Asked by Anonymous
Asked on 22 Jan 2019
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!
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!
HL Fixed Savings Account base interest is 0.15%. It's up to* 1.65% incl. bonus interest with min. GIRO of $200. That additional 1.50% interest is only given twice a year in Jan and July. Bonus interest is credited if GIRO transfers are not withdrawn.
Rather you just open a CIMB fastsaver 1% no frills account. Dump the rest of your cash in SSBs. Higher than 1.65% with conditions to fufil.
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.