet users are entitled to RM10 cashback if they are the first 1,000 cardholders to top up a minimum of RM100 each month from now until December 2020.

On top of that, the Lazada Citi Platinum Card also has something to offer outside of the shopping platform. Cardholders can get discounts at selected travel and lifestyle partners – such as 25% off on Malindo flights to selected destinations, 8% off tours on Klook, and additional 30 minutes of Thai massage at Healthland.

Low Requirements Designed For The Younger Generation

For those interested in applying for this card, the Lazada Citi Platinum Card is available to those earning at least RM2,000 per month (RM24,000 per annum), which makes sense as the card is clearly geared towards the younger, digital-savvy shoppers. It has an annual fee of RM100 per year, which is waived if you spend a minimum of RM15,000 in a year.

New Citibank applicants are eligible for RM500 worth of Lazada vouchers when they sign up for the Lazada Citi Platinum Card. All you have to do is complete the application completely online and spend RM2,000 within 60 days. However, applications that are not done online via Citi’s Straight Through Processing (STP) will only entitle you to RM300 worth of Lazada vouchers.

The Lazada Citi Platinum Card is now open for applications in Malaysia and will be introduced to other Southeast Asian markets over the next six months. It appears to be a new strategy by Citibank to introduce co-brand credit cards with household brands in the region. Earlier this year, the bank partnered with Grab to launch the
Citi-Grab credit card
 in the Philippines, with plans to roll out the card in other markets in the region.

You can find out more about the
Lazada Citi Platinum Card on the Citibank website
.

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    Henry

    3 years ago

No sense earning 2k per month in east malaysia.

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Drive Less and Earn More with Grab

The past year has not been easy on Malaysians and their wallets. With the onset of taxes, removal of subsidies and instability of workforce management, stretching your dollar is just not the same anymore, especially when you desire the little pleasures in life like a new car or a well-deserved holiday.

And sure, there is a variety of second or part-time jobs out there to help you attain them easily, but let’s face it! Having a second or part-time job requires a certain type of dedication and commitment that perhaps not many are in the position to undertake for various reasons such as inflexibility of their current or part-time jobs.

But this is where Grab plays a role.

Not just poised to providing a safer and alternate option of transport, GrabCar, which is available on the Grab App (formerly known as MyTeksi), offers a flexible and viable option for those who want to earn some serious money without minimal time commitment, something which other ride-sharing app platforms just cannot provide.

So how does it work, you may ask. Pretty easy actually.

Earnings and Incentives

Table I: Updated Grab Incentive

With the updated Grab incentive, the focus is not on the hours behind the wheel, but on how many jobs are completed. For example, on normal weekdays (Monday – Thursday) you only need to accept one job while on the way to work and two after. With the minimum fare of RM7 per job, you will already hit the tier 4 target and receive a bonus incentive which rounds each job to RM16, making your daily earnings RM48.

Next, the weekends (Friday – Sunday). When you accept five to six jobs a day with the same minimum fare of RM7 and with each job rounded up to RM16, your daily earning will total to somewhere between RM90 to RM96.

Table II: Recommended drive schedule to achieve minimum weekly earnings with an average of 2 hours of driving a day

Yes, we are aware you have limited spare time but with just 14 hours a week (that’s as low as 2 hours a day!) you can take home a minimum of RM1,792 guaranteed gross income per month.*

But what can you possibly do with RM1,792?

So let’s break it down further. With this amount, you can easily pay for:

Monthly installments for a brand new Mazda 3 2.0 SkyActiv Sedan GL or a top-line Honda HR-V;

Monthly rental at condos such as Neo Damansara or Fahrenheit 88, Bukit Bintang (and places like these are usually in demand for transport);

A brand new iPhone6S or Samsung S7 Edge within two months;

A trip to Bali or Bangkok every month!

Your possibilities are endless just by sitting in your car for a few hours a day while listening to your favourite music and meeting new people.

GrabHacks to Earn More

In fact, here are a few tips to consider to earn more!

1) Target high demand areas during bonus hours

Bonus Hours, which usually coincides with office rush hours, are when Grab guarantees the minimum fare earned, therefore, you can definitely earn more with lesser drive times.

Table III: Bonus Hours

2) Minimise your cost

Another tip to maximise your earnings is by reducing your cost. Since it is now cheaper to fill your tank with petrol than to enjoy a glass of
milo ais
 at your nearest
mamak
, it’ll be best to make full use of it while it lasts!

