CIMB Fixed Deposit Promotion July 2022

CIMB Fixed Deposit Offers 2.30% p.a.

Dividends

CIMB Fixed Deposit Offers 2.30% p.a. (per annum). I came across this fixed deposit promotion while searching for safe haven to park my retirement monies.

When the Fed increase interest rates, I will look at bonds and bank fixed deposits because these financial instruments are deemed more attractive than stocks. The returns are attractive and come with lower risks.

From 15th July to 31st July 2022, you get 2.30% per annum for a 18 months SGD Fixed Deposit placement done online with CIMB.

The interest rate of 2.30% per annum is only for CIMB Preferred Customers. Unfortunately, I am not eligible because I have not met the criteria to be a CIMB Preferred Customer.

To be a CIMB Preferred customer, your Total Relationship Balance (TRB) need to reach SGD 250,000. Your TRB is a combination of any individual deposit and/or investment product.

As a Personal Banking customer, I am eligible for the 2.25% p.a. for a 18 months SGD Fixed Deposit Placement.

For a S$10,000 18 months placement at 2.25% per annum, you will receive S$10,340.03 when the fixed deposit matures. The interest earned is S$340.03.

Here are the details of the Tenure and their respective Interest rates.

TenurePersonal Banking (Online Promotion Interest Rate (%p.a.) $10,000 and abovePreferred Banking (Online Promotion Interest Rate (%p.a.) $10,000 and above
12 months2.052.10
18 months2.252.30

If you compare this promotion with the latest issue of Singapore Savings Bond (SBAUG22 GX22080V), this promotion is slightly better at 2.05% p.a. because SBAUG22 only gives you 2% p.a. for 1 year (12 months).

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