BNM To Assess Economic Impact Of Previous OPR Hikes Before Making Next Decision

Bank Negara Malaysia (BNM) governor, Tan Sri Nor Shamsiah Mohd Yunus has commented that the central bank will need to assess the economic impact of previous overnight policy rate (OPR) hikes before making any future decisions. These include how much more to raise the OPR moving forward, or how long to hold the OPR at the current level.

“It is important to remember that monetary policy works with a lag and will take some time before we start to see demand pressure easing. The decision to maintain the OPR for now allows us to assess the impact of our past OPR adjustment to inflation and economy. This would give us a better clarity on inflation and economic outlook amid the evolving global economic environment and how we act next,” said Tan Sri Nor Shamsiah.

For context, BNM had implemented four OPR hikes back in
May
,
July
,
September
, and
November 2022
 to raise the rate back up from a
historical low of 1.75%
 to 2.75%. It then decided to
take a pause in increasing the OPR during the first Monetary Policy Committee meeting of 2023
.

(Image: Bernama)

The governor also went on to explain that Malaysia’s inflation is currently caused by a combination of both supply and demand pressures, instead of just one key factor. While the OPR has limited impact on the cost-push price pressures (when companies increase their prices to cover higher production costs due to various reasons), the rate is still crucial in managing demand pressures.

“We have been seeing demand pressures since the economy reopened, which contributed to the persistence and pervasiveness of domestic inflation. High inflationary pressures are very damaging to the economy and can cause even deeper hardship for the rakyat. It would hurt everyone’s purchasing power, especially for the low-income group, regardless of whether you have a loan or not,” Tan Sri Nor Shamsiah elaborated.

Given this situation, the governor said that BNM will need to continue monitoring the strength and risks posed by Malaysia’s demand pressures, and take into account these data when making its decisions regarding the OPR.

(Image: The Star)

Regardless, Tan Sri Nor Shamsiah reiterated that BNM will adopt
a measured and gradual stance in its monetary decisions
, as opposed to the more aggressive position taken by other countries. This is to ensure that Malaysia’s monetary policy will remain as accommodative and supportive of the economy as possible.

“I would like to stress especially on social media that we do not set our OPR based on what other central banks decide on their monetary policy. In line with our mandate, we continue to calibrate monetary policy based on ensuring sustainable domestic growth in an environment of price stability,” Tan Sri Nor Shamsiah added, stressing that Malaysia’s OPR must cater to the country’s needs.

(Source:
The Edge Markets
)

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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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Government Is Finalising Recipient List For Targeted Petrol Subsidy

The government is currently in the process of finalising the list of eligible recipients for the targeted petrol subsidies that will be implemented in the second quarter of the year. Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail revealed that the ministry has held a series of discussions with local gas station operators and consumer associations regarding the petrol subsidies.

The targeted fuel subsidies were first announced during
Budget 2019
 last year. The targeted fuel subsidy will include cars with engine capacity of 1,500cc and below, and motorcycles with engine capacity of 125cc and below, with an expected rate of at least 30 sen per litre. Car owners will get up to 100 litres of subsidised petrol while motorcyclists will get up to 40 litres each month.

Datuk Seri Saifuddin Nasution Ismail said that the Finance Ministry will be announcing the selected vendor soon, to develop the implementation system for the targeted RON95 petrol subsidy programme. The Domestic Trade and Consumer Affairs Ministry will then work with the chosen vendor to carry out the implementation of the targeted subsidies smoothly. He also mentioned that the successful vendor will be responsible to carry out the system involving both petrol subsides and other items under targeted subsidies.

Ongoing discussion with multiple parties like oil companies, petrol station operators, the National Registration Department, and the Implementation Coordination Unit of the Prime Minister’s Department in charge of the e-Kasih data, will make sure the eligible beneficiaries of the targeted subsidies are credible and clean data.

(Source:
The Star
)

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3 Things To Look Out For When Buying A Smartwatch

Through the rapid evolution of tech advancement in recent decades, consumers now have plenty of options when it comes to wearable technology. In 2021, wearables are comprised of anything from smart masks with the ability to detect the presence of airborne chemicals, to smart rings that, like a debit card, can complete purchases through contactless payment methods.

One of the more commonly adopted wearable tech is the smartwatch. With so many options available in the market, how do you know where to begin when finding the right smartwatch for you?

Let’s explore three things to consider when shopping for a smartwatch.

1. Features

Arguably the most important, you’d need to pick a watch that suits your lifestyle and has all the capabilities that you’re looking to fulfill. If you’re a swimming enthusiast with a penchant for diving, it would only make sense to purchase one that can tell your strokes apart and withstand depths.

For those who are looking to monitor their health more closely, it’s crucial to look for those equipped with health-specific features such as heart rate monitoring, sleep monitoring, and ECG tracker.

2. Display & Design

If style is an extension of your personality, then you’d surely want a watch that compliments your taste. Customisability and display quality may also play a big role in your decision-making process. You may want to ask yourself if the available watch faces/screen options suit your style or if not, there is a chance that they’re customisable. When it comes to the physical display, users may have a preference for AMOLED instead of the LCD or vice versa.

Smartwatches also come in a variety of shapes and sizes and while some prefer the additional screen estate a larger face offers, others may opt for something light and less obtrusive.

3. Battery Life

Those with busy lifestyles may benefit from having a smartwatch with longer battery life and save themselves the trouble of having to charge every few hours. Longer battery life also means people who work remotely or are constantly on-the-go need not lug around their watch charger cables along with them. Besides that, fast charging watches may also be something of interest to some.

***

The process of finding a suitable smartwatch that not only checks all your boxes, but is also at the right price point may not be as straightforward as you think, especially considering the myriad of choices available in the market. If you’re looking for one that strikes a balance between useful features, high-quality display, and long battery life, consider purchasing a smartwatch from Amazfit.

Enjoy 150+ Built-In Sport Modes & More With Amazfit Smartwatches

Amazfit GTR 3 Pro, Amazfit GTR 3, and Amazfit GTS 3 all have their own unique features but one that must be highlighted is that all three have over 150+ built-in sport modes, built-in online and offline assistants, and run on Zepp OS.

Zepp OS is the new operating system that powers Amazfit smartwatches. Among its new features are new and faster animations at up to 60fps and app support. Zepp OS brings with it 10+ mini apps that come bundled with each smartwatch, such as water-intake app, calendar, and an app that allows easy controls for smart home devices called HomeConnect. Developers could design their own watch faces and apps using a web-based app developer kit that’s hopefully coming in the future.

Amazfit GTR 3 Pro

Dubbed the premium one of the three, Amazfit GTR 3 Pro sports a classic round design with a rotatable crown for easy, intuitive navigation. Complete with 23 editable modular dials and 15 animated watch faces, the 1.45inch ultra HD AMOLED display makes scrolling through the different modes and interacting with the built-in Alexa and offline voice assistant easy.

Business professionals would enjoy the Amazfit GTR 3 Pro’s ability to make and answer phone calls via Bluetooth without having to reach for their phones. Choose between a minimal black strap that matches everything or a classic brown leather strap for a more serious look.

The GTR 3 Pro has a 24-hour heart rate, stress, and blood oxygen monitoring that examines four health metrics (including breathing rate) in a single tap. On top of that, the watch has warning alerts for low blood oxygen, high stress levels, and high heart rates. Coupled with the 12-day battery life, the GTR 3 Pro makes a good option for busy individuals who like the classic look, premium feel, and want to keep a close eye on their health.

Amazfit GTR 3

The Amazfit GTR 3 resembles the GTR 3 Pro but offers a far better battery life with up to 21 days on a full charge with typical usage while on battery saving mode, the watch can last up to 35 days. It also has a rotatable crown for easy navigation. The GTR 3 comes in two colours: Moonlight Grey or Thunder Black, with a matching antibacterial silicone strap

The watch possesses a 60fps, 326ppi display on its 1.39inch screen. Like the GTR 3 Pro and GTS 3, the GTR 3 also offers plenty of customisation options with over a hundred watch faces and matching always-on displays, as well as choices of editable watch faces and animated watch faces. Individuals who are constantly moving about and like the classic watch look will appreciate the GTR 3’s round face and long battery life.

Amazfit GTS 3

Available in three colourways, the Amazfit GTS 3 opts for a more modern look with a square 1.75inch display size. Its stylish design is thanks to an 8.8mm elegant body* made from aircraft-grade aluminium alloy that weighs only 24.4g and a bezel-less face that allows users to focus all their attention on the display. Out of the three, the GTS 3 offers the biggest display, boasting an always-on screen size of 1.75inch.

In terms of battery, the smartwatch can last up to 12 days for typical usage with a full charge. Besides that, the GTS 3 has many similar features to the GTR 3 and GTR 3 Pro like the Zepp OS, health and fitness tracking, warning alerts, and sport modes.

*Without a heart rate sensor

For Fitness, Health, Easy Accessibility, And Style

Finding the right smartwatch that can seamlessly integrate into your daily routine and fulfill all your needs may not be very simple but if sport features, customisability, clear display, and health monitors are important to you, Amazfit GTR 3 Pro, GTR 3, and GTS 3 offer all those features and more. Choose between a classic round face or a more modern square look, as well as online and offline voice assistants, and 5ATM water resistance. Not just that, all three models run on Zepp OS and also have an always-on display for quick and easy navigation.

