Maybank paying 5.4% interest. Any trap?

[myo539]

SINGAPORE: Malaysian bank Maybank 's Singapore unit said Tuesday that it's launching attractive rates for its Foreign Currency Time Deposits (FCTDs).

It's offering interest rates of up to 5.4 per cent per annum for the Australian dollar and up to 4.15 per cent per annum for the New Zealand dollar. Maybank will also offer US dollar and pound sterling denominated time deposits.

Maybank said it was launching the FCTDs as it has noticed a growing interest in such products.

http://www.channelnewsasia.com/cna/cgi-bin/search/search_7days.pl?status=&search=maybank&id=1079626

Cheap MAYBANK home loan rates can be a trap !
http://www.sammyboy.com/showthread.php?t=73406

Any trap with the offer eg commission?

 

[halsey02]

Attractive as it sounds but remember the daily foreign currency rates over the counter published rates set by the bank's FX dept is the average profit / loss adjusted. That means when the FCTD matures, the bank will buy from you at that rate plus the interest you earn & credit into your account with them. The rate that one get, may not be the trading rates you see on reuters or bloomberg etc.. that only applies if you are a preferrential customer, normal bank customer gets the daily Over The Counter published rates.

Unless one knows the FX market well, current trading rates & future maturing rates, the trading difference in the rate flutuation, one can make converting the principle & interest, other than that is caveat emptor..

 

[Cestbon]

SG$ offer low rate only beat the Japan currency . One good about SG$ is more stable.

 

[rodent2005]

SG$ offer low rate only beat the Japan currency . One good about SG$ is more stable.

SG is supposed to be booming according to the PAP yet interest rates on savings are so low.

 

[chootchiew]

SINGAPORE: Malaysian bank Maybank 's Singapore unit said Tuesday that it's launching attractive rates for its Foreign Currency Time Deposits (FCTDs).

It's offering interest rates of up to 5.4 per cent per annum for the Australian dollar and up to 4.15 per cent per annum for the New Zealand dollar. Maybank will also offer US dollar and pound sterling denominated time deposits.

Maybank said it was launching the FCTDs as it has noticed a growing interest in such products.

http://www.channelnewsasia.com/cna/cgi-bin/search/search_7days.pl?status=&search=maybank&id=1079626

Cheap MAYBANK home loan rates can be a trap !
http://www.sammyboy.com/showthread.php?t=73406

Any trap with the offer eg commission?

is
MayBank is paying so low FD interest rate now that they don't even dare to publish rates online now. What you think.

 

[Leongsam]

Those rates are nothing special.

Kiwibank offers 5.15% for the NZD and ANZ is paying 6.00% for the AUD.

http://www.anz.com.au/personal/accounts/term-deposits/
http://www.kiwibank.co.nz

All Maybank has to do is take your money and earn a nice fat margin.

SINGAPORE: Malaysian bank Maybank 's Singapore unit said Tuesday that it's launching attractive rates for its Foreign Currency Time Deposits (FCTDs).

It's offering interest rates of up to 5.4 per cent per annum for the Australian dollar and up to 4.15 per cent per annum for the New Zealand dollar. Maybank will also offer US dollar and pound sterling denominated time deposits.

Maybank said it was launching the FCTDs as it has noticed a growing interest in such products.

http://www.channelnewsasia.com/cna/cgi-bin/search/search_7days.pl?status=&search=maybank&id=1079626

Cheap MAYBANK home loan rates can be a trap !
http://www.sammyboy.com/showthread.php?t=73406

Any trap with the offer eg commission?