Dividend Magic

Saving and Investing towards Financial Independence in Malaysia

Fixed Deposits, Savings Accounts etc

Best Priority and Premier Banking in Malaysia

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Filed Under: Fixed Deposits, Savings Accounts etc, Other Investments 21

Best Premier Banking in Malaysia 2026 – Who I’m Using Now

2026 Update

Still with CIMB Preferred and very happy where I am.

To everyone that has emailed me for referral, I hope you’re all happy with CIMB and thank you for the trust and patience.

2025 Update

Fast forward to April 2025, I’ve again moved from HSBC Premier to CIMB Preferred. Reason – HSBC are closing all corporate accounts.

Also, after extensive research, I realised that the best Premier Banking for me right now is CIMB. And the main reason is the credit card they offer – the CIMB Preferred Visa Infinite. The T&C for lounge access is one of the best in Malaysia.

You may want to read up on my credit card strategy here.

It is 2025 and I think this Best Premier Banking in Malaysia article deserves an update. I’ve left Maybank Premier and joined HSBC Premier. The requirement was RM200,000 when I first joined. As of 2025, it has increased to RM300,000 assets under management (AUM).

The main reason I made the switch was because they offered a better and more user-friendly corporate account. Maybank’s was really outdated.

Got a pretty good Relationship Manager and I was able to place my RM200K into bonds with HSBC. They’ve got a pretty diverse range of forex accounts as well. I used their USD account and subsequently was able to place them into US Fixed Deposits, capitalising on their 4-5% interest rates.

A cautionary tale here regarding bonds as I was encouraged to park my money into YNH Property Berhad’s bonds. I was extremely lucky I did not as they’ve since been embroiled in controversy after controversy. Please do your research and make sure the company is financially sound.

The usual perks were available, dedicated parking, a small lounge with coffee/tea, newspapers etc. Nothing to shout about.

Would love to hear about your experiences now that we’re in 2025.

Private Banking vs Priority / Premier Banking in Malaysia

The article is a work in progress and I’ll be updating it as and when new information becomes available. Thank you to everyone who messaged and emailed me with your experiences.

First, let me clarify that premier banking and priority banking aren’t the same. They are miles apart. You need to have RM250K and above to be eligible for premier banking. For private banking, it is at least RM3 million.

In this article, we will be talking about priority/premier banking primarily because I am only eligible for that and have experience with it. Hopefully, in the not-too-distant future, we can talk about private banking. I’ve also spoken to some of my friends and readers to collate their experiences here for you to decide.

If you’re considering upgrading from being a standard customer to joining the higher ranks in premier banking, allow me to burst your bubble – premier banking isn’t all it’s cracked up to be.

Premier Banking in Malaysia Ranked – The Good and the Bad

The reason I’m writing this article is because I myself am looking to switch away from my current bank – Maybank to one that offers better services. And since I’ll be doing my research on premier banking in Malaysia anyway, I might as well jot everything down here and share this with everyone.

The list below is based on my 2-year long experience with Maybank’s Premier Banking as well as the experiences of my friends and colleagues with other banks as well. The general good and bad are listed here and we will go into each bank’s good and bad later in the article.

As of 2025, CIMB is my favourite bank as a preferred/premier/priority customer. I’ve ranked them in order below.

No long queues

Let’s start with the good first. In the day-to-day running of my business, I require weekly (sometimes daily) cash deposits over the counter or through ATMs.

I get to skip ahead of the queue to conduct my usual banking. Oh, and you also get to park in a designated spot for premier banking customers. But this isn’t great because, at my branch, the parking is always occupied.

Better, faster and more secure service

With a premier banking card, and at branches where they have premier banking in Malaysia, I’m allowed to head to a specially designated floor to do my banking, deposits, and whatnot there. At some branches, you get coffee and canned drinks while you wait. You get WiFi if you’re lucky.

I’ve also seen some branches where they provide newspapers and a tv that reports on financial news. Some even have PCs for you to do your online banking or stock trading if you choose to.

If, like me, you find yourself depositing wads of cash, you get added security as there will be a bank teller assisting you with the counting and subsequent depositing of cash.

Better mortgage and loan rates

You’re able to procure slightly better rates when applying for mortgages and hire purchases. As a premier banking customer, you’ll also be afforded a less stringent loan approval process.

A personal relationship manager

I’ve been a premier banking customer with Maybank for about a year now. As a premier banking customer, you’re assigned a personal banker, also known as a relationship manager (RM) that acts as a liaison and caters to your banking needs. Instead of having to head over to the branch directly, you’re able to make certain transactions over the phone.