If you prefer buying the watch in a physical store, you can head on over to 1 Smart Life to purchase or get product recommendations from the staff.

1 Smart Life, R-G-10, Kompleks Permaisuri Q, No.6, Jalan Sri Permaisuri, Bandar Sri Permaisuri, Cheras, 56000 Kuala Lumpur. Open from 11 AM to 10 PM
.

Alternatively, if you want to get your Amazfit smartwatch online,
click here
 to visit their online store.

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PM: Government Will Study Proposal To Allow Certain Withdrawals From EPF Akaun 1

The government is studying suggestions to allow certain contributors, such as laid-off workers, to withdraw funds from Akaun 1 of the Employees’ Provident Fund (EPF). This comes following calls by a number of organisations and members of the public for
Putrajaya to allow EPF withdrawals
 from Akaun 1.

“I have discussed with the Finance Ministry and we basically agreed and are prepared to study the proposal for contributors who really need to withdraw allocations from Akaun 1,” said Prime Minister Tan Sri Muhyiddin Yassin today.

EPF savings is divided into two accounts: Akaun 1 and Akaun 2. Traditionally, the funds in Akaun 1 cannot be accessed until retirement, while money in Akaun 2 can be partially withdrawn for specific reasons. Earlier in March, the government launched the
i-Lestari scheme
, which allowed Malaysians to withdraw up to RM500 per month from Akaun 2 for a total of 12 months to ease Covid-19 cash flow problems. The statutory
employee contribution rate
 was also reduced to 7% from 11% previously.

(Image: The Edge Markets)

However, the Prime Minister warned that approving these withdrawals may not necessarily make a big difference to some Malaysians. It is noted that more than 30% of EPF members have savings of less than RM5,000 in their accounts, which is why EPF savings may not actually address the cash flow problems faced by contributors.

“(There are) some who have contributions of less than RM1,000. Hence, EPF savings will not necessarily be able to address their cash flow problem. If they draw down then they won’t have any savings for their future,” said Muhyiddin.

“However, the government is always ready to study the proposal to help the rakyat who are facing difficulties and truly need (the funds),” the prime minister. He added that as a responsible government, it must balance the short-term needs of affected individuals with their long-term future and retirement savings.

Previously, the prime minister had said that it would be
difficult to allow the withdrawals
 from Akaun 1, as the government had already disbursed billions in cash aid – with more likely to come.

(Source:
 The Malay Mail
)

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Standard Chartered Extends 30% Cashback Campaign For Smart Credit Card Until 31 December

Standard Chartered Bank has extended its Smart Credit Card 30% Cashback campaign, allowing cardholders to continue enjoying 30% cashback on purchases from selected online merchants if they meet the monthly minimum spend requirement of RM1,000. The updated campaign, which was originally slated to end by 30 April 2021, will now continue from 1 May until 31 December 2021. However, it will see some revisions made to the list of participating merchants and rewards structure.

Open to all principal Smart credit card cardholders, the extended campaign will feature an updated list of participating merchants with whom you can spend with in order to earn cashback:

Boost

FavePay

GrabPay

Lazada

Shopee

Taobao

Touch ‘n Go eWallet

Zalora

All your transactions on these apps must be retail transactions, which means that payments such as cash advances, cash withdrawals, easy payment schemes, as well as government and charity-related transactions are not valid for the campaign.

Note as well that the total monthly cashback that you can earn in this extended campaign stands at RM30 per eligible cardholder, provided on a first-come first-served basis. The bank has allocated RM56,250 each month for this campaign, with the overall capping of RM450,000 over the campaign period. All cashback earned will be credited into your account within 12 weeks after the end of the campaign period.

That said, do be aware that those who have participated in the first campaign are not entitled to benefit from this extended campaign until their participation in the earlier promotion has ended.

Standard Chartered had initially rolled out this 30% cashback campaign as an introductory offer in conjunction with the
launch of the Smart credit card
. It allowed eligible cardholders to earn 30% cashback from selected online merchants for six months, starting from the month during which the cardholder’s Smart credit card was approved. In this version, the total cashback that can be earned was limited at a more generous RM80 per month, although the bank also introduced category caps according to the types of merchants. Participating merchants ranged from e-commerce platforms (capped at RM15), e-wallets (capped at RM15), and travel-related merchants (capped at RM50).

The
Smart credit card
 was launched in November 2020, and is targeted at individuals who frequently spend on digital platforms. It offers a benefit of 6% cashback for selected digital lifestyle merchants – including Astro, iQiyi, Netflix, Spotify, and Playstation Network – if you hit the minimum spend requirement of RM1,000.

You can find out more about Standard Chartered’s
extended Smart Credit Card 30% Cashback campaign
 on the bank’s website.

(Source:
Standard Chartered
)

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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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Government Extends Prihatin Electricity Bill Discount For Domestic Users Until December 2020

(Image: The Sun Daily)

Domestic electricity users will be able to continue enjoying the electricity bill discounts offered through the Prihatin economy stimulus plan until 31 December 2020 as the initiative has now been extended. The extension was announced by Energy and Natural Resources Minister, Datuk Shamsul Anuar Nasarah.

The discounts in question are the
tiered discounts of between 2% to 50%
, granted based on the total monthly electricity consumption of each household. This offer began in April, and was originally slated to end in September.

Datuk Shamsul further clarified that the extension also applies to the extra 8% discount for domestic users who fall within the 601-900kWH (per month) range, which is offered through the
Bantuan Prihatin Elektrik (BPE)
. The BPE was introduced as a supplementary package to the tiered discounts, intended as a one-off assistance to help Malaysians with higher-than-usual electricity bills incurred during the MCO.

“With this decision, a total of 7.66 million domestic users in the peninsula will continue to enjoy the electric bill discount between 2% and 50% from 1 October until 31 December as an extension announced by the Prime Minister on 27 March under the government’s economic stimulus,” said Datuk Shamsul in his
statement
.

(Image: MalaysiaKini)

Moreover, 520,000 and 580,000 domestic users in Sabah and Sarawak, respectively, will continue to benefit from a discount of 2% from the federal government until 31 December 2020. This is in addition to extra rebates that were provided by their own state government, with
Sabah’s offer having just ended in June
 and
Sarawak’s ending in September
.

Datuk Shamsul also noted that the extension for users in Peninsular Malaysia will be funded by Kumpulan Wang Industry Elektrik (KWIE), whereas Sabah and Sarawak’s will be paid for by the Finance Ministry. “This brings the total cost involved for offering discounts from April to December to RM2.62 billion,” he said.

(Source:
The Star
)

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Government Urges Airlines To Adjust Airfares Back To Pre-MCO Levels

Airline companies have been requested to adjust their flight prices back to pre-movement control order (MCO) levels by senior minister Datuk Seri Ismail Sabri Yaakob.

According to Datuk Ismail, the government is aware of the high airfares for domestic flights between Peninsular Malaysia and Sabah and Sarawak. He explained that the initial increase in ticket prices was justified as airlines were only allowed to fly at 66% passenger capacity due to social distancing.

“But now we have allowed airline companies to operate at full capacity without social distancing measures,” said Datuk Ismail, hence the call for ticket prices to be returned to normal. He added that the Transport Ministry and the Malaysian Aviation Commission (MAVCOM) have been tasked to reach out to airline companies regarding this matter.

(Image: The Star)

In particular, Datuk Ismail urged for flight prices be adjusted for students, teachers, and higher education institute students who will be resuming their studies. He further called on MAVCOM to negotiate special ticket prices for these groups of travellers.

Prior to this, airlines had temporarily grounded their fleets between March to April due to travel restrictions and low demand. Subsequently, the government urged them to resume flights between Peninsular Malaysia and Sabah and Sarawak.
Malaysia Airlines
 was the first to do so in mid-April, and it was subsequently joined by
AirAsia
 and
Malindo Air
. However, the airlines were subject to regulations and operating procedures, such as carrying only 66% of the passenger capacity (during the extended conditional MCO).

(Source:
The Star
)

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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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BSN Credit Cards Take You to Taman Negara

Have a relaxing stay in nature with the help of your BSN credit card. Cardmembers enjoy a 30% discount on chalet stays at the Mutiara Taman Negara Resort complete with 2 breakfasts and a complimentary food and beverage rebate voucher of RM80.

Enjoy a stay in a rustic chalet and partake in nature trails including the canopy walk, river cruises and night safari tours.

Offer valid until 30 June 2013.

For more info,
check out the pamphlet
 or get in touch with BSN. To get a BSN credit card of your own;
apply online
.

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Covid-19 Taught Us Something About Money, But Are Malaysians Behaving Any Differently?

Say what you want about 2020. Unprecedented. Different. Challenging. Yet, when it comes to the way Malaysians managed their money, the RinggitPlus Malaysian Financial Literacy Survey (RMFLS 2020) discovered that nothing much has changed.

76% of Malaysians claimed that they are in control of their money (a slight increase from last year’s 69%). However, 46% (from last year’s 43%) of Malaysians also spend exactly what they earn or more, while 53% revealed that they would not be able to survive more than 3 months with their savings. The figures are more alarming among the youth (respondents under 35) as 60% of them admitted that they would not survive longer than 3 months.

