Are you looking for a savings account in Singapore that can help you maximise your returns? CIMB Singapore offers a range of savings accounts that cater to different needs and preferences. With so many options available, it can be challenging to choose the right one that suits you best. In this article, we will explore the different types of savings accounts offered by CIMB Singapore and help you decide which one is right for you.
Discovering CIMB Singapore Savings Accounts CIMB Singapore offers several savings accounts that come with different features and benefits. Whether you are a student, young adult, or a working professional, you can find a savings account that suits your needs. Some of the popular savings accounts offered by CIMB Singapore include the CIMB StarSaver Account, CIMB FastSaver Account, and CIMB Junior Saver Account.
Choosing the Right Savings Account for You Choosing the right savings account can be a daunting task, especially if you are not familiar with the features and benefits of each account. In the next section, we will discuss the different factors you should consider when choosing a savings account, such as interest rates, initial deposits, account requirements, and foreign currency features. We will also explore the digital banking features offered by CIMB Singapore and how they can help you manage your savings account more efficiently.
Key Takeaways
- CIMB Singapore offers a range of savings accounts that cater to different needs and preferences.
- Choosing the right savings account requires considering factors such as interest rates, initial deposits, account requirements, and foreign currency features.
- CIMB Clicks offers digital banking features that can help you manage your savings account more efficiently.
Discovering CIMB Singapore Savings Accounts
When it comes to saving money, you want to make sure you’re getting the best possible interest rates. That’s where CIMB Singapore comes in. With a variety of savings accounts to choose from, you can find the perfect financial product to suit your unique requirements.
CIMB Singapore offers several types of savings accounts, including the StarSaver account, which offers competitive interest rates and access to over 6,000 CIMB ATMs regionally and any PLUS ATMs globally. Additionally, the Foreign Currency Savings Account allows you to save in multiple currencies, including USD, EUR, CHF, GBP, AUD, and JPY.
If you’re looking for a savings account with no minimum balance requirement, the FastSaver account might be the right choice for you. With no minimum balance required and competitive interest rates, this account is perfect for those who want to start saving without worrying about maintaining a minimum balance.
For those who prefer a higher interest rate, the CIMB Fast Fixed Deposit account offers attractive interest rates for fixed deposits of various tenures. This account is perfect for those who want to earn a higher interest rate on their savings without taking on too much risk.
If you’re looking for a savings account that offers both high interest rates and flexibility, the CIMB Junior Saver account might be the right choice for you. This account is designed for children under the age of 18 and offers competitive interest rates, no minimum balance requirement, and the ability to withdraw money anytime.
No matter what your savings goals are, CIMB Singapore has a savings account that can help you achieve them. With competitive interest rates, no minimum balance requirements, and a variety of account types to choose from, you can be sure that you’re getting the best possible savings account for your needs.
Choosing the Right Savings Account for You
If you’re considering opening a savings account with CIMB Singapore, you have a few options to choose from, each designed to cater to different financial needs and preferences. Here’s a look at two popular choices:
CIMB StarSaver Account
The CIMB StarSaver Account offers a competitive base interest rate and the potential to earn higher interest with a higher daily balance. This account is suitable for those looking to maximise their savings with the flexibility of Shariah-compliant options. It’s an ideal choice for Singaporean citizens and permanent residents with a valid NRIC or passport.
CIMB FastSaver Account
On the other hand, the CIMB FastSaver Account provides the convenience of easy online application and eligibility for the Supplementary Retirement Scheme. With competitive interest rates and the ability to grow your savings through Singapore dollar deposits, this account is a great fit for those seeking a hassle-free and rewarding savings experience.
When choosing between these accounts, consider your financial goals, daily balance, and the ease of online application to find the best option that suits your needs.
Understanding Interest Rates and Benefits
If you’re considering opening a savings account with CIMB Singapore, it’s important to understand how interest rates work and what benefits you can expect. Here are some key things to keep in mind:
Base Interest vs. Max. Interest
CIMB Singapore offers different interest rates depending on the savings account you choose. The base interest rate is the minimum amount of interest you’ll earn on your account. The max. interest rate is the highest amount of interest you can earn, but it usually comes with certain conditions, such as maintaining a minimum balance or making regular deposits.
For example, the CIMB FastSaver Account offers a base interest rate of 0.50% p.a. and a max. interest rate of 3.50% p.a. However, to earn the max. interest rate, you’ll need to maintain a minimum balance of S$100,000 and make at least one deposit per month.
