This saving account has a fairly straightforward and hassle free feature for lazy depositor. No fall below fee and interest pf 0.8%/0.9% p.a. is computed on a daily basis based on number of days you keep a minimum of $1,000 in your account.
However, due to the general market sentiments and economic downturn during COVID-19, all banks including CIMB have revised their deposit interest downwards. With effect from 1 Jul 2020, the interest rate for this account has fallen to 0.4%/0.45% p.a. for the first $200,000, 0.7%/0.75% p.a. for next $800,000, and 0.4%/0.45% p.a. for all amount above $1,000,000.
This downward interest revision although expected, is still alarming as interest return is being shaved by close to half of its initial rate. Nevertheless, the hassle free, no fall below fee feature of this saving account retains its appeal for depositors looking for simple saving mechanism.