“When the Movement Control Order (MCO) was enforced in March, we experienced a significant halt in our nation’s economy. It affected the income of many Malaysians who could not go to work, had to take pay cuts, or were even let go as companies were forced to downsize. For the past two years, we had hoped that our survey results would act as a wake-up call but it really was this tragic event in our lives that became the true test to our personal financial habits,” said Hann Liew, co-founder and executive director of RinggitPlus.

From the pandemic, 27% of Malaysians realised the importance of an emergency fund. The automatic loan moratorium also pointed to this sentiment as the Association of Banks Malaysia (ABM) reported that over 7.7 million borrowers took the loan moratorium. Meanwhile, 16% of the RMFLS respondents admitted that they are not prepared to resume their repayments.

On a brighter note, the pandemic also caused a shift in their spending behaviours. 88% of Malaysians have stated to be consciously choosing contactless or cashless payment methods. In fact, 90% of the respondents say that they have e-wallets on their mobile devices.

“We would like to thank our partners – Financial Education Network (FEN), Experian and Nanyang Siang Pau for their support and knowledge sharing to make our survey better. The results certainly have given us a more in-depth understanding of how Covid-19 has affected the nation. We hope that when our economy slowly recovers, Malaysians would take their finances more seriously so that we can all be more prepared in case the next rainy season ever comes,” Liew added.

The RMFLS is in support of the financial literacy efforts driven by FEN and the implementation of the National Strategy for Financial Literacy 2019 – 2023 (NS) to improve financial well-being of Malaysians. The NS aims to elevate financial literacy and promote responsible financial behaviour and rational attitudes towards financial management. “FEN is committed to work collaboratively with partners across the public and private sectors to achieve the NS’s inclusive and sustainable desired outcomes”, said FEN. In addition, the survey, which helps to assess Malaysians’ financial literacy and resilience during the pandemic, will further help RinggitPlus and its partners to better understand, develop and promote effective financial education initiatives to Malaysians.

This is RinggitPlus’ biggest survey since the inception of RMFLS in 2018, with 10,628 respondents nationwide – from which stratified sampling was conducted to achieve a more representative sample of the Malaysian population.

RMFLS 2020: Key Findings

Compared to
last year
, Malaysians haven’t changed their personal finance habits much.

53% of respondents cannot survive more than 3 months with their savings, if they lose their job, showing no improvement since last year’s survey.

E-wallet adoption continues to grow. 90% of respondents share that they have e-wallets. A combination of government incentives as well as concern with physical cash handling in the time of Covid-19 are likely drivers of this behaviour.

Malaysians are more receptive to online transactions. 39% of our respondents do more online transactions now. Covid-19 could be the catalyst for higher and faster adoption.

The automatic loan moratorium has had a positive impact on certain income groups during this trying time, as 14% of the respondents manage to save RM2,001 and above, compared to last year’s 9%.

The moratorium also introduced Malaysians to new financial terms such as “loan moratorium”, “debt restructuring”, and “Rescheduling & Restructuring (R&R)”. 61% of respondents admitted that they do not know or are unsure of what R&R means.

For the youth (below age 35) specifically, 64% of them do not know what R&R is.

Majority of Malaysians (70%) continue to claim that EPF savings alone is not sufficient for retirement. However, 45% of them have yet to start planning for their retirement.

Click
here
 to download the full RMFLS 2020 report.

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3 Reasons Why SME Business Owners Should Consider RHB SME Online Financing

Findings from

The Mastercard Impact Study for SMEs
revealed that 2021 could be the year of recovery for many small-to-medium businesses. Between one fifth to one third of the businesses surveyed, depending on their industry, indicated that their operations had returned to pre-pandemic levels.

Although many SMEs are on the path to recovery, they are still met with challenges. To suit the new normal, many SMEs have to reassess their business model, determine if there’s a need to explore new markets, introduce new products and not to forget, become digitalised.

Whether you’re looking to reinvent your business or enhance your digital operations, business owners can consider the RHB SME Online Financing that offers up to RM1 million financing with low interest.

Up To RM1 Million Financing

Many SMEs are starting to regain stability this year which is a testament to their agility and ability to adopt new ways of doing business. While recovering, SMEs might need additional resources to continue to stay ahead in the new normal.

RHB SME Online Financing is one of the first digital lending services in Malaysia created exclusively for SMEs. It provides financing up to RM1,000,000 for tenures between six to 84 months with no collateral needed and interest starting from 4.75% per annum.

Many SMEs had to overhaul their business model during the pandemic, all while battling restrictions and the economic crisis. Over the course of the pandemic, 21% established an online presence for their business and 39% enhanced an existing online operation in order to
better reach customers.

Adapting to the new normal takes time and money. If you’re thinking about getting extra financing to enhance your working capital or boost your cash flow in the new normal, apply for the SME Online Financing from RHB.

Only 10 Minutes To Apply Online

The new normal environment that we are in has shifted our preference towards remote banking including loan application as opposed to traditional face-to-face meetings. Digitally-driven financial products and services just make it easier and safer for everyone to use.

The RHB SME Online Financing takes the application process online and requires only the minimum of documents. SME owners can apply for financing online and via RinggitPlus and submit supporting documents digitally, all within their fingertips in just 10 minutes. It’s simple and only two documents are required – a digital copy of the SME owners’ Malaysian Identity Card (MYKAD) and bank statements of the past six months.

In addition, SMEs can also easily apply for the financing via the new RHB Financing (SME) Mobile App. Powered by AI, the app automates the customer on-boarding process and enables customers to interact with RHB’s relationship managers while submitting their applications remotely and securely at their convenience.

Speedy Approval in Four Steps

In a fast-moving world, speed is key especially for SME owners who’re constantly on the go, making decisions and striving to stay ahead. The RHB SME Online Financing provides approval as fast as five working days for processing. It also has an easy-to-monitor online status tracking for the convenience of SME owners.

You can get your approval in only four simple steps. Firstly, start your application from the comforts of your own home or office. There’s no need to step into any branch. Secondly, just complete your basic application details. There is no need to fill up any physical forms.

Thirdly, all you need to do is upload your documents that include the most recent six months bank statement of the main operating bank and copies of MYKAD of all business owners. Lastly, just keep track of your application from start to finish.

***

Financial institutions play a major role in the growth of SMEs, which make up 98.5%
 of all business establishments in Malaysia.
According to the Mastercard Impact Study for SMEs, around
66%
 of SMEs wanted lower interest rates on loans, naming that as the most valuable form of support for their operations.

To support SMEs during this economic recovery phase, digital financing products are developed to provide convenience and safety to everyone. So, if you’re looking to supplement your business with larger capital, be sure to check out the
RHB SME Online Financing for up to RM1 million financing with low interest,

safe application, and fast approval.

Apply for RHB SME Online Financing via RinggitPlus!

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AmBank’s Household Guard protects your home’s contents

There’s no place like home. And while bank mortgages mostly do include housing insurance by default, they only protect your home’s structure, not its contents.

Enter AmBank’s Household Guard. It provides
comprehensive coverage of between RM10,000 to RM70,000 for the possessions in your residence.
 Also thrown in is 24 hour worldwide personal accident coverage of RM50,000 for up to five family members.

The plan’s premium ranges from RM70 to RM365, with a 0% Easy Payment Plan available for premiums RM200 and above. RM10 will also be charged on top of the premium for stamp duty. That works out to a minimum payment of only 22 sen a day!

Here’s the
Product Disclosure Sheet
 as well as
FAQs
 for a look through.

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2018 Kuala Lumpur Public Holidays - List of Dates and Places to Visit

If you are looking to take advantage of the Kuala Lumpur public holidays this year, you are going to need to make some plans real soon. You will notice below, that the public holidays in Kuala Lumpur (KL) start as soon as 31st January, and has the 1st of February, lined up back to back.

Thaipusam – 31 January (Wednesday

Federal Territory Day – 1 February (Thursday)

Nuzul Al Quran – 2 June (Saturday)

The final Kuala Lumpur public holiday occurs on the 2nd of June. Despite not making any difference to most individuals, those who work on Saturdays in selected industries will be grateful for the double salary compensation which may come in handy for the prevailing Hari Raya season.

For those who aren’t enjoying any additional compensation, try looking out for some
good credit card deals
 for buka puasa or unwind with a discounted spa day in June. If you really have no clue what to do, here are a few suggestions on what you can do within Kuala Lumpur.

Live Stand-up Comedy

Change the usual stressful mood into a bunch of laughter, by hitting up one of the rare comedy joints like the
Crackhouse Comedy Club, in TTDI
. The Crackhouse hosts an array of local and foreign comedians. It is usually opened from Wednesday till Saturday which coincides perfectly with the upcoming Kuala Lumpur public holiday.

Charges depend on who is performing that night. Ticket prices begin at RM15 per pax which is equivalent to a typical movie night. Some of the bigger stars command a higher price of RM40 or more. But watching people come up with clever material in front of an audience, is an addictive experience to enjoy.

While you can make your ticket purchase at the door, we recommend doing it online where you get a discount for pre-purchases and you get to earn some reward points on your credit card while you are at it.

KL Forest Eco Park

The minute you think of Kuala Lumpur, most people think of the hectic city life. But it does not have to be that way, visit the hidden gem in the city, located in the golden triangle. What better way to spend your public holiday than in the outdoors, away from all the crowded malls, streets, or stressful news you read on Facebook?

