If you’re looking for a simple and hassle-free savings account in Singapore, the CIMB FastSaver account of Singapore review might be just what you need.
With competitive interest rates and no multiple conditions to meet, this account is a great option for those who want to grow their savings without having to jump through hoops.
One of the standout features of the CIMB FastSaver account is its interest rates. As of December 2023, the account offers an interest rate of up to 3.5% per annum, which is higher than many other savings accounts in Singapore. Plus, there are no multiple conditions to meet, so you can earn this interest rate without having to worry about maintaining a minimum balance or making regular deposits.
Opening a CIMB FastSaver account is also a breeze. You can apply online and start earning interest from your first dollar. Plus, there are no fall-below fees, so you won’t be penalised for not maintaining a minimum balance. Overall, the CIMB FastSaver account is a great option for those who want a simple and straightforward savings account in Singapore.
Key Takeaways
- The CIMB FastSaver account offers competitive interest rates of up to 3.5% per annum, with no multiple conditions to meet.
- You can apply for a CIMB FastSaver account online and start earning interest from your first dollar.
- There are no fall-below fees for the account, making it a hassle-free option for those who want a simple savings account in Singapore.
CIMB FastSaver Account Overview
If you’re looking for a savings account that offers a high-interest rate without the need to fulfil multiple requirements, the CIMB FastSaver Account is worth considering. This online savings account is a no-frills account that offers a promotional interest rate of up to 3.50% p.a. with no lock-in period and no multiple conditions to meet.
Key Features
The CIMB FastSaver Account is an online savings account that allows you to earn a high-interest rate of up to 3.50% p.a. with no lock-in period. Here are some of the key features of the account:
- Base interest rate: The base interest rate for the CIMB FastSaver Account is 0.30% p.a.
- Bonus interest rate: You can earn a bonus interest rate of up to 3.20% p.a. on the first S$100,000 of your account balance.
- No multiple conditions to meet: Unlike some other savings accounts, the CIMB FastSaver Account does not require you to meet multiple conditions to earn a higher interest rate.
- No lock-in period: You can withdraw your funds at any time without incurring any penalty fees.
- Online savings account: The CIMB FastSaver Account is an online savings account that can be opened and managed online.
Benefits of CIMB FastSaver
The CIMB FastSaver Account offers several benefits that make it an attractive option for those looking to earn a higher interest rate on their savings. Here are some of the benefits of the account:
- High-interest rate: The CIMB FastSaver Account offers a promotional interest rate of up to 3.50% p.a., which is higher than the interest rates offered by most savings accounts in Singapore.
- No multiple conditions to meet: Unlike some other savings accounts, the CIMB FastSaver Account does not require you to meet multiple conditions to earn a higher interest rate. This makes it easier for you to earn a higher interest rate on your savings.
- No lock-in period: You can withdraw your funds at any time without incurring any penalty fees. This gives you the flexibility to access your savings whenever you need them.
- Online savings account: The CIMB FastSaver Account is an online savings account that can be opened and managed online. This makes it convenient for you to manage your savings from anywhere, at any time.
In summary, the CIMB FastSaver Account is a great option for those looking to earn a high-interest rate on their savings without having to meet multiple conditions or commit to a lock-in period. With its attractive interest rate, no lock-in period, and easy online account management, the CIMB FastSaver Account is worth considering if you’re looking for a no-frills savings account.
CIMB FastSaver Account Review Singapore: Interest Rates and Returns
If you’re looking for a savings account that offers competitive interest rates, CIMB FastSaver Account might be the one for you. Here’s what you need to know about the interest rates and returns of this account.
Base Interest Rate
The base interest rate of CIMB FastSaver Account is 0.30% p.a. This means that you’ll earn this interest rate on your entire account balance, regardless of how much money you have in the account.
Bonus Interest Rates
On top of the base interest rate, CIMB FastSaver Account also offers bonus interest rates. As of December 2023, new customers can earn a promotional interest rate of 3.50% p.a. on their first dollar for six months. Existing customers can also enjoy 3.50% p.a. interest on their incremental fresh funds balance for six months.
Comparing with Other Banks
To give you an idea of how CIMB FastSaver Account’s interest rates compare with other banks, let’s take a look at some of the popular savings accounts in Singapore.
- DBS Multiplier: DBS Multiplier offers a tiered interest rate system that allows you to earn up to 3.00% p.a. on your savings. However, to enjoy this interest rate, you need to fulfil certain criteria such as credit card spend and investment in DBS/POSB products.
- OCBC 360: OCBC 360 has a similar tiered interest rate system that allows you to earn up to 2.45% p.a. on your savings. Like DBS Multiplier, you need to fulfil certain criteria to enjoy the higher interest rates.