Your experience as a premier banking customer is highly dependent on the RM that’s assigned to you. Unfortunately for me, I’ve been assigned one that is very pushy and sales-oriented and sees fit to constantly bombard me with product offers every other week. And being the nice person that I am, I have to come up with excuses to politely reject his proposals.

The products offered to me have always been unit trusts, packaged products that consist of unit trusts and more unit trusts. Hence I see this as a double-edged sword. You just have to be firm and let your relationship manager know what you’re interested in and what you’re not.

You all know how much I hate unit trusts and their fees.

Idle Cash

Now this is the worst part for me. All banks in Malaysia will require you to either have cash/investments or loans with them to be eligible for premier-ship.

Personally, I place my cash in fixed deposits and treat this as my emergency fund. I practice FD Laddering. Yes, you often are able to get slightly better FD rates but still, I don’t like the idea of RM200K or more sitting in the bank generating measly returns.

1. CIMB Bank – CIMB Preferred

CIMB Preferred Visa Infinite
  1. Service: Top-notch service.
  2. Parking: Designated parking spot for CIMB Prefered clients at most branches
  3. Requirement: RM250K AUM
  4. Premier status extended to immediate family members: Yes. You can nominate up to 3 immediate family members, and all you need is a joint deposit account with them. Terms here.
  5. Penalty if you drop below AUM: No, confirmed 2025 with RM
  6. Special Credit Card: CIMB Preferred Visa Infinite – This is one of the holy grail invite-only cards to get access to premium airport lounges. Main reason that I moved to CIMB in 2025.
    I write about the best credit card options in Malaysia here.
  7. RM: Professional
  8. Products and services :
    1. FD (Slightly higher rates)

In 2025, I’ve moved to CIMB. And they take no.1 spot. Their CIMB Preferred Visa Infinite for Preferred customers is the main reason I park my money here. Lounge access is one of the best you can get. Supplementary cardholders share your access, and you get access to premium airport lounges. Zero annual fees.

If you’d like to join, drop me an email ([email protected]). We can split the referral fee!

CIMB Preferred Referral T&Cs

So many of you have reached out and deposited with CIMB that I feel I need to give some small details here to filter:

  1. There is no referral code, but you will have to pass me your contact number so my RM can connect with you.
  2. It takes a few months for CIMB to actually credit the referral. I’ll keep track on my end.
  3. Read all the T&Cs here, especially clause 8 (iv).
CIMB Preferred Referral Fee

2. Maybank – MaybankPremier

Best Premier Banking in Malaysia - Maybank Premier
  1. Service: Good (Sitting area)
  2. Parking: Designated spot, no sticker was provided to me, had to show my debit card to prove I’m a customer.
  3. Requirement: RM200K RM250K AUM
  4. Penalty if you drop below AUM: Unsure
  5. Premium Credit Card: Didn’t opt for it.
  6. RM: Pushy
  7. Products and services :
    1. CASA
    2. FD (Mediocre rates)

I’m fortunate enough to be able to be eligible for premier banking. I park the minimum amount in fixed deposits as emergency funds and invest the rest. Maybank takes number 2 spot mainly due to being Malaysia’s largest bank and they have the most branches around.

The best thing about Maybank’s premier banking for me is actually being able to conduct my banking transactions quickly. What usually takes me 30 mins to an hour can be done in probably 10-15 mins.

Perhaps I got a pretty pushy RM and also it is because I’m well-versed in finance and investing that the products offered were of very little interest to me. The only time I put money with my RM was when he offered the bundled ASM product to me where I managed to get some of the coveted fixed-priced units. I wrote about it hERE.

All in all, premier ain’t nothing much to shout about so the next time you see someone walking up the stairs or to the premier banking section, you know that it really isn’t that big of a deal.

Coincidentally, Maybank also happens to offer some of the best credit cards in Malaysia in terms of cashback – the Maybank 2 Cards. You can read more about them here.

3. UOB Bank – UOB Privilege Banking

Best Premier Banking in Malaysia - UOB Privilege Banking
  1. Service: Top-notch service.
  2. Parking: Designated spot, able to park with car sticker, no questions asked. Usable in all UOB branches. Limousine service available to pick up from home to the branch and from the branch to any other place in KL. (Contact RM to apply.)
  3. Requirement: RM500K AUM
  4. Premier status extended to immediate family members: No.
  5. Penalty if you drop below AUM: Unsure
  6. Premium Credit Card: UOB Privilege Banking Visa Infinite
  7. RM: Professional
  8. Products and services :
    1. CASA (InvestPro account which gives 1.7% interest p.a. for deposits over RM50K)
    2. FD (Slightly higher rates)
    3. Dual Currency Investment

Special products: Yet to be discovered

This one was also provided by Mr. T, a fellow reader who wishes to remain anonymous.

