If you’re looking for a savings account in Singapore, you’ve probably come across CIMB StarSaver vs FastSaver accounts. Both accounts offer competitive interest rates and a range of features to help you save money. But which one is right for you? In this article, we’ll look at the differences between CIMB’s StarSaver and FastSaver accounts, so you can make an informed decision.
CIMB Bank is a leading financial institution in Southeast Asia, with a strong presence in Singapore. The bank offers a range of savings accounts, including the StarSaver and FastSaver accounts. Both accounts offer high interest rates, but they have different requirements and features. The StarSaver account is designed for customers who want to earn higher interest rates on their savings, while the FastSaver account is a basic savings account that offers a higher interest rate than most other banks in Singapore.
When it comes to choosing between the two accounts, it’s important to consider your own financial goals and needs. Are you looking for a basic savings account that offers a high interest rate? Or do you want a premium savings account that offers additional features and benefits? By understanding the differences between the StarSaver and FastSaver accounts, you can choose the account that best suits your needs.
Key Takeaways
- CIMB Bank offers two savings accounts in Singapore: StarSaver and FastSaver
- StarSaver is a premium savings account that offers higher interest rates and additional features
- FastSaver is a basic savings account that offers a higher interest rate than most other banks in Singapore.
Overview of CIMB StarSaver vs FastSaver Accounts
If you’re looking for a reliable and high-interest savings account in Singapore, CIMB’s StarSaver and FastSaver accounts are great options to consider. Both accounts offer competitive interest rates, easy accessibility, and a range of benefits that make them popular among Singaporeans.
The CIMB StarSaver account is a premium savings account that offers competitive interest rates. It is a great option for those who want to earn higher interest on their savings. With the StarSaver account, you can access over 6,000 CIMB ATMs regionally and any PLUS ATMs globally. There are no multiple conditions that you need to meet to earn high interest rates, and you can earn up to 3.5% p.a. with no maximum limit. It is a primary savings account that is perfect for anyone looking for a basic savings account.
On the other hand, the CIMB FastSaver account is an online savings account that offers a more no-frills approach to savings. It is a basic savings account that is perfect for anyone who wants to save money without any complications. With the FastSaver account, you can earn up to 0.3% p.a. interest rate for the first $10,000 in your account, and up to 1% p.a. if you sign up for a CIMB Visa Signature Card and hit the minimum spend of $300 monthly. There are no multiple conditions that you need to meet to earn high interest rates, and you can enjoy easy accessibility to your funds.
Both accounts have a minimum initial deposit of S$1,000 and no monthly fall-below fee. They are great options for anyone who wants to save money and earn interest on their savings. Whether you’re looking for a primary savings account or a more no-frills approach to savings, CIMB’s StarSaver and FastSaver accounts have got you covered.
CIMB StarSaver vs FastSaver: Interest Rates and Returns
If you’re looking for a high-interest savings account in Singapore, CIMB offers two options: FastSaver and StarSaver. Both accounts offer competitive interest rates, but there are some differences between them. In this section, we will explore the interest rates and returns for each account.
Base Interest Rate
The base interest rate for both FastSaver and StarSaver is 0.05% per annum. This means that regardless of how much money you have in your account, you will earn this base interest rate on your savings.
Bonus Interest Rates
To earn bonus interest rates, you will need to meet certain criteria. For FastSaver, you can earn up to 0.30% per annum bonus interest rate on the first S$100,000 if you maintain a minimum balance of S$1,000. For StarSaver, you can earn up to 0.80% per annum bonus interest rate if you maintain a minimum balance of S$5,000.
Daily Interest
Both accounts accrue daily interest, which means that you will earn interest on your savings every day. The interest is then credited into your account at the end of the month. This is great news for those who want to maximise their returns on their savings.
Effective Interest Rate
The effective interest rate is the actual interest rate you earn on your savings after taking into account the base interest rate and any bonus interest rates. For FastSaver, the effective interest rate can go up to 3.50% per annum if you fulfil the criteria. For StarSaver, the effective interest rate can go up to 1.10% per annum.