3) Refer your friends and family

Want in on a good deal to make more money? Get your friends and family to sign-up as well and you could earn up to RM175 per referral.

Signing Up Has Never Been So Easy!

Simply follow the simple steps below and register online:

Step 1:

Visit the Sign Up page
;

Step 2:
 Register, key in details and upload the necessary documentation (NRIC, valid driving license, cover note for insurance and profile photo);

Step 3:
 Attend a quick driver briefing.

For more information about Grab,
visit the main web page
.

_*Gross income does not include petrol fee and Grab commission applicable on base fare, and not incentive. _

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RinggitPlus Super Six Birthday Bash 2018 FAQ

Q: What is the RinggitPlus Super Six Birthday Bash?

RinggitPlus is turning six years old! To celebrate our birthday, we want to reward new credit card and personal loan/financing applications via RinggitPlus with our participating banks. Approved applications will receive a Super Six Birthday Bash gift set.

Q: Which banks are part of the Super Six Birthday Bash?

Citibank, Standard Chartered Bank, RHB Bank, and KFH.

Q: What is in the Super Six Birthday Bash gift set?

The Super Six Birthday Bash gift set is worth RM818 in value, and includes:

1x Oppo A71k phone worth RM599

1x GetFi sim card starter pack with preloaded RM5 credit and 1GB data

1x RinggitPlus 5000mAh powerbank

12-month iflix subscription worth RM120 (applicable to Citibank, Standard Chartered Bank, & RHB Bank only)

Q: If I apply for more than one credit card or personal loan/financing, can I get multiple gift sets?

Yes, you can get more than one campaign gift set if you successfully apply from different banks. However, if you are applying for multiple credit cards or personal loans/financing from the same bank, you will only receive one Super Six campaign gift set.

Q: I already have a credit card or personal loan/financing with one of the banks. Am I still eligible for the gift set if I apply for another card with the same bank during this campaign?

If the bank approves your personal loan/financing that you have applied for through RinggitPlus, you can still get the Super Six campaign gift set. You will not be eligible if you already have a credit card with the bank you are applying from.

Q: How do I apply?

It’s really simple. Just apply for a qualifying credit card or personal loan/financing (as stated on the individual banks’ T&C) on
ringgitplus.com
 during the Campaign Period (6 Sept 2018 – 5 Oct 2018).

Q: How long is the approval process?

Each bank has different processing timelines for different products, and thus it is at the bank’s discretion. Customers will be notified by the bank once the bank has started processing their applications.

Q: How and when can I get the Super Six Birthday Bash gift set?

For credit cards, you will be eligible for your gift set after your card is approved, received, and
activated
. For personal loans/financing, you will be eligible after your loan/financing has been approved and
disbursed
.

Once the bank has notified RinggitPlus of the card activation or loan disbursement, RinggitPlus will provide you with a redemption code for your gift set within 28 working days. Use the redemption code to claim your gift on the RinggitPlus gift claim page and we will send you your gift set within 28 working days from your claim date.

Q: If my application is rejected, am I still eligible to get the gift set?

No. Only applications which have been approved by the banks are eligible to get the gift set.

Q: How long will this promotion be available?

The RInggitPlus Super Six Birthday Bash Campaign will run from 6 September 2018 to 5 October 2018.

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You Can Pay Your Zakat At Selected LRT Stations Until 4 June 2019

From now until 4 June, zakat fitrah payment counters will be available at selected LRT stations in the Kelana Jaya and Sri Petaling lines.

A total of six zakat payment counters will be opened – two on the Kelana Jaya line and four on the Sri Petaling lines. Each counter has different operating hours, so be sure to check the times before you head out. The table below shows the operating hours for all six counters:

As mentioned earlier, these zakat fitrah counters are only open for five days and will no longer be available after 4 June 2019, which is the day before Hari Raya Aidilfitri. Find out more about
zakat and other ways you can make contributions
.

(Source:
RapidKL (Twitter)
)

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RinggitPlus Launches First Fully-Digital One-To-One Financial Planning Service, RinggitPlus Financial Planner

UPDATE:
RinggitPlus Financial Planner is currently undergoing a rebranding exercise, and will relaunch in January 2023. During this period our website will be under maintenance. For rates and enquiries, please
click here to drop a WhatsApp message
– the team will respond within 1 business day.

RinggitPlus has launched RinggitPlus Financial Planner, a new one-to-one digital financial planning service for Malaysians. The new product expands the brand’s offerings in line with its mission of empowering Malaysians to make smarter financial decisions.