If you can afford the RM500K AUM requirement, UOB will be a great place to park your money. Service is top notch and you get access to their array of very useful credit cards.

4. Hong Leong – Hong Leong Priority

Hong Leong Priority Banking Hong Leong Visa Infinite P
  1. Service: Top-notch service.
  2. Parking: Designated parking spot for Hong Leong Priority Banking clients.
  3. Requirement: RM300K AUM
  4. Premier status extended to immediate family members: No
  5. Penalty if you drop below AUM: Unsure
  6. Premium Credit Card: Hong Leong Visa Infinite P – This is a free-for-life card that gives you Premium Plaza Lounge access 4X a year. A good card and a reason to sign up. But as of 2025, CIMB’s card is better.
    I write about the best credit card options in Malaysia here.
  7. RM: Professional
  8. Products and services :
    1. FD (Slightly higher rates)

Number 4 because Hong Leong gives a pretty good credit card for their priority banking customers. But still.. for RM300K AUM, I’d rather go for CIMB.

5. Alliance Bank – Alliance Privilege

Best Premier Banking in Malaysia - Alliance Privilege
  1. Service: Good
  2. Parking: Designated spot, able to park no questions asked.
  3. Requirement: RM300K AUM
  4. Premier status extended to immediate family members: Yes, up to 3 family members.
  5. Penalty if you drop below AUM: Unsure
  6. Premium Credit Card: Alliance Privilege Visa Signature
  7. Products and services:
    1. CASA (2.25% for deposits more than 350k)
    2. FD Slightly higher compared to standard board rates.
    3. Dual Currency Investment
    4. Foreign currency retail bonds

This one was provided by one of Alliance’s own RM.

Alliance bank provides a pretty decent credit card to earn Enrich Miles, so if you’re already a privilege banking member with them, ask for the Alliance Bank Visa Infinite. You can read more about the best credit cards here.

6. OCBC Bank – OCBC Premier Banking

Best Premier Banking in Malaysia - OCBC Premier Banking
  1. Service: Excellent
  2. Parking: Designated spot
  3. Requirement: RM300K AUM
  4. Premier status extended to immediate family members: No
  5. Penalty if you drop below AUM: Unsure
  6. Premium Credit Card: OCBC Premier Voyage Mastercard
  7. RM: Pushy, salesman
  8. Products and services :
    1. CASA
    2. FD (Mediocre rates)
    3. Bundled UT with FD (FD slightly higher rates but high UT fees)
    4. 24hr loan approval status!

Sign up here.

7. HSBC Bank – HSBC Premier

Best Premier Banking in Malaysia - HSBC Premier Banking
  1. Service: Good (Free WIFI, sitting area, financial channel, coffee, tea. Self-service coke, sprite, packet drink.)
  2. Parking: Designated spot, able to park with car sticker, no questions asked. Usable in all HSBC branches, 2-hour limit.
  3. Requirement: RM200K RM300K AUM
  4. Premier status extended to immediate family members: Premier Family extension to one legal spouse and all children until their 30th birthday
  5. Penalty if you drop below AUM: RM150 per month
  6. Premium Credit Card: HSBC Premier Master Card (Free access to airport lounge)
  7. RM: Professional
  8. Products and services :
    1. CASA
    2. FD (mediocre rates)
    3. Dual Currency Investment
    4. Unit Trust (Birthday month 1% sales charges)
  • Special products: When you are an HSBC Premier customer, you are automatically a premier customer overseas as well. USA, UK, Singapore, Australia, Hong Kong, China without having to meet their overseas’ minimum requirements. When you transfer your funds between countries, it is a real-time transaction and does not include service charges. You can get a credit card in that country as well.
  • Oversea banking benefit: If you get an HSBC HK bank account. You can trade shares in the HK market (high fees). However, you can apply for HK IPO using margin. E.g. Ant Financial. You can apply for a 90% margin and pay only a 10% investment fund. This will increase your chances to get the IPO share as HK IPO is base on the size of the application to allocate the IPO. For E.g. If the allocation rate is 10% and 1 lot is 100 shares. If you apply for 100 shares, your chance is 10% to get 100 shares. If you apply for 1000 shares, your chances are 100% to get 100 shares. However, to use margin to apply, your address must be HK address.
  • You can get a credit card in other areas like HK. You get the credit line of HKD 200K. The bank requires no collateral.

