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‘First truly flexible online fixed deposit account’ launches in Malaysia

AvantiKumar | Jan. 17, 2013
Mach by Hong Leong Bank is designed especially for Gen Y customers, said Hong Leong Bank.

Hong Leong Mach FD

Photo - (from left) Moey Tan, Chief Operating Officer, Personal Financial Services, Hong Leong Bank; and Datuk Yvonne Chia, Group Managing Director, Hong Leong Bank.


The first truly flexible online fixed deposit account - Mach FD - has been launched in Malaysia, according to Malaysia-based Hong Leong Bank.

During the launch of its new sub brand, Hong Leong group managing director, Datuk Yvonne Chia, said: "The key hallmarks of Mach by Hong Leong Bank, which was launched in July last year, featuring customised offerings and high tech paperless process, have resonated well among our target Gen Y segment since its launch six months ago. That 85 percent of Mach's customers to date are of Gen Y tells us that we are making the right connection with them."

"This time, we bring you the Mach FD, a first-of-its-kind fixed deposit product specifically designed with flexibility in mind to cater to the tech savvy Gen Y market," said Chia. "With the Mach FD, customers can manage their account from anywhere. The Mach FD also allows them to make partial withdrawals when the need arises without forfeiting the interest earned to date."

She said Mach FD account could be opened, placed and withdrawn via Hong Leong Connect without the hassle of visiting a physical branch. "It is available to all existing Money Box deposit accountholders. Mach FD is linked to a Money Box account and customers will receive monthly e-statements together with their Money Box e-Statement of Accounts."

"Customers also have the option of using mixed mode placements, combining cheque deposit and intra-bank transfer of funds from their Money Box deposit account," said Chia. "Mach FD offers attractive interest rates with automatic renewal upon maturity. Plus, it gives accountholders the flexibility to perform partial withdrawals without having to lose out on all interest."

In conjunction with the launch, customers can enjoy a higher interest rate of up to four percent per annum for new placements with a minimum deposit of RM10,000 (US$3,316). Promotion period is from 7 January to 7 March 2013. Product terms and conditions apply.

Flagship branch at Sunway Giza

Hong Leong Bank also opened its Mach flagship branch at Sunway Giza one same day. "We are offering Gen Y customers a banking space with a cosy atmosphere more akin to their favourite café hangout," Chia said.

"The new banking experience allows in-depth customer engagement as well by allowing customers to casually browse through Mach's product offerings via touchscreen computers and chat with our Personal Financial Consultants (PFCs) while relaxing on the couches," she said.

The Mach flagship branch also features two uniquely themed consultation rooms named 'The Dorm' and 'The Factory', for customers that prefer extra privacy. All these allow both the bank and the customer to really understand their financial goals and the most suitable banking products to meet their needs.


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