Why a Digital Time Deposit May Be Better For You

Filipinos are increasingly preferring virtual banking, according to last year’s Consumer Payments Attitude study by Visa. 91% of the respondents expressed interest in virtual banking, a 3% increase from the previous year.

But beyond the usual digital savings accounts, you can now also open time deposit accounts online. These can potentially grow your savings even further and can be opened entirely through banking apps, just like the MaxSave Time Deposit product offered by CIMB Bank Philippines, the most awarded digital-only commercial bank in the country. This next-generation time deposit gives the account a modern twist, offering high interest rates while letting you enjoy the convenience of online platforms. 

Here are some reasons to consider opening a time deposit account online:

Easily and conveniently open an account

Compared to time deposits offered by traditional banks, digital time deposits can be opened without having to go to a physical branch. All steps can be done online without the need for tedious paperwork as well. For instance, existing CIMB deposit customers who are fully verified can open a MaxSave Time Deposit account in minutes directly on the CIMB Bank PH mobile app. Imagine the time, money, and effort you will save!

Maximize your earnings and define your own terms

Before, many times deposits required at least a five-figure minimum principal amount to open an account. Now, you can open a time deposit account with an initial balance as low as PHP 5,000. This can be a good way to dip your toes into time deposits while exploring flexible terms that align with your goals. You can opt for a shorter 3-month term, work on your mid-term goals for 6 months, or even manage long-term goals with 12- or 24-month periods with higher interest rates.

Rest easy with guaranteed interest rates

In times of economic uncertainty, stable and secure financial instruments can be of help. Time deposits can offer security, as they have fixed interest rates, protecting your deposit from market fluctuations. Opening your first deposit account not only helps you learn about maximizing the growth of your savings, but it also helps secure your hard-earned money.

With CIMB’s MaxSave Time Deposit, you are empowered to grow your savings through high interest rates of up to 6.5% per annum, with flexible tenure options ranging from 3-, 6-, 12-, or 24-month terms. The minimum principal amount needed is only PHP 5,000, and you can also open up to five accounts, one for each savings goal you want to fund.

To learn more about how this next generation time deposit can boost your savings and help you prepare for the future, visit cimbbank.com.ph/maxsave