8. Standard Chartered Bank – Standard Chartered Priority

Best Premier Banking in Malaysia - Standard Chartered Priority
  1. Service: Good (Free WIFI, sitting area, financial channel, coffee, tea, hot chocolate
  2. Parking: Designated spot, able to park with car sticker, no questions asked. Usable in all SC branches, 2-hour limit.
  3. Requirement: RM250K AUM
  4. Premier status extended to immediate family members: Yes. Immediate family members can enjoy Priority status and privileges globally. Terms here.
  5. Penalty if you drop below AUM: Unsure
  6. Premium Credit Card: Standard Chartered PB Priority VISA Infinite (Free access to airport lounges. Free airport taxi. Hotel dining 50% cashback until 30 Dec 2020. Must maintain AUM of RM250K)
  7. RM: Professional
  8. Products and services
    1. CASA (Privilege account gives the best current account interest rate – 2.6% T&Cs Apply.)
    2. FD (Mediocre rates)
    3. Dual Currency Investment
    4. Discount on safe deposit boxes
  • Special products: When you are an SC Priority customer, you are automatically an SC Priority customer in other countries such as the UK, HK, and Singapore without having to meet their minimum requirements. When you transfer your funds between countries, it is a real-time transaction and with no service charges. You can get a credit card in that country as well.
  • Oversea banking benefit: Same as HSBC HK for IPO. Need to go over to HK to open an account. For SC Singapore, no need to go to Singapore to open an account. Can trade world stock (USA, Germany, France, Japan, Hong Kong, Switzerland, Australia). For priority banking customers, 0.2% with no minimum. No custodian charges and no charges to receive dividends.

9. Public Bank – Red Carpet Banking

Public Bank - Red Carpet Banking RCB Debit Cards
  1. Service: Priority lane, lounge area, dedicated RM
  2. Parking: Designated spot.
  3. Requirement: RM300K AUM (RCB Gold)
  4. Premier status extended to immediate family members: Yes, joint member.
  5. Penalty if you drop below AUM: Unsure
  6. Premium Credit Card: No
  7. RM: Standard
  8. Products and services :
    1. CASA
    2. FD (Slightly higher rates)

Special products: Yet to be discovered.

Looks pretty standard without much to offer.. RM300K is a pretty high entry point compared to other banks. I might as well go for international banks like HSBC, UOB or Standard Chartered.

10. Bank Islam – Premier Wealth

Bank Islam Premier Wealth - Bank Islam Visa Debit Card - iSapphire
  1. Service: Priority lane, lounge area, dedicated RM
  2. Parking: Designated spot.
  3. Requirement: RM250K AUM
  4. Premier status extended to immediate family members: Yes, joint member.
  5. Penalty if you drop below AUM: Unsure
  6. Premium Credit Card: Bank Islam Visa Debit Card – i Sapphire
  7. RM: Standard
  8. Products and services :
    1. CASA
    2. FD (Slightly higher rates)

Special products: Yet to be discovered.

The debit card is okay, you get 3X complementary access to lounges and zero annual fees. Not great, just okay.

11. RHB Bank – RHB Premier

RHB Bank - RHB Premier Credit Card
  1. Service: Priority lane, lounge area, dedicated RM.
  2. Parking: Designated spot
  3. Requirement: RM200K AUM
  4. Premier status extended to immediate family members: Yes, for spouse and children.
  5. Penalty if you drop below AUM: RM150 trimonthly fee
  6. Premium Credit Card: RHB Premier Card
  7. RM: Standard
  8. Products and services :
    1. CASA
    2. FD (Slightly higher rates)

Special products: Yet to be discovered.

Nothing to shout about to be honest. The banks at the last few spots are all meh..

12. AmBank – Signature Priority Banking

Best Premier Banking in Malaysia - AmBank Signature Priority Banking
  1. Service: Posh waiting area.
  2. Parking: Designated spot, able to park with car sticker, no questions asked. Usable in all AmBank branches.
  3. Requirement: RM200K AUM
  4. Premier status extended to immediate family members: Yes, up to 3 family members. Minimum AUM for them is RM50K.
  5. Penalty if you drop below AUM: Unsure
  6. Premium Credit Card: AmBank Signature Metal Visa Infinite Credit Card (AUM RM2 million)
  7. RM: Standard
  8. Products and services :
    1. CASA
    2. FD (Slightly higher rates)

Special products: Yet to be discovered.

Premier status extension to family members comes with certain requirements. Not really worth it here. Putting them almost at the bottom. You’d be better off going with the other banks.

13. Affin Bank – Affin Invikta

Affin bank - Affin Invikta Cards
  1. Service: Priority lane, lounge area, invitations to events
  2. Parking: Dedicated parking spot
  3. Requirement: RM200K AUM
  4. Premier status extended to immediate family members: No.
  5. Penalty if you drop below AUM: Unsure
  6. Premium Credit Card: Yes – Affin Invikta Visa Infinite.
  7. RM: Standard
  8. Products and services :
    1. CASA
    2. FD (Slightly higher rates)

Special products: Yet to be discovered.

