FINANCING YOUR
CHILD'S EDUCATION

Plan ahead for your child’s education by asking these questions

  • What is the cost of education?

  • What type of education institution – public or private?

  • What are the effects of inflation?

A medical degree that costs RM255,400 today will be RM645,893 in 18 years’ time (assuming an education cost inflation of 5% per annum). And that’s just the cost of tuition fees in a local private university – for one child.

If you are planning to give your child an overseas tertiary education, the growing inflation rate and fluctuating exchange rate will make it more difficult for you to fund their education abroad.

Estimated cost of education today *

  Medicine (RM) Engineering (RM) Law (RM) Business (RM) IT (RM)
Local  
Public 12,710 8,550 7,740 7,560 9,040
Private 255,400 66,000 62,040 43,560 49,610
Abroad  
Singapore 326,822 92,709 88,788 78,923 92,709
US 641,351 473,432 233,324 233,324 473,432
UK 669,685 283,365 273,771 366,939 288,180
Australia 725,619 303,194 274,770 187,956 212,473


It is important to determine how much money you will need to support your child’s tertiary education, whether it is to be pursued locally or abroad. You will then have a clearer idea of how much you need to save.

Preparing for your child’s education

Choose an investment strategy that will give you capital growth and income yield over the long term, as well as diversify your portfolio to spread the investment risks. As your child grows older, you may consider a more conservative asset mix.

More importantly, review and restructure your plan with your Relationship Manager on a regular basis to ensure that the rate of your investment growth is moving in tandem with the increasing cost of education.

Enjoy an array of benefits and privileges when your child is abroad

Solutions for your needs

  • Interest-bearing statement-based savings account
  • Specially created for individuals from 12 to 23 years old
  • Higher interest rates than a normal Savings Account
  • Earn YOUth Points to redeem cool merchandise every quarter
  • Up to 100% bonus interest with regular savings
    Recommended solutions Core benefits
    Sun EduSmart

    A unique non-participating endowment plan that provides:

    • Education reward
    • Education Booster Fund (EBF)
    • Guaranteed Maturity Benefit
    • Life Insurance Benefit (Life Assured – Child)
    • Policy owner Waiver of Premium (Parent/Legal Guardian)
    • Additional Tax Relief

    For more information, please click here

     

    Dual Currency Investment

    What is it?
    This solution lets you invest in two major currencies of your choice

    Click here to view the product disclaimer

    Gives you an opportunity to convert your investment currency to an alternate currency of your choice at a specific pre-agreed conversion rate, while earning yield. Suitable for investors who may have a potential need for the alternate currency, such as planning for a child's overseas education.

    Unit Trust

    A convenient way to gain exposure into professionally managed investment opportunities ranging from local to regional or global markets, which can potentially bring you higher returns compared to traditional deposits.

    ASNB Variables Priced Funds

    Open ended equity funds that aim to provide you with a reasonable dividend yield as well as capital appreciation through investments in Malaysian equities, fixed income securities and money market instruments. The funds are managed by Amanah Saham Nasional Berhad (ASNB), a wholly owned subsidiary of Permodalan Nasional Berhad (PNB).

    YOUth Savers Account

    Passbook-based savings account for children aged 12 years and below
    High yielding savings plan with a bonus interest of 100% on annual interest earned
    Exciting Junior rewards, discounts and privileges at participating outlets
    Earn Junior Points to redeem cool merchandise every quarter

    Remittance (Kids Abroad) Enjoy Preferential rates when you call our Preferred Call Centre to remit funds to your child in Australia or the UK.

    Explore more financial solutions in our Daily Banking and Financing Solutions and Regional Banking Solutions.

    For a complete overview of planning ahead with CIMB Preferred, download our Education Booklet.

    Speak to us about how we can help you

    For assistance, please contact your Relationship Manager, call our CIMB Preferred Call Centre, visit us at a branch nearest to you, or write to us to schedule an appointment.

    *Source: www.studymalaysia.com

    The information on this website is intended to be general information only and should not be taken as containing any advice or recommendation nor should it be interpreted as an offer to sell, solicit an offer to purchase or subscribe for any investment, insurance plan or any other product(s). It does not take into account the specific investment objectives, financial situation or particular needs of any person. You are advised to read the specific product terms and conditions, and obtain your own independent legal and financial advice before making a commitment to purchase the product. All facts and figures are correct at time of publication. The Bank shall not be held liable, for any loss, costs, expenses, damages, claims, actions and/or proceedings of any kind whatsoever suffered by you or any other persons of whatsoever nature and howsoever caused, directly or indirectly, for any decisions made by you or any other persons on their finances, investments or anything whatsoever.

    Terms and conditions apply to all products and services.

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