Daily Balance Rewards
One of the benefits of opening a savings account with CIMB Singapore is the daily balance reward. This means that you’ll earn interest on your entire daily balance, provided that the balance is at least S$1,000 in your account on any given day. The interest rate is calculated daily and credited to your account monthly.
For example, the CIMB StarSaver (Savings)-i Account offers a daily balance reward of up to 3.50% p.a., depending on your account balance. If you maintain a balance of S$100,000 or more, you’ll earn the max. interest rate of 3.50% p.a.
Understanding these interest rates and benefits can help you choose the savings account that’s right for you. Whether you’re looking for a high-interest account or a more flexible option, CIMB Singapore has a range of savings accounts to suit your needs.
Initial Deposits and Account Requirements
If you’re looking to open a savings account with CIMB Singapore, there are a few things you should know about the initial deposit and account eligibility criteria.
Minimum Initial Deposit
CIMB offers various savings accounts with different minimum initial deposit requirements. For example, the CIMB StarSaver Savings Account requires a minimum initial deposit of S$1,000 for a single account and S$5,000 for a joint account [1]. On the other hand, the CIMB FastSaver Account requires a minimum initial deposit of S$1,000 [2].
Account Eligibility Criteria
To open a savings account with CIMB Singapore, you must meet the account eligibility criteria. You must be at least 16 years old to open a CIMB StarSaver Savings Account, and at least 18 years old to open a CIMB StarSaver Checking and Savings Account [1]. You also need to be a Singapore citizen, permanent resident, or foreigner with a valid Singapore employment pass or work permit.
You will need to provide your NRIC or passport as proof of identity and address. If you are a foreigner, you will also need to provide additional supporting documents such as a valid employment pass or work permit.
Overall, CIMB Singapore offers a range of savings accounts with varying initial deposit requirements and eligibility criteria. Make sure to choose the account that best suits your needs and meets the eligibility criteria.
[2] https://blog.moneysmart.sg/savings-accounts/cimb-fastsaver-account/
Digital Banking with CIMB Clicks
Are you looking for a hassle-free way to manage your finances? CIMB Clicks internet banking is the perfect solution for you! With CIMB Clicks, you can manage your accounts, transfer funds, pay bills, and more, all from the comfort of your own home.
CIMB Clicks Internet Banking
CIMB Clicks internet banking is a secure and convenient way to manage your finances. You can access your accounts 24/7, check your account balance, view your transaction history, and even download your e-statements.
One of the best things about CIMB Clicks internet banking is that you can transfer funds to other CIMB Singapore accounts instantly and securely, with zero fees and charges. You can also make transfers in 10 major currencies, making it easy to manage your finances across borders.
Convenience of MyInfo Integration
CIMB Clicks internet banking also integrates with MyInfo, making it even easier to open an account online. MyInfo is a government digital service that allows you to automatically fill in your personal details when you apply for a new account or service.
With MyInfo integration, you no longer have to manually input your personal details when you apply for a new account. CIMB Clicks internet banking will automatically retrieve your personal information from MyInfo, saving you time and hassle.
In conclusion, CIMB Clicks internet banking is a secure and convenient way to manage your finances. With CIMB Clicks, you can manage your accounts, transfer funds, pay bills, and more, all from the comfort of your own home. The integration with MyInfo also makes it easy to open a new account online. So why wait? Sign up for CIMB Clicks internet banking today and start managing your finances with ease!
Foreign Currency Features
If you frequently transact in foreign currencies, CIMB Singapore‘s Foreign Currency Savings Account might be the perfect fit for you. This account allows you to invest, trade, pay and receive funds in six different foreign currencies: USD, EUR, GBP, AUD, JPY, and CHF. 1
Foreign Currency Deposits
To open a Foreign Currency Savings Account, you’ll need to be at least 18 years old and make a minimum initial deposit of USD 1,000, EUR 1,000, CHF 1,000, GBP 1,000, AUD 1,000, or JPY 500,000. This account also offers free e-statements and multi-currency transactions. 1
Dual Currency Investments
CIMB Singapore also offers dual currency investments, which allow you to invest in two currencies at once. This type of investment can provide potential returns from both currencies, as well as foreign exchange gains. However, it also comes with a higher risk than traditional investments, as there is a possibility of losing some or all of your investment. 2
If you’re interested in dual currency investments, be sure to do your research and understand the risks involved before making any decisions. CIMB Singapore offers a range of dual currency investment options, so you can choose the one that best suits your needs and risk tolerance. 2
Overall, if you frequently transact in foreign currencies or are interested in dual currency investments, CIMB Singapore has a range of options to suit your needs. Be sure to do your research and choose the account or investment that best fits your financial goals and risk tolerance. 12
Footnotes
- CIMB Singapore – Foreign Currency Savings Account ↩ ↩2 ↩3
- Wise – CIMB multi currency account: Your full guide ↩ ↩2 ↩3
Savings Account Protection
When it comes to your savings account, you want to make sure that your money is safe and secure. That’s why it’s important to understand the various protections that are in place to safeguard your funds.
