This Deposit Account was launched way back since 22 June 09!
CIMB Bank has been known in Singapore to be paying high deposit rates for SGD FD. When this Current-Savings account was launched, it attracted quite a bit of attention from the public and its Raffles Place Main Branch reported an increase in walk-ins!
It is a savings and checking account which pays 1.2%pa. Initial deposit is S$5K, and subsequently monthly deposit of S$500 to earn the interest. It is daily calculated, and monthly paid-out into your account. Alternatively, you can opt to put in one time deposit of S$11K (S$5K initial deposit + S$500X12months) to earn the 1.2%pa.
For times when you need funds, all you need to do is to use your cheque and draw down your account. But when the balance for that number of days is lower than a benchmark, your deposits will only earn you 0.5%pa. For eg, you deposited S$5K +S$500 for 20 days and drew money leaving only S$1K for 10 days, you will only earn 1.2%pa on S$5.5K for the 20 days, and 0.5% of the S$1K for 10days of the month. Notice that the benchmark raises because you are expected to save minimum of S$500 per month.
This is certainly a great savings account without the restrictions of a Fixed Deposit Account with penalty or loss of interest.
Check it out at CIMB-At-Your-Service today at +65 6333 7777!
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