4 Top Benefits People Acquire From Opening A Fixed Deposit Account In Malaysia

1

When it comes to saving cash, many people opt for fixed deposits (FD) because they consider the risk-free and high-return benefits after the money matures. A fixed deposit is simply a financial instrument offered by banks with a higher interest rate than an ordinary savings account. In many parts of Malaysia, FD is one of the most likable and trusted investment options for its attractive fixed interest rate.1

Below are the top four benefits of opening or having a fixed deposit account.

  1. Quite safe investment

Many people like fixed deposits for their interestingly low-risk nature. This makes it easy for you to save in the long-term and allows your money to give you the most bang for your buck over time.

  1. Capital Guarantee

Most FDs assure Capital Guarantee to all its depositors. This safeguards investors’ money in case a bank goes bankrupt. And it protects the money from any loss due to a recent risky activity the bank may have got involved in.

  1. Fixed returns

The fixed returns garnered from interests after the savings have matured are high, compared to gains acquired from other typical savings accounts. Also the longer you save cash in your FD, the more fixed returns you earn after it matures!

  1. Fast cash withdrawal

Bank fixed deposits provide great flexibility when it comes to liquidity. After your money has finally matured, you’re sure to get the specified amount you arranged with the bank. Although it’s worth knowing, money withdrawn before its maturity is subject to a fine because of a breach of contract. Wait for your cash to mature first as arranged with your bank to get attractive returns in the end.2

Saving your cash in a fixed deposit account is among the easiest and smartest ways you can choose to make your money work for you while asleep. All you have to do is put some amount of cash in an FD for a stated period and wait for it to yield a fixed interest rate every year. Money to be paid is usually provided at the end of this particular period, which you’ve arranged with the bank. If you’re still reluctant about opening an FD account, the four benefits mentioned above might make you reconsider. Contact a few banks and compare their offers to get the best FD in Malaysia.

Is It Better to Sign Up for Credit Cards Online or In Person

The Malaysian economy is thriving and has been steadily growing, and with an industry as strong as the country’s, it is becoming a norm for people, especially the working class,  to have credit cards. Supply and demand go hand in hand, after all. It is quite easy to apply for a credit card in Malaysia nowadays; you can either opt to walk in and apply in-person or fill up an online application at the comfort of your own home. Today, people sign up for credit cards in Malaysia to use in various ways and instances. But which is the better choice for you to be approved? Here are some pointers to help you decide.

In-person ApplicationThe traditional way of applicationr is equires you to walk into offices and apply for credit card

The more “traditional” way of application, it requires you to walk into the offices of the company you want to apply for, and attend an appointment with their specialist to discuss matters affecting your application like credit history and other details. While it requires you to travel and spend more energy, an in-person appointment gives you the opportunity to answer questions easily and explain your take on it.

Also, it will give you an ample time and allow you to ask questions that you deem important, like parts of policies that you would want to understand. And if by the end of the process you are approved, you are immediately given a chance to use the card as soon as you leave the office. Or if you are applying for a store card, you will be able to bring home the items you need that same day.

Online ApplicationThe alternative way of application is you need only to fill up online forms and send it back to the company

As the alternative way of application, you need only to fill up online forms and send it back to the company. Although an immediate response is not guaranteed, you will be able to save more time and energy in this process as you don’t need to leave your home or workplace to apply. If you are applying for a store credit, this can also give you the opportunity to browse their online catalog and shop from your home, saving even more regarding effort and opportunity.

All in all, there isn’t much difference between the two options since they hold different advantages. One gives you an opportunity to ask and answer in a faster way, while the other saves your time. If you decide to sign up for credit cards in Malaysia, look for a company that is best suited for you and consider talking to a financial advisor to know more.

A Financial Beginner’s Guide: 5 Cool Tips To Invest In Malaysia Without Big Risks

A-beginner-s-guide-into-financial-ratio-analysis

Everyone hates losing money, maybe that’s why many people fear to invest the little cash they have. The majority of these people like keeping their funds safe in a bank account that probably earns them fixed interests every year. However, sometimes a savings bank account can become a financial suicide since they yield low-interest rates. So, what are the best ways to gain the highest return on your money without a high risk around Malaysia? This financial beginner’s guide provides five handy tips for safe and risk-free investments worth taking the leap.

 

#1 Control Inflation

Many times inflation can stop your long-term financial goals, such as retirement or paying school fees for a child, from becoming possible. Or, it can make your long-term goals such a stressful experience to bear. Rather than keeping all your cash in the bank, it’s better to invest in other ways to maximize its purchasing power. Many people like investing a portion of their money in stock funds to keep up with inflation. Even though stocks often fluctuate unexpectedly, they offer the highest potential returns which in turn tackle inflation.

