CIMB 4.5% return FRIA-i Vs 3.95% FD campaign

Your Questions Answered Here › CIMB 4.5% return FRIA-i Vs 3.95% FD campaign

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i would like help to understand this product.

I just want to check my understanding that the 3.95% FD (3.85% after 6 months) is a better choice than the FRIA/CASA bundle, because the effective rate is lower (3.38-3.74%). Earmarked means you cannot use that sum right, so essentially the earmarked amount is treated like a FD.

Also, they promise a 4.5% p.a. return after 6 months, but the special rates only apply to one cycle? How long is one cycle?? How do I know what's the rate it will return to?

Thanks

Maria Wang Mei Hua replied 3 years ago

Sorry the question box glitches on my phone (whenever I try to delete things, copies of the deleted text keep multiplying!)

Here’s the link about the FRIA-i product:
https://www.cimbpreferred.com.my/en/preferred-experience/preferred-promotions/friai-bundle-casa.html

2 Answers

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ERIKA Staff answered 3 years ago

Maria, to qualify for the FRIA you are referring to, you first need to be a CIMB Preferred customer.

This is the criteria - https://www.cimbpreferred.com.my/en/preferred-experience/preferred-islamic-banking.html

Look at 'How to become a CIMB Preferred client'

Maria Wang Mei Hua replied 3 years ago

Thanks for the heads up. Assuming that one is a preferred customer and eligible, can you answer my question about comparing the interest rates? (I’m not signing up, just trying to understand)

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ERIKA Staff answered 3 years ago

One cycle is usually defined by the bank - in your example, it could be referring to 6 months. However, interest rate is always quoted in per annum (p.a. = yearly) basis.

After 1 cycle ends, the 'normal rate' it revert it depends on whether you are referring to bank account rate of fixed deposit rate.

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