Deposit Insurance Scheme
One of the most important protections for your savings account is the Deposit Insurance Scheme (DIS). The DIS is a scheme that is administered by the Singapore Deposit Insurance Corporation (SDIC), which is a statutory board under the Ministry of Finance.
Under the DIS, your deposits with CIMB Singapore are insured up to a maximum of SGD 75,000 per depositor per Scheme member. This means that in the event that CIMB Singapore is unable to repay your deposits, you will be compensated for the insured amount.
Documentary Proof and Indemnity
To ensure that you are protected under the DIS, it’s important to provide CIMB Singapore with the necessary documentary proof of your deposit. This includes your account statements, passbooks, or other documents that show your deposit with CIMB Singapore.
In addition, you may be required to sign an indemnity form to confirm your ownership of the deposit and to indemnify CIMB Singapore against any claims that may arise from the deposit.
By providing the necessary documentary proof and signing the indemnity form, you can ensure that your deposits with CIMB Singapore are fully protected under the DIS.
Overall, the DIS and the requirements for documentary proof and indemnity provide a strong level of protection for non-bank depositors in Singapore. With these protections in place, you can have peace of mind knowing that your savings account with CIMB Singapore is safe and secure.
Additional Financial Products
If you’re looking for more ways to grow your wealth, CIMB Singapore offers a range of additional financial products that may suit your needs. Here are some of the options you can consider:
Structured Deposits and Investment Products
CIMB Singapore offers structured deposits and investment products that allow you to earn potentially higher returns than traditional savings accounts. These products are designed to suit different risk appetites and investment goals. You can choose from a range of tenures and currencies to find a product that meets your needs.
Structured deposits are a type of financial product that combine a deposit with an investment component. They offer potentially higher returns than traditional deposits, but also come with a higher level of risk. CIMB Singapore’s structured deposits are designed to provide capital protection, so you can be assured that your initial deposit is safe.
Investment products, on the other hand, are designed for investors who are willing to take on more risk in exchange for potentially higher returns. CIMB Singapore offers a range of investment products, including unit trusts and exchange-traded funds (ETFs). These products allow you to diversify your portfolio and invest in a range of asset classes.
Fixed Deposits and Maturity Options
If you’re looking for a low-risk way to grow your wealth, CIMB Singapore’s fixed deposits may be a good option for you. Fixed deposits offer a guaranteed rate of return for a fixed period of time, so you can be assured of your returns.
CIMB Singapore offers fixed deposits in a range of currencies and tenures to suit your needs. You can choose from short-term deposits with tenures as low as one month, or longer-term deposits with tenures of up to five years.
When your fixed deposit matures, you have the option to renew it for another term or withdraw your funds. CIMB Singapore also offers automatic renewal options, so you can continue to earn interest on your deposit without having to take any action.
Overall, CIMB Singapore offers a range of financial products that can help you grow your wealth. Whether you’re looking for a low-risk option like fixed deposits or a higher-risk option like structured deposits and investment products, there’s something for everyone.
Fees and Charges
When it comes to choosing a savings account, it is important to consider the fees and charges that come with it. CIMB Singapore offers a range of savings accounts with varying fees and charges to suit your needs.
Understanding Incidental Charges
Incidental charges are fees that are not part of the regular maintenance fees that come with a savings account. These charges can include early account closure fees, excess limit fees, and more. It is important to understand these charges and how they can affect your savings.
For example, if you close your account within 6 months of opening it, you may be charged an early account closure fee of S$50 [1]. Similarly, if you exceed your account limit, you may be charged an excess limit fee [1].
Refund Policies
CIMB Singapore also has refund policies in place for certain fees and charges. For example, if you are charged a fee due to an error on CIMB’s part, you may be eligible for a refund [1]. It is important to review these policies to ensure that you are aware of your options in case of any issues.
Overall, it is important to carefully review the fees and charges associated with each savings account to ensure that you choose the best option for your needs. With CIMB Singapore’s range of savings accounts and refund policies, you can find the account that works best for you.
Tools and Services for Account Management
Managing your savings account is made easy with CIMB’s comprehensive suite of digital tools and services. Here are some of the features that will help you manage your account more efficiently.
