Looking to grow your money this 2024? Here are 5 things you need to know about CIMB’s MaxSave

Philstar.com

February 29, 2024 | 10:00am

MANILA, Philippines — You’ve already saved your emergency fund, so now you’re looking for other savings tools to aid you with for your big plans—tying the knot, pursuing your masters, starting your dream business or owning your first condo.

But, honestly, we know that stashing your ipon in regular savings account and earning around 0.0625% per annum interest won’t lead you anywhere close to your dreams.

With inflation continuously lowering your money’s value, you need a strategy to keep you at pace with your financial goals. At the same time, you don’t want to place your hard-earned money on high-return, high-risk instruments like equities or bitcoin.

This is where time deposit comes in handy. It’s low-risk and is offered by banks, but with better returns than regular savings. You get to safeguard your principal—a non-negotiable among the money-wise—and you get guaranteed income after six months, one year, or longer.

Generally, the longer the period or term and the higher the amount deposited, the higher the interest.

So how much does a time deposit earn? It ranges from 0.75% to 4% p.a. interest, with around 20% withholding tax in the final interest. It’s conservative, remember?

But what if we tell you that there’s a new time deposit offer where you can earn 6.5% p.a. in as little as six months, and for a minimum of P10,000?

Excited yet?

Here are more key features of MaxSave Time Deposit, the newest financial product of CIMB Bank Philippines:

1. Maximized earnings

Experience the advantage of long-term savings with MaxSave, earning the highest interest at 7.5% p.a. when you choose to keep your funds for a more extended period.

It’s a solid choice if you want to grow your wealth over time.

2. Define your terms

Tailor your savings strategy to match your goals. Choose from 6-month term with 6.5% p.a. interest rate, 12-month term with 7%, or 24-month term with the highest interest of 7.5%.

It all depends on your goals’ timeline.

3. Multiple accounts for multiple goals

Open a maximum of five accounts, allowing you to designate each account for a specific savings goal. This flexibility enables you to manage and fund various financial objectives efficiently.

4. Quick and convenient opening

Opening a MaxSave Time Deposit is a breeze. In under five minutes, you can set up an account through the CIMB mobile banking app.

Simply navigate to the product selection page, choose MaxSave Time Deposit, accept terms and conditions, select your deposit amount and time period, enter your MPIN, and you’re good to go!

5. Peace of mind

Rest easy knowing that PDIC protects your fund with up to P500,000 insurance coverage for every customer. MaxSave not only provides attractive returns but also guarantees the safety of your funds, aligning with CIMB Bank Philippines’ commitment to secure and innovative digital banking.

With the highest interest rate of up to 7.5% per annum and flexible tenure options, MaxSave is a powerful tool for you to achieve your financial goals. Your future self will thank you for it.

Know more about CIMB MaxSave at https://www.cimbbank.com.ph/en/digital-banking/our-products/maxsave.html and www.cimbbank.com.ph. For updates, follow their Facebook and Instagram pages. — MD

Editor’s Note: This #BrandSpace story is created with CIMB Bank Philippines. It is produced by the Advertising Content Team that is independent from our Editorial Newsroom.