Are You Making the Most Out of Your Fixed Deposits?

Do 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.

My List

I was invited to participate in this project by Montessorimum.

This is another way to give you a lot of back links to raise your PR rating. We love! We scratch each other's backs, k?

Here’s the instructions I got from Earn Money Blogging site :

Introduction
The purpose of My List is to gather all Malaysian blogs under the banner of unity and creating a huge bookmark. So much richness can be found within our very own Malaysian blogs and this will open up our minds and hearts to the lives of our fellow bloggers. If you are keen to participate, kindly read this page entirely for instructions and guidelines.

Who can Participate?
Malaysian bloggers residing anywhere on mother earth.
Non-Malaysians whose blogs feature anything pertaining to Malaysia (example: Malaysian food, Formula 1 in Malaysia and etc).
Blog submitted must be of good quality contents. Please do not submit your blog which is less than 2 weeks old.

Deadline for Participation : 31st May 2007

Important Guidelines
One reminder email will be sent once the final list is updated on this page after the deadline.
All participants must then feature a brand new post before 15th of June with the final updated and complete list of participating Malaysian blogs downloadable directly via the email or from this dedicated My List page.

All My List Post must be permanent and accessible.

Submitting Your Other Blogs
You may submit as many blogs which is owned by you but each blog entry must contain their own My List post.

How To Participate
Download My List in Text format.
Make a new post promoting My List and guide your fellow Malaysian readers to this page if they are keen to participate.
Copy the entire Text File you downloaded.
Paste it at the end of your post. (You can arrange it however you prefer if it goes lengthy but ensure the entire list is there)
Publish the post and ensure all links are in working order.
Submit your contact details and the permanent url of your MyList post by using this contact form.
Your blog url will then be added to the list.
Post a new post of the final My List after receiving an email notification as mentioned in the guidelines above. This is done to ensure everyone will benefit from this even those who participate later or close to the deadline.

Here's the list I've downloaded :

My List Participants Nukilan Jejari Azhad ITCHY HANDseng Just My Lil' Organic Life Oooh La La... Weird World of MerapuMan Fibre Art The World at My Fingertips Organic Income Organic Parade Shopping Flavor Daily postings of a chung ling student Something about LAI KennyP’s Technology Blog Women Mumbles KuKuJian.com Lyon & Wien Under The SUN Crumbs In Life… SotongZai's Flow In the Ocean allthingspurple Christene's Kitchen toxicle.org [ Wood ] [ Earth ] [ Cheap ] [ Flight ] COMtech Ah Ling's blog http://judychow.blogspot.com/ ~WoOLaLA~ vivivava Design My Mothering Corner Shoppingmum’s Home Office My Filling Station Shopping Mum All about Beauty Shoppingmum and Kids datotalrandommessy.grey Notes from my heart Joy Montessori wahlau's online hut Cedric’s Asylum mott’s mutterings Just My Thoughts delephant Incoherent Ramblings HOT STUFF Make Money Online with Malaysia Love AGLOCO MONTESSORIMUM.COM Funky Cookies Earn Money Blogging PabloPabla's Whatever Make Money with Blogging Paris Beaverbanks Free Links Giveaway Free Blogger Templates Blogsreview.Net Making a Living 5xmom How to be a Better Blogger My Women Stuff Hochiak! Delicious Asian Food Best Recipes Champagne Tastes on a Beer Budget Daryl's Discovery Journey The fluff must go somewhere