CIMB desperate for Unit Trust infusions -> Launches FD "trick" to increase purchases.

I went to CIMB today... there was a new deal that they are offering:

48% pa interest on your 1 month Fixed Deposit! (T&C apply)

Sound too good to be true? ... duh. Of course it is.

The way their deal works is, you deposit 100,000 into their account. Out of this, 40% will go into this special Fixed Deposit. 60% will go into UNIT TRUST.

40% and 60% ???

WHAT THE HECK???

Is there anyone out there seriously stupid enough to fall for this?

hmm.

By the way, for those of you who are too lazy to work out the maths:

You deposit 100k with CIMB.

You will earn RM1,600 interest in 1 month.

Because of the 5% initial charge, you will be charged RM3,000 just for buying Unit Trust.

Oh... by the way... if your unit trust falls 10%, that is going to cost you RM6,000.

So, is this a good deal?


Summary: IT'S a TERRIBLE DEAL!!! AVOID LIKE THE PLAGUE!!!!