FollowDo you have Fixed Deposits (FDs) with banks? If you do, do you keep track of their maturity dates, check the interest rates offered upon renewal, and compare them with what other banks are offering?
A few years ago, Mum told me that she and her friends regularly monitor their FD maturity dates and move their money from one bank to another whenever they find a bank offering a higher interest rate. It sounds like this has become their little “job” after retirement! 😂
And honestly, it makes sense. If you have a substantial amount of money in FDs, leaving it in a bank that offers a low interest rate means missing out on potentially hundreds or even thousands of Ringgit in additional interest every year, depending on how much you have saved.
For example, if your FD in Bank A earns just 1.8% p.a., while Bank B offers 3.83% p.a. for fresh funds with PIDM protection, wouldn’t you want to consider moving your money to Bank B instead?
Of course, always check the terms and conditions, minimum deposit requirements, promotional period and eligibility for the higher rate before making the switch.
When I was still working in the corporate world and juggling a demanding job and young kids, I never really bothered to check my FDs. I simply let them auto-renew whenever they matured. It was only after my parents advised me to monitor the interest rates and move my money to banks offering better rates that I started paying more attention.
Looking back, I realised how much difference a little effort could make! And how much I have ‘lost’ for not keeping track of my FDs.
So, if you’ve never really paid attention to your FDs, here’s your reminder to do a little financial housekeeping:
✅ Check the maturity dates of all your FDs. I enter the maturity dates on my eCalendar and check the list of FDs on my online banking app from time to time.
✅ Find out what interest rates you’re currently earning.
✅ Compare them with the latest FD rates offered by other banks.
✅ When your FDs mature, consider moving your money if you find a better deal.
After all, why settle for a lower interest rate when you could earn more on the money you already have?
A little effort can go a long way. Make your money work harder for you — because extra interest earned is practically free money! 💰
Psst psst – Maybank is currently offering a limited-time e-Islamic Fixed Deposit-i (eIFD-i) offer with promo rates of up to 3.93% with minimum fresh funds deposit ranging from RM5k to RM20k! 🤑
Here’s my TOTD – green tea with fresh jasmine flowers from my garden.
No. of times viewed = 1
