My dad, a retiree who is 69 years old was lamenting about the petite interest rate that he is currently receiving from 100K that is sitting in his savings account. I tried to recommend CIMB fixed deposit to him as CIMB currently offers the highest interest rate of 1.75% p.a.

I have also told him that I have done a fixed deposit placement recently via internet banking. Being not so technology savvy, he is very resistant to open an account via the internet. He is the kind who still prefers to make a trip down to the bank and queue. He became even more reluctant when he heard CIMB only has two branches, one at Raffles Place and the other at Orchard. He prefers banks where there are branches near your neighbourhood like POSB, OCBC and UOB. These are bank names known to old folks like him.

He asked