Best CIMB Fixed Deposit Rates & Promotions in Singapore – MoneySmart Review 2019

CIMB fixed deposits

It’s an open secret that the Malaysian banks in Singapore tend to offer the most attractive interest rates, whether on your savings or fixed deposits.

This month (Jan 2020), CIMB is in the lead of the fixed deposits game. If you’re looking to grow a lump sum of cash in an extremely low-risk manner, CIMB is offering a market-high rate of 1.80% p.a. until 31 Jan 2020.

Interested? Let’s go into the details of the promotion to see if you’re eligible.

 

CIMB fixed deposit rates (Jan 2020)

CIMB fixed deposit promotions 
Minimum deposit  Tenure Interest rate*  Things to note 
$10,000 12 months 1.80% p.a.  Online only 
$10,000 3 or 6 months  1.70% p.a.  Online only 

* Promotional rates expire 31 Jan 2020.

 

CIMB fixed deposit promotions

CIMB’s fixed deposit promotions are very straightforward: to qualify, you just need a minimum of $10,000 to lock up for 3, 6 or 12 months. Oh, and you need to apply online.

For January 2020, the best promotional interest rate is 1.80% p.a. which you can get if you deposit at least $10,000 for 12 months.

If 1 year is too long, you can do a shorter stint instead. For 3- and 6-month tenures, the interest rates are only slightly less (1.70% p.a.).

These rates are pretty decent. To enjoy the high interest rates of 1.70% p.a. and up, you usually have to commit to either 1) a bigger deposit of at least $20,000 or 2) a longer tenure of 24 months.

 

CIMB fixed deposits are best for people who only have $10,000

The CIMB fixed deposit is great for the following types of people:

  • People who do not have more than $10,000 to put into a fixed deposit, and
  • People who are looking for a short-term fixed deposit

As mentioned, one key strength of the CIMB fixed deposit is the low minimum sum of $10,000, which still yields very decent interest rates. Most other banks typically require you to put in at least $20,000 to achieve similar, or more often, worse interest rates.

The fact that you can get decent interest rates with tenures as short as 3 months is also a plus. If you think you might need to use that $10,000 in a couple of months, you can simply chuck it in a 3 or 6 month deposit, which is still better than letting it sit in your savings account.

 

CIMB vs Maybank vs HSBC fixed deposit promotions

This month, CIMB’s main competitors are Maybank and HSBC. Here is a comparison of their best fixed deposit rates:

Bank/financial institution Min. deposit amount Tenure Promotional interest rate
CIMB $10,000 12 months 1.80% p.a. (online only, expires 31 Jan)
HSBC  $30,000 6 months 1.75% p.a. (expires 29 Feb) 
Maybank $50,001 24 months 1.75% p.a. (online iSAVvy)
CIMB $10,000 3 or 6 months 1.70% p.a. (online only, expires 31 Jan)
Maybank $20,000 12 months 1.60% p.a. (with $2,000 deposit in current/savings account)

As you can see, CIMB has the highest interest rates that are easy to unlock. HSBC is not usually one of the frontrunners, but thanks to their festive CNY promotion this month, they’re offering a neat 1.75% p.a. until end Feb 2020.

Maybank is next, but their maximum 1.75% p.a. rate is only for those with 50 grand to keep away for 2 long years.

 

Best fixed deposits for $10,000 or less

If you have $10,000 or less and are looking for the best fixed deposit accounts to grow your money, ICBC and CIMB are two viable banks to go for.

Bank/financial institution Min. deposit amount Tenure Promotional interest rate
CIMB $10,000 12 months 1.80% p.a. (online only, expires 31 Jan)
CIMB $10,000 3 or 6 months 1.70% p.a. (online only, expires 31 Jan)
ICBC $500 12 months 1.60% p.a. (online only)
ICBC $500 3, 6 or 12 months 1.55% p.a.

If you can cough up $10,000, CIMB is better. But if you have any less, ICBC offers decent rates too. The $500 minimum deposit is the lowest in the market, and is great for those who only have a couple of thousands to spare.

 

Are you putting any of your money into fixed deposits right now? Share your tips and recommendations in the comments!