Friday, January 4, 2013

Quick One - Increase your returns by 5x


Here's a quickie blog post. The engine's hot and running, full of steam, so lets put in one more Value Tips Entry. If you maintain a minimum average of RM2,000 in your savings account at least for a month, then read on.

I've had a Maybank account for ages. Actively started using it as my pay went thru there. Never thought about it as something to consider seriously for 'savings'. Then I came across http://generationsxyz.blogspot.com/ a very informative blog. So how do you up your returns easily by ~5x? 

Here goes, most of us who have a Maybank Savings account started off with a Kawanku Savings account or a Savings Account-i. Here's a quick summary (as of date of this blog entry)

For KawanKu :

And above for Savings-i, source Maybank Savings-i  & Maybank Kawanku

So if you had anything up to RM10,000 the max you'd be getting is 0.4% per annum. Put simply, RM40 returns per year or a meager RM3.3 monthly.. Now if you had RM2,000 that would be RM8/year or less then RM1 per month.. Wow that is little.Probably can't cover your ATM withdrawal or yearly ATM card fees. So now HOW DO YOU INCREASE YOUR RETURNS BY 5x? Usually if it sounds too good to be true, I am doubtful, but from what I've experienced it is true

Just open up a Maybank2u Savers / Savers-i account. YES it sounds that simple and is simpler to do.
If you maintain RM2,000 min, you get an indicative return of 2.1% per month for the Islamic and 2.1% for conventional. That's 5x more right? 2.1/0.4 = >5x!





To put things into perspective, if you had RM10,000 your returns per annum would be 10,000*2.1% = RM210. Or monthly RM17.5. Now if you maintained RM2k, RM42 per year or RM3.50 monthly. Decent to at least cover your transactional chargers. The plus point is it is based on daily rest and paid out monthly, so if you can't maintain the minimum for the whole year, you still get paid 2.1% for whatever months you do maintain a min of RM2,000. Also I prefer the M2u Savers-i because firstly it's Islamic, and secondly it still gives a 'nominal' 0.4% if you can't maintain min RM2k versus the conventional where you get a 0% it seems.

Note there are some limitation, which to me is manage-able, e.g no passbook all online. You can easily transfer from this account to your still active KawanKu savings. I haven't checked if this account is accesible thru MEPS ATM (non Maybank). If from Maybank ATM, choose Lain-Lain Akaun/ Amaun and select amount and account if you want to withdraw from here.


So now the big qs - soalan cepu emas. How do you setup this m2u savers account. Sorry to disappoint you but its too easy.

How do I apply for m2u Savers-i?

To apply m2u Savers-i, please follow these few simple steps:
  1. Log-in to Maybank2u.com
  2. Click Apply Online at Maybank2u.com secured site homepage
  3. Select Account Type = Personal Savings Account, Product Type = m2u Savers-i & click the Continue button

    Source : http://www.maybank2u.com.my/mbb_info/m2u/public/faqQuestion.do?cntKey=ACC01.12&faqId=ACC01.12-M2USavers-i&faqChPath=/mbb/FAQs/01-Personal Banking/FACC-Accounts&faqKey=206549#206549.

    Happy savings. This is just a rather simple way to make your hard earned money work harder for you. Do share your thoughts on this.
     

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