The IR on investment accounts is once again increased by HLIB.
By adding funds to your Hong Leong Bank investment trading account, you can now also earn 1.50 percent p.a. income!
Deposits in the investment trading account will now be eligible for 1.50 percent p.a. interest, up from just 1.30 percent p.a. interest, according to news released by Hong Leong Investment Bank.
This change by HLB is consistent with the action taken by Bank Negara to increase the Overnight Policy Rate (OPR), which was increased from 2.00 percent to 2.25 percent p.a. in early July.
The interest rate on deposits made into investment trading accounts at Hong Leong Investment Bank was also recently boosted, from 1.10 percent to 1.30 percent per annum.
Hong Leong Investment Bank would undoubtedly boost the interest rate for investment trading accounts as well if Bank Negara announces a further hike in the overnight policy rate in September and November.
Since the interest rate is lower than the interest rate on regular time deposits, it is extremely uneconomical for the user to deposit money in the investment trading account in order to earn interest. This is still appropriate if the user is simply waiting for the stock price to decline or for the ideal moment to purchase their preferred stock, temporarily depositing the funds in their investment trading account in order to earn interest.
The withdrawal and deposit features were recently added to Hong Leong eBroking APP, the online stock trading platform of Hong Leong Investment Bank.
Users can more easily deposit money into Hong Leong eBroking and withdraw it.
