CIMB 6 months Fixed Deposit Step Up Promotion Review (ends 31st December 2012)

CIMB Bank Step Up Fixed Deposit Promotion up to 4.88% p.a – effective rate of 3.39% p.a
Drawback: lasts for a limited period of time, promotional rate of 4.88% p.a is only enjoyed on the final month

Interest Rate:  3.10% p.a for the first 5 months, 4.88% p.a for the 6th month (effectively 3.39% p.a, 3.40% p.a. for Preferred customers)
Minimum Deposit: 
RM5,000
Minimum Age Requirement: 18 yrs
Tenure: 6-months
Features:
1. Open to both CIMB Retail Customers and CIMB Preferred Customers.
2. Multiple placements with a minimum of RM5,000 are allowed.
3. Hassle-free crediting of interest into your choice of CIMB Bank Current or Savings Account.
4. CIMB Preferred Customers can enjoy a higher rate of 5.00% p.a for the 6th month with a minimum deposit of RM50,000.
Calculated Interest:
Assume you have RM100,000 to save, you will earn the following:
CIMB Step Up Fixed Deposit PromotionFirst 5 monthsMonth 6Total
Interest rate (p.a)3.10%4.88%3.39%
Amount of interest on RM100,000RM1,298RM407RM1,705
Go to CIMB Bank
Despite being miles away from the eye-catching 4.88% p.a, the effective rate of 3.39% p.a is still a market leader among major banks, only falling behind Bank Rakyat and Kuwait Finance House’s Gold Discovery Promotion (at the time of writing). See the updated Best FD rates in Malaysia article to find out if CIMB makes it!
Unlike their previous Step-Up promotion, the latest CIMB 6 months fixed deposit Step-Up promotion is open to both CIMB Retail and Preferred Customers. Additionally, preferred customers are treated to a higher rate of 5.00% p.a for their final month of tenure (minimum deposit amount of RM50,000), giving them an even higher effective rate of 3.40% p.a.

 

Promotion over? Why not take a look at our regularly updated Best FD rates in Malaysia article.

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