What you must know about Malaysia's first online fixed deposit account

Mach by Hong Leong Bank's general manager Mr HS Tan shares exclusive information on the new Mach FD product.

ABF: What spurred the launch of the new Mach FD product?
It has been the brand’s promise to continue introducing new innovative products, hence the new Mach FD product that is available online, to cater to the tech savvy Gen Y.

ABF: What's new about it for Mach by Hong Leong Bank?
Today, Mach by Hong Leong bank break new grounds again with the launch of Mach FD – the first truly flexible deposit account in Malaysia and its flagship branch located at Sunway Giza Mall. It is the 7th Mach product launched to date.

ABF: What do you hope to achieve with this initiative?
With the Mach FD, we hope to be able to fulfill the needs of smart savers looking for a high-interest deposit account whilst having the flexibility over their finances.

As customers can manage their account from anywhere via www.hongleongconnect.my, not only is the Mach FD paperless and hassle-free, it also allows them to make partial withdrawals when the need arises without forfeiting the interest earned to date.

With this branch, we are offering Gen Y customers a banking space with a cosy atmosphere more akin to their favourite café hangout.

The new banking experience facilitates in-depth customer engagement as well by allowing customers to casually browse through Mach’s product offerings via touch screen computers and chat with our Personal Financial Consultants. They are welcomed to relax on the couches or in one of our uniquely themed consultation rooms for 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.

ABF: What can you tell us about Mach's new FD product that is exclusively for ABF's editorial coverage?
It is a first-of-its-kind fixed deposit product specifically designed with flexibility in mind to cater to the tech savvy Gen Y market. With the Mach FD, customers can manage their account from anywhere via www.hongleongconnect.my. The Mach FD also allows them to make partial withdrawals when the need arises without forfeiting the interest earned to date.

Mach FD can be opened, placed and withdrawn via Hong Leong Connect without the hassle of visiting a physical branch. 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. Mach FD offers attractive interest rates with automatic renewal upon maturity.

Meanwhile, in conjunction with the launch, customers can enjoy a higher interest rate of up to 4 per cent per annum for new placements with a minimum deposit of RM10,000. Promotion period is from 7 January to 7 March 2013. Log on to www.machbyhongleongbank.com for more information.

ABF: Can you give us a brief description and progress of Mach since it was established?
Half a year after we officially launched the Mach by Hong Leong Bank sub-brand in July last year to cater to the banking needs and preferences of Gen Y customers, we meet again to launch two ground-breaking ideas, the Mach FD product that offers unparalleled flexibility and the flagship branch that redefines banking for Gen Y.

The Mach by Hong Leong Bank brand has achieved very encouraging growth since it made its debut in July last year as the first and only bank that is holistically designed for the Gen Y segment. Including this flagship branch, we now have 5 branches, all within our current focus area of the Klang Valley.

The others are also located in the hottest Gen Y hangout areas – Mid Valley Megamall, e@Curve, IOI Mall, and Paradigm Mall, in line with the brand identity that embodies modern lifestyle banking customised for Gen Y.

The key hallmarks of Mach by Hong Leong Bank 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 per cent of Mach’s customers to date are of Gen Y tells us that we are making the right connection with them.