Hello! I'm planning to put in 10K, as a fixed deposit for 5 years, to earn some interest, under CIMB Why Wait fixed deposit Scheme (1.8% p.a if done online). Is this a good move?

Hey Anon, in my opinion, 1.8% interest p.a for 5 years is pretty low for such a long period of time, especially since a 3 years endowment plan provides between 2.10% - 2.50% interest p.a. Moreover, there are a few savings account that can give you that amount of interest or even higher without having to lock in. Do check out the following to see if you fulfill the requirements:

• Singlife Account

• Etiqa Elastiq

• SCB Jumpstart

• HL Online Savings Account

Hi! I think Bank of China may have a better rate for FD. My parents park their funds there too and from what they told me the term is not that long, you can even park the funds for just a year. Check it out!