My Sweet Retirement Makes a SGD Fixed Deposit Placement

I previously wrote about The Best Fixed Deposits of December 2019. The CIMB Fixed Deposit promotion came at the right time and I just made a SGD Fixed Deposit placement with CIMB today for 6 months. For a 6 months placement, you get an interest rate of 1.70% per annum. If you are interested in the above promotion of 1.80% per annum, you have to make a placement of 12 months. I am setting aside 15K in CIMB SGD Fixed Deposit for 6 months which earns me an interest of $127.50.

Why did I choose to make a fixed deposit placement? Basically, my son is going for an overseas school trip next year in June 2020. I am setting the money aside to fund for his travel expenses. The maturity of the deposit is just right at 6 months.

Here are a few reasons why I chose CIMB to make my Fixed Deposit:-

1. Opening an account is hassle free without making a trip to their bank. Everything is done online which takes less than 10 minutes. First, you need to open a CIMB Fast Saver account online. After you logged into CIMB Clicks which is their internet banking portal, click on eApplication and select SGD Fixed Deposit Placement.
2.  CIMB offers short term placement of 3 months, 6 months and 12 months with interest rates I deem attractive.