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:-
- 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.
- CIMB offers short term placement of 3 months, 6 months and 12 months with interest rates I deem attractive.