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0% Interest for My Savings Account

6:21 PM  Pisstol Aer   Labels:
Yesterday, I went to my bank (a local bank) to update my savings passbook.  When I checked the transaction of my passbook in detail, I realized that there was no half-yearly interest debited into my account as of 31st December 2009.  I therefore proceed to the cashier counter for the answer.  Unfortunately, the teller could not tell me the reason and requested me to leave my number so that they could call me after their investigation.

You know what?  The teller did not call me back.  I then called directly to the bank call center in the late afternoon.  Again, they could not give me any immediate reply.

15 minutes after I called the bank call center, I received a reply call.  The officer of the call center informed me that the bank would not pay any interest to "passbook" savings account if the balance is less than RM10,000.  What the heck is this?  Immediately, I questioned him for the reason of not informing customer about the changes of policy and his reply was "I am sorry about that!". 

Beside unsatisfaction about the bank service, I am more concern on the purpose of putting money into savings account.  I am not sure whether other banks are having the same practice or not.  Anyway, in the current low interest regime, putting money into savings account is totally unadvisable as inflation will eat up your purchase power, sooner or later.  Do not ever, never, think that savings with bank will protect your monetary value.  Invest now to protect your future buying power.  If you do not know how to invest, learn it now for your own good.

But, be aware that you should not invest your emergency buffer.  It should be kept in liquid form.  Since savings account does not do any good, you may search for money market fund with 0% loading and allow you to get you money at the shortest possible time after your redemption.

Good luck.
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0% Interest for My Savings Account
0% Interest for My Savings Account
Reviewed by Pisstol Aer
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Rating : 4.5