Maximum Interest Rate
It’s important to note that both accounts have a maximum interest rate cap. For FastSaver, the maximum interest rate is 3.50% per annum, and for StarSaver, it’s 1.10% per annum. This means that even if you fulfil all the criteria, you will not be able to earn more than the maximum interest rate.
In conclusion, both FastSaver and StarSaver offer competitive interest rates, and the account you choose will depend on your savings goals and how much you can afford to maintain in your account. With daily interest accrual and bonus interest rates, these accounts are a great way to maximise your savings.
CIMB StarSaver vs FastSaver: Account Requirements and Features
If you’re considering opening a savings account with CIMB Bank, it’s important to know the requirements and features of each account. In this section, we’ll take a closer look at the CIMB StarSaver and FastSaver accounts to help you decide which one is right for you.
CIMB StarSaver vs FastSaver: Initial Deposit
Both the CIMB StarSaver and FastSaver accounts require a minimum initial deposit of S$1,000. This means that you’ll need to deposit at least S$1,000 when you open your account. However, there is no lock-in period, which means you can withdraw your money at any time without penalty.
CIMB StarSaver vs FastSaver: Minimum Balance Requirements
The CIMB StarSaver account has a minimum balance requirement of S$5,000 to earn the highest interest rate. If your account balance falls below this amount, the interest rate will be lower. On the other hand, the CIMB FastSaver account has no minimum balance requirement, so you can earn the highest interest rate regardless of your account balance.
CIMB StarSaver vs FastSaver: Account Management Features
Both the CIMB StarSaver and FastSaver accounts can be managed using CIMB Clicks, the bank’s online banking platform. With CIMB Clicks, you can check your account balance, transfer funds, and pay bills from the comfort of your own home. Additionally, both accounts require the use of a digital token for added security.
CIMB StarSaver vs FastSaver: Salary Crediting
If you’re looking to have your salary credited directly into your savings account, both the CIMB StarSaver and FastSaver accounts are eligible for salary crediting. This means that your employer can deposit your salary directly into your account, saving you the hassle of having to transfer the funds manually.
Overall, both the CIMB StarSaver and FastSaver accounts have similar requirements and features. However, the main difference lies in the minimum balance requirement. If you have a larger sum of money to deposit and maintain, the CIMB StarSaver account may be a better option for you. However, if you’re looking for a more flexible savings account with no minimum balance requirement, the CIMB FastSaver account may be a better fit.
CIMB StarSaver vs FastSaver: Fees and Charges
When choosing between CIMB StarSaver and FastSaver accounts, it’s important to consider the fees and charges associated with each account. Here’s everything you need to know:
Fall-Below Fees
One of the most common fees associated with savings accounts is the fall-below fee, which is charged when your account balance falls below a certain amount. With CIMB StarSaver, there are no fall-below fees, meaning you won’t be charged if your account balance drops below a certain threshold. On the other hand, FastSaver account holders will be charged a monthly fall-below fee of S$1,000 if the average daily balance falls below S$1,000.
Incidental Charges
In addition to fall-below fees, both CIMB StarSaver and FastSaver accounts may incur incidental charges for certain transaction types. For example, if you make a withdrawal from your FastSaver account that exceeds your available balance, you may be charged an excess limit fee. This fee is calculated as the SGD Prime Rate + 5% or a minimum of S$20, whichever is higher.
Similarly, if you perform a transaction that results in an incidental overdraft charge for an account without credit limits, you may be charged an excess limit fee. It’s important to note that incidental charges can vary depending on the type of transaction and your account type.
Overall, both CIMB StarSaver and FastSaver accounts offer competitive fees and charges. However, it’s important to consider your individual banking needs and transaction habits to determine which account is best for you.
CIMB StarSaver vs FastSaver: Eligibility and Sign-Up Process
If you are looking for a high-interest savings account in Singapore, CIMB offers two options: FastSaver and StarSaver. Here’s everything you need to know about the eligibility and sign-up process for both accounts.
Minimum Age Requirement
To open a CIMB FastSaver or StarSaver account, you must be at least 16 years old. This applies to both individual and joint accounts. If you are under 16, you can still open a savings account with CIMB, but you will need to do so with a parent or guardian.
