Timed deposit offer - what's the catch?

[SonicYouth1]

Just saw and spoke with SCB on their timed deposit offer - deposit $500k for 12 months and get 25k Asia miles or 800k for 40k Asia miles. The interest is very low but the miles is kinda attractive for doing very little

And it goes up to 200k Asia miles if you deposit RMB 500k. Is there any catch apart from not being able to move your money in that 12 months? Any other better offers out there?

[ndt]

You mentioned RMB in the second para, there is the obvious catch unless you want that money eventually in RMB anyway..

[Paxbritannia]

You mentioned RMB in the second para, there is the obvious catch unless you want that money eventually in RMB anyway..

Presumably it's CNH so you can just convert back at the end anyway?

[ndt]

Presumably it's CNH so you can just convert back at the end anyway?

I was implying currency risk rather than conversion restrictions..

[greenmark]

How are you going to spend those Asia Miles when CX goes belly up?

[jgl]

What am I missing here?

Isn't the downside that you are getting... Asiamiles? What does 40K get you... an iPad mini or a flight within Asia that won't be usable for the foreseeable future?

[shri]

You might do better if you look at DBS or other banks where you don't have any accounts to see what sort of promo they offer for new funds in.

For example if you can fund 1M for a DBS Treasure account:

https://www.dbs.com.hk/treasures/joi...res/index.html

[ycchai]

30k miles is roughly a ticket to Singapore/KL or about 1.5k hkd

So 200k miles is probably about 10k which for 500rmb/600hkd is around 1.5%more. Also like everyone says, why take miles?