Commercial Banking Operations

Junior Savers Account

Features: By teaching the lifelong financial foundation to the children, the parents can generate and junior savers account for them. This junior savers account are better flexibility than the fixed deposit account and this account also have the quite similar interest rate with the fixed deposit too. [Source: https://www.imoney.my/articles/junior-savings-account-understand-save] 

Target Market: The target market of the Junior Savers Account is only offer for the junior who are between the age 12 years old and below 12 years. The juniors who are after the 18 years old birthday are not allow to continue enjoy their junior savers account benefits. The bank will offer several types of normal savings account to them by change their junior saver account to the other normal savings account.

Advantages: The benefits of this Junior Saver Account are the account holders able to enjoy the higher interest rate which are comparable with the fixed deposit than the other normal savings accounts. Account holder also will have a savings passbook. From CIMB bank opinion, CIMB bank believes that the savings passbook able to motivate the young account holder to continue savings. Furthermore, Junior Savers Account also having bonus interest for savings regularly which means that the account holder able to enjoy up to 100% bonus interest on the total interest earned with remain deposits at least RM100 per month via Periodic Payment Instruction with Terms and Conditions.

[Source: http://www.cimbbank.com.my/en/personal/products/accounts/savings-accounts/junior-savers-account.html] 

Basic Savings Account

Features : Saving account was a deposit account which offer by the bank or others financial institutions for public to put their unutilized daily money that provides principal security and receive the uncertain interest rate as their others income.  [Source: http://www.investopedia.com/terms/s/savingsaccount.asp] 

Target Market: The basic savings account are open for public which are includes the foreign and Malaysian who are above the age 18years old.

Advantages: Junior saver accounts which are includes this basic savings account have provides ATM card services with statement based. CIMB bank provides this service for the account holders for enjoy more convenience of shopping locally with an ATM card no matter anywhere and anytime. This service was more safe for the account holders to avoid become the victims of robbery. Furthermore, CIMB bank also provides the CIMB Clicks internet banking for the account holder too. In order make online transactions, the account holders also can check back their account statement.