If you’re looking for a high-interest savings account in Singapore, CIMB FastSaver might just be the perfect option for you. This online savings account is designed to offer you a hassle-free way to earn high interest rates of up to 3.50% p.a. without having to meet multiple conditions. With CIMB FastSaver, you can enjoy the benefits of a savings account that is easy to use and offers great returns on your savings.
Getting started with CIMB FastSaver is easy. All you need to do is open an account online and deposit a minimum of $1,000. Once your account is set up, you can start earning high interest rates on your savings right away. With no fall below fees or multiple conditions to meet, CIMB FastSaver is a great option for anyone looking for a no-frills savings account.
CIMB FastSaver offers a range of features and benefits, including tiered interest rates based on the size of your account balance. If you have a CIMB Visa Signature Card, you can earn even higher interest rates of up to 1% p.a. on your first $10,000. With deposits insured by the Singapore Deposit Insurance Corporation (SDIC), you can also enjoy peace of mind knowing that your savings are protected.
Key Takeaways
- CIMB FastSaver is an online savings account in Singapore that offers high interest rates of up to 3.50% p.a.
- With no fall below fees or multiple conditions to meet, CIMB FastSaver is a great option for anyone looking for a no-frills savings account.
- CIMB FastSaver offers tiered interest rates based on the size of your account balance and deposits are insured by the Singapore Deposit Insurance Corporation (SDIC).
Getting Started with CIMB FastSaver
If you’re looking to open a savings account with CIMB Singapore, the CIMB FastSaver account is a great option to consider. Here’s what you need to know to get started.
Account Opening Requirements
To open a CIMB FastSaver account, you must be at least 16 years old and a Singaporean citizen or permanent resident. You will also need to provide a valid NRIC or passport and proof of your residential address.
The initial deposit to activate your CIMB FastSaver account is S$1,000. You can transfer this amount from your existing CIMB Bank Singapore savings or current account using CIMB Clicks.
Applying for CIMB FastSaver Account
Applying for a CIMB FastSaver account is easy. You can do it online by filling out the CIMB FastSaver Online Application form on the CIMB website.
During the application process, you will need to provide your personal information, including your name, NRIC or passport number, and contact details. You will also need to select the type of account you want to open and confirm your initial deposit amount.
Once your application is approved, you will receive an email confirmation with instructions on how to activate your account. You can then start depositing funds into your CIMB FastSaver account and earn up to 1.5% p.a. interest on your savings.
Overall, opening a CIMB FastSaver account is a simple and straightforward process. With its competitive interest rates and no-frills approach, it’s a great option for anyone looking to save money in Singapore.
Account Features and Benefits
If you’re looking for a savings account that offers competitive interest rates and no fall-below fees, the CIMB FastSaver account might be the right choice for you. Here are some of the account’s features and benefits that you can enjoy:
Interest Rates and Savings
One of the most significant benefits of the CIMB FastSaver account is the high-interest rate of up to 1.50% p.a. that you can earn on your savings. The interest is accrued daily and credited at the end of the month, which means you can grow your savings faster.
No Fall-Below Fees and Charges
The CIMB FastSaver account doesn’t have any fall-below fees or charges, which means you won’t be penalised for not maintaining a minimum balance. This is great news for those who want to save without worrying about additional charges.
CIMB Clicks and Digital Banking
CIMB Clicks is the online banking platform for CIMB Bank, and it’s available to all CIMB FastSaver account holders. With CIMB Clicks, you can access your account anytime and anywhere, check your balance, transfer funds, and pay bills. The platform is user-friendly, secure, and easy to use.
Overall, the CIMB FastSaver account is an excellent choice for those who want to save money and earn a high-interest rate without worrying about fall-below fees and charges. With CIMB Clicks, you can manage your account easily and conveniently. Whether you’re saving for a rainy day or a big purchase, the CIMB FastSaver account can help you reach your financial goals faster.
Deposits and Insurance
If you’re looking for a high-interest savings account in Singapore, CIMB FastSaver is a great option. Here’s what you need to know about deposits and insurance.
