Revised Maybank GIA-i – The Fairy Tale is OVER

Maybank GIA-i is No More

Maybank Dividend
Malayan Banking Berhad

It’s official, my favorite place to park my excess cash has been replaced with something alien. Maybank yesterday announced a change to their immensely popular Maybank GIA-i account. Coincidentally, I had a post up about this account just last month, lauding it’s high interest rates and liquidity. Sadly, all good things must come to an end. I just didn’t expect the end to come so swiftly and abruptly.

The ‘new’ GIA-i will take effect from 16 June 2017. Interest rates will be reduced then. On 1 August 2017, your liquidity will be taken away. The revised features and rates can be found below.

The Revised Features

Maybank GIA-i Revised Features
Maybank GIA-i Revised Features

These are the ‘revised’ features we are left with.  You basically forfeit your interests/profit if you uplift prematurely. It’s similar to CIMB’s Unfixed Deposit.

The Revised Rates

Maybank GIA-i Revised Rates
Maybank GIA-i Revised Rates

As you can see, you get your 3.45% only when you invest for 48 months. They even threw in a 3.55% for a 60-month long placement.

This is Shit

I’m calling it what it is. This is what Maybank is telling you, right now.

We’re giving you less interest.

We’re not letting you withdraw/uplift your placements without foregoing your interests.

On top of that, you’re still not getting PIDM protection for GIA-i.

So I ask you Maybank, what is the point of the GIA-i now? All other FDs are better in comparison out there. For example, putting my money in a 1 month FD with Maybank themselves will net me 2.95% today. I’d very much sacrifice that 0.5% return for some PIDM protection.

Alternatives

So, where does that leave us?

I’ll likely be placing my cash in Fixed Deposits. I’m planning to consolidate my holdings into a single bank and go for premier/priority banking in order to get better rates. Looking at Public Bank right now. Will keep you guys updated.

Another good alternative is Fundsupermart’s Cash Management Fund. Although I don’t like the 2-day waiting period for funds to reach your pocket. And they offer about 3.2 – 3.3% interest.

Do you guys have any other alternatives to Maybank GIA-i to share? Let me know.

End.

It really is an end to an era with Maybank’s decision to revise their very popular GIA-i. I believe it could be due to abuse by some customers who withdraw and make placements every day to the interests daily. Maybank may change their mind in time when they realize just how many of their customers are using their GIA-i. Then again, maybe not.

There will always be bumps and challenges along the way and this will certainly pose some interesting problems to my Freedom Fund. It’s time to rethink and re-strategize. I’ll be meeting with a Public Bank Manager next week to discuss their red carpet banking.

Any of you are red carpet clients with Public Bank or priority clients with other banks? Please do let me know about it as I’m new to this.

Thanks for reading.