12X lounge access for the credit card. Nothing else really.. Their Invikta website has zero information. I had to google and find their AUM requirements from other sources.

14. Bank Rakyat – Rakyat Xclusive

Bank Rakyat Xclusive - Exclusive Explorer
  1. Service: Priority lane, lounge area
  2. Parking: Dedicated parking spot
  3. Requirement: RM250K AUM
  4. Premier status extended to immediate family members: No.
  5. Penalty if you drop below AUM: Unsure
  6. Premium Credit Card: Yes – Exclusive Explorer.
  7. RM: Standard
  8. Products and services :
    1. CASA
    2. FD (Slightly higher rates)

Special products: Yet to be discovered.

Nothing to shout about, just came across them while doing research. Their premier banking page doesn’t even seem like they’re making an effort.

The Best Premier Banking Service in Malaysia

These are all personal experiences, from different customers, at different branches, with different RMs. Your own experience will very likely be different.

So I won’t do you the injustice of naming the best in Malaysia. BUT, based on everyone’s experiences, I’ll want to go for UOB if I had RM500K. Right now though, I’ll probably give HSBC a try. Will be updating this page with my experiences with them in the near future.

Final Thoughts.

As a final conclusion, premier banking is a nice thing to have. But treat it as a bonus and an extra. Don’t go pooling all your money into your saving accounts and FDs just to meet the required AUM to be eligible. Build up your assets first, and if your emergency funds come up to RM200K and above, opt for premier banking. At the end of the day, you’re parking a huge amount of money with them, earning very little returns when you can for example invest in stocks or bitcoin. Opportunity costs.

Another thing to note is that the banks themselves won’t always offer you premier banking even if you reach their requirements. So take the initiative and ask your bank for it if you’re eligible.

These are all the banks I’m able to write about from first-hand experience as well as from my friend’s and readers’ experiences. I’ll be looking to finish the list and have all the banks in Malaysia listed. Do drop me a comment or email if you’ve got experiences you’d like to share.

Oh, and if you’re thinking of signing up for premier banking, look out for referral and reward programs with said bank. If they have one, drop me an email or comment and I can hook you up with readers who are already clients and you can both enjoy the rewards.

Lastly, a big thank you to everyone who messaged me and shared your experiences. If you have experience with other banks not mentioned here, help us build this list further by dropping a comment!

If you’re exploring Premier Banking in Malaysia, you might also be interested in my hybrid strategy for credit cards in Malaysia. Discover the best credit card options from Malaysian banks here.

ASNB – Fixed-Priced ASM (Amanah Saham Malaysia) Units

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Filed Under: Fixed Deposits, Savings Accounts etc, Financial Independence, Investment 15

Updated February 2025

Latest update (August 2023) – ASNB opened up once more, for its Fixed-Priced ASM funds, the new limit is RM300,000 per individual. This will last till 31 October 2023.

Pretty straightforward on how to get your units, sign up on MYASNB and transfer your funds. I do it via internet banking.
Sign up link hERE.

ASNB - Fixed-Priced ASM (Amanah Saham Malaysia) Units


Link to document hERE

ASNB had on 1 May opened up its Fixed-Priced ASM (Amanah Saham Malaysia) fund for all Malaysians. But as we all know, most non-bumis will be interested in this. Bumiputras in Malaysia will be better off investing in ASB funds.

Did a post on Instagram on 1 May as well as a subsequent Q&A session with everyone via stories as I anticipated lots of questions from everyone.

You can find it in the post below and the full Q&A session via the Stories Highlight section on my IG page, titled ASNB Q&A.

My ASM Portfolio Now – This is a Rare Opportunity

Many current investors of the ASM fund will know that it is notoriously hard to get units. You hear stories of people pestering bank clerks every day to check for available units, lining up during festive seasons in an attempt to get units as you’ll only get them when someone else sells.

So, if you’re interested, grab it now. And to show you that I’m serious about this, I’ve put in the max RM100K allowed for each individual. Withdrew FD money for this and will be parking it here.

Now, I hope you know that the reason I’m showing this is to be 100% transparent. With or without a referral code, I put my money where my mouth is.

ASNB – ASM Dividend and Rate of Return

As only Amanah Saham Malaysia (ASM) is opened this round, the fund declared a 4.5% return for FY2023.
In 2022 and 2021, it was 4% and in 2020, it was 4.25%. Go back further and you can even see 5-6% returns.

You can find the full list hERE.

