Friday, October 17, 2008

The Guarantee of Savings and What It Means to You

Yesterday the government has finally seen the light and has followed the footsteps of Hong Kong, Malaysia, New Zealand and other countries to guarantee all savings and fixed deposits until 2011. SDIS's practice of insuring only 20k is over. People with savings above 20k no longer need to spread their money among different banks.

With the current financial crisis, interest rates has been increasing. You can place your money in any of the banks (foreign banks included) without worrying about the loss of your money. Right now, RHB (malaysia 5th largest bank) is offering 1.9% for a 3 months minimum fixed deposit of 50k. This is the highest offer right now, and if you are risk averse and have funds of 50kwhy not try its offer?

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