It’s an open secret that the Malaysian banks in Singapore tend to offer pretty attractive interest rates, whether on your savings or fixed deposits.
CIMB is one such bank. If you’re looking to grow a lump sum of cash in an extremely low-risk manner, you might want to consider CIMB fixed deposits.
CIMB fixed deposit rates
|CIMB fixed deposits|
|Promotional interest rate||1.55%||1.70%||1.90%|
CIMB fixed deposit promotions
CIMB is currently offering promotional interest rates on fixed deposits of at least $10,000. The promotion runs until 31 March 2019.
To benefit from these promotional interest rates, you just need to put $10,000 or more into a fixed deposit, choosing between a tenure of 3 months, 6 months or 12 months yielding interest rates of 1.55%, 1.70% and 1.90% respectively.
On the high end of the scale, the maximum interest rate of 1.90% is pretty damn impressive, especially when you consider that you only need to put in $10,000.
On the other end of the scale, the lowest interest rate of 1.55% is not the best, but when you consider that the tenure is a measly 3 months and you only need to put in $10,000, it doesn’t look so bad. You could use this as a way to store some spare cash in the short-term at a better interest rate that your savings account’s.
CIMB fixed deposits are best for people who have not more than $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
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 put it in a 3 or 6 month deposit, which is still better than letting it sit in your savings account.
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.
ICBC’s step-up fixed deposit (12-month) slightly edges out CIMB, but both banks offer some of the best interest rates in the market.
|Bank/financial institution||Min. deposit amount||Tenure||Promotional interest rate|
|ICBC (Step-Up Fixed Deposit)||$5,000||12 months||Approx. 1.95% p.a.|
|CIMB||$10,000||12 months||1.9% p.a. (online only, expires 31 Mar)|
|CIMB||$10,000||6 months||1.7% p.a. (online only, expires 31 Mar)|
|CIMB||$10,000||3 months||1.55% p.a. (online only, expires 31 Mar)|
Are you putting any of your money into fixed deposits right now? Share your tips and recommendations in the comments!
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Tags: Fixed Deposits