Key Things to Note

  1. How to sign up? Via their app hERE (you can do it 100% online)
  2. Malaysians only (you’ll need your IC to apply)
  3. Go for their Fixed Priced units only. Forget the Variable Priced ones as those are your traditional unit trusts, with fees and all.
  4. Fixed priced means you buy at RM1 per unit, you sell at RM1 per unit, this is purely a dividend play fund.
  5. Is it safe? Your assets are held in trust with Amanah Raya Trustee Berhad
  6. There is a limit this time around of RM100K per user until 31 July 2023.
  7. For other questions, please take a look at the ASNB Q&A highlights on my Instagram page.

More FAQs on this by ASNB officially below.

Previous Updates on How I got my Fixed-Priced ASM (Amanah Saham Malaysia) Units

Updated March 2022

There is a new 2022 ASNB campaign to get more fixed-price ASM units. Got this one from Maybank again and the brief details are as follows:

  • Ratio is now 60% variable price (VP) and 40% fixed-priced (FP); this is an increase from the last one I did!
  • Minimum total investment is RM10K; and
  • VP fund now has a lower sales charge.

I’m still on the fence about topping up my ASM fixed-priced funds. Dividends have been good but I really hate the sales charge of the VP funds from the bundle.

ASNB and All Their Funds

Amanah Saham Nasional Berhad, more commonly known as ASNB handles the funds found below.

ASB and ASM

The coveted fixed-price funds are what we will be focusing on today. Not

A thing to note – ASNB provides two kinds of funds. The first is the fixed-priced funds – namely Amanah Saham Malaysia (”ASM”). The variable-priced ones are just your normal unit trusts and mutual funds and are subject to NAV change, which means a potential loss for you. And you all know how I feel about them because of their fees.

I’ve been trying to get my hands on additional units of the ASM funds 1, 2, and 3 for ages now. I managed to get RM17,500 worth of it a few weeks ago and here’s how I did it (in 2019).

Now, if you’re a Bumiputera of Malaysia, you’re in luck. You’re automatically allocated units in the ASB funds. These typically give above 6% returns, with bonuses and stuff it’ll be in the 10% region.

Non-Bumiputeras, you don’t get to touch the ASB funds. The next best thing is the fixed-priced ASM funds I mentioned earlier. These are lower in returns compared to ASB though.

You’ve heard of aunties and uncles queueing up every damn day at banks just to ask the lady at the counter to query the system for available ASM units. This isn’t hearsay. I too do this on occasion.

The common belief is that during festive seasons, there will be a higher chance of available units as people tend to sell their units then. I’ve never gotten it this way.

In fact, I count myself among the lucky few because my mother had got me about RM3K worth of ASM units when I was younger.

ASM vs EPF

A common comparison I get from readers is ASM vs EPF. The dividends from ASM fixed-priced funds like ASM3 is lower compared to EPF of course. Instead, you get the flexibility of withdrawal for your ASM3.

I will probably max out my annual EPF and then put additional money into ASM FP funds.

Getting Additional Fixed-Priced ASM (Amanah Saham Malaysia) Units

The traditional way of purchasing additional units is as follows:

  1. You queue up and ask the bank if they’ve got available units. Chance? 0% for me
  2. You sign up at ASNB’s website and try to purchase online. You save time queuing but I have yet to get any.

Here’s the third way. I managed to get RM17,500 worth of ASM3 units a few weeks ago through my relationship manager at Maybank.

A few things you should know beforehand if you’re new to the blog.

  1. I’m a Maybank Premier Wealth customer and I have a relationship manager (”RM”).
  2. This is a campaign by Maybank. I ain’t sure if it’s only for Premier Wealth customers but my RM brought it to my attention.

OK. So this was the text I got:

Upcoming ASNB VP & FP Bundle Campaign 2019- Phase 3

Campaign Period: 10 – 20 Sept 2019 Bundle :
ASN IMBANG 1 or 2 & ASM3
Minimum: RM30k
Ratio: 65% ASN Imbang1/2 : 35% ASM3

The ASM3 units are limited and available on a first come first serve basis.

I had to basically put in a minimum of RM30K in. 65% will go to ASNB’s variable fund and the remaining 35% into its fixed-priced ASM3 fund.

ASNB is basically trying to promote and get you to invest in its variable fund which charges a 4% sales charge. I forgot the management fee per annum. But yeah, mutual funds.

I decided the 4% sales charge was worth it in the long term and invested RM50K into it total. Which gave me that RM17,500 in ASM3 funds.

As you can see, I was charged 4% immediately and the variable fund dropped in value since.

End.

That’s how I got RM17,500 worth of ASM funds. At a cost of RM1,300. Effectively, a 7% sales charge on it. Do you think it’s worth it?

I hope this one will help people get their ASM funds in the future. I’ll be sure to post an update whenever I receive news of new campaigns from my RM in the future. So follow me on Facebook and Instagram to get quick and immediate updates.

