What do I need to know about Alliance Bank FD Gold?
Alliance FD Gold is a fixed deposit (FD) account created especially for seniors. For the purpose of this exercise, Alliance Bank have decided that you're 'senior' if you are over forty years old - don't be offended, it's your chance to earn extra interest on your investment with some value-added benefits.
The minimum deposit amount for Fixed Deposit Gold is RM30000, with investment time running from 12 months up to 60 months. It's important to note that the published rates are available to Malaysian citizens only. Equally competitive rates await foreigners with permanent residence status!
What are the added benefits that I get with Alliance FD Gold?
Firstly, provided you maintain a minimum balance of RM30000 in your account, you can take money out of your FD in multiples of RM1000. No penalty fees are charged for a partial withdrawal, meaning you have a great deal of flexibility about exactly how and when you can access your cash.
Secondly, Alliance allows you to use this investment account as security for an overdraft facility on your current account, offering up to 100% margin on the credit limit. Wait, there's more: if you have a minimum deposit of RM200000, you are entitled to Privilege Banking membership - and that carries a whole host of extra benefits.
Lastly, the bank will waive all commission charges and stamp duties when you buy traveler's cheques, bank drafts, and cashier’s order for new public share issues.
Oh, and unlike many other Fixed Deposit products, this one calculates interest at daily rest.
How do I withdraw money from my Fixed Deposit account?
You can send the bank instructions through AllianceOnline. If you do not have an online account with Alliance Bank you can make an instruction over the counter at a branch, provided you show your FD Gold certificates and MyKad.
How do I open an investment account with Alliance?
Just go into an Alliance Bank branch with your MyKad and a minimum of RM30000 in cash, or if you prefer to play safe, a cheque made out to the bank.