Updated 14th October 2014
Malaysian Fixed Deposit rates as at 12th August 2014:
12-month deposit with Maybank: 3.30%
12-month deposit with CIMB: 3.40%
Restrictions:
1. Minimum deposit of RM1,000 for deposit tenures 2 months and above, and
2. Loss of interest in the event of early withdrawal.
What about the flexibility of a Current Account?
Premier current account with Maybank: 0.35% p.a. for balances up to RM5,000, 0.45% p.a. for balances up to RM10,000 and 0.60% p.a. for balances up to RM25,000.
Flagship current account with CIMB: 0.05% p.a. for balances between RM5,001-10,000, 0.1% p.a. for balances between RM10,001-20,000 and 0.5% p.a. for balances above RM20,000.
But let’s not forget the usual banking current account service charges.
Introducing the Bitcoin Malaysia Daily Savings Account with Fixed Deposit-like returns + Current account flexibility!
Features:
1. Full flexibility – Withdrawal anytime. As fast as blockchain transfers will permit.
2. After your funds have been deposited for a full 1-day period, start earning DAILY interest of 0.009%.
3. Earn interest EVERYDAY and not just on working days.
What does 0.009% work out to?
(1.00009)^365 = 1.033394
i.e. 3.3394%
p.s. use Microsoft Excel to check out the calculation.
Earn 0.009% every single day, for a total return of 3.33% p.a. and with full flexibility of a withdrawal anytime.
UPDATED 13th October 2014 (midnight). List of account holders, balances, and commencement date. Current BTC deposits held = 96.8 BTC, with accumulated additional interest earned of 0.24870536 BTC
On a periodic basis, a number will be stated at the side, which will indicate the current balance, inclusive of accumulated interest.
Account No. 0001, 2.0 BTC, 15th August 2014. 2.01064777
Account No. 0002, 0.8 BTC, 15th August 2014. 0.80425911
Account No. 0003, 35.0 BTC, 15th August 2014. 35.18633590
Account No. 0004, 4.0 BTC, 15th August 2014. 4.02129553
Account No. 0005, 3.0 BTC, 16th August 2014. 3.01570024
Account No. 0006, 2.0 BTC, 16th August 2014. 2.01046682
Account No. 0007, 50.0 BTC, 14th October 2014. 50.0
Terms and conditions
1. Daily interest of 0.009% commences one full day after a deposit has been made.
2. I have a maximum cap of 50.0 BTC per customer account.
3. In the event that I can no longer deliver a profitable account to you (i.e. 0.009% per day), I reserve the right to pay you your BTC balance in full, including all accumulated interest in your account, to your BTC wallet. NOTE: This simply means that I am not over-promising here -> I will only hold balances if I can profitably deliver an account to you. If I can only earn 0.008% per day, then I will not retain your balance anymore, and you will be given your balances in full (including all your accumulated interest). My personal funds will continue earning the 0.008% per day, but it wouldn’t make sense for me to hold balances and pay out an extra 0.001% per day.
4. I personally guarantee all the funds that are deposited with me. The compensation for my knowledge/risks comes from my incremental earnings above the 0.009% per day you are earning on the account.
5. At no time will your funds be used to take a long/short trading position. Therefore, you are not exposed to any market risk.
6. At no time will your funds be used to make loans to others. Therefore, you are not exposed to any credit default risk.
Bitcoin Malaysia 