Free Basic Financial Plan for Malaysians

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Filed Under: Dividends, FI/RE, Financial Independence, Financial Planning, Fixed Deposits, Savings Accounts etc, Investment 23

I’ve gotten so many questions from all of you seeking financial guidance that I’ve decided to once and for all to come up with a simple financial plan (a guide if you will) for all to use.  

We’ll begin with the basics first, getting yourself out of debt, saving up, and then investing that money for passive income.

The Goal

The final goal of this plan here is for everyone to have an investment portfolio that generates sufficient passive income to sustain your lifestyle.

What is your Networth

Use a paper or Microsoft Excel and draw up your Balance Sheet. You’ll have your assets listed in one column and your liabilities in the other.

I’ve got a simple template set up for everyone to use here. Add or remove necessary items. The download link for the Financial Plan excel sheet is below.

Personal-Balance-SheetDownload

1. Budgeting and Saving

First and foremost, you’ll need to have capital. For that regular, periodic investing. And also, for the opportunities that appear once (or twice) in your lifetime. This is why a financial plan is important.

Acquiring capital would mean you need a surplus in your monthly budget. Now, there are tons of budgeting templates out there on the interwebs so I’m not going to walk you through this.

I will, however, tell you that the most important aspect of budgeting is to make it into a healthy habit. Keep at it for a time and you’ll thank yourself 50 years down the road.

Savings – I want you to have at least a 20% savings rate. The higher the better, in fact, try for 50% of your take-home salary. You’ll invest more during your early years and let the magic of compounding take over sooner.

2. Your Emergency Fund

After you’re done consolidating and paying off your debts, you’ll have a nice surplus in your budget and savings every month.

The next step would be to start building up what we call your Emergency Fund. This is the fund where if and when you ever need money for an emergency, you’ll never need to take out that personal loan or worse, from loan sharks.

An example – medical bills, or if your phone got stolen etc.

How much should you have you ask? Some sites will tell you 3 months of your expenses. I say at least 6 months, go 12 months if you’re the risk-averse kind.

I typically keep my emergency funds in Fixed Deposits (‘FDs’). Now, you may need to liquidate this cash immediately, so put it up in one-month FDs. You can learn more about emergency funds and how to get an “FD Ladder” going here.

An emergency fund is a crucial part of your overall financial plan.

3.1 Investing

You’ve got a kick-ass budget going on, your behind is covered by your emergency fund, now let’s talk investing.

As you all know, I invest heavily in stocks. My portfolio can be found hERE.
Here’s what I do – I continue saving and accumulating my wealth. I then wait for and seize any opportunities that present itself. I try to always have cash on hand.

Of course, you may not want to invest in stocks. And that’s perfectly fine, you should invest in securities you KNOW and you’re comfortable with. Just as long as you INVEST. Don’t leave your money lying around in FDs and whatnot because inflation is gonna take a bite out of it every single day.

The 7 investment options in Malaysia can be found hERE.

Investing your money is essentially making your money work for you. The first few years of your investing will determine the outcome of your financial well-being so invest with care and diligence.

3.2 Building Your Passive Income

For me and hopefully, for you, the goal is to have enough passive income to not have to worry about work. I’ve calculated that to about RM3,000 per month or RM36,000 per year. This is the essence of FI/RE – Financial Independence and Retire Early.

To learn more about FI/RE – click hERE.

There are lots of people and information out there that touts and scream passive income in your face. But when I say passive, I mean the true passive. You receive regular income with little to no effort on your part.

For example, a rental property where you manage it yourself and you’re getting complaints from the tenant every other month is not passive.

Whereas if you let your agent handle every single thing regarding the said property and check-in maybe every quarter with him/her, I’d classify that as passive.

Or you know, just buy Real Estate Investment Trusts (‘REITS’).
Let professional property managers manage your property instead. No worries. Hakuna Matata.

4. Protection

Now I’m including protection into your financial plan because many either overlook this or overprotect and overinsure themselves.

This step should be done simultaneously with Step 3.

Let’s talk insurance. I know I’ll be getting flak from insurance agents for saying this but – You don’t need life insurance. This is my opinion.

What you should focus on right now, is medical insurance. To cover your medical expenses, should you be hospitalized or some critical illness should befall you. That’s all I have and that’s all I need. I can pass on my whole portfolio to my next of kin and dependants upon my demise.

While we’re on the topic, fuck investment-linked insurance. Get a standard, simple one. Don’t let the premiums in your 80s scare you. You’ll invest the money yourself, without paying a fee to the insurance company.

5. Review and Monitor

You finally have everything in order. The final step is a step that is continuous and ongoing. It is for life. And it is for generations to come.

