GX Bank to CIMB FD-i

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When GX Bank started, they offered 3% p.a. interest rate on its saving accounts, with interest credited on a daily basis. That was way better than what CIMB offered then. Yes, I could physically go to a CIMB branch to negotiate for higher rate for a FD placement but I would need to go back there again once it matures to again negotiate for a higher rate than normal. Troublesome.

So I shifted fund to GX Bank and enjoyed those high saving rate. I was prepared to transfer them back to CIMB should they offer high rate. Few months later, earlier than expected, GX Bank announced that starting 1st Oct, the interest rate would be lowered to 2% p.a. So, I checked CIMB FD rates. As an example of what I found, the interest rate for a 6-month FD was 2.6%. What caught my eye, however, was promotional rate for 6-month FD-i (Maturity Returns): 3.6!

What is FD-i? There are 3 forms of it but the common features are 

  • they are all offered by CIMB Islamic Bank, 
  • profit rate instead of interest rate, and
  • partial withdrawal of principal is allowed (to be done over the counter, not online)

So I withdrew fund from GX Bank and place them in CIMB FD-i  (Maturity Returns)

Comments

William said…
Maybank got 3.7% for fresh funds. Also Islamic FD product.
October 14, 2024 at 6:21 PM
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