Eon Bank - Cash Suprise Deposit Contest
EON Bank, which is more popular known in giving out car loans, is aiming high with its Cash Surprise deposit contest - its aims to attract a whopping RM1.5 billion worth of deposit over a period of nine months . To achieve that, EON Bank is turbo charge the contest with RM1.35 million cash prizes.
Quick Facts
- Contest period: 3 May to 31 Jan 08
- Total number of prizes: 47
- Total prize money: RM1,350,000
- Prize : Monthly prizes of 1 x RM100,000,1 x RM20,000, 1 x RM10,000 & 20 x RM1,000
How and What
The contest is open to both new and existing savings and current account (conventional & Islamic), individual and business accounts. The contest requirements are similar with Affin Bank accept it only requires a minimum of RM500 to be eligible for the contest. To stay for the hunt, participants must maintain a minimum incremental average balance of RM500 throughout out the contest period (MIAB, another ‘top-up’ scheme). Every MAB of RM500 is given a shot at the monthly prizes.
The Caveat
The MIAB calculation is based on the month before and is caculate based on MAB (monthly average balance), therefore the nett of current MAB month and previous MAB month must have more than RM500 where very MAB of RM500 is given one contest entry form. That means, you need to watch your deposit base, if it is too ‘large,’ it might be more difficult to meet the ongoing ‘incremental’ (top-up) requirement.
Bottom Line
Deposit needed to enter to this contest is ‘reasonable’, you only need to save RM500 every month. Because of this, this contest does sounds more genuine in encouraging saving habit. If you do that, at the end of the contest, win or not, you would have saved RM4,500. However the numbers of prizes offered are not attractive, there are only 3 cash prizes to be won every month, and 20 RM1,000 cash at the end of the 9-month contest period. To win any prizes, you need a lot of luck. If you really interested, make sure you understood the MAB and MIAB very well and knew how they are calculated.
Next: Dazzle Diamond deposit contest by Public Bank