As discussed in a previous post, CIMB recently introduced its MaxSave Time Deposit accounts where you can earn as much as 7.5% interest per annum.
Steps to create a CIMB MaxSave Time Deposit account
Step 1: Ensure that you have an existing savings account with CIMB
You should have at least any of the following CIMB accounts:
- UpSave
- Fast Plus
- GSave
If you don’t have a savings account yet with CIMB, you can follow this guide to create one.
Step 2: You need to have at least 10K in your CIMB savings account
The minimum amount that you can deposit in the MaxSave Time Deposit account is 10K pesos and the maximum is 1M.
Step 3: Log in to the CIMB app
Access your main dashboard and go to Accounts.
Step 4: Create a new account
Under the Accounts section, tap “Apply for a new account”, then tap MaxSave.
Step 5: Agree to the Terms & Conditions
Put a checkmark on both boxes, then tap I agree.
Step 6: Specify the amount to deposit and the lock-in period
For this step, you can either use the bar to set the amount you wish to deposit or just type in the box directly. Once done, tap on your preferred lock-in period which also dictates the interest rate per annum. The longer the lock-in period, the higher the interest rate for your deposit.
Step 7: Provide additional details
Here you can label (nickname) the account you’re creating. You will also need to fill out the following details:
- Deposit from – this lists the current savings account (FastPlus, UpSave, Gsave) that you have from which the amount will be taken
- Auto renew? – if this is enabled, once the maturity period is completed, the amount will again be reinvested in the Time Deposit
- Renewal type – this option will show up if “Auto renew?” is enabled. You can then choose to either automatically redeposit the Principal only or both Principal and Interest
Step 8: Details Confirmation
You can review the information you’ve provided before completing the creation of your MaxSave Time Deposit account.
After you tap the Continue button, you will be required to input your 6-digit MPIN for confirmation.
Voila! You’ve successfully created your MaxSave Time Deposit account.
What else do you need to know?
There’s a Cooling Period of 2 days given to you wherein you can terminate the MaxSave account you created without incurring any fees. Outside of the Cooling Period and before the lock-in period is completed, you will incur charges/fees if you pre-terminate your account.