Banking & Saving
CIMB Step Up 6-month Fixed Deposit 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
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)
|CIMB Step Up Fixed Deposit Promotion||First 5 months||Month 6||Total|
|Interest rate (p.a)||3.10%||4.88%||3.39%|
|Amount of interest on RM100,000||RM1,298||RM407||RM1,705|
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, this one 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.