According to the
Star Online
, the park entry is free but will soon incur charges of RM12 for adults and RM4 for children. The additional charge is actually to hire forest rangers to take visitors around the 9.37 hectares of forest reserves.

The biggest attraction here is the Canopy Walk which is suspended 21 metres high, and gives you a bird’s eye view of all the trees and if the universe is on your side, you may spot a few monkeys, bats, squirrels, civet cats along with 25 different bird species. It would be be advisable to have your smartphone handy as you can
scan QR codes
 along the way that brief you on the different species of plants found within the forest.

Eat at Jalan Alor

After some time in the outdoors, some tasty food is in order. Fill up along the infamous
Jalan Alor
 and be amazed with the different types of cuisine being served. Although it is hard to believe, there are locals who have not tried the food along this popular street due to the perception that Jalan Alor is made for tourists. Since Kuala Lumpur is not going to be flooded with its usual traffic, this would be an amazing time to experience what all the food and travel blogs have been raving about.

Do take note that the majority of the food tends to be non-halal, but there are some other awesome things to try. Walk down the street and sample the popular chicken wings, satay, grilled stingray and lots of different cuisines. Jalan Alor even has a very scrumptious fruit rojak stall and also contains authentic Thai food towards the end of the street. You’ll be surprised by the amount of food variety the street has.

Aquaria KLCC

Living in the urban jungle does limit our experience when it comes to marine life. Take the opportunity to expand your knowledge and witness seahorses, tiger sharks, sea snakes and approximately
150 more different species of marine life
.

No doubt it is a tourists and educational experience that parents take their children for, but not having the foresight to undertake this adventure is a mistake. Especially with more and more marine life going extinct, this could very well be, a once in a lifetime experience to wonder in awe, while the fish and other sea creatures swim around.

Or if you are one of those who needs a little action to encourage you, there will also be piranhas that they feed during the day. That particular experience may keep you out of the waters during your next trip. For those who love the water, the rest of the exhibits may inspire you to go on a diving trip in order to have a wider experience. Ticket prices begin at RM39 for children and RM49 for adults. Again, be sure to have your credit card handy, to accumulate some of those rewards when purchasing those tickets.

Banking on a Five Day Weekend

Take yourself out of your comfort zone and opt for an adventure beyond the city if that is what piques your interest. The upcoming public holidays in particular, presents a really good opportunity to take a trip out of the country. But make sure you book your flight tickets using a good
travel credit card
 so you may enjoy some lounge privileges and free travel insurance as a benefit at no additional cost. Also don’t forget to check out
Agoda
 to enjoy booking more affordable accommodations!

If you are one of those old fashioned types who believes in only purchasing in cash instead of a credit card, then be sure to get the best travel insurance using our
comparison tool
that will help you pick the best suited one for you.

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Gavin Pereira

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Government May Implement Congestion Fee For KL Once MRT3 Is Completed

(Image: Bernama)

Transport Minister Datuk Seri Wee Ka Siong has said that the government may begin implementing a congestion fee on vehicles that enter the Kuala Lumpur city centre once the Mass Rapid Transit Line 3 (MRT3) is completed in 2030.

The minister stated that the actual decision will only be made when the MRT3 is fully operational, and the city has a “completed public transport network system”. He contends, however, that the introduction of a congestion fee is the right way to go as it will also contribute to environmental sustainability – in line with
Malaysia’s aim to become a carbon-neutral nation by 2050
.

(Image: European Pressphoto Agency/Ahmad Yusni)

“This is the correct trend [to introduce the fee] for not only vehicles entering the city, but in terms of environmental protection too,” said Datuk Seri Wee during a parliamentary session, adding that such fees are already being implemented in other major cities globally. Exemptions are, however, typically provided for electric vehicles.

The MRT3 project – which was approved on 4 March 2022 – is essentially the final stretch of track that is required to link the two existing MRT lines (MRT1 and MRT2) around the Greater Klang Valley, thereby forming the Circle Line. The first phase is expected to be open to the public as early as December 2028.

(Sources:
The Vibes
,
Free Malaysia Today
)

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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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Choose Your Fun From RM99 With Astro’s Entertainment & Broadband Bundle

Staying home amidst the pandemic also means getting to spend more time with your loved ones. And without a doubt – tuning into blockbuster movies or addictive K-dramas, besides other possible family activities such as gardening and cooking has become the staple way to keep our family occupied and entertained.

And more than ever, a reliable speedy internet connection is essential to keep everyone in the family going – not just for entertainment, but also for day-to-day necessities in the new normal. Think e-learning for the kids, and remote working for the parents.

But how do you make sure that your current broadband and entertainment at home can keep up with your family’s demand? If you’re looking for an upgrade, you might want to check out Astro’s special internet and entertainment bundle package, suitable for families at home.

Levelled-Up Entertainment With Astro & Broadband

With broadband speeds from 30 Mbps to 800 Mbps and 6 entertainment packages to choose from, Astro & Broadband is an all-in-one package for the whole family that features the best Astro content coupled with Maxis high-speed fibre broadband from as low as RM99 a month.

Both new and existing customers will get to enjoy savings of up to RM840 over a period of 24 months when they subscribe to Astro & Broadband. Other benefits include additional freebies, complimentary upgrades, and even monthly rebates.

6 Exciting Packages To Choose From

To go along with your preferred broadband speeds of either
30Mbps, 100Mbps, 300Mbps, 500Mbps, 800Mbps,
there are 6 entertainment packages available for you to choose from.

If you’re looking for a variety of different channels and programmes, consider a Starter or Value Pack. The
Starter Pack
 includes over 60 channels with more than 25 HD channels, while the
Value Pack
 has more than 70 channels with 35 HD channels that include local and international favourites. Both packages also come with one additional language pack of either Malay, Chinese, Indian or English programmes.

Sports fans will definitely enjoy watching the latest matches and sporting events with the
Super Pack Lite Sports
 such as the Premier League, MotoGP, F1, and more. While movie fanatics can opt for
Super Pack Lite Movies
 to enjoy popular movies from around the globe.

These packages come with over 80 channels that include 40 HD channels, a choice for one additional language pack, and a free basic add-on of either Learning, Kids, Variety and News channels. That’s not all, users also get to stream over 60,000 Video On Demand included in their respective bundles.

Meanwhile, packages such as
Super Pack
 and
Super Pack Plus
offer subscribers an array of international & local family favourites, premium sports programmes, and exclusive movies with over 100 and 110 channels including 70 and 80 HD channels, respectively. These two packages also offer streaming packages such as HBO Go and the latest Disney+ Hotstar, as well as an additional language pack.

Moreover, new and existing customers who sign up for a Value Pack will receive a
Free Ulti Box
 (Full HD Experience), while customers who subscribe to Super Pack Lite and above will receive a
Free Ultra Box
 (4K UHD & Full HD Experience) for a limited time only.

Get Upgrades, Devices & More For Free

To sweeten the deal, Astro & Broadband is also giving you a list of freebies to enjoy.

From 15 March 2021 till 31 August 2021, customers get to enjoy a
complimentary TV package upgrade
. For example, if you signed up for a Starter Pack with Astro & Broadband, you’ll then be upgraded to Value Pack. As for those who subscribed to a Super Pack Plus Package, they’ll receive a monthly rebate of RM32.

Besides that, customers who subscribe to broadband speeds of 500 Mbps and 800Mbps will be entitled to
2 Free Mesh WiFi Devices
 worth RM300 per unit. Other freebies also include
Free Access to Astro Go and Video On Demand
,
Free Installation
 for all packages, and a
Free Month of Broadband
for online sign-ups. Lastly, users can enjoy a hassle-free bill payment as both internet and entertainment come in an all-in-one bill every month.

Be One Of Every 10th Customer To Win An 11” Apple iPad Pro

Last but not least, Astro & Broadband has also teamed up with RinggitPlus to give away an
11-inch Apple iPad Pro
 to every 10th customer who makes their first payment once activated to Astro & Broadband. Additionally, customers who register with their credit or debit card for automatic monthly payments will receive a
special monthly rebate of RM5
.

***

So, if you’d like to upgrade your entertainment and internet connection at home, why not subscribe to Astro & Broadband? Enjoy uninterrupted fun and seamless connectivity, whether for work or play.

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For more information, contact a sales representative or sign-up online here!

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Katrina Balan Quiroz

Katrina Balan Quiroz

Copywriter. Katrina is fueled by a need to turn a confusing wall of text into something comprehensible, and drip coffee.

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GHL Partners With Visa To Become First In ASEAN To Offer Visa Instalments

GHL Systems Berhad has partnered with Visa to enable Visa instalments for its clients using the eGHL Payment Gateway Platform. GHL Group is the first online payment gateway in Southeast Asia to be integrated with Visa instalments.

Under Visa instalments, consumers using Visa cards from participating banks can spread their total purchase amount into a set number of instalments over a specific time period. Eligible customers will be presented with the option at the point of purchase, which can either be on the payment terminal screen in-store or at the checkout page online.

Currently, over 2,500 existing eGHL online merchants across Malaysia will be able to offer the instalment options to their customers. The solution will be made available to GHL face-to-face merchants in the next phase.