 

#2 Diversify More

Instead of relying on your own business to earn a living, you can invest in a broad range of investment instruments to minimize unnecessary risks. Buying share of funds belonging to a real estate, stock, bonds, and commodities is the best way to grow your money. This strategy can also protect your assets from any potential risk. At least, this way, in case an investment doesn’t bring you money, you’ll still benefit from others that are doing well. When investing, always remember the golden rule: “Do not put all your eggs in the same basket.” Diversify your options instead!

 

#3 Beware of Investment Scams

The famous adage that says, “If something sounds too good to be true, it probably is” is very true even in the investment world. If you come across a new investment vehicle promising you high returns within a short time, be vigilant not to fall for a scam. Awareness will also help you save time by prioritizing more on other important stuff that can  turbo-charge your income potential. Also, before closing a deal with any financial institution, check whether there are hidden charges within that may squander away your money. Making sure your money is protected and safe from scams and theft should be your top priority in every investment you choose.

 

#4 Choose Agents Carefully

Some people like having agents to invest money on their behalf for a small share made from each investment. The same thing works even in the stock market. Some people choose to engage a stock broker in analyzing the best stocks for them. Because charges vary considerably, it’s wise to first compare agents based on their competence and experience to nail a promising deal.

 

#5 And Finally, Invest In Small Amounts

Although there’s no restriction for you to invest any sum of cash to accumulate funds, it’s important you start small. Investing in small amounts allows you to gain confidence as you learn and stops you from rushing into anything. Start by buying substantial investments that have performed well in the past 5-10 years, and devote to buying in small portions regularly. Work with your financial consultant or broker to find you safe and risk-free investments that would yield high returns in the end.

 

In summary, no matter which investment vehicle you choose, it should at least have a long-term benefit. Doing this minimizes the risk of losing all your money while making sure your cash gains much higher returns on each investment. There are many ways to invest in Malaysia—unit trust, dividend-paying stocks, and bonds are some potential areas worth investigating. You can consult your financial adviser to find the best investment plan in Malaysia that can grow your money more without much greater risk. After you’ve decided which funds to invest, follow the cool tips laid in this guide to grow your money as you keep it as safe as possible.

Affordable Luxury: 7 Ways to Experience Travel in Luxury for Less

girl-travelling-soloTraveling has become ubiquitous whether you’re out for a holiday or traveling across oceans for work. At the same time, traveling in style and luxury is an emerging trend. While 5-Star Hotels and high-end lounges signify extravagant trips shared on social media, luxury travels can be costly. With mobile apps and technology making wanderlust easier and more affordable, here are seven tips to access luxury for less for the modern traveler.

 

  1. Revel in a Complimentary Airport Lounge

Instead of slumming it out in the designated waiting area, wait for your flight in the lap of luxury using credit cards like the KLIA premium lounge credit cards that grant you access to the best airport resting areas free of charge.

 

  1. Utilize Online Travel Deals

If you have plans to visit scenic travel spots and eat at famous restaurants, sites like Klook and Groupon allow you to book reservations in advance for a fraction of the price. Imagine being dropped off your hotel in a limo for the price of taking a cab. Online coupon sites have a deal for almost everything.

 

  1. Travel during the Off-Season

When you go during the peak season, prices are exorbitantly high. While in the off-season, the 5-Star Hotels and Michelin-starred restaurants will afford you the same luxury for a fraction of the price.

 

  1. Pre-book Wi-Fi

Staying connected in a different country grants you the luxury of convenience. You can book affordable Wi-Fi routers through websites like Flytpack. Google Maps your way around the city or book last-minute reservations wherever your sense of adventure takes you.

 

  1. Stay at an AirBnB

Instead of reserving a room at the Ritz, try staying at a well-reviewed AirBnB. You’ll not only save money but experience an accommodation with a punch of personality and meet local tour guides for a more authentic experience.

 

  1. Splurge during Lunch

Food is a landmark all of its own when traveling. You’re able to taste the flavors of what makes up the locale; however, good and authentic food can be quite expensive. A great tip to eating at renowned restaurants is to head there during lunch. Meal sets and lunch specials afford you quality for a fraction of the price.

 

  1. Extend a Work Trip

While flights can be expensive, extending a work trip a few days saves on costs while merging work and play. Apps like Tripit can build an expansive itinerary that suits what you’re looking for whether it’s to taste gourmet fare or explore the locale’s history.

 

For the savvy traveler like yourself, save these easy-to-follow tips on your mobile device and enjoy a luxurious vacation in an affordable way.

