If you’re looking for a high-interest savings account in Singapore, CIMB StarSaver vs FastSaver are two excellent options. Both accounts offer competitive interest rates and a range of benefits, but which one is best for you? In this article, we’ll look at these two accounts and help you decide which one to choose.
Understanding CIMB StarSaver and CIMB FastSaver is the first step to choosing your account. While both accounts offer high-interest rates, they have different features and requirements.
For example, CIMB FastSaver is an online saving account with no multiple conditions that earn you high interest rates of up to 3.50% p.a. On the other hand, CIMB StarSaver is a premium savings account that offers competitive interest rates and access to over 6,000 CIMB ATMs regionally and any PLUS ATMs globally.
Eligibility and requirements are also necessary when choosing between CIMB StarSaver and CIMB FastSaver. While both accounts are available to Singaporeans and permanent residents, they have different minimum balances and deposit amounts.
Additionally, you may need to meet other eligibility criteria, such as age or income requirements. You can choose the account that best suits your needs and financial situation by understanding these requirements.
Key Takeaways
- CIMB StarSaver and CIMB FastSaver are two high-interest savings accounts in Singapore.
- Understanding each account’s features, requirements, and benefits can help you choose the right one for you.
- By comparing these accounts with other savings accounts and taking advantage of promotions and exclusive offers, you can maximize your savings and achieve your financial goals.
Understanding Singapore CIMB StarSaver vs FastSaver
If you’re looking for a high-interest savings account in Singapore, CIMB Bank offers two great options: CIMB StarSaver and CIMB FastSaver. Both are popular savings accounts with competitive interest rates, but which one is best for you? In this section, we’ll explore the key features of each account to help you make an informed decision.
Key Features of CIMB StarSaver
CIMB StarSaver is a premium savings account that offers competitive interest rates for account holders. Here are some of its key features:
- High interest rates: CIMB StarSaver offers tiered interest rates, which means the more you save, the higher the interest rate you’ll earn. For balances of S$1,000 to S$49,999, the interest rate is 0.30% p.a. For balances of S$50,000 to S$199,999, the interest rate is 0.50% p.a. And for balances of S$200,000 and above, the interest rate is 0.80% p.a.
- No minimum balance requirement: Unlike many other savings accounts, CIMB StarSaver has no minimum balance requirement. This means you can open an account with as little as S$1 and still earn interest on your savings.
- Free ATM withdrawals: With CIMB StarSaver, you can withdraw cash for free at any CIMB ATM in Singapore. Plus, you’ll also get access to over 6,000 CIMB ATMs regionally and any PLUS ATMs globally.
Key Features of CIMB FastSaver
CIMB FastSaver is a no-frills savings account that offers a high interest rate without the need to meet multiple requirements. Here are some of its key features:
- High interest rates: CIMB FastSaver offers a flat interest rate of 0.30% p.a. for account holders. However, if you sign up for a CIMB Visa Signature Card and hit the minimum spend of S$300 monthly, you can earn up to 1.00% p.a. interest on your savings.
- No minimum balance requirement: Like CIMB StarSaver, CIMB FastSaver has no minimum. You can open an account with as little as S$1 and still earn interest on your savings.
- Easy account opening: You can open a CIMB FastSaver account online in just a few minutes without the need to visit a branch.
In conclusion, both CIMB StarSaver and CIMB FastSaver are great savings accounts with competitive interest rates and no minimum balance requirements. If you’re looking for a premium savings account with higher interest rates, CIMB StarSaver may be the right choice for you. However, if you’re looking for a no-frills savings account with a flat interest rate and easy account opening, CIMB FastSaver may be the better option.
Singapore CIMB StarSaver vs FastSaver: Eligibility and Requirements
Eligibility Criteria
To open a CIMB FastSaver or StarSaver account, you must be at least 16 years old and meet the following eligibility criteria:
- Singaporeans, Permanent Residents, and foreigners are eligible to apply.
- You must have a valid identification document, such as an NRIC or passport.
- You must have a local residential address.
Singapore CIMB StarSaver vs FastSaver: Documentary Requirements
To open a CIMB FastSaver or StarSaver account, you will need to provide the following documentary proof:
- For Singaporeans and Permanent Residents, a copy of your NRIC is required.
- For foreigners, a copy of your passport and employment pass or work permit is required.
- You will also need to provide proof of address, such as a utility bill or bank statement.
Both CIMB FastSaver and StarSaver accounts require an initial deposit of at least S$1,000. However, the FastSaver account has no minimum balance requirement, while the StarSaver account requires a minimum balance of S$5,000 to earn the highest interest rate.