“GHL is excited to be the first in ASEAN to be integrated to Visa Instalments API to provide seamless shopping experience and expand consumers’ purchasing power, especially when it comes to bigger ticket items,” said Group CEO of GHL Sean Hesh. “The payment flexibility is just the beginning of many of our continuous efforts and innovative solutions that we hope to grow with Visa here onwards.”

Meanwhile, Head of Products for Visa Malaysia Kim J. Hak said, “Visa Instalments empowers consumers the ability to choose how they pay upon checkout, and simplifies the current friction and time-consuming instalment process for buyers and sellers. We’re extremely excited to partner with GHL to integrate our API with their payment gateway and offer this solution to thousands of online merchants. We will be working with our issuer partners to enable this solution for Visa cardholders shortly so that they can make instalment payments with eGHL merchants.”

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EPF Reminds Members To Check Details For Smoother RM10,000 Special Withdrawal Application

(Image: Malay Mail/Hari Anggara)

The Employees Provident Fund (EPF) has released some early information regarding the special RM10,000 withdrawal facility that is set to
open for application on 1 April 2022
.

In a Facebook post, the EPF emphasised that members can only apply for the facility via a dedicated online portal. Additionally, it urged members to check on several details in advance to ensure that their applications can be processed smoothly when the time comes, namely:

Make sure that your current mobile number is registered with the EPF
Check the balance in your EPF account (Akaun 1 and 2)
Ensure that your bank account is still active (current/savings account)
Ensure that your bank account is under your own name (not a joint bank account or a company bank account)

So if your current contact number is not the one that has been registered with the EPF, do take some time to update your details at the nearest EPF kiosk or branch, or email the EPF for assistance. It’s also crucial that you’re aware of the latest balance in your EPF account, and have an active bank account so that your special withdrawal can be credited to you without any delay.

Meanwhile, members who do not have a bank account are also reminded to choose Payment Instruction (Arahan Bayaran) as their preferred method of payment when filling in their applications for the special withdrawal facility.

Finally, the EPF said that it will share the full FAQ for the withdrawal facility in the near future. In the meantime, make sure to
exercise caution against scammers
 who share online ads claiming that they can help you with your application, or have links to the application website.

The
special RM10,000 EPF withdrawal facility
 was announced by Prime Minister Dato’ Sri Ismail Sabri Yaakob last week to assist those who are still struggling with financial difficulties due to the Covid-19 pandemic. He also appealed to Malaysians to be prudent with their EPF withdrawals, and to only do so if they are really in need.

(Source:
EPF
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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Maybank Supports Mercy Malaysia's Covid-19 Fund, Encourages Malaysians To Donate

Maybank has teamed up with Mercy Malaysia to invite the public to contribute to the Mercy Covid-19 Pandemic Fund. Mercy Malaysia’s fund, which was launched on 18 March 2020, is meant to aid the country’s healthcare system in its ongoing battle against the pandemic, as well as to support the essential needs of marginalised groups.

The donations will be channeled specifically for critical preparedness, readiness, and response support actions for the Ministry of Health (MOH) and the National Crisis Preparedness and Response Centre (CPRC). These include acquiring personal protective equipment (PPE) for frontline health workers, providing assistance at critical community points that have low or no access to health screening facilities, as well as establishing mental health and psychosocial support services via a hotline platform.

“This campaign aims to help our frontline heroes of health workers in fighting Covid-19 as well as ensure our healthcare system has the needed supplies, logistics, and operations are received on time and distributed to identified facilities and institutions,” said Maybank in its campaign page.

Maybank had also separately donated
RM4 million
 to Mercy Malaysia’s fund, and a subsequent RM2.5 million via another collaborative effort by the
Association of Banks Malaysia (ABM)
.

Malaysians who donate to the fund will also be entitled to tax exemptions. To get your tax-exemption receipt, you can either log in and donate at Maybank’s campaign page, or email your transaction receipt to
[email protected]
.

For more information on Maybank’s collaboration with Mercy Malaysia, or to donate to this cause, head on over to
Maybank’s campaign page
.

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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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Best High Interest Savings Accounts In Malaysia (June 2023)

(Last update: 9 June 2023)

It’s no secret that all of us would love for our savings to earn more money over time. Fixed deposits aren’t as liquid as savings accounts in the event you need immediate cash, but savings accounts basically give no interest these days… right?

As it turns out, there are several savings accounts in Malaysia that offer high interest rates – some with over 6% p.a.! Of course, there are certain conditions that need to be met to “unlock” the high interest, but there are also some savings accounts that easily offer more than several times the interest of a basic savings account.

Here are some of the best high interest savings accounts in Malaysia.

Standard Chartered Privilege$aver

Interest rate: Tiered, up to 6.15% p.a.

At present, the
Standard Chartered Privilege$aver
 savings account offers the highest interest rate on a savings account, provided the account holder fulfils certain conditions to earn bonus interest rates. In total, there are four bonuses that you can tap into to increase the interest from the base 0.05% p.a., namely Deposit Bonus, Credit & Debit Card Bonus, Invest/Insure Bonus, and Loyalty Bonus.

First, you need to deposit at least RM3,000 in fresh funds every month to unlock an additional 0.70% p.a. Deposit Bonus interest. On top of that, you can earn up to 1.40% p.a. of Credit/Debit Card Bonus interest when you use your credit and debit cards: 0.70% p.a. when you spend at least RM1,000 with your Standard Chartered credit card, and another 0.70% p.a. when you perform at least five retail transactions on your debit card.

Next, unlock another 2% p.a. Invest/Insure Bonus interest for up to three months by investing a minimum of RM40,000 in unit trust, or purchasing an insurance policy with a minimum of RM40,000 annual premium. And finally, Standard Chartered has introduced a new Loyalty Bonus of 2.00% p.a. when you increase your average balance in your account by at least RM3,000 every month.

Do note as well that the Standard Chartered Privilege$aver account has set a cap on the amount of interest that can be earned via the bonus categories. For each category, bonus interest will be credited on up to RM100,000 of your monthly average balance (MAB).

At 6.15% p.a., you’ll be earning a pretty good chunk of interest each month. A good way to hit the save requirement for a 0.70% p.a. interest is to use this account as your salary deposit account – you just need to inform your HR department for this. It’s also not a stretch to spend with StanChart’s credit and debit cards. For credit cards, in particular, the
Simply Cash
 and
Smart
 credit cards yield cashback as you spend.

UOB One Account

Interest rate: Tiered, up to 6.00% p.a.

UOB also has the
One Account
 that allows you to earn up to 6.00% p.a. interest if you’re willing to take some additional steps to earn bonus interest, which raises the base rate from 0.10% p.a..

The maximum interest rate of 6.00% p.a. is unlocked if your account has a balance of between RM50,000 and RM100,000, and you carry out two selected transactions – chosen from any of the following six tasks:

Open a UOB One account (introductory bonus interest for new customers, applicable for six months only)

Credit a minimum of RM2,000 salary into your UOB One account every month via UOB Business Internet Banking payroll

Spend a monthly minimum of RM500 with your UOB debit or credit card

Pay 3 bills online (minimum RM50 each bill) via mobile or online banking

Make 3 direct debit payments (minimum RM50 each payment) every month

Deposit a minimum of RM2,000 into your account in a single transaction each month (via Interbank GIRO, DuitNow, or Instant Transfer)

Meanwhile, if your account balance is less than RM50,000, you can earn a maximum of 2.00% p.a. by carrying out any of the two transactions that you prefer. To further maximise the rewards that you can earn, consider spending on UOB credit cards such as the
UOB ONE card
, which earns you cashback for petrol, dining, and grocery expenses!

Interestingly, the UOB One Account stops offering bonus interest when your account balance exceeds RM100,000, although its base rate hikes up from 0.10% p.a. to 2.00% p.a.. The effective interest rate that you can earn when you reach this range of account balance also decreases; for instance, if you maintained an account balance of RM125,000, you will only get an effective interest rate of 3.60% p.a. (as compared to 4.00% p.a. if you had a balance of RM50,000 to RM100,000).

Rize Commodity Murabahah Savings Account-i

Profit rate: Tiered, up to 5% p.a.

We should probably mention straight off the bat that the Rize Commodity Murabahah Savings Account-i (referred to as well as the Rize Savings Account-i) is provided by Rize, a fully digital bank powered by Al-Rajhi Bank
launched at the end of 2022
 – which means all of its services are available only online (although you can probably walk in to Al-Rajhi Bank to ask for assistance). So this means that if you prefer traditional banking, Rize Savings Account-i may not be for you.

In conjunction with its launch, Rize is running a special deposit rate campaign where you can earn 5% p.a. profit rate on the first RM5,000 deposited into your Rize Savings Account-i for six months – with no other requirements, conditions or tiers. This make it a great choice for those without the huge funds to meet minimum balance requirements or those who don’t fancy having to fulfil monthly spend or deposit requirements to qualify for higher interest. Meanwhile, subsequent amounts (RM5,001 and above) will net you 4% p.a..

That said, note that this campaign is for a limited time only, and will end on 31 August 2023, so best to hurry if you’re interested in tapping into this ongoing campaign! The Rize Savings Account-i is Syariah-compliant.

Hong Leong Bank Pay&Save Account

Interest rate: Tiered, up to
4.15% p.a.

