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Put your money in the bank, (and maybe get a beemer)

AT Maybank, you can actually get your money to do more during its Deposit & Drive campaign, which runs until August 31. The contest, which is open to new and existing account holders over 18 years, is the bank's way to encourage people to keep money in the bank.

The campaign gives customers a chance to win and drive home a BMW 320i as the grand prize, but each week two winners will walk away with RM2,000 cash as well as Swatch watches worth RM200 for three consolation winners.

The mechanics of the competition are by far the simplest, no entry forms, tiresome slogans, questions to answer and text messages. This is a system driven contest and, and all entries will be automatically tracked - potential winners are shortlisted and a winner is selected based on the matrix concept.

Fifteen types of accounts are eligible for the campaign, so that covers most depositors.

To participate in the campaign, new customers are required to open and deposit a minimum initial amount of RM1,000 into any of the eligible Maybank Savings or Current Accounts or RM10,000 into any eligible Fixed Deposit Accounts.

Existing customers must top up their accounts by the same amounts during the campaign period. People who become introducers for new account holders are also eligible if they maintain a minimum balance of RM1,000 in their existing Maybank account. The good thing about this campaign is that every time customers increase their deposits by RM1,000 (RM10,000 for FD accounts) they are entitled to another entry automatically. The mechanics of the campaign is determined by a formulated mathematical tracking system and each entry will be assigned a serialised computer-generated number.

To be selected as a Weekly Prize winner, eligible customers are to maintain or increase their deposit growth throughout the Campaign period until the selection of the winner has been made.

For the Grand Prize, eligible customers are to show a cumulative monthly incremental deposit growth in their account during the entire duration of the 6-month Campaign period until the selection of the winner has been made.

Participants will be automatically disqualified if the deposit is done via transfer of funds from existing Maybank Current Accounts into other Maybank Savings Accounts or vice versa.

Any closing of the above Maybank Savings, Current Accounts or Fixed Deposit Accounts made during the entire duration of the Campaign period automatically disqualifies the participant from receiving the prize if their name has been picked as one of the winners.

TIPS:

Open your account(s) at a bank near your home or office so that it is convenient for you to make deposits, use an ATM or talk with bank employees.

Consider how many ATMs the bank offers, whether they charge a fee and whether 24-hour customer service is available by phone.

Low price does not always mean best choice. Look into the services you are getting for your money. Do they meet your needs or will you have to spend extra to get those services?

Make sure that any bank with which you open an account is PDIM-insured, which means your money is insured up to RM60,000 per account.

Best Uses for Bank Savings Accounts

Bank savings accounts are a critical part of everybody's financial picture. If you need a safe place to keep money, a bank savings account is often a good choice. Here's a quick review of what savings accounts are and why you might want to have a bank savings account.

What is a Bank Savings Account

A bank savings account is a type of account designed to simply hold money that you do not need immediate access to. When contrasted with checking accounts, bank savings accounts tend to pay a slightly higher rate.

Easy Access to a Bank Savings Account

Savings accounts offer easy access to your cash. In other words, your money is liquid (meaning you can make a withdrawal easily and quickly) in a bank savings account. Note that savings accounts are not as liquid as checking accounts, because you can get money from a checking account by simply writing a check.

Bank Savings Accounts Grow Your Money

When you have money in a bank savings account, your money earns interest.

This is a nice feature. Your bank savings account pays a rate of return on all the money in the account. That means that you get "paid" for keeping your money in the account. If you were not going to use the money anyway, then getting paid a little is better than nothing.

Bank savings accounts pay you more on your money than checking accounts.

Bank Savings Accounts are Relatively Safe

Bank savings accounts offer a safe place to keep your money. Suppose that you have RM1,000 and you're not going to use the money for another 3 months. You could do several things with the money. You could carry it around with you, you could put it under your mattress, or you could put it into a bank savings account.

The safest thing to do with your money is to put it into a savings account. If you carry the money around with you, you might lose it. If the money is under your mattress, your house could burn down or be robbed.

However, if the money is in a bank savings account, your banking institution is responsible for the safekeeping of that money. If the bank burns down, your money won't go with it, and any reputable bank will not just lose your savings.

Furthermore, you earn interest on the money in a savings account. You don't earn interest on cash that is sitting under your mattress.

Imagine the consequences if you didn't use a bank savings account. You could miss your mortgage payment, for example, or you could wind up having to work when you're unable to work.

Finding the Best Bank Savings Accounts

It literally pays to do some research on bank savings accounts. You'll want to minimize fees and maximise your return.

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