An alternative to shopping and saving

By Brandon Teoh 

The first way to make transactions is with cash; the second way, credit card;  but what is the third way? For Hong Leong Bank, that is target, budget, save and buy. The Third Way of Shopping by Mach is a banking initiative by Hong Leong Bank targeting generation Y, that segment of the population who live and breathe the Internet.

 It has the noble intention of encouraging and educating the Internet generation to spend money wisely, whether online or offline. The idea is very simple.

First, it encourages monetary savings in the most conventional way; savings at the bank – let the bank manage the money for you. 

Second, it exposes Internet banking facilities – allowing one to have access to banking facilities 24/7. 

Third, it promotes e-commerce with direct integration between your savings and shopping. 

In order to get started, the first thing to do is to sign up with Hong Leong Bank. 

It is powered by Mach by Hong Leong; a financial banking service by Hong Leong Bank. 

In turn, Mach is powered by Hong Leong Connect, which is Hong Leong’s Online Personal Internet Banking Service (HLO) and new mobile banking app, all on a single platform. 

Mach consists of: 

• Money Box Deposit Account – deposit account and debit card combo.
• Dream Jar Saving Account – saving accounts with competitive saving rates.
• Mach FD Fixed Deposit – Deposit from as low as RM 1,000
• Mach Credit Card. – Annual fees waived for life.
• Cruise Control Car Loan – Huge savings on interest fees
• I.O.U Personal Loan – Funds up to RM50,000 released into your account as a personal loan within 60 minutes.

The focus of Third Way of Shopping by Mach is to leverage on the Dream Jar product which is not just a savings account product; it is also a financial management and budgeting tool.

For instance, let’s say that someone wants to buy a laptop which costs of RM 4,500. The person allocates a steady sum of RM 250 per month in other to save this amount. By 18 months, the monetary goal will be achieved and he can proceed to buy the laptop without credit cards or affecting other financial commitments. 

The idea is really to encourage a culture of smart spending and inculcate the habit of savings. 

Using Dream Jar, besides earning competitive interest rates of 2% p.a, one will also be rewarded with extra cash when achieving prompt monthly deposits. 

The Third Way of Shopping by Mach is currently inviting merchants to participate. It is up to merchants to publish product offerings that will come with other incentives such as discounts and rewards. 

Most of the merchandise made available are premium goods such as Dell Alienware M14X Gaming Laptop, Mr. Bathing Ape 3 Piece Suit and a trip to India and etc.

Mach by Hong Leong is rather similar to the EASY initiative by RHB Bank that has a community convenient banking facility concept. Mach currently has 6 branches in Klang Valley; IOI Mall, Mid Valley Megamall, e@Curve, Paradigm Mall, Sunway Giza and Sunway Pyramid.