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Anonymous

26 Nov 2019

∙

General Investing

Is the ICBC Fixed Deposit worth going for?

Say if I only have $500 currently and I am not going to use it anytime now, will it be worth placing it into ICBC Fixed Deposit? It says that $500 is the minimum. Additionally, (noob question), on its site, suppose I go for a 3 months tenor which will give me 1.70%, and during these course of 3 months, I have deposited in additional $800, will the calculation be ($5000.0175 + $8000.0035)?
And lastly, is this account worth going for?

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Kelly Trinh

26 Nov 2019

Backoffice technical at financial services firm

Hi
Fixed deposits aren't bank accounts, you can put more in after issue and if you want to take out you have to wait till maturity (or pay a break fee to get out earlier).

For your example, the interest you get will be $500 1.7% (3/12) = $2.13 (assuming your 1.7% was a per annum rate)

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