Free Money - CIMB Fixed Deposits

As mentioned in my previous post, Singapore Savings Bonds  (SSB) interest rates have been rising. However so has demand for the SSB and as a result, most subscribers are getting no more than 12,000  (roughly) bonds for each tranche.
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So some subscribers may be faced with a dearth of options to stash their cash while awaiting the next issue. The luckier ones may have maxed out their 100,000 limit and cannot subscribe to any more SSB unless they redeem their older issues.

So while congratulations are in order, they need to find a place to earn risk-free returns. Ideally, these options would not have a lock-in period or just a very short one, since you may be looking to stash it while slowly subscribing for SSBs. 

In a prior post, I looked at some of these options. However, do note that some terms and conditions may have changed since the post, so caveat emptor.

Another option has become available recently. CIMB is offering slightly higher Fixed Deposit rates if you make your application online  Here is the link to the page.

This promotion lasts from 1st July to 31st July 2018.
Minimum placement is SGD 20,000.

Online rates start at 1.4% for a 3 month deposit, 1.65 for 6 months and 1.8% for 12 months.

The Terms and Conditions can be found here. 

FAQ here

Remember to read the Terms and Conditions carefully. You may want to take note of what happens if you have to withdraw your deposit early.

"In the event of early termination for fixed deposit, the fixed deposit interest rates applicable to this Promotion will not apply and interest will be payable at 0.25% p.a. for each completed quarter on the deposit"

You may also want to take note of what happens when the Fixed Deposit matures.

"Upon maturity of the fixed deposit placement(s), the principal and interest amounts shall be renewed at CIMB Bank’s prevailing fixed deposit promotional rates (if any) or board rates for the same tenure as the original fixed deposit placement, unless other maturity instructions are provided by the account holder"

In order to do participate in this promotion, you need to open a CIMB Fastsaver account, which offers a rate of 1% for balances up to a maximum of 50,000. You will also have a chance to participate in the Fastsaver Travel Draw (check out the details here).

This is not a promotional post.

None of the above should be construed as investment advice. Do your own due diligence