Asked by Tan Wei Jie Shawn

Do you guys agree that CIMB FastSaver is like a 1 day bond that offers an annual interest of 1%?

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  • Sandy Cham
    Sandy Cham
    Level 3. Wonderkid
    Answered on 19 Jun 2018

    A savings account should be rather different from a bond. Ie minimum sum, redemption wise, callability the feature of a coupon vs monthly interest rate. As for the 1 percent interest rate there are many high yield accounts that offer higher interest rates.

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  • Kenneth Lou
    Kenneth Lou
    Level 8. Wizard
    Answered on 18 Jun 2018

    Well, you could think of it that way as there are mild similarities. (where you put money in a relatively non fluctuating class). But I would not compare it directly with a bond as this is more of an asset which is a higher-interest yielding 1% p.a savings account.

    A bond would usually have the following characteristics: A debt security, under which the issuer owes the holders a debt and (depending on the terms of the bond) is obliged to pay them interest (the coupon) or to repay the principal at a later date, termed the maturity date.

    Your CPF would perform more like a bond where it matures at a certain age at a pretty high decent interest rate be it 2.5% or 4% p.a. with the OA and SA accordingly!

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  • Gabriel Tham
    Gabriel Tham
    Top Contributor

    Top Contributor (Apr)

    Level 8. Wizard
    Answered on 18 Jun 2018

    It is by far the best savings deposit rate!

    No frills, just a regular savings account with 1% p.a!!

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