The
Hong Leong Bank Pay&Save
 is yet another savings account that requires you to carry out certain activities each month in order to qualify for interest. However, while the Privilege$aver and RHB Smart Account do offer a minimal base rate, the Pay&Save’s interest rates are wholly dependent on four required actions.

Pay&Save offers a Savings Interest of 2.25% p.a. if you deposit RM2,000 in one sum monthly into your account, 0.50% p.a. e-Xtra Interest for a minimum spend of RM500 on online payments for eligible payments (bills, loans, and credit cards), and 0.50% p.a. Debit Card Interest when you spend at least RM500 in retail transactions using your Hong Leong debit card.

Finally, there is an extra step that can earn you up to another 0.90% p.a. interest, but this is only applicable if you trade in shares. The 0.90% p.a. tier is available when you trade a monthly amount of more than RM100,000. If the amount of share traded is lower than that, you’ll be earning a bonus interest of between 0.30% to 0.70% p.a. instead.

If you are considering getting the Pay&Save account, do make sure that you’re familiar with the terms and conditions beforehand. For example, you can only be eligible for the Savings Interest when you deposit RM2,000 for three months consecutively. Moreover, the e-Xtra Interest and Debit Card Interest are each capped at RM30 per month. Similar to the conditions set by several other high-interest savings accounts, there are also interest earning caps on amount balances of up to a maximum of RM100,000.

In addition to its high interest rates, the Pay&Save account had also been upgraded with a
multi-currency feature back in 2020
, allowing accountholders to send and spend in 12 foreign currencies. These include the Singapore dollar, Australian dollar,  New Zealand dollar, Japanese yen, and euro – among others. In fact, HLB says that the Pay&Save is the “only local bank account that comes with 12 foreign currencies.”

The Pay&Save account also has a Syariah-compliant equivalent in the form of Pay&Save Account-i.

RHB Smart Account/-i

Interest rate: Tiered, up to
3.35%

RHB Smart Account
 works very similarly to Standard Chartered Privilege$aver as you’ll need to carry out several transactions to increase the interest from the base 0.05% p.a. – which you get by maintaining a minimum account balance of RM1,000 – to a maximum 3.35% p.a.. This can be done via five categories of such transactions, namely Save, Pay, Spend, Financing, and Trade.

Under the Save category, you can earn a bonus interest rate of 1.80% p.a. when you deposit RM2,000 in fresh funds into your Smart Account each month. As for the remaining four categories, you can receive an interest rate of either 0.75% p.a. or 1.50% p.a, depending on which requirement you fulfil:

Category
Requirement
Bonus rate (% p.a.)
Pay
– Pay minimum 3 bills
– Pay minimum 6 bills
0.75
1.50
Spend
– Spend a minimum of RM1,000 in retail purchases via credit or debit card
– Spend a minimum of RM2,500 in retail purchases via credit or debit card
0.75
1.50
Financing
– Minimum home/auto financing payment of RM1,000
– Minimum home/auto financing payment of RM2,500
0.75
1.50
Trade
– Minimum brokerage amount of RM100 via RHB Investment Bank
– Minimum brokerage amount of RM250 via RHB Investment Bank
0.75
1.50

Again, note that the maximum bonus interest you can earn via this structure is capped at 3.30% p.a. (not inclusive of the base 0.05% p.a.). So for example, even if you do fulfil the requirements for maximum earning via the Save, Pay, and Spend categories (1.80% p.a. + 1.50% p.a. + 1.50% p.a. = 4.80% p.a.), you’ll still only enjoy a bonus rate of 3.30%. Do also be aware that the bonus interest earned under these categories will only be applicable to your account balance of up to RM100,000.

There is actually another 1.0% p.a. interest that you can earn by investing a minimum of RM1,000 in eligible RHB financial products (Invest category). These include products such as non-EPF investment, private retirement schemes (PRS), and unit trust funds. If you do carry out this transaction as well, then you’ll qualify for a total of 4.35% p.a..

Previously, the RHB Smart Account had a less accommodating earning structure which only rewarded transactions in the Save, Pay, and Spend category (as well as the additional Invest category). This new structure ultimately provides customers with more flexibility and ease in earning bonus interest rates; you can “mix and match” several transactions that best meet your needs and level of expenses – and still be rewarded.

OCBC 360

Interest rate: Tiered, up to 3.25% p.a.

Like the StanChart Privilege$aver, RHB Smart Account, and the Hong Leong Bank Pay&Save, the
OCBC 360 account
 offers bonus interest when you perform certain transactions with your OCBC online banking account as well as OCBC credit or debit cards. The base interest is set at 0.10% p.a., but the three additional transactions (Deposit, Pay, and Spend) yield a bonus interest of 1.05% p.a. each, thereby offering up to 3.25% p.a. altogether.

First, you simply need to deposit a minimum of RM500 every month into the OCBC 360 account to earn a 1.05% p.a. bonus interest. An additional 1.05% p.a. will be given when you pay at least three bills with your OCBC online banking facility in a month. This includes credit card bills, loans, as well as JomPay bill payments! Finally, a further 1.05% p.a. interest will be credited when you spend at least RM500 on your OCBC credit or debit card, bringing the total interest to 3.25% p.a. for that month.

Looking at the conditions, it actually isn’t too difficult to hit the 3.25% p.a. interest. Enabling JomPay bill payments makes it easy to hit the three transactions required. You can also earn additional cashback for that RM500 spend for credit/debit cards via the
OCBC 365 credit card
, which offers 1% cashback for the first RM1,000 charged. Just note that multiple bill payments to the same biller in a single month will count as one transaction for the OCBC 360 account. Moreover, the 3.25% p.a. interest is only applicable on the first RM100,000 of your balance.

OCBC also has a Syariah-compliant variant with the same benefits, known as the OCBC Al-Amin 360, with a similar profit rate.

UO
B Stash

Interest rate: Tiered, up to 3.20% p.a.

The
UOB Stash
 is a more straightforward savings account that offers bonus interest when you maintain or increase your account balance every month, bringing its total interest up from a base rate of 0.05% p.a.. Its highest 3.20% p.a. interest tier is unlocked when your total account balance is above RM100,000.

Note, though, that UOB Stash stops offering bonus interest when your account balance exceeds RM200,000; you will only earn an increased base rate of 1.60% p.a.. As a result, UOB Stash’s best rate of 3.20% p.a. is applicable only when your account balance ranges between RM100,000 to RM200,000. If your account balance goes beyond RM200,000, the effective interest rate (EIR) will begin to decrease. For instance, if you have RM250,000 in your account, you only earn an EIR of 2.22% p.a. instead of the 2.38% p.a. applicable for account balances between RM100,000 to RM200,000.

Alliance SavePlus Account

Interest rate: Tiered, up to 3.00% p.a.

If you’re looking to “park” a large sum of cash and earn the most interest with the least hassle, the
Alliance SavePlus account
 is one of the top choices. The only requirement to unlock the 3.00% p.a. interest is to maintain your account balance at above RM500,000. If your account balance is less than this required threshold, then your savings rate will range between 0% p.a. to 2.85% p.a..

Even though it is technically classified as a current account, there really isn’t that much difference between the Alliance SavePlus account and other savings accounts in this list. Plus, if you maintain an account balance of above RM10,000 every month, you will also enjoy waivers for unlimited MEPS withdrawals, interbank funds transfers, interbank GIRO, and even the debit card annual fee.

Affin Invikta Account/-i

Interest rate: Tiered, up to 2.50% p.a.

The
Affin Invikta Account
 is another fairly straightforward savings account that lets you earn a preferential interest rate of 2.50% p.a. – but the catch is that you need to maintain your account balance between RM250,000 to RM2,499,999.99. So if you find the requirements for Alliance SavePlus account at RM500,000 too steep, this could be another option for you. Meanwhile, if your balance falls below RM250,000, you will earn an interest rate of between 0% to 1.85%.

Do note that the Affin Invikta Account is by invitation only as it is part of a
premium banking service and membership that was rolled out by Affin Bank
 earlier this year, along with several other perks. To become an Affin Invikta member, you’ll need to meet one of several criteria, namely having assets under management (AUM) of RM200,000 and more, a monthly salary income of RM15,000, a mortgage loan of RM800,000 with Affin Bank, or a hire purchase loan of RM200,000 with Affin Bank.

AmBank eFlex/-i

Profit rate: Tiered, up to 2.33% p.a.

The
AmBank eFlex
 is another account that lets you earn bonus interest to increase the base rate by maintaining your balance account above a certain threshold. The eFlex account starts out by giving you a base rate of 0.5% p.a. interest for your balance account of any amount. However, if you are able to maintain your balance at a minimum of RM20,000, then the interest on your daily end-of-day balance will be topped up to the prevailing three-month FD/TD-i rate of 2.33%

Note that you can only apply for the AmBank eFlex account via the AmOnline Mobile app as it is an online-exclusive product.

OCBC Flex Account

Interest rate: Up to 2.20% p.a.

The OCBC Flex Account has undergone a few rebranding efforts before settling on its current version; it was initially known as the nuon Account before being renamed as the
OCBC FRANK Account
, and then finally the Flex Account. Despite the change in name, the account’s earning mechanics pretty much remained somewhat the same – it allows you to split your funds into two sections, the Spend Pot and the Save Pot. The Spend Pot works like an ordinary savings account which you can withdraw funds from, whereas the Save Pot comes with a higher interest rate and is designed to encourage saving.