5 Types Of Credit Cards In Malaysia And How To Choose The Right One

T

Most working adult Malaysians have at least a credit card in their wallet, and as they get older, the more credit cards they own. However, no credit card is ever alike as they’re with different benefits and features, and each serves a different purpose depending on your lifestyle. Find out the five most common types of credit cards available in Malaysia, and how you can choose the right one:1

  1. Special Offer Credit Card As the name suggests, this type of credit card mainly offers various exclusive deals for all of its cardholders. The deals are often with specific merchants, and the deals may range from movie ticket discounts to complimentary coffee. This card is mostly suitable for hobbyists with particular taste and interests or young working professionals who have just entered the working world and are trying to save on fun and entertainment. However, watch out for hidden charges.2
  2. Balance Transfer Credit Card With this card, you can avoid having to pay a huge amount of interest rate charges by transferring the balance accumulated from your other credit card to another of your credit card issued by different banks. Some Malaysian cardholders with a pile of credit card debt would opt for this card to avoid incurring charges. While this card may serve as a short-term solution for your credit card debt, be wary of the terms and conditions. Also, certain banks require you to pay interest fees of 4% up-front.3
  3. Low-Interest Rate Credit Card In Malaysia, this type of credit card has a minimum interest rate of 8.88% p.a. (the lowest on the market). If you’re a big spender and love to shop all the time, this card could be your lifesaver. Even if you’ve missed making your monthly payment, the interest rate charges won’t cause you too much damage. That said, try not to purposely dodge your monthly interest rate and pay the minimum payment to stay on top of your finances.Reward card used for a sale on the computer
  4. Reward Points Credit Card This is another card that benefits shopaholics the most. Every time you swipe your reward points credit card, you’ll receive reward points that will allow you to redeem amazing goodies when they’re accumulated to a certain amount. How much Ringgit you spend will determine how many points you’ll earn. You can use your accumulated points to redeem things such as airline miles, shopping vouchers, household items, petrol, and gadgets. Most credit card points will expire within three years, so it’s best if you redeem the items as soon as possible.5
  5. Cashback Credit Card Similar to reward points, this card allows you to earn a percentage of cash for every purchase made with the credit card. A certain amount of rebate will be given to you every end of the month. This type of card would be a great choice for those who’d like to save more when they shop. However, always read the fine print to avoid hidden or extra charges.

As a rule of thumb, choose a credit card that would benefit you the most based on your lifestyle and spending habits, and avoid the ones with high interests if you’re not a high-income earner. If you’re thinking of getting one, get a Platinum credit card in Malaysia. There are a number of perks to owning a Platinum one as opposed to silver or gold, including air travel credits, airport lounge access, zero foreign transaction fee, sign-up bonus, and membership rewards points.

The Top 5 Benefits Of Getting The Assistance Of An Experienced Financial Advisor

t

The banking industry in Malaysia has grown in leaps and bounds during the last several years courtesy of the consistently improving economy. More and more people are becoming aware of the importance of putting their money in financial institutions not only to save but to grow the funds as well. However, a lot of people don’t receive the maximum benefits they can get from their funds simply because they aren’t fully knowledgeable about the ins and outs of the system. This is where professional financial advisors enter the picture. If you really want to get the most out of your money, it’s highly recommended that you get the services of an advisor. Below are some of the reasons why:1

  1. Protection for your money – Always keep in mind that when you put your money whether in a bank or in another financial institution, there is always some kind of risks involved. The repercussions of these risks can be understood by an advisor. That said, he will be able to boost the protection of your funds against these perceived risks. In fact, one of the main responsibilities of an advisor is to see to it that your money is not exposed to too much risks.The word Goal with an arrow shot into the target within the letter O
  2.  Meet your investment goals – The general rule is that before you invest your money, you should have a blueprint containing the goals that you want to achieve. To make sure that these goals are realistic, you need the assistance of an advisor who is aware of your financial situation. This is why it’s important that you know your financial advisor in Malaysia before you fully commit to his or her services. Both of you should be on the same page as far as your investment goals are concerned.3
  3.  Better retirement plan – Setting aside funds for a retirement plan is one of the major reasons why Malaysians save. Almost all banks and other financial institutions offer retirement plan options. Choosing which plan to take can be very frustrating which is why you need someone to help you pick the plan that’s appropriate for you.4
  4. Learn about your options – One of the main responsibilities of an advisor is to provide you with the options you have for banking and investment purposes. Of course, you still have the final say on what to do with your funds. But the importance of working with a professional is that he will tell you the advantages and disadvantages of each of the options. In short, he’ll help you decide which options will benefit your funds in the long run.5
  5. Gives you peace of mind – If you have a good and reliable advisor, you will worry less about your funds. In more ways than one, banking and investing are confidence games. You have to be confident of where you’re putting your money. You have to be confident that your money is safe. You have to be confident that you are not exposed to unnecessary risks. All of these will give you peace of mind. And you can only get this peace of mind if you have a competent advisor.

The bottom line here is that you need someone who is knowledgeable about the banking systems and financial situation in Malaysia. If you want to grow your money whether through savings plans or through investment opportunities, you need an advisor who can tell you how you should go about it. Advice from a knowledgeable person can make the whole difference between a failed and a successful investment.