Fixed Deposits

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.

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 (Nov 2019)

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 

 

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 November 2019, 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 ICBC fixed deposit promotions

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

Bank/financial institution Min. deposit amount Tenure Promotional interest rate
Maybank $50,001 24 months 2% p.a. (online iSAVvy)
Maybank $20,000 12 months 1.88% p.a. (with $2,000 deposit in current/savings account)
ICBC $20,000 12 months 1.85% p.a. (online only)
CIMB $10,000 12 months 1.80% p.a. (online only, expires 30 Nov)
ICBC $20,000 3, 6, 9 or 12  months 1.80% p.a.

Looking at interest rates alone, Maybank is a clear winner. It is the only bank to offer 2% p.a. this month. However, you’ll need to be able to lock away a whopping $50,001 for 2 years to enjoy that rate.

The main appeal of CIMB’s fixed deposit promotion is the low minimum deposit of $10,000 — you’ll find that if you have $20,000 to spare, ICBC’s interest rates are more competitive than CIMB’s.

 

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 30 Nov)
ICBC $500 12 months 1.75% p.a. (online only)
ICBC $500 3, 6, 9 or 12  months 1.70% p.a. 
CIMB $10,000 3 or  6 months 1.70% p.a. (online only, expires 30 Nov)

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

 

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

 

Related articles

The Best Fixed Deposit Promotions in Singapore 

What Every Singaporean Needs to Know About Fixed Deposit Accounts

Fixed Deposit Linked Home Loans – Are the Interest Rates Really More Stable?

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