- UOB Stash Account: UOB Stash Account offers a base interest rate of 0.05% p.a. and bonus interest rates of up to 1.50% p.a. However, to enjoy the higher interest rates, you need to maintain a minimum balance of $10,000 and make regular deposits.
Compared to these banks, CIMB FastSaver Account’s interest rates are quite attractive, especially for new customers who can enjoy the promotional interest rate of 3.50% p.a. for the first six months.
CIMB FastSaver Account Review Singapore: Account Requirements
If you are looking for a savings account that offers a high-interest rate without the need to fulfil multiple requirements, then the CIMB FastSaver Account may be the right choice for you. Here are the eligibility criteria, minimum initial deposit, and documentary requirements that you need to know before opening an account.
Eligibility Criteria
To be eligible for a CIMB FastSaver Account, you must be at least 16 years old and a Singaporean, Permanent Resident, or Foreigner. You will also need to provide a valid NRIC or Passport as proof of identification.
Minimum Initial Deposit
The minimum initial deposit required to open a CIMB FastSaver Account is SGD 1,000. This amount is also the minimum monthly average balance that you must maintain in your account to earn the high-interest rate.
Documentary Requirements
Apart from a valid NRIC or Passport, you will also need to provide proof of residential address. This can be in the form of a utility bill, bank statement, or any other official document that shows your name and address. You can submit the documents online or at any CIMB branch.
In summary, the CIMB FastSaver Account is a no-frills savings account that offers a high-interest rate with minimal requirements. To open an account, you need to be at least 16 years old, provide a valid NRIC or Passport, and a minimum initial deposit of SGD 1,000. You will also need to submit proof of residential address to complete the account opening process.
CIMB FastSaver Account Review Singapore: Fees and Charges
If you are looking for a savings account that does not charge you exorbitant fees, the CIMB FastSaver Account is a great option. This account has no fall-below fees, which means that you will not be charged if your account balance falls below a certain threshold. However, you will need to maintain a minimum balance of S$1,000 to earn interest [1].
Fall-Below Fees
One of the most significant benefits of the CIMB FastSaver Account is that it has no fall-below fees. This means that you will not be charged if your account balance falls below a certain threshold. This is great news for those who do not want to worry about maintaining a minimum balance. However, you will need to maintain a minimum balance of S$1,000 to earn interest. If you are unable to maintain this balance, you will not earn any interest on your savings [1].
Other Potential Charges
While the CIMB FastSaver Account has no fall-below fees, there are other potential charges that you should be aware of. For example, if you close your account within six months of opening it, you will be charged an early account closure fee of S$50 [2]. Additionally, if you have an account without a credit limit and you exceed your balance, you will be charged an excess limit fee of SGD Prime Rate + 5% or a minimum of S$20, whichever is higher [2].
Overall, the CIMB FastSaver Account is an excellent option for those who want a savings account with no fall-below fees. However, you should be aware of the other potential charges, such as the early account closure fee and the excess limit fee. As long as you maintain a minimum balance of S$1,000 and avoid closing your account within six months of opening it, you can enjoy the benefits of this account without incurring any additional fees.
CIMB FastSaver Account Review Singapore: Application Process
If you’re interested in opening a CIMB FastSaver account, you’ll be pleased to know that the application process is straightforward and hassle-free. Here’s what you need to know to get started.
Online Application Steps
One of the best things about the CIMB FastSaver account is that you can apply for it online from the comfort of your own home. To get started, simply follow these steps:
- Visit the CIMB FastSaver account page on the CIMB website.
- Click on the “Apply Now” button.
- Log in to your CIMB Clicks account. If you don’t have one, you can create one by clicking on the “Register” button.
- Fill in the required information, including your personal details, employment information, and contact information.
- Review your application to make sure that all the information you’ve provided is accurate.
- Submit your application.
Once you’ve submitted your application, you’ll receive an email from CIMB confirming that your application has been received. You’ll also receive another email once your account has been approved.
Required Information
To complete the online application for a CIMB FastSaver account, you’ll need to provide the following information:
- Your full name as it appears on your identification card
- Your identification card number
- Your date of birth
- Your nationality
- Your residential address
- Your email address and phone number
- Your employment status and income details (if applicable)
Make sure that you have all this information on hand before you start the application process, as you won’t be able to save your progress and come back to it later.
Overall, the online application process for a CIMB FastSaver account is quick, easy, and convenient. With just a few clicks, you can open an account and start earning high interest on your savings.