The Spend Pot earns you 0.30% p.a. in interest whereas money in your Save Pot (a minimum of RM20) in your Save Pot earns you a bonus of 1.90% p.a. on top of the 0.30% p.a. base rate. Money in your Save Pot has to be moved back to your Spend Pot before you can use it for withdrawals, payment, and so on, which can easily be done via the OCBC mobile banking app. There is no lock-in period or withdrawal penalty for the Save Pot.

Moreover, the OCBC Flex Account’s debit card has a very valuable offering for overseas transactions: there are 0% bank mark-ups for foreign transactions or online spend in foreign currencies using the OCBC Flex Debit Card.

Final notes

All savings account listed here are insured by PIDM for up to RM250,000, which means that in the event the bank goes bankrupt, your savings account with that bank is insured and can be claimed up to RM250,000.

In addition, there are a few other savings accounts with competitive interest rates that are not listed here. We omitted these as the requirements to unlock those rates are complicated – the ones mentioned here are straight forward, and the requirements are clearly spelled out. There are also some that are by-invitation only. That said, if you do find a savings account with better rates than those listed here, let us know!

You can also check out our
Best Fixed Deposits
 and
FD alternatives
 – both updated regularly – for more ways to save money as well!

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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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    Kai

    3 years ago

Please include m2u-i and other Islamic products into the list. Thanks.

-35

Reply

    JT

    2 years ago

How about Citibank Accelerate Saving Account?

37

Reply

    Hema Mathiazhkan

    2 years ago

How about accelerate savings acct citibank

7

Reply

    Jess Ma

    2 years ago

This is very helpful,and also something new that I learn, I always tot bank don’t have any good interest rate for saving.

0

Reply

    Angel

    2 years ago

Please include CIMB-i for comparision. Thanks for putting up this helpful/resourceful article

-5

Reply

    Anonymous

    1 year ago

Affin invitha is not Top rate,  they pay tier rate according, thus 200k will earn much lower than 2%.

My understanding,  pls check.

Overall very good write-up.  Many thanks

1

Reply

    Anonymous

    1 year ago

Very good summary.  Many thanks for sharing

0

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    Anonymous

    7 months ago

Thanks for latest update with new higher rates.

0

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    Anonymous

    6 months ago

Just curious.. what about savings in Bank Rakyat?

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Government Is Taking Various Approaches To Increase Income, Purchasing Power Of B40 Group

(Image: Malay Mail/Yusof Mat Isa)

Deputy Minister in the Prime Minister’s Department (Economy), Arthur Joseph Kurup has commented that the government is taking various approaches in its attempt to increase the income and purchasing power of B40 households.

Speaking during a parliament session, Arthur said that one such approach is the offering of programmes that can boost this group’s income and capability to secure higher-paying jobs. Examples include the Urban Economic Empowerment Programme and Income Increment Programme. The two programmes provide various initiatives and services – such as trainings, financial assistances, and management support – to empower their targeted audience in obtaining better earnings. The
Income Increment Programme
, for instance, is aimed at participants from the rural area, particularly in agriculture and economic planning.

(Image: Malay Mail)

Aside from the programmes, Arthur pointed out that the government has also improved access to basic needs – such as education, health, and housing – to assist the B40 households. Moreover, it promoted entrepreneurship and access to financing such as the microcredit financing facility provided by TEKUN Nasional.

“(Another approach is) improving the social protection system by introducing an integrated and comprehensive social protection system framework, including the PeKa B40 healthcare protection scheme,” added Arthur. For context, the
PeKa B40 programme
 is a healthcare protection scheme that was introduced in Budget 2019 and was further
upgraded in Budget 2020
. Intended for the B40 group, the scheme covers a range of common medical treatments, and offers benefits such as the purchase of medical equipment.

On top of these initiatives, Arthur said that the government is also currently drafting policies and strategies in the 12
th
 Malaysia Plan to help tackle poverty and improve the people’s wellbeing.

“To tackle poverty and upgrade the service delivery mechanism at the grassroot level, the government will strengthen the bottom-up approach among the stakeholders. The approach will therefore be improved through the involvement of the public and community-based organisations. The authorities will also be empowered to identify and reduce pockets of poverty at the community level,” Arthur explained.

(Image: Aliran)

Arthur had listed these efforts in response to a question regarding the number of Malaysian households that fell under the national poverty line income (PLI), as well as the measures that are being taken to help them. Earlier this year, Malaysia had revised its
national PLI from RM980 to RM2,208
 following the reveal of the
Household Income And Basic Amenities Survey Report 2019
.

“Using the 2019 PLI, the absolute poverty rate was 5.6% comprising 405,441 households in 2019 compared with 7.6%, involving 525,743 households in 2016,” clarified Arthur.

(Source:
The Sun Daily
)

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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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Survey: 72% Young Employees Mull Leaving Malaysia For Better Career Prospects

(Image: Malay Mail/Shafwan Zaidon)

A recent survey by human resources and people management platform Employment Hero has revealed that 72% of young Malaysian employees are considering looking for better employment prospects abroad.

Disclosed in the 2021 Employment Movement and Retention Report, Employment Hero said that this percentage is significantly higher than the figure that is recorded for Singapore (55%). The main reasons provided by Malaysian survey participants for their preference include obtaining better pay and improved career opportunities.

Aside from that, the report also shared that 61% of Malaysian employees polled are already planning on looking for a new role within the next year. In comparison, Singapore and Australia both recorded 59% and 48%, respectively, with regard to this matter. Meanwhile, 50% of New Zealand employees and 55% of United Kingdom employees said that they will search for new jobs within the next year.

“Of those who want to leave their organisation, the top reason is a lack of career development (36%), followed by a lack of appreciation or recognition (27%), and a lack of training opportunities (26%),” the report further noted.

Commenting on the findings of the survey, the co-founder and chief executive officer of Employment Hero, Ben Thompson said that the Covid-19 pandemic has spurred many individuals – including Malaysians – to consider making career changes or to venture abroad. “The biggest indication that something needs to change is that 24% of Malaysians say they ‘love’ their job and 45% say they ‘like’ it, but most of them have already planned to leave it,” he stated, adding that local employers should look into reassessing their policies, working culture, and retention strategies to contain this brain drain.

The survey for the 2021 Employment Movement and Retention Report polled a total of 1,004 Malaysian employees between 30 August to 3 September 2021.

(Sources:
Employment Hero
,
Malay Mail
)

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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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Targeted Moratorium Extension: Key Takeaways

(Image: Malay Mail)

Last week, Prime Minister Tan Sri Muhyiddin Yassin officially unveiled the government’s plans for what is in store once the current six-month bank loan moratorium ends on 30 September. While some parties had backed calls for the automatic blanket moratorium to be extended past the six-month period, the government announced that it would be focusing on a
targeted-assistance approach
 instead.

However, while the announcement answers many questions, several others remain. In this article, we will discuss the key talking points from the upcoming extended moratorium and targeted assistance.

Your credit score will not be affected

According to Bank Negara Malaysia (BNM), the measures offered under the extended moratorium and targeted bank assistance will not negatively affect borrowers’ credit health – just like in the ongoing automatic moratorium. “In recognition of these exceptional circumstances, the flexibilities provided to borrowers during this period will not appear in the CCRIS reports of borrowers,” said
BNM in a statement.

If you’re unfamiliar with the term, CCRIS or the Central Credit Reference Information System collects credit information on borrowers and supplies it to financial institutions so that they can evaluate the credit history of a potential borrower. If you miss a payment or default on a loan, this usually would leave a negative impact on your CCRIS report which will in turn affect your creditworthiness – that is to say, how likely banks are to accept your application for a loan or credit card.

Since accepting the moratorium or targeted assistance will not be reflected in CCRIS (and thus, will not affect your credit score), borrowers who need this assistance will not have to worry about this particular factor.

According to sources, this move is said to be a circumstantial one, which was only possible due to the huge impact Covid-19 left to the country’s economy and her people.

It is unclear whether interest will accrue in the extended moratorium

One of the key points of confusion in the first moratorium was in the matter of how interest would be charged during the six months. In the end, it was concluded that interest will only accrue for home loans during the moratorium, and that
no interest will compound
.

However, in both the Prime Minister’s speech as well as Bank Negara Malaysia’s statement, there was no mention of how interest would be treated during this extended moratorium period. This raises the same question: will interest accrue for all loans during the extended moratorium?

Sources in the banking industry did not provide a clear answer, but there seems to be a consensus that there will be “no free lunches” in this extended moratorium period. One of the main reasons was due to the fact that the original blanket moratorium had stressed the banking industry a lot more than it should have. In his speech, Tan Sri Muhyiddin Yassin revealed that the take-up rate was 93%, a clear indication that even those who did not need the moratorium had taken it. Imposing interest accrual, according to sources we spoke to, can act as a deterrent.

As the ministry found out, the blanket automatic loan moratorium had a significant spillover effect. Finance Minister Tan Sri Datuk Tengku Zafrul Abdul Aziz revealed in a Parliament session recently that the ongoing loan moratorium is expected to incur a loss of around RM6.4 billion, and is equivalent to the banking sector’s reduced capacity to issue new loans.