Documentary Proof Needed
When applying for a CIMB FastSaver or StarSaver account, you will need to provide documentary proof of your identity and residential address. Singaporeans and Permanent Residents can use their NRIC or passport as proof of identity, while foreigners will need to provide their passport and employment pass/ work permit.
As for proof of residential address, you can provide a utility bill or bank statement that shows your name and address. Alternatively, you can use MyInfo to automatically populate your residential address details if you have a SingPass account.
To apply for a CIMB FastSaver or StarSaver account, you can do so online via the CIMB FastSaver online application form. You will need to provide your personal details, contact information, and upload the required documentary proof.
In conclusion, opening a CIMB FastSaver or StarSaver account is a straightforward process as long as you meet the minimum age requirement and have the necessary documentary proof. With competitive interest rates and no fall below fees, these accounts are worth considering if you are looking for a high-yield savings account in Singapore.
CIMB StarSaver vs FastSaver: Additional Benefits and Promotions
Credit Card Offers
With a CIMB StarSaver or FastSaver account, you can enjoy exclusive credit card offers. One such offer is the CIMB Visa Signature Card, which offers up to 10% cashback on dining, groceries, and online shopping, and up to 1% cashback on all other spend. To qualify for the cashback, you only need to spend a minimum of £600 per month on your CIMB Visa Signature Card.
Sign-Up Promotions
CIMB is currently offering attractive sign-up promotions for both its StarSaver and FastSaver accounts. For the StarSaver account, you can earn up to 3.50% p.a. interest on your first £100,000 deposit when you sign up before 31 December 2023. To qualify, you need to deposit a minimum of £1,000 and maintain an average daily balance of at least £5,000 per month.
For the FastSaver account, you can earn up to 3.50% p.a. interest on your first £75,000 deposit when you sign up before 31 December 2023. To qualify, you need to deposit a minimum of £1,000 and maintain an average daily balance of at least £1,000 per month.
Additionally, CIMB is offering a credit card sign-up promotion where you can receive up to £120 cashback when you apply for a CIMB credit card and spend a minimum of £500 within the first 2 months of card approval.
All deposits with CIMB are insured up to £85,000 by the Financial Services Compensation Scheme (FSCS), giving you peace of mind that your money is safe.
Overall, the CIMB StarSaver and FastSaver accounts offer attractive interest rates and exclusive benefits for CIMB credit cardholders. With the current sign-up promotions, now is a great time to open an account with CIMB and start earning higher interest on your savings.
CIMB StarSaver vs FastSaver: Insurance and Investment Options
If you’re looking for insurance and investment options, CIMB offers a range of products to help you grow your wealth. Here are some of the options you can consider:
Insurance Products
CIMB offers a variety of insurance products to help you protect yourself and your loved ones. These include:
- Life insurance
- Health insurance
- Travel insurance
- Motor insurance
With CIMB’s insurance products, you can have peace of mind knowing that you and your family are protected in case of unexpected events.
Investment Products
If you’re looking to invest your money, CIMB offers a range of investment products to help you grow your wealth. These include:
- Unit trusts
- Structured deposits
- Dual currency investments
CIMB’s investment products are designed to help you achieve your financial goals, whether it’s saving for retirement, buying a house, or starting a business.
When it comes to structured deposits, CIMB offers a range of options to suit your needs. These include:
- Fixed-return structured deposits
- Capital-protected structured deposits
- Equity-linked structured deposits
Dual currency investments, on the other hand, allow you to invest in two different currencies and potentially earn higher returns.
Overall, CIMB’s insurance and investment options offer a range of choices to help you protect your wealth and grow it over time.
CIMB StarSaver vs FastSaver: Comparative Analysis with Other Savings Accounts
Looking for a savings account that offers a high-interest rate and flexible terms? CIMB StarSaver and FastSaver accounts are two popular options in Singapore. Let’s compare them with other savings accounts in Singapore and see how they stack up.