You’ll need to monitor your budget monthly, and make sure your savings increase in tandem with your salary and income.

Your emergency fund will increase as your monthly expenditure goes up.

Your investments and assets AND passive income should always go up, up and UP.

And, your insurance should always be updated to include the latest offerings and cover all illnesses.

I myself go over my finances every month. Part of the reason I started Dividend Magic is to keep track of my investment portfolio as well as to hold myself accountable.

End.

It is my hope that this here Financial Plan would be of help to every single Malaysian. It is a very basic plan, I’ve left out some more advanced features of financial plans but the essentials are all there.

You and you yourself are responsible for your finances.

Remember – Save, Invest and FI/RE.
I’ll leave you one of my favourite quotes by William Shakespeare.

”There is a tide in the affairs of men, Which taken at the flood, leads on to fortune. Omitted, all the voyage of their life is bound in shallows and in miseries. On such a full sea are we now afloat. And we must take the current when it serves, or lose our ventures.”

Now go out there and don’t let them opportunities pass you by.

You’re done with the FI/RE and Savings Series! You can check out article 001 – A Guide to Stock Investment in Malaysia of the Investing Series.

As always, follow my Facebook and Instagram to keep up to date!

Revised Maybank GIA-i – The Fairy Tale is OVER

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Filed Under: Fixed Deposits, Savings Accounts etc 17

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.

Where to park your money in Malaysia? CIMB Unfixed deposit

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Filed Under: Fixed Deposits, Savings Accounts etc, Financial Planning 7

CIMB Unfixed Deposit

CIMB Unfixed Deposit
CIMB Unfixed Deposit

Seeing as how my last post on Maybank GIA-i was so useful for everyone, here is another avenue for Malaysians to park their hard-earned money for better returns. A few of our readers sent me info regarding CIMB Unfixed Deposit but I didn’t want to have an article up on it because it was ending soon and it’s a promotion and thus not recurring like Maybank’s GIA-i.

However, seeing as CIMB has renewed the promotion up to 30 June, I feel it is my duty to have this up asap.

I’ll be making some indirect comparisons between CIMB Unfixed Deposit and Maybank GIA-i so you’ll be able to make a more informed decision.

PIDM Protection

So first thing’s first, CIMB Unfixed Deposit is covered under PIDM. One of the main put-offs of Maybank’s GIA-i for many of you was that it wasn’t protected by PIDM. So if that was your main concern, you can now opt for CIMB’s promotion worry-free.

If you’re still unfamiliar with PIDM, basically it is an insurance on your deposit placed with banks covered by the government. For individuals, you’re covered up to RM250K. So if you deposit more than that amount, the remainder will be lost should the bank go bust.

The Terms

The current promotion gives you 3.9% per annum for a 6-month placement and 4.1% per annum for a 12-month placement.

There’s a minimum placement of RM10,000 required for both the 6 and 12-month unfixed deposit. Which is very reasonable in my opinion. However, you’ll be slightly inconvenienced because CIMB requires you to head to their branch to make a placement for their unfixed deposit.

Early withdrawal of CIMB Unfixed Deposit before the FD’s 3-month tenure will see any interests earned nullified. From the 4th month on, you will be entitled to 50% of the interest earned. That’s the gist of it. This right here is the deal breaker for me.

The rates given are applicable for one cycle only and interest earned will be credited to your CIMB Current / Savings account. So if you’re not a CIMB customer, you’d be required to open an account with them. Not a bad way for CIMB to bring in new customers.

The complete T&C sheet can be found hERE.

My Take

I personally won’t be taking up CIMB’s offer this time around. If this promotion was offered by Maybank, I’d hop on it immediately. The 4.1% p.a. is really attractive but I still prefer Maybank’s GIA-i. Here’s why: CIMB is actually telling you, yes you can withdraw/uplift your Un-FD early but if you do that, you’ll either get ZERO interest or half interest.

And what’s 50% of 4.1% per annum? 2.05 f*cking percent per annum. Pardon my french but I’d be better off placing that in Maybank’s GIA-i account or M2U savers and earn more. 

However! If you’re sure you won’t be using your money for a year, take up this promotion and place your money there. The 4.1% is pretty high and in the unlikely event where you need to make an early withdrawal, you can do so and still retain 50% of your interest (assuming you’ve passed the 3-month mark). This is a way better deal compared to conventional FDs.

Seriously, if you have a lot of FDs lying around, consider moving your money to CIMB Unfixed Deposit before the promo ends. The interest is high and you’ve got your behind covered in case you need to withdraw early.

I’d like to know how many of you have already made your placements for CIMB Unfixed Deposit. Are there better FDs out there with higher interest rates in comparison?