Overview
CIMB Juniors Savers Account offers a suite of tailor-made banking products ranging from savings, investment and banc assurance, and aims to help parent’s kick-start their children’s dreams with early financial planning.
With Junior Savers Account, they’ll get to enjoy a high yielding savings plan with a bonus interest of 100% on its annual interest earned plus exclusive benefits and privileges for the family which is perfect for parents with children aged 12 and below.
Among the products offered in the CIMB Junior bundle includes the Junior Savers Account that enables accountholders to double up the total interest earned throughout the year if a minimum of RM100 is credited into the account diligently every month.
With CIMB Junior, parents and children will get to enjoy the Junior Points Redemption Programme, whereby every average quarterly balance of RM1,500 in the Junior Savers Account earns them one Junior Point. The Junior Points can be used to bid for attractive toys and merchandise.
It’s a great rewards to encourage healthy saving habits for children.
With Junior Savers Account, they’ll get to enjoy a high yielding savings plan with a bonus interest of 100% on its annual interest earned plus exclusive benefits and privileges for the family which is perfect for parents with children aged 12 and below.
Among the products offered in the CIMB Junior bundle includes the Junior Savers Account that enables accountholders to double up the total interest earned throughout the year if a minimum of RM100 is credited into the account diligently every month.
With CIMB Junior, parents and children will get to enjoy the Junior Points Redemption Programme, whereby every average quarterly balance of RM1,500 in the Junior Savers Account earns them one Junior Point. The Junior Points can be used to bid for attractive toys and merchandise.
It’s a great rewards to encourage healthy saving habits for children.
Characteristics of Product.
CIMB Junior Savers Account has important characteristics in it. Below are the characteristics of the account : -
Easy to sign up
- With minimal initial deposit of RM300, parents can easily sign up a new saving account for their kids aged 12 and below at all CIMB branches.
Interest Rates
- Earn higher interest rates than a normal savings account with CIMB Junior and enjoy up to 100% bonus interest, profit on total interest, profit earned per annum when customer save regularly.
Rewards, Discounts and Privileges
- Kids and parents can enjoy great discounts and privileges at participating merchant outlets by just present their CIMB Junior card.
Merchandise Redemption
- Parents or Guardian also can join in the fun and redeem the preferred merchandise on behalf of the child.
Promotions
- CIMB Junior having a lot of promotions and prizes for their customer when they have sign up for CIMB Junior savings account. (Current promotions : Receive a limited edition Toy Story 3 coin bank and activity set with minimum deposit in the first month of account opening or deposit top-up.)
Product Lifecycle
CIMB Junior Savers Account was launched on May 2010, therefore the product lifecycle is still in the intro segment. Since the product is still new but it will catch up once the product lifecycle enters the growth part. With the right advertising method and good marketing strategies, the Junior Savers Account will achieve its goal to become one of the most trusted savings account for children in Malaysia.
Brand Image and Implication
CIMB Junior Savers Account is under CIMB Bank which is solely owned by CIMB Group.
CIMB Bank is responsible to promote this Junior Savers account to the perfect target audience. The most important thing to do is to gain the trust from the target audience and to make them believe that CIMB respect the needs for them.
The purpose of this plan is to encourage the saving habits for children. It portrays the family image and responsibility among parents to their children.
CIMB Bank is responsible to promote this Junior Savers account to the perfect target audience. The most important thing to do is to gain the trust from the target audience and to make them believe that CIMB respect the needs for them.
The purpose of this plan is to encourage the saving habits for children. It portrays the family image and responsibility among parents to their children.
Strengths and Weaknesses.
Strengths
i . Parents can easily sign up new saving account for their kids because there’s over 367 branches of CIMB bank in Malaysia.
ii . With CIMB Junior account, consumer will earn higher interest rates compared than other normal Savings Account.
iii . The product also is more than a saving account because its offers a lot of rewards by just present their recognition card, parents and kids will enjoy special promotions with selected merchants.
Weaknesses
i . The product is new but there’s been lack of product promotion and advertising. Most of the people don’t know that there is Junior Savers Account owned by CIMB.
ii . The marketing strategies are not enough. People always have doubt in trusting new
product.
iii . It does not look promising and reliable compared to other junior accounts by other banks. For example Maybank Yippe and Bank Rakyat Nuri.
Advantages and Disadvantages
Advantages
i . With CIMB Junior recognition card, children can enjoy discounts and privileges at any merchant stores listed under CIMB.
ii . CIMB Junior Microsite provides latest updated on CIMB Junior product offers and promotions, educational games, merchandise and financial tips.
iii . Customer will get free merchandise items with an initial deposit of RM300 and RM500.
iv . The process to sign up Junior Savers Account for children is easy and does not take a lot of time.
ii . CIMB Junior Microsite provides latest updated on CIMB Junior product offers and promotions, educational games, merchandise and financial tips.
iii . Customer will get free merchandise items with an initial deposit of RM300 and RM500.
iv . The process to sign up Junior Savers Account for children is easy and does not take a lot of time.
Disadvantages
i . There are other banks which also provide accounts for children and the banks have been long enough to gain the trust from the public.
ii . Parents might want to invest in other things besides bank account for their children, for example insurance.
iii. To open CIMB Junior Savers Account, parents have to at least deposit RM300 which is quite high compared to other banks.
iv. The less you save, the lower interest rates that you will get.
ii . Parents might want to invest in other things besides bank account for their children, for example insurance.
iii. To open CIMB Junior Savers Account, parents have to at least deposit RM300 which is quite high compared to other banks.
iv. The less you save, the lower interest rates that you will get.
Distinctive features
CIMB Junior Savers Account offers the best savings account for kids. Junior savers account is enhanced and re-branded from existing Children Saving Account. The Junior Savers Account is mainly for children aged 12 and below .
Upon signup, with minimum deposit of RM300, children will receive free Toy Story merchandises from CIMB itself. The Junior Savers Account is the perfect savings account for kids as CIMB is a very promising bank in Malaysia and has expanded enormously therefore the satisfaction of consumers is guaranteed.
Children can enjoy up to 100% interest rates than the normal savings account when saving with CIMB Junior Savers Account. Children are also entitled to receive discounts at any merchant stores listed under CIMB when they present the CIMB Junior card. CIMB will always have promotion from time to time, therefore that is the best feature about the Junior Savers Account.
Upon signup, with minimum deposit of RM300, children will receive free Toy Story merchandises from CIMB itself. The Junior Savers Account is the perfect savings account for kids as CIMB is a very promising bank in Malaysia and has expanded enormously therefore the satisfaction of consumers is guaranteed.
Children can enjoy up to 100% interest rates than the normal savings account when saving with CIMB Junior Savers Account. Children are also entitled to receive discounts at any merchant stores listed under CIMB when they present the CIMB Junior card. CIMB will always have promotion from time to time, therefore that is the best feature about the Junior Savers Account.
Unique Selling Proposition
With Junior Savers Account, they’ll get to enjoy a high yielding savings plan with a bonus interest of 100% on its annual interest earned plus exclusive benefits and privileges perfect for the parents and the children.
Positioning
Junior Savers Account is a savings account for children, which offers unique rewards for both children and parents.