OCBC 360 vs FastSaver
If you’re looking for a savings account that offers a high-interest rate and a range of benefits, the OCBC 360 account is a great option. It offers up to 1.2% p.a. on your savings and comes with perks like cashback on bills and insurance premiums. However, if you’re looking for a no-frills savings account that offers a higher interest rate, the CIMB FastSaver account might be a better choice. With a base interest rate of 1.50% p.a. on the first S$25,000 of your savings, it’s a great option for those who don’t want to jump through hoops to earn bonus interest.
DBS Multiplier vs StarSaver
The DBS Multiplier account is another popular savings account in Singapore. It offers up to 3.80% p.a. on your savings if you meet certain criteria, such as salary crediting and spending on a DBS credit card.
However, if you’re looking for a savings account that offers a higher interest rate without any complicated requirements, the CIMB StarSaver account might be a better choice. With a maximum interest rate of 3.50% p.a. on your savings, it’s a great option for those who want a high-interest rate without jumping through hoops.
UOB One Account Comparison
The UOB One account is a popular savings account in Singapore that offers up to 2.50% p.a. on your savings if you meet specific criteria, such as spending on a UOB credit card and paying bills through GIRO. However, if you’re looking for a savings account that offers a higher interest rate without any complicated requirements, the CIMB StarSaver account might be a better choice. With a maximum interest rate of 3.50% p.a. on your savings, it’s an excellent option for those who want a high-interest rate without jumping through hoops.
In conclusion, if you’re looking for a savings account that offers a high-interest rate without any complicated requirements, CIMB StarSaver and FastSaver accounts are great options. However, if you’re looking for a savings account with a range of benefits and perks, other savings accounts like OCBC 360, DBS Multiplier, and UOB One might better suit your needs.
CIMB StarSaver vs FastSaver: Deposit Insurance and Protection
When choosing between CIMB StarSaver and FastSaver accounts, deposit insurance and protection are essential factors to consider. The good news is that both accounts are insured by the Singapore Deposit Insurance Corporation (SDIC) for up to S$75,000 per depositor per Scheme member by law. Your savings are protected if the bank or finance company fails.
Singapore Deposit Insurance Corporation Coverage
The SDIC provides coverage for Singapore dollar deposits of non-bank depositors, as well as monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme. As a depositor, you will be compensated up to S$75,000 in the event that a Scheme member fails.
It is important to note that the SDIC coverage is per depositor, not per account. If you have multiple accounts with the same bank or finance company, the coverage is only up to S$75,000. Therefore, spreading your deposits across different banks or finance companies is advisable to maximize your coverage.
In summary, both CIMB StarSaver and FastSaver accounts are covered by the SDIC for up to S$75,000 per depositor per Scheme member by law. The SDIC coverage provides peace of mind, knowing that your savings are protected if a bank or finance company fails.
CIMB StarSaver vs FastSaver: Digital Banking Services
If you’re looking for a bank offering a wide range of digital banking services, you’ll be happy to know that both CIMB StarSaver and FastSaver accounts have access to CIMB Clicks and digital tokens.
CIMB Clicks and Digital Tokens
CIMB Clicks is an online banking platform that allows you to manage your account from anywhere, anytime. With CIMB Clicks, you can view your account balance, transfer funds, pay bills, and more. You can also access your account using a digital token, a secure and convenient way to authenticate your transactions.
Foreign Exchange Services
CIMB also offers foreign exchange services for its customers. You can deposit and withdraw foreign currency at any CIMB branch and make foreign currency transfers using CIMB Clicks. If you need to convert foreign currency to SGD or vice versa, you can do so at competitive rates through CIMB.
To access your bank statement, log in to CIMB Clicks and view your transaction history. If you need proof of your account balance or transactions, you can request a bank statement from CIMB.
Before making any foreign currency deposits, you must fill out an indemnity form. This legal document protects the bank from any losses or damages during the transaction.
Overall, CIMB StarSaver and FastSaver accounts offer various digital banking services to make banking more convenient.