In summary, if you are looking for a high-interest savings account with no multiple conditions, the CIMB FastSaver account may be the best option for you. On the other hand, if you have a larger balance and can maintain a minimum balance of S$5,000, the CIMB StarSaver account may be a better choice.
Singapore CIMB StarSaver vs FastSaver: Interest Rates and Returns
When it comes to choosing between CIMB StarSaver and FastSaver accounts, one of the most important factors to consider is the interest rates and returns. Both accounts offer competitive interest rates, but they differ in terms of the base and bonus interest rates.
Singapore CIMB StarSaver vs FastSaver: Calculating Your Interest
To calculate the interest earned on your CIMB savings account, you need to understand how the interest is calculated. Both CIMB StarSaver and FastSaver accounts offer daily interest, which means that interest is calculated on a daily basis and credited to your account at the end of each month.
To calculate your interest, you need to multiply your daily balance by the daily interest rate and then multiply that by the number of days in the month. The resulting figure is your monthly interest. For example, if you have a daily balance of £5,000 and the daily interest rate is 0.5%, your monthly interest would be £25.
Singapore CIMB StarSaver vs FastSaver: Comparing Base and Bonus Interest Rates
CIMB StarSaver account offers a base interest rate of 0.8% per annum, which is higher than the base interest rate of 0.5% per annum offered by CIMB FastSaver account. However, CIMB FastSaver account offers a bonus interest rate of up to 1.5% per annum, depending on the account balance and the monthly deposit amount.
With CIMB FastSaver account, you can earn a bonus interest rate of 1% per annum on your first £50,000 if you maintain a minimum monthly deposit of £1,000. If you maintain a minimum monthly deposit of £1,500, you can earn a bonus interest rate of 1.5% per annum on your first £50,000.
On the other hand, CIMB StarSaver account offers a maximum interest rate of 0.8% per annum, regardless of the account balance or the monthly deposit amount. However, CIMB StarSaver account does not require any minimum monthly deposit or minimum balance, making it a good option for those who want a no-frills savings account.
In summary, if you are looking for a savings account with a higher base interest rate and do not want to worry about minimum monthly deposits or balances, CIMB StarSaver account may be the better option for you. However, if you can maintain a minimum monthly deposit and want to earn a higher bonus interest rate, CIMB FastSaver account may be more suitable for you.
Singapore CIMB StarSaver vs FastSaver: Additional Benefits and Features
If you are looking for additional benefits and features, both CIMB StarSaver and FastSaver accounts come with a range of options to suit your needs.
CIMB Clicks and Digital Token
Both accounts offer access to CIMB Clicks, the bank’s online banking platform. CIMB Clicks allows you to manage your account, transfer funds, and pay bills online. With the added security of a digital token, you can be sure that your transactions are safe and secure.
Linking to CIMB Credit Cards
If you have a CIMB credit card, you can link it to your StarSaver or FastSaver account to enjoy additional benefits. For example, you can earn cashback on your credit card spending, which will be credited directly to your savings account. You can also enjoy special discounts and promotions when you use your CIMB credit card.
Insurance and Investment Products
CIMB offers a range of insurance and investment products that you can access through your StarSaver or FastSaver account. For example, you can purchase travel insurance, personal accident insurance, and health insurance to protect yourself and your family. You can also invest in unit trusts, bonds, and structured deposits to grow your wealth.
Overall, both CIMB StarSaver and FastSaver accounts come with a range of additional benefits and features that can help you manage your finances more effectively. Whether you are looking for online banking, credit card benefits, or insurance and investment products, CIMB has you covered.
Singapore CIMB StarSaver vs FastSaver: Fees and Charges
When choosing between the CIMB StarSaver and FastSaver accounts, it’s important to understand the fees and charges associated with each account. Here’s what you need to know:
Understanding Fall-Below Fees
Both the StarSaver and FastSaver accounts have a fall-below fee of S$5 per month if your average daily balance falls below S$1,000. However, the CIMB FastSaver account allows you to avoid fall-below fees altogether if you maintain a minimum balance of S$1,000. This makes the FastSaver account a better option if you’re concerned about avoiding fall-below fees.
Other Incidental Charges
In addition to fall-below fees, there are other incidental charges you should be aware of when choosing between the StarSaver and FastSaver accounts. Here are some of the charges you may encounter:
- Early Account Closure Fee: If you close your account within 6 months of opening it, you’ll be charged an early account closure fee of S$50.
- Returned Cheque Fee: If a cheque you deposit is returned, you’ll be charged a fee of S$50.