With a bold mission to disrupt the financial services industry in Malaysia,
RinggitPlus Financial Planner
 is offering comprehensive financial planning services at affordable fees – dispelling the myth that financial planning services are only reserved for the rich. At a time when many Malaysians are facing financial challenges and have to potentially make difficult financial decisions, RinggitPlus Financial Planner is a powerful tool that can truly help Malaysians.

Interestingly, it is also the first company to offer a fully-digital financial planning service, where the entire process from booking to consultation is conducted online.

Hann Liew, CFA, CFP, & co-founder of RinggitPlus

“Financial planning is an exceptionally important task that many people know they should do, but usually don’t. It’s like the advice of going to the dentist twice a year, or doing your medical check-up every year – we know we should do it, but how many of us will?” said Hann Liew, co-founder and director of RinggitPlus.

Hann, who is also a Licensed Financial Planner himself, added: “Just as with physical health, our financial health becomes more important to monitor as we age. Licensed financial planners not only help you focus on achieving your financial goals, but they can also help you fix any financial “ailments” that you may have.”

What Is RinggitPlus Financial Planner?

RinggitPlus Financial Planner
 is a one-to-one guided financial planning service that covers six practices:

Cash Flow & Net Worth Analysis

Debt & Liability Management

Insurance/Risk Management

Unit Trust/Investments

Tax/Zakat Planning

Estate/Family Wealth Planning

A licensed financial planner will first assess the client’s current financial situation before providing a comprehensive report and financial plan which includes recommendations on what to do to achieve the client’s long-term financial goals. Depending on the package chosen, the financial planner will reconnect with the client after six months to review their progress and tweak the plan accordingly. Should the client need more sessions with the financial planner, they can do so by purchasing an Add-On pack.

In addition, all financial planners with RinggitPlus Financial Planner are licensed financial planners, members of the Financial Planning Association of Malaysia (FPAM), and are licensed by the Securities Commission of Malaysia. This is the real deal that covers all aspects of your money, unlike single product services you may get with insurance agents or so-called wealth or life planners.

Price & Packages

“Many Malaysians have a misconception that financial planning is a “rich people” activity, when the reality is that everyone needs to know how to manage their money effectively, regardless of their financial situation. In fact, the middle and lower income groups could benefit from the services of a financial planner just as much as the rich people, and with RinggitPlus Financial Planner, now they can” said Jo Yau, Chief Marketing Officer of RinggitPlus.

“We are also aware that the two main factors that prevent more people from engaging a financial planner is cost and transparency – and we’re in a position to fix both. With RinggitPlus Financial Planner, we want to democratise the industry, allowing the everyday Malaysian to have access and the opportunity to have their own financial planner,” she added.

To cater to the different needs of clients, RinggitPlus Financial Planner is offered in three packages: Standard at RM699, Plus at RM999, and 360 for RM1,199. All packages are inclusive of:

Gathering personal & financial information

Defining financial goals

Identifying gaps & opportunities

Creating a financial plan

The Intermediate package offers additional guidance on the plan’s execution process, while the 360 package offers execution guidance and another session with the planner after six months to review and tweak the plan if necessary. As mentioned earlier, an “Add-On” package is also available to existing RinggitPlus Financial Planner clients for extended monitoring, consultation, and execution guidance.

Disrupting The Industry

The high costs of engaging a licensed financial planner is one of the main factors why many assume it is only for the wealthy. On top of that, there is the other issue of how financial planners charge for their services – some planners charge based on time/duration or sessions, while others may charge based on products sold to the client. This opacity makes many potential clients wary of hidden charges and usually turns them away from engaging with one.

RinggitPlus Financial Planner aims to tackle both issues, by offering affordable fees and transparent pricing without hidden charges. With prices starting from just RM699 and transparent add-on packages, RinggitPlus Financial Planner’s prices are, on average, up to 83% lower than other financial planning services available in Malaysia.

Azril Ikram, IFP, CFA

“We believe that financial planning should be taken seriously, and even more so at a time like this. Malaysians, especially the younger generation, do not have to suffer the same issues as the previous generation who struggle to save enough money for retirement.

From just RM699, Malaysians can get the stepping stone they need to realign their financial health and get a headstart towards their financial goals. For our Muslim clients, we also provide advice on Shariah-compliant investment strategies, optimisation of tax payable via zakat and estate planning involving hibah, faraid, and wasiyyah ” said Azril Ikram, one of the licensed financial planners for RinggitPlus Financial Planner. Azril is also a licensed Islamic Financial Planner.

