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Anonymous
My fixed deposit with CIMB ends in a few months. I signed it with an interest rate of 1.85%. Should I choose the option to renew it?
If I were to choose renewal, will my interest rate be pegged to the current rate or 1.85%? Is there any penalty for changing my mind and choosing withdrawal a month after the renewal? My alternative is directing the funds and split them to top up to 10K in Singlife, DCA with Stashaway, and perhaps open a RSS account.
Please advise.
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If you choose to renew, the interest will be the current prevailing rate (up to 0.85%). For early withdrawal, you may not receive interest from your deposit (subjected to duration of lock-in). You will earn much higher interest if you choose to leave it with CIMB FastSaver with 1% interest.
Robos (StashAway) and RSS are not an equal/similar alternative and you should be aware of the risk associated before proceeding with them.
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Question is what are you setting aside this money for?
If you need fast liqudation at little to no risk, you got to trade off some interest rates!
If you setting aside as an emergency fund, then might be better to just put into CIMB fast saver, at least get 1% and still have good liqudation in emergencies.
If you dun need liquidation, got time horizon to ride out volitality in the market, it makes more sense to put into an investment with better returns.