CIMB StarSaver vs FastSaver: Account Flexibility
Regarding account flexibility, both CIMB FastSaver and StarSaver offer some great options to suit your needs. Here are some of the key features:
Joint Account Options
If you’re looking to open a joint account, both CIMB FastSaver and StarSaver accounts offer this option. This is a great feature for couples or family members who want to stay together. A joint account allows you to pool your resources and earn higher interest rates. You can easily manage your account online with CIMB’s user-friendly platform.
No Lock-In Period
One of the best things about CIMB FastSaver and StarSaver accounts is no lock-in period. This means that you can withdraw your money at any time without penalty. This is an excellent feature if you need to access your savings quickly or are unsure how long you want to save.
In addition, both accounts offer a refund of the fall-below fee. You won’t be charged a fee if your account balance falls below the minimum required amount. Instead, CIMB will refund the payment to your account. This is an excellent feature if you’re starting with saving and want to avoid unnecessary charges.
Overall, both CIMB FastSaver and StarSaver accounts offer great flexibility and features. Whether you’re looking for a joint account option or want the freedom to withdraw your money anytime, CIMB has you covered.
CIMB StarSaver vs FastSaver: Customer Service and Support
Regarding customer service and support, CIMB Singapore offers various channels to assist you with your banking needs.
Counter Transaction Assistance
If you prefer to do your banking transactions in person, CIMB Singapore has a network of branches and ATMs across the island. You can visit any of their branches to get assistance with your account or perform transactions such as cash deposits, withdrawals, and fund transfers.
CIMB Singapore also has a 24-hour hotline that you can call for any urgent assistance or to report any issues with your account. The hotline is manned by friendly and knowledgeable customer service representatives who will be able to assist you with your queries.
Online Help and Email Support
For those who prefer to do their banking transactions online, CIMB Singapore has a comprehensive online banking platform that allows you to perform a wide range of transactions from the comfort of your home.
If you encounter any issues with your online banking account, you can reach out to CIMB Singapore’s customer service team via email. Their team is responsive and will be able to assist you with your queries promptly.
Overall, CIMB Singapore offers a range of customer service and support channels to cater to the diverse needs of their customers. Whether you prefer to do your banking in-person or online, you can be assured that CIMB Singapore’s customer service team is always available to assist you with your queries.
Frequently Asked Questions
What are the latest interest rates for CIMB StarSaver accounts?
CIMB StarSaver accounts offer up to 3.5% p.a. interest rate without requiring you to fulfil any criteria. This makes it an excellent option for those who want to earn high interest without jumping through hoops.
How do CIMB FastSaver’s features stack up against StarSaver?
CIMB FastSaver is another online savings account from CIMB that offers high-interest rates of up to 3.5% p.a. However, unlike StarSaver, FastSaver requires you to maintain a minimum balance of S$1,000 to earn a high-interest rate. FastSaver offers instant fund transfers and no multiple conditions, making it a convenient option for those who want to manage their money online.
What’s the buzz about CIMB StarSaver? Do you have any reviews to share?
CIMB StarSaver has been receiving positive reviews from customers who appreciate the high interest rates and the lack of conditions to fulfil. Customers also enjoy the convenience of being able to manage their accounts online.
Could you enlighten me on the minimum balance required for CIMB StarSaver?
There is no minimum balance required to open a CIMB StarSaver account. However, to earn a high-interest rate of up to 3.5% p.a., you must maintain a minimum balance of S$5,000.
Is stashing your cash in CIMB’s FastSaver account a safe bet in Singapore?
Yes, CIMB is a reputable bank in Singapore and is regulated by the Monetary Authority of Singapore (MAS). Your deposits with CIMB are also insured by the Singapore Deposit Insurance Corporation (SDIC) for up to S$75,000 per depositor per Scheme member.
Which CIMB savings account reigns supreme for maximising returns?
CIMB StarSaver and FastSaver offer high interest rates of up to 3.5% p.a. However, if you want to earn a high-interest rate without maintaining a minimum balance, then StarSaver is the better option. On the other hand, if you can maintain a minimum balance of S$1,000, FastSaver is a convenient option offering instant fund transfers and no multiple conditions. Ultimately, the choice depends on your personal preferences and financial situation.