Minimum Initial Deposit
To open a CIMB FastSaver account, you need a minimum initial deposit of $1,000. This is a relatively low requirement compared to other banks in Singapore. Once you’ve made your initial deposit, you can start earning interest on your savings.
Deposit Insurance Scheme
CIMB FastSaver is a member of the Deposit Insurance Scheme in Singapore. This means that your Singapore dollar deposits of up to $75,000 are insured by the Singapore Deposit Insurance Corporation. This insurance covers deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme.
The Deposit Insurance Scheme is a government-backed scheme that provides protection to depositors in the event that a bank fails. If a bank fails, the scheme will pay out up to $75,000 per depositor per Scheme member. This means that if you have more than $75,000 in your CIMB FastSaver account, you may want to consider spreading your savings across multiple banks to ensure that all of your deposits are fully insured.
Overall, CIMB FastSaver is a great option if you’re looking for a high-interest savings account in Singapore. With a relatively low minimum initial deposit and deposit insurance provided by the government, it’s a safe and secure place to store your savings.
Additional Financial Services
In addition to its high-interest savings account, CIMB Singapore offers a range of financial services to help you manage your money. Here are some of the additional financial services that you can take advantage of:
Investment Products
CIMB Singapore offers a range of investment products to help you grow your wealth. Whether you are a seasoned investor or just starting out, there is an investment product that can meet your needs. Some of the investment products that CIMB Singapore offers include unit trusts, structured deposits, and bonds. With these investment products, you can enjoy potentially higher returns on your money.
CIMB Credit Cards
CIMB Singapore also offers a range of credit cards to suit your lifestyle and spending habits. Whether you are looking for a card that offers cashback on your purchases or one that rewards you with air miles, there is a CIMB credit card that can meet your needs. Some of the benefits of CIMB credit cards include low interest rates, no annual fees, and exclusive deals and discounts.
When it comes to managing your money, CIMB Singapore has you covered. Whether you are looking to save for your future, grow your wealth, or manage your spending, there is a financial service that can meet your needs. So why not take advantage of these services today and start building a brighter financial future for yourself?
Remember, when dealing with foreign exchange and exchange rates, it’s important to stay informed and up-to-date. CIMB Singapore can help you stay on top of the latest exchange rates and make informed decisions about your foreign currency transactions. Additionally, CIMB Singapore offers a Supplementary Retirement Scheme (SRS) to help you save for your retirement. With so many financial services available, you can rest assured that CIMB Singapore has your financial needs covered.
Managing Your Account
As a CIMB FastSaver account holder, you can easily manage your account online or through the CIMB Clicks mobile app. This means that you have access to your account 24/7, and can perform various transactions from the comfort of your own home.
Online and Mobile Access
With CIMB Clicks, you can view your account balance, transaction history, and interest earned. You can also transfer funds between your CIMB accounts, pay bills, and make e-deposits. Additionally, you can set up recurring transfers or payments to ensure that your bills are always paid on time.
CIMB Clicks also offers a mobile app, which allows you to access your account on the go. With the mobile app, you can check your account balance, view your transaction history, and make transfers and payments from your phone or tablet.
Statements and Documentation
CIMB FastSaver account holders have the option to receive paper statements or e-statements. Paper statements are sent to your mailing address, while e-statements are sent to your registered email address in the form of a PDF electronic statement.
If you prefer to receive paper statements, you can request for them to be sent to you by contacting CIMB Bank’s customer service. Alternatively, you can opt for e-statements by logging in to your CIMB Clicks account and updating your settings. E-statements are more environmentally friendly and convenient, as they can be accessed from anywhere with an internet connection.
In conclusion, managing your CIMB FastSaver account is easy and convenient with online and mobile access, as well as the option to receive paper or e-statements. With these features, you can stay on top of your finances and make transactions with ease.
Frequently Asked Questions
How can I open a FastSaver account with CIMB online?
Opening a CIMB FastSaver account online is easy and convenient. All you need to do is visit the CIMB website and follow the step-by-step instructions to complete the online application form. Once you have submitted your application, you will receive an email from CIMB with your account number and instructions on how to activate your account.
What’s the latest interest rate offered for the FastSaver account?
The CIMB FastSaver