Money

Sa una lang malaki! ING, CIMB bring down deposit rate to 2.5%

Customers of ING Philippines and CIMB Bank expecting a sizeable payout in 2021 are in for a surprise: Both banks will no longer a 4% yearly interest rate for deposit accounts.

ING is downsizing its annual payout to 2.5% while Malaysia’s all-digital CIMB banking wallet will be lowering its deposit payouts to 3% per annum this year.

Both rates remain higher than what other banks offer as interest, at a time of an ultra-low interest regime from the Philippine central bank.

ING already hinted at trimming down its interest rate during 2020’s -Ber months, when it announced that only new deposits will earn 4% annually.

The latest ING Save rate is now at 2.5% per annum for those with an available daily balance of P20 million or lower. Deposits above P20 million will only earn a gross 1% interest rate.

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