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

CIMB

CIMB FastSaver Account

Savings Account

Asked by Tan Wei Jie Shawn

Asked on 17 Jun 2018

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 9. God of Wisdom
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 (Jan)

Level 9. God of Wisdom
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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