facebookShould I choose between CIMB Fastsaver or Hong Leong Fixed Savings Account? - Seedly

Anonymous

18 Apr 2019

Saving Hacks

Should I choose between CIMB Fastsaver or Hong Leong Fixed Savings Account?

I'm wondering what's the difference between the above two accounts. I know CIMB is a savings account, what is a fixed savings account? Is it a fixed deposit? Just by numbers wise I'd go for HL as it is 1.65% p.a. compared to CIMB 1% p.a. but I haven't heard much about the HL account so wondering if there's something I'm missing here. Thanks!

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Christopher Tan

26 Jan 2019

CEO at Providend Ltd

Hi anonymous, thanks for your question and sorry for the late reply. I will not repeat the answers given by other members below as they have done a great job. I would only like to add that if you qualify for higher interest accounts such as DBS Multiplier, OUB One or OCBC 360, these accounts give you a higher interest than the accounts you mentioned (say 3.5% p.a.). So you may want to explore them.

Have a blessed weekend!

Hong Leong Fixed Savings Account is different from a fixed deposit. You can still get interest even if there's withdrawal within the month so long balance is at least $500 and not exceeding $2mil. The account works a little simlar to POSB SAYE with automatic deductions from a primary account monthly. Interest is only paid on Jan and July. CIMB Fastsaver works like a regular savings account with interest paid monthly and withdrawals can be made.

Jay Liu

25 Jan 2019

Accounting and Finance at ACCA

HL Fixed Savings Account base interest is 0.15%. It's up to* 1.65% incl. bonus interest with min. GI...

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