Comparison Tools for Savvy Savers
CIMB offers a range of savings accounts with different features and benefits. To help you choose the best account for your needs, CIMB provides a comparison tool that allows you to compare the different accounts side by side. This tool is designed to help you make an informed decision by providing you with all the information you need to know about each account, such as interest rates, minimum deposit requirements, and other features.
CIMB’s Digital Token for Secure Transactions
CIMB’s digital token is a secure way to transact online. It is a small device that generates a unique code every time you make a transaction. This code is required to complete the transaction, ensuring that only you can access your account. The digital token is easy to use and provides an extra layer of security for your online transactions.
Payment and Transfer Services
CIMB offers a range of payment and transfer services to help you manage your finances more efficiently. You can transfer funds between your CIMB accounts, as well as to other banks in Singapore. You can also pay your bills online, set up recurring payments, and manage your standing instructions. With these services, you can manage your finances from the comfort of your own home.
In conclusion, CIMB’s digital tools and services make managing your savings account easy and convenient. With features like comparison tools, digital tokens, and payment and transfer services, you can manage your finances more efficiently and securely.
Ensuring Transparency
When choosing a savings account, it is important to ensure that you make an informed decision. At CIMB Singapore, transparency is a core value, and we believe in providing our customers with all the information they need to make the best decision for their financial needs. To help you make an informed decision, we have implemented several measures to ensure transparency in our products and services.
The Importance of a Disclaimer
At CIMB Singapore, we believe in being transparent about our products and services. That’s why we always include a disclaimer to inform our customers about any potential risks or limitations associated with our products. The disclaimer helps you understand the terms and conditions of the product and how it works. We encourage you to read the disclaimer carefully before applying for any of our savings accounts.
Objective Analysis and Sponsored Content
We understand that choosing a savings account can be overwhelming, especially with the amount of information available online. That’s why we provide objective analysis to help you make an informed decision. Our analysis is unbiased and based on factual information. We also provide sponsored content, which is clearly labelled as such, to help you understand the benefits of our products and services.
At CIMB Singapore, we believe in transparency and providing our customers with all the information they need to make an informed decision. Whether it’s through our disclaimers, objective analysis or sponsored content, we strive to provide you with the information you need to choose the best savings account for your financial needs.
Frequently Asked Questions
How Thrilling Is It to Save With CIMB’s FastSaver Account, and What Are Its Interest Rates?
Saving with CIMB’s FastSaver account can be quite thrilling, especially considering the high-interest rates offered. As of January 2024, the interest rate is 0.50% p.a. for the first S$75,000 and 0.80% p.a. for balances above S$75,000. The interest rates are subject to change, so it’s best to check CIMB’s website for the latest rates.
Can One Feel Secure When Banking With CIMB in Singapore?
Yes, one can feel secure when banking with CIMB in Singapore. CIMB is a licensed bank in Singapore and is regulated by the Monetary Authority of Singapore (MAS). CIMB offers secure online banking services, and all transactions are protected by advanced security measures.
What’s the Buzz About CIMB’s StarSaver Account, and How Does Its Interest Rate Compare?
CIMB’s StarSaver account is a savings account that offers higher interest rates for higher balances. As of January 2024, the interest rate for balances up to S$50,000 is 0.30% p.a. and for balances above S$50,000, the interest rate is 0.50% p.a. The interest rates are subject to change, so it’s best to check CIMB’s website for the latest rates.
Is It Possible to Experience the Convenience of Opening a CIMB Account Online in Singapore?
Yes, it is possible to open a CIMB account online in Singapore. CIMB offers a simple and convenient online account opening process that can be completed in just a few minutes. All you need is a valid identification document and a SingPass account.
What Distinguishes the CIMB FastSaver from the StarSaver Account, and Which Is More Beneficial for Savers?
The CIMB FastSaver account is a basic savings account that offers higher interest rates for lower balances. The CIMB StarSaver account, on the other hand, is a savings account that offers higher interest rates for higher balances. Which account is more beneficial for savers depends on their individual needs and savings goals.
In the Quest for the Best Savings Account, How Does One Determine Which CIMB Account Fits Their Needs Perfectly?
When determining which CIMB account fits your needs perfectly, consider your savings goals, your balance, and your banking needs. If you have a higher balance and want to earn higher interest rates, the CIMB StarSaver account may be a better fit. If you have a lower balance, the CIMB FastSaver account may be a better fit. Additionally, consider the convenience of online banking services and the security measures in place.