Therefore, for the extended moratorium, be prepared for interest to continue accruing on your outstanding balance. If you are financially able to, you should resume your monthly repayment from October onwards – you will pay less in interest in the long run and after all, the initiatives being offered are only meant for those who really need them.

Hire-purchase loans will be treated differently from personal loans/financing and home loans

(Image: Reuters)

In both the Prime Minister’s speech as well as the BNM statement, they specifically addressed hire purchase agreements as a separate entity to personal and home loans. What’s clear is that there will be no “moratorium” of car loans, but rather a revision of the borrower’s instalment schedules.

The details around this remain minimal for now – what we only know is that the revised schedules will be consistent with the Hire Purchase Act 1967. It is likely that this will come in some form of R&R (restructuring & rescheduling), which will mean borrowers who wish to revise their car loan terms will incur additional interest (due to an extension of the loan).

One example given was that banks would offer the option of extending the repayment tenure of the loan so that borrowers could pay a lower monthly instalment. Nonetheless, like all the other initiatives, this rescheduling aid will only be given where necessary to borrowers in need.

This is an “opt-in” programme

The ongoing six-month moratorium is a blanket automatic moratorium, which means it was offered to borrowers regardless of their financial situation and without the need for specific applications – you needed to explicitly inform the bank that you do not wish to opt in (either by continuing your monthly repayments as usual, or by contacting the bank). However, when it comes to the targeted moratorium coming in October 2020, you will need to make the necessary applications with your bank in order to qualify for them. Those with loans from multiple banks may also approach the Credit Counselling and Debt Management Agency (AKPK) for assistance.

The move to steer away from a blanket moratorium should not come as a surprise, given the government’s repeated messaging leading up to the announcement – the
Finance Minister
 had pointed out that the targeted financial assistance solution was favoured over a blanket one as the economy had started reopening since May 2020.

Keep an eye out for more details

According to BNM, it has “communicated to the banks to deliver a simplified application and documentation process for borrowers”, so hopefully the process won’t be too tedious for borrowers in need. Applications for the targeted moratorium and additional financial assistance will be open from 7 August 2020 onwards, so that is when we can expect more details surrounding these flexibilities to be revealed.

While there is no deadline for the applications announced as of yet, it is likely that the banks will encourage those in need to make their necessary arrangements in advance to avoid scrambling for options at the end of the current moratorium. Indeed, all borrowers should use this time to take a look at their overall finances in order to determine whether or not they really need to take up the additional assistance once October arrives. As pointed out by the central bank, borrowers who do have the means to resume their repayments should do so as it will reduce their overall debt and borrowing costs.

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LIAM: All Member Insurance Companies To Extend Coverage For Wuhan Coronavirus

(Image: Associated Press)

All life insurance and takaful operators in Malaysia will be providing hospitalisation and treatment coverage to policyholders for cases of the Wuhan coronavirus, said the Life Insurance Association of Malaysia (LIAM) in an official statement today.

LIAM and the Malaysian Takaful Association (MTA) said that coverage will be provided despite the exclusion clause on communicable diseases requiring quarantine by law. This follows on as the World Health Organisation (WHO) has just declared the outbreak of the coronavirus as a global health emergency.

(Image: The Star)

“Even though a majority of the medical policies/certificates carry an exclusion on communicable diseases requiring quarantine by law, the Malaysian life insurers and takaful operators are responding to an immediate need of the nation by waiving the exclusion on quarantine by law in light of the increasing number of people who have been affected,” said Mark O’Dell, CEO of LIAM.

“Policyholders/certificate holders are advised to check with their respective insurance companies/takaful operators for the benefits and terms and conditions of their health insurance policy/takaful certificate,” added O’Dell.

The 16 insurers who are member companies of LIAM are:

AIA Bhd

Allianz Life Insurance Malaysia Berhad

AmMetLife Insurance Berhad

AXA AFFIN Life Insurance Berhad

Etiqa Life Insurance Berhad

Gibraltar BSN Life Berhad

Great Eastern Life Assurance (M) Berhad

Hannover Rueck SE, Malaysian Branch (reinsurer)

Hong Leong Assurance Berhad

Manulife Insurance Berhad

Malaysian Life Reinsurance Group Berhad (reinsurer)

MCIS Insurance Berhad

Prudential Assurance Malaysia Berhad

Sun Life Malaysia Assurance Berhad

Tokio Marine Life Insurance Malaysia Bhd

Zurich Life Insurance Malaysia Berhad

(Image: Straits Times)

Meanwhile, the member companies of the MTA are:

AIA PUBLIC Takaful Bhd.

AmMetlife Takaful Berhad

Etiqa Family Takaful Berhad

Etiqa General Takaful Berhad

Great Eastern Takaful Berhad

Hong Leong MSIG Takaful Berhad

FWD Takaful Berhad

Prudential BSN Takaful Berhad

Sun Life Malaysia Takaful Berhad

Syarikat Takaful Malaysia Keluarga Berhad

Syarikat Takaful Malaysia Am Berhad

Takaful Ikhlas Family Berhad

Takaful Ikhlas General Berhad

Zurich General Takaful Malaysia Berhad

Zurich Takaful Malaysia Berhad

Over the past week, major insurance companies including
Prudential, Great Eastern, Tokio Marine, Zurich, and Etiqa
 have posted statements confirming the extension of medical coverage for cases relating to the coronavirus. With today’s official statement from LIAM and MTA, all 16 member companies are affirming coverage related to the outbreak.

As advised by LIAM and the insurers themselves, always check directly with your insurance company if you wish to find out more about your insurance or takaful coverage.

(Source:
LIAM
)

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Tune Protect Launches Its First Critical Illness Insurance Plan, Critical Safe+

Digital insurer Tune Protect has officially rolled out its very first critical illness insurance plan, dubbed Critical Safe+. Positioned as an affordable plan with the option to stack and customise coverage based on customers’ lifestyle needs and budget, it covers up to 39 critical illnesses with sum insured of up to RM200,000.

Specifically, Critical Safe+ comes in three options for customers to choose from, namely the Top 2, Top 5, and full 39 Critical Illnesses plans. Here are some key details of the options:

Option
Coverage
Sum Insured
Payout
Top 2 Critical Illnesses
Advanced stages of:
– Heart attack
– Cancer
Between RM30,000 to RM200,000
100% payout of sum insured upon diagnosis
Top 5 Critical Illnesses
Advanced stages of:
– Heart attack
– Cancer
– Stroke
– Serious coronary artery disease
– Kidney failure
Between RM30,000 to RM200,000
100% payout of sum insured upon diagnosis
39 Critical Illnesses
Advanced stages of 39 critical illnesses, including coronary artery bypass surgeries, paralysis of limbs, angioplasty, Alzheimer’s, and encephalitis
Between RM30,000 to RM200,000
100% payout of sum insured upon diagnosis

For those who would like to enhance their protection, they have the flexibility to opt for the Early Stage Cover and Diabetic Care Disease add-ons with additional premiums to their main plans. The Early Stage Cover add-on will enable 50% payout of the sum insured upon diagnosis, while Diabetic Care Disease offers an additional sum insured of up to RM50,000.

Note, however, that these optional covers are only available for the Top 5 and 39 Critical Illnesses options. They must also be purchased when you buy your main plan; you cannot add on an optional cover after purchasing the main plan.

Aside from that, Tune Protect also highlighted that they are committing to a 3:3:3 obligation with Critical Safe+, where customers can buy their plans in three minutes, receive a response in three hours, and get their claims paid in three working days from approval date. In the event that customers do not receive their claims within the three working days promised, they’ll be entitled to an additional 1% pf the sum insured.

Critical Safe+ is open to all Malaysian citizens, permanent residents of Malaysia, as well as individuals with a legal employment pass – aged between 15 days to 60 years old. The option to renew the plan, meanwhile, is available until up to the age of 70. Additionally, no medical check-ups are required to purchase the plan, and customers can opt for either a monthly or annual premium payment schedule (with some savings if you opt to pay premiums annually).

“Critical Safe+ is a much-awaited addition to our Health portfolio, one of the three key business pillars for the Group. This is a tangible outcome of our efforts to further diversify the business, particularly in the Health segment,” said the group chief executive officer of Tune Protect, Rohit Nambiar, who also revealed that Tune Protect is in the midst of working on a Health Tech proposition – in the form of a mobile app – to complement the insurer’s insurance offerings.

Meanwhile, chief executive officer of Tune Protect Malaysia, Jubin Mehta said that Critical Safe+ allows customers the flexibility to decide on the extent of coverage, sum insured, and optional add-ons that they want – which most other insurers do not offer. “With Critical Safe+, customers can customise their insurance plan based on their budget and obtain the necessary financial protection against these critical illnesses. Leveraging on digital, we hope to expedite customers insurance journey and appeal to the Millennials and Zillennials,” he further stated.

Those who are interested in purchasing the Critical Safe+ plan can do so via Tune Protect’s website and mobile app, where all purchases online will be eligible for a 15% discount. There is also a special launch promo that offers customers an additional RM50 e-wallet credit if they purchase Critical Safe+ between today until 30 September 2022.

(Source:
Tune Protect
)

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Critical Illness Insurance

Critical Illness Plan

Jubin Mehta

Rohit Nambiar

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Tune Protect Critical Safe+

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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