Looking for somewhere to park your Ang Bao money? Well, I always looked for Chinese New Year Fixed Deposit Promotions every year during this festive season. However, there are not many banks offering special higher interest rates because of Chinese New Year. The best one I have found so far is from CIMB Bank. CIMB Bank is offering an interest rate of up to 1.90% per annum. This is in fact the same as what CIMB has offered during their Birthday celebration and last year Christmas.
With the interest rates of Singapore Savings Bonds declining, CIMB’s fixed deposit promotion may not be a bad idea to park your money for a short duration of 12 months.
You can choose the duration of 3 months, 6 months or 12 months and if you apply online, they offer higher interest rates as shown in the table below.
|Interest Rates (% p.a.)|
|3 Months||6 Months||12 Months|
|Online Exclusive Rates||1.50||1.70||1.90|
A minimum of S$10,000 per placement is required.
Using S$10,000 as an illustration,
If you place a fixed deposit for 3 months, the total accrued amount (principal + interest) that you will receive is
A = 10000(1 + (0.0150 × 0.25)) = 10037.50
A = $10,037.50
If you place a fixed deposit for 6 months, the total accrued amount (principal + interest) that you will receive is
A = 10000(1 + (0.0170 × 0.5)) = 10085
A = $10,085.00
If you place a fixed deposit for 12 months, the total accrued amount (principal + interest) that you will receive is
A = 10000(1 + (0.0190 × 1)) = 10190
A = $10,190.00
I believe the above is a good deal if you have extra cash to park aside for a short duration of maximum 12 months.