CIMB FastSaver Account Review Singapore: Additional Banking Features
As a CIMB FastSaver account holder, you can enjoy additional banking features that can help you manage your finances more efficiently. Here are some of the features that you can take advantage of:
CIMB Visa Signature Card
If you want to earn higher interest rates on your savings, you can sign up for a CIMB Visa Signature Card. By doing so, you can earn up to 1% p.a. interest on the first S$10,000 in your CIMB FastSaver account. To qualify for this promotion, you need to charge a minimum of S$300 of retail spend to your CIMB Visa Signature Card every month. Not only will you earn higher interest rates, but you can also enjoy exclusive deals and privileges when you use your credit card.
Online and Mobile Banking
With a CIMB Clicks Internet Banking account, you can manage your CIMB FastSaver account online or via your mobile device. This service allows you to view your account balance, transaction history, and even transfer funds to other CIMB accounts or other banks in Singapore. You can also set up recurring transfers or schedule a one-time transfer to pay bills or make other payments. With fast and secure transfers, you can be assured that your transactions are safe and secure.
Overall, the additional banking features of CIMB FastSaver account make it a great option for those who want to manage their finances effectively. With the CIMB Visa Signature Card and online and mobile banking, you can earn higher interest rates, enjoy exclusive deals and privileges, and manage your account with ease.
CIMB FastSaver Account Review Singapore: Savings Maximisation Strategies
Leveraging Promotions
When it comes to maximising your savings with the CIMB FastSaver Account, you can take advantage of the promotional offers available. Keep an eye out for special promotions that offer bonus interest rates on your savings. By timing your deposits to coincide with these promotions, you can boost your overall interest earnings significantly.
Understanding Tiered Interest
One effective strategy for maximising your savings with the CIMB FastSaver Account is to understand the concept of tiered interest rates. This means that the interest you earn can vary based on the amount of savings you have in your account. By maintaining a higher balance, you can qualify for higher interest rates, ultimately increasing your overall savings. Understanding the tiered interest structure can help you make informed decisions about your savings and maximise your earnings.
Account Management
Managing your CIMB FastSaver Account is simple and hassle-free. Here are some important things to keep in mind:
Accessing Your Account
You can access your account anytime, anywhere through CIMB Clicks Internet Banking or CIMB Clicks Mobile App. With these online platforms, you can view your account balance, transaction history, and even transfer funds to other CIMB accounts or to other banks in Singapore.
Managing Multiple Accounts
If you have multiple CIMB accounts, you can easily manage them all through CIMB Clicks. Simply log in to your account and select the accounts you want to view or manage. You can even link your accounts to make transfers between them more convenient.
Branches and Counter Transactions
If you prefer to do your banking transactions in person, you can visit any CIMB branch in Singapore. You can also perform counter transactions such as cash deposits, withdrawals, and cheque deposits at any of our ATMs islandwide.
ATM Card
When you open a CIMB FastSaver Account, you will receive a CIMB ATM card that you can use to access your account at any CIMB ATM in Singapore. With this card, you can withdraw cash, check your account balance, and perform other basic banking transactions.
Joint Accounts
CIMB FastSaver Account also allows you to open a joint account with another person. This is a great option for couples, families, or business partners who want to save together. With a joint account, both account holders can access the account through CIMB Clicks or through the ATM card.
Managing your CIMB FastSaver Account is easy and convenient. With access to online banking, multiple branches and ATMs, and the option to open a joint account, you can manage your finances in a way that suits your lifestyle.
CIMB FastSaver Account Review Singapore: Safety and Security
When it comes to banking, safety and security are of utmost importance. Fortunately, CIMB Bank Berhad, Singapore Branch, is a member of the Singapore Deposit Insurance Scheme. This means that your deposits with CIMB FastSaver Account are insured up to S$75,000 per depositor. In the unlikely event that CIMB Bank Berhad, Singapore Branch, fails, you can rest assured that your money is safe.
In addition to being a member of the Singapore Deposit Insurance Scheme, CIMB Bank Berhad, Singapore Branch, has implemented various security measures to ensure the safety of your funds. These measures include two-factor authentication, which requires you to enter a One-Time Password (OTP) sent to your registered mobile number before you can access your account.
CIMB Bank Berhad, Singapore Branch, also uses encryption technology to protect your personal and financial information. This means that your information is scrambled and unreadable to anyone who tries to intercept it.
Overall, CIMB FastSaver Account is a safe and secure option for your savings. With the protection of the Singapore Deposit Insurance Scheme and the security measures implemented by CIMB Bank Berhad, Singapore Branch, you can have peace of mind knowing that your money is in good hands.
CIMB’s Market Presence
CIMB Bank Berhad is a leading ASEAN universal bank and provider of financial services. With a strong commercial banking franchise in the region, CIMB offers a comprehensive range of services including Islamic banking, investment banking, asset management, and global markets.