- Stop Payment Request Fee: If you request a stop payment on a cheque, you’ll be charged a fee of S$10 per cheque.
It’s important to note that both the StarSaver and FastSaver accounts do not have any fall-below fees. However, the FastSaver account allows you to avoid fall-below fees altogether if you maintain a minimum balance of S$1,000. This makes the FastSaver account a better option if you’re concerned about preventing fall-below fees.
Singapore CIMB StarSaver vs FastSaver: How to Apply for Your Account
Opening a CIMB savings account is a quick and easy process that can be completed online or in-branch. Here’s how you can apply for your account:
Online Application Process
To apply for a CIMB savings account online, you will need to visit the CIMB website and fill out the online application form. Make sure you have all the required documents ready before you begin the application process.
You will need to provide personal information such as your name, address, and contact details, as well as your identification documents such as your NRIC or passport. You will also need to provide details of your existing bank account if you are transferring funds from another bank to open your CIMB account.
Once you have completed the application form and uploaded all the required documents, you will receive an email confirming that your application has been received. Your account will be activated within 5 business days if no further review or follow-up is required, subject to the Bank’s approval.
In-Branch Application
If you prefer to apply for your CIMB savings account in-branch, you can visit any CIMB branch in Singapore. Make sure you bring along all the required documents such as your identification documents and proof of address.
When you arrive at the branch, inform the bank officer that you would like to open a savings account. They will guide you through the application process and help you fill out the necessary forms. Once your application is complete, your account will be activated within 5 business days if no further review or follow-up is required, subject to the Bank’s approval.
Whether you choose to apply online or in-branch, opening a CIMB savings account is a simple and hassle-free process. With the convenience of internet banking and a mobile app, you can manage your account anytime, anywhere. So why wait? Apply for your CIMB savings account today and start saving for your future.
Singapore CIMB StarSaver vs FastSaver: Managing Your Savings Account
When it comes to managing your CIMB savings accounts, both the StarSaver and FastSaver options offer convenient and efficient ways to access and control your funds.
Internet Banking and Mobile App
With CIMB’s internet banking and mobile app services, you have the flexibility to check your account balance, view transaction history, and transfer funds between accounts at your fingertips. The user-friendly interfaces of both the CIMB internet banking platform and mobile app make it easy for you to manage your savings on the go.
ATM and Branch Services
CIMB provides access to over 6,000 ATMs regionally and any PLUS ATMs globally. This extensive network ensures that you can conveniently withdraw cash, deposit funds, and perform other banking activities. Additionally, CIMB branches offer in-person assistance for any account-related queries or transactions, providing you with a comprehensive support system for managing your savings account.
Singapore CIMB StarSaver vs FastSaver: Comparative Analysis With Other Savings Accounts
If you’re looking for a savings account in Singapore, you may have heard of the CIMB StarSaver and FastSaver accounts. But how do they stack up against other popular savings accounts in Singapore? Let’s take a look.
OCBC 360 vs CIMB Accounts
OCBC 360 is a popular savings account in Singapore that offers up to 2.4% interest per annum. However, to earn this interest, you need to meet certain criteria, such as credit card spend, salary credit, and investment in selected financial products. On the other hand, CIMB StarSaver and FastSaver accounts offer up to 0.8% and 1% interest per annum, respectively, with no minimum spend or investment required.
If you’re able to meet the criteria for OCBC 360, you may be able to earn a higher interest rate than with CIMB accounts. However, if you prefer a no-frills account with no minimum spend or investment required, CIMB accounts may be a better option for you.
UOB One and DBS Multiplier Comparisons
UOB One and DBS Multiplier are two other popular savings accounts in Singapore. With UOB One offers up to 2.5% interest per annum, while DBS Multiplier offers up to 3.8% interest per annum. However, both accounts require you to meet certain criteria, such as salary credit, credit card spend, and investment in selected financial products.
If you’re able to meet the criteria for UOB One or DBS Multiplier, you may be able to earn a higher interest rate than with CIMB accounts. However, if you prefer a no-frills account with no minimum spend or investment required, CIMB accounts may be a better option for you.
Overall, it’s important to consider your own financial goals and habits when choosing a savings account. If you’re looking for a simple account with no minimum spend or investment required, CIMB StarSaver or FastSaver accounts may be a good fit for you. However, if you’re willing to meet certain criteria to earn a higher interest rate, other savings accounts like OCBC 360, UOB One, or DBS Multiplier may be worth considering.
Singapore CIMB StarSaver vs FastSaver: Promotions and Exclusive Offers
If you’re looking for exclusive promotions and offers, then CIMB has got you covered. Both the StarSaver and FastSaver accounts come with exciting deals and bonuses that you can take advantage of.
