The Overnight Policy Rate cut by Bank Negara Malaysia has had banks reducing fixed deposits rates. But don't fret as there are other alternatives. FMTNews FixedDeposit
: some high yield savings accounts may have additional conditions to earn interest.To consider if you need the liquidity of a bank account and returns that can be just as good as fixed deposit rates.
You can place funds that would otherwise be in FD/cash into your property loan account as a capital repayment. If you have a property that is still on mortgage, you may be able to utilise your property loan account if it is a flexible loan account that you can place in and withdraw funds from. How it works is by placing the funds that would otherwise be in FD/cash into your property loan account as a capital repayment.Returns:may be charged a fee for withdrawal and not instantaneous.To consider if you have a flexible property loan that you can utilise to place funds into saving you on interest charged. Typically only available for conventional loans.Although a familiar saying to many would be to not mix insurance and investments, endowments can be worth a look.
However, not all endowments are created equal with some endowments being downright poor while some can provide better than FD returns.the right endowment can provide better than FD returns; may be helpful to enforce a regular savings habitlonger maturity periods from 5 years or more; many endowments in Malaysia have a penalty for early voluntary termination: To consider if you are acceptable with your money being locked away for a longer period to enjoy slightly better than FD returns.
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