RinggitPlus Financial Planner is now open for booking. For more information or to reserve a slot, head on to the official
RinggitPlus Financial Planner website
.

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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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    Robert Foo

    1 year ago

The key question is RinggitPlus putting the clients interest always first . Or is RinggitPlus makind commisions somehow or truing to make commissions after getting our database??

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    Pang Tun Yau

    1 year ago

    Reply to

        Robert Foo

Hi Robert, the RinggitPlus Financial Planner service works like other licensed financial planning services in Malaysia, which is governed and overseen by the Securities Commission. In essence, you pay for the financial planning service, where the Licensed Financial Planners will provide recommendations on products that fit your financial goals (among other things – you get a personalised report and explanations on your current financial status and progress on your financial goals). As such, there is no hard selling (since technically our revenue comes from the sessions themselves, not the number of commissions sold). Currently, the track record of our existing
…
Read more »

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Enjoy A Balance Between Nature And City Living At LBS SkyLake Residence

When buying a home, many factors need to be considered before fulfilling the purchase. Based on
RinggitPlus Malaysian Financial Literacy Survey 2021
, Malaysians said that among homebuyers’ top priorities when buying a home are location, layout design, and the property developer.

Among the trusted property developers in Malaysia is LBS Bina Group Bhd (LBS), a property developer with over 60 years of experience. LBS has collected numerous awards and accolades over the years through its longstanding offering of residential and commercial properties.

LBS SkyLake Residence
 is one of LBS’s recent projects, bringing lakeside living to its residents through the concept of
Nature & Nurture, Created in Perfect Harmony.
Ideal for those hoping to live near nature yet still maintain accessibility to main roadways, LBS SkyLake Residence is
move-in ready
 and  offers a living experience unlike any other.

Lakeside Living In The Heart Of Puchong

If living near nature is something you’d always wanted, LBS SkyLake Residence may just be the home for you. Located across an approximately 1,000-acre lake, LBS SkyLake Residence offers lakeside serviced apartments in a prime growth area in Klang Valley’s Southern Corridor.

Having nature just a stone’s throw away makes it easy to melt away life’s stress especially as we’re all often occupied with our electronic devices. One could stroll with loved ones and potentially spot wildlife, teach little ones to embrace the outdoors, and even spend quality time with the elderly for their evening walks. For those that enjoy recreational activities outdoors like breeze walking and meditation, the lake could also be the perfect place for that.

A Suite Of Amenities & Facilities Just Steps Away

Wouldn’t it be nice to have a beautiful swimming pool to dip in on hot days? Well, living in LBS SkyLake Residence provides you with just that and more! Go for a swim and enjoy the landscaped greenery that surrounds it for a nice evening at home. If relaxing is what you’re after, perhaps a light stroll after dinner at the shimmering starlight garden would do the trick.

The Level 7 Podium offers plenty of amenities to cater to your every mood. Among the many provided, you’ll find a Dancing Studio, BBQ Forest, Picnic Lawn, Reflexology Path, Jacuzzi, and even a Hammock Garden.

Those who love entertaining will highly appreciate the variety of facilities provided by the developer. You can organise game nights with friends and family, and enjoy a few rounds of foosball, table tennis, darts, or air hockey together. Those who prefer socialising over a slower pace can take their yoga practice to the Yoga Deck or unwind at the Sauna or Meditation Room. Alternatively, residents could also organise group workout sessions at the Gymnasium, Adult Fitness Station, Half Court Basketball, or Aqua Gym.

There’s also a selection of facilities available for kids. On days where you want to spend quality time with the family without driving out, you can take your little ones for an evening swim at the Kids’ Pool, splash and play at the Water Playground, Hopscotch, or Children’s Playground. On top of that, kids also have their own dedicated pool table and bowling.

You could also head to Level 8 and spend some time by Scenic Deck and Chilled Out Corner to take in the views of the surrounding areas.

On the Ground Floor, residents will be greeted by a Leisure Path, Skylight Garden, Futsal court, and Kindergarten as well as a Jogging track, among others. The Rooftop Garden is also decorated to accommodate the Herbs Garden, Taichi Deck, BBQ Garden, Sky Deck, Sky Basketball, and more.