Current Promotions
CIMB is currently offering a promotion where you can receive up to S$3,000 in welcome gifts when you start a Preferred Banking relationship with them. This promotion is available for both StarSaver and FastSaver accounts, so you can choose the account that suits you best.
Additionally, CIMB is offering a promotion where you can earn up to 1.8% p.a. bonus interest on your savings. To qualify for this promotion, you need to deposit fresh funds into your account and maintain a minimum balance of S$10,000. This promotion is available for both StarSaver and FastSaver accounts.
Credit Card Spend Bonuses
If you have a CIMB credit card, you can enjoy even more bonuses and rewards. For example, CIMB credit cardholders can enjoy deals and discounts of up to 50% off across Singapore, Malaysia, and Indonesia.
If you sign up for a CIMB Visa Signature Card, you can earn up to 10% cashback on your dining, groceries, and petrol spend. Plus, if you spend a minimum of S$800 per month for the first two months, you can receive S$120 cashback.
Overall, both the StarSaver and FastSaver accounts come with exciting promotions and exclusive offers that you can take advantage of. Whether you’re looking for higher interest rates or credit card spend bonuses, CIMB has got you covered.
Singapore CIMB StarSaver vs FastSaver: Customer Support and Assistance
Contact Channels
CIMB offers a range of contact channels to assist its customers. You can reach out to their customer service team via phone, email, or through their online banking portal. To speak to a customer service representative, you can call their hotline at +65 6333 7777. Alternatively, you can email them at [email protected]. Their customer service team is available from Monday to Friday, 9 am to 6 pm (excluding public holidays).
For a more self-help approach, you can access their online banking portal, which provides a comprehensive FAQ section that covers most of the common issues faced by customers. You can also use their online chatbot, which is available 24/7 to assist you with your queries.
Troubleshooting Common Issues
If you encounter any issues with your CIMB account, you can refer to their online FAQ section for a quick resolution. Some of the common issues faced by customers include forgotten passwords, account lockouts, and transaction disputes. CIMB also provides a step-by-step guide on how to resolve these issues on their website.
If you still encounter issues after following the troubleshooting steps, you can contact their customer service team for further assistance. Their customer service representatives are well-trained and equipped to handle most issues faced by customers.
In conclusion, CIMB provides excellent customer support and assistance to its customers. With a range of contact channels and a comprehensive FAQ section, you can be assured that your issues will be resolved promptly.
Frequently Asked Questions
What are the dazzling interest rates for CIMB FastSaver and StarSaver accounts?
If you’re looking for a savings account with high-interest rates, CIMB FastSaver and StarSaver accounts are great options. The CIMB FastSaver account offers up to 0.8% p.a. interest rate, while the CIMB StarSaver account offers up to 0.5% p.a. interest rate. With such high-interest rates, your money can grow faster than ever before.
Can you believe how easy it is to open a CIMB account online in Singapore?
Yes, it’s that simple! You can open a CIMB savings account online in Singapore in just a few minutes. All you need is your identification documents and an internet connection. You can apply for a CIMB FastSaver or StarSaver account online and start saving today.
Which CIMB savings account will make your money work harder for you?
Both CIMB FastSaver and StarSaver accounts are designed to make your money work harder for you. If you’re looking for a savings account with a higher interest rate, then the CIMB FastSaver account is the way to go. However, if you prefer a savings account that offers more flexibility and options, then the CIMB StarSaver account is the better choice.
How can you maintain the minimum balance in a CIMB FastSaver Account and why does it matter?
To enjoy the high-interest rates offered by CIMB FastSaver account, you need to maintain a minimum balance of S$1,000. If your balance falls below this amount, the interest rate will be lower. Maintaining the minimum balance is important because it ensures that you get the maximum returns on your savings.
Is your money doing the safety dance with CIMB Bank in Singapore?
Yes, your money is safe with CIMB Bank in Singapore. CIMB Bank is a member of the Singapore Deposit Insurance Corporation (SDIC), which means that your deposits are insured up to S$75,000 per depositor. Additionally, CIMB Bank is regulated by the Monetary Authority of Singapore (MAS), which ensures that the bank adheres to strict financial standards.
What are the sparkling reviews saying about the CIMB FastSaver Account?
Customers are raving about the CIMB FastSaver account! Many customers have praised the high-interest rates and the ease of opening an account online. Some customers have also mentioned the convenience of accessing their account details via CIMB Clicks. Overall, the CIMB FastSaver account has received glowing reviews from satisfied customers.