CIMB Group in ASEAN
CIMB operates in 15 countries across ASEAN, with a network of over 1,000 branches and commercial centres. The bank has a strong presence in Malaysia, Indonesia, Thailand, and Singapore. CIMB’s staff strength is over 35,000 employees, serving more than 13 million customers.
CIMB’s Range of Services
The commercial banking, Islamic banking, investment banking, asset management, and global markets. The bank has a strong commercial banking franchise in the region, with a focus on SMEs and mid-corporates. CIMB’s trade service centres provide trade finance solutions to support international trade flows.
CIMB’s Islamic banking arm, CIMB Islamic, offers Shariah-compliant products and services. The bank’s investment banking division provides a full suite of investment banking services, including advisory, debt and equity capital markets, and M&A. CIMB’s asset management arm, CIMB-Principal, offers a range of investment solutions to institutional and retail clients.
Overall, CIMB’s market presence in ASEAN is strong, with a comprehensive range of services to meet the needs of clients in the region.
Customer Support and Service
When it comes to banking, customer support and service are essential, and CIMB FastSaver Account does not disappoint. You can reach out to the bank’s customer service team through various channels, including email, phone, and branches.
If you prefer to speak to someone over the phone, you can call the CIMB SG Consumer Call Centre at +65 6333 7777. The call centre is open from Monday to Friday, 9:00 am to 6:00 pm, excluding public holidays. Alternatively, you can reach out to the bank via email at [email protected] for general inquiries or [email protected] for credit card-specific inquiries. The bank promises to respond to your email within two working days.
CIMB SG also has several branches across Singapore, and you can visit any of them for assistance. The bank’s website has a branch locator that you can use to find the nearest branch to you. The bank’s staff are friendly and knowledgeable, and they will assist you with any issues you may have.
Overall, CIMB FastSaver Account’s customer support and service are excellent. The bank’s customer service team is responsive and helpful, and the bank has several branches across Singapore, making it easy to access assistance when you need it.
Conclusion
Congratulations! You have reached the end of this CIMB FastSaver Account review. We hope that we have provided you with a comprehensive overview of this savings account.
Overall, the CIMB FastSaver Account is an excellent option for those looking for a simple and hassle-free savings account. With competitive interest rates and no minimum balance requirements, it is an attractive option for those who want to earn higher interest rates on their savings.
The account is easy to open and maintain, making it a great choice for those who want to start saving without any fuss. The account also offers a lot of flexibility, allowing you to withdraw your funds whenever you need them.
The CIMB FastSaver Account is a great choice for anyone who values simplicity and competitive interest rates. If you are looking for a no-frills savings account that can help you grow your savings, this account is definitely worth considering.
So, what are you waiting for? Open a CIMB FastSaver Account today and start earning higher interest rates on your savings!
Frequently Asked Questions
How can I open a CIMB FastSaver account and what are the requirements?
Opening a CIMB FastSaver account is easy and can be done online. You will need to provide your personal details, including your NRIC or passport number, and have a valid Singapore mobile number. You must also have a valid email address and a Singapore bank account to link to your CIMB FastSaver account.
What are the safety assurances provided by CIMB for customers in Singapore?
CIMB is a reputable bank with a strong presence in Southeast Asia. The bank is regulated by the Monetary Authority of Singapore (MAS) and is a member of the Singapore Deposit Insurance Corporation (SDIC). This means that your deposits with CIMB are insured up to S$75,000 per depositor under the Deposit Insurance Scheme.
Are there any fees for maintaining a low balance in a CIMB FastSaver account?
No, there are no fees for maintaining a low balance in your CIMB FastSaver account. However, you will need to maintain a minimum balance of S$1,000 to earn the advertised interest rate of 0.50% p.a. on your savings.
How can I take advantage of promotional codes for the CIMB FastSaver account?
CIMB occasionally offers promotional codes that can give you additional interest on your savings. To take advantage of these offers, you will need to enter the code during the account opening process. Be sure to check the terms and conditions of the promotion to ensure you meet the eligibility requirements.
Can you explain how the interest rates are calculated for the CIMB FastSaver account?
The interest rate for the CIMB FastSaver account is calculated daily and credited monthly. The base interest rate is 0.50% p.a. on all balances. If you maintain a balance of at least S$1,000, you can earn bonus interest of up to 0.70% p.a. on the next S$49,000 of your account balance.
What sets the CIMB FastSaver account apart from the StarSaver option?
The CIMB FastSaver account is a high-interest savings account that offers a competitive interest rate with no multiple conditions. The StarSaver option, on the other hand, requires you to maintain a minimum average daily balance of S$5,000 to earn the highest interest rate. Additionally, the CIMB FastSaver account allows you to make unlimited free withdrawals and deposits, while the StarSaver account limits you to two free withdrawals per month.