A Variety Of Layouts To Choose From

Whether you’re searching for the perfect home for just you, for two, or even a growing family, LBS SkyLake Residence offers a wide selection of serviced apartments to choose from. With six types available, units range from 545 sq ft to 1063 sq ft.

Type F, which is the most modest unit, offers a 1-bed, 1-bath design whereas Type E, the biggest unit, provides ample room with 3 bedrooms, 2 bathrooms, and a balcony. A 1-bedroom unit would make a great choice for those who live alone and want to be situated near nature and enjoy easy access to work, whereas the other units could work for couples as well as small families.

Easy Connectivity With Access To Highways

Residents of LBS SkyLake Residence will enjoy easy access to highways such as MEX, SKVE, ELITE, and LDP. Whether it’s to go to the office, the airport, or out and about, having easy access to a variety of highways makes travelling to other parts of the Klang Valley convenient and flexible.

Besides that, Puchong’s matured township comes with plenty of amenities just a short drive away, with a choice of healthcare, education, and shopping malls – just to name a few.

For shopping, malls like Lotus Extra Bukit Puchong, Setiawalk Mall, and D’Pulze are minutes away, while for healthcare, residents have the option of Columbia Hospital, KPMC Puchong Hospital, Sunway Medical Centre, or Serdang Hospital.

Besides those that sit within Puchong itself, you can also visit attractions like Farm In The City and Taman Tasik Cyberjaya which are both accessible via the nearby highways.

***

If you’re in the market for a home that harmoniously balances city living and nature, perhaps LBS SkyLake Residence is the choice for you. The
move-in ready
 serviced apartments come in a variety of layouts to choose from, from 1-bedroom apartments to those with 3 bedrooms. On top of that, the wide range of facilities and amenities offered makes it easy to have a good time without having to drive out.

Enjoy the harmonious balance of living near nature and the city in LBS SkyLake Residence. For more information on LBS SkyLake Residence,
click here to visit the website
.

You can also follow LBS SkyLake Residence on
Facebook
 or
Instagram
.

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Durian Prices May Increase By At Least 30% This Year

(Image: The Star)

The prices of durian fruits are expected to increase by at least 30% this year, attributed to lower produce and higher fertiliser costs.

According to a consultant for the durian industry, Lim Chin Khee, Musang King – which used to be priced at RM45 to RM48 per kg – may now go up to RM60. Meanwhile, the Black Thorn variety could now cost RM80, up from its previous price of between RM60 to RM70 per kg.

Lim commented that this hike in price is due to the reduced production of the crops, caused by the rainy weather in many parts of the country between the end of March to April 2022. “When it rains, the leaves start to flush, causing a competition in nutrients for development between fruits and flowers. It takes between 90 and 100 days from anthesis (the flowering of the buds) to the maturity of durian fruits. However, due to the severe weather, it is estimated that durian trees are producing only 30% of last year’s amount,” he further explained.

(Image: AFP/Mohd Rasfan)

Aside from that, orchard owners also said that the increase in the price of fertilisers has contributed to the price hike of durian fruits as well. Eric Yeap, who owns a durian orchard, shared that fertilisers that used to retail at RM130 (for 50kg) is now going at RM250.

The
increase in fertiliser prices is caused primarily by the Russia-Ukraine conflict
; fertilisers require a large amount of gas and energy to produce, and Russia is a key exporter of oil and natural gas. Additionally, disruptions to the global supply chain – such as due to the closure of the Shanghai port in China to contain the Covid-19 pandemic – have also led to higher fertiliser prices.

(Image: The Star/Mustafa Ahmad)

Despite these factors, some durian traders said that they will still scout around before deciding on whether they should increase the prices of their fruits. Tan Chee Wei – who operates a durian store in Paya Terubong, Penang – commented that the fruit season has just started in Pulau Pinang. “The price is high now as fruits have just started to drop. Due to the foreseen shortage, we are worried that prices from suppliers might increase. If durians are pricier, we may end up selling less as most consumers are also being affected by the weak economy,” he added.

Ah Kok – another durian trader in Bayan Lepas, Pulau Pinang – also stressed that durian traders cannot simply raise durian prices, even with the lower supply of fruits. “I’m really hoping to have more to sell as tourists will be coming soon but yet, we cannot simply raise prices,” he said.

(Source:
The Star
)

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Black Thorn Durians

China

Durian

Durian Prices

Musang King Durians

Russia-Ukraine Crisis

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Nur Adilah Ramli

Nur Adilah Ramli

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