The Third Way of Shopping – Mach by Hong Leong Bank

Imagine that when you saw a iPhone 5 16GB selling in price RM 2,199 and you’re interested to own it, the traditional buying method is either pay with cash, or pay with card (charge card, credit card, or debit card).

Mach by Hong Leong Bank

Mach by Hong Leong Bank has introduced the third way of shopping, and they have launched a new campaign on a new website – Francesco Vallecoccia from Antics Studio has contacted me 2 weeks ago to give me the opportunity to review it. Unfortunately I felt sick, so this review post just have to postponed until today.

According to Francesco, one of the main idea of third way is:

3rd way allows people to buy the things they want without having to use your credit card or spend your cash. You can plan to spend your money for holidays,gadgets,restoration,items and for getting amazing deals and pay for this new exciting adventure in the future, helping you to get the things you want hassle free.

If you read the carefully, you will notice that third way is actually close related to one of the Mach by Hong Leong Bank product – Dream Jar Savings Account. Dream Jar Savings Account is a type of savings account that:

  1. Let you set your own goal
  2. Choose the period to achieve your goal (6, 9 , 12, or 18 months)
  3. Save a fix amount of money monthly
  4. Enjoy a flat of 2% annual interest (Calculated on daily basis)
  5. Get cash reward when you achieve your goal

Let’s get an example from,

  • Goal – an Alienware M14X gaming laptop from Dell, price RM 4,449
  • Period – 12 Months
  • Fix Amount – RM 367
  • 2% interest after 12 months (deposited money RM 4,404.00) – roughly RM 48.04
  • Cash Reward – approximately RM 16.75

After 12 months, you will have RM 4,468.79, after subtract RM 4,449 (the cost of buying an Alienware M14X gaming laptop), your pocket still have RM 19.79 leftover.

Above example is the second idea of this thirdway campaign. But the 3rd idea, which is the main purpose, is the create a public awareness on the differences between savings and shopping. According to an article in Business Times, sadly to say, Malaysian Credit Card Repayment Behaviour is less than 50%.

I hope this third way campaign from Mach by Hong Leong Bank can help Malaysian in better managing their savings and aware that spending without limit or poor financial management. I definitely strongly recommend this Dream Jar Savings Account.

This is an honest review post. If you would like us to review your product, please contact us.

Amount of interest in this article is calculated by using Savings Interest Calculator from The Calculator Site.

Today's Top Picks for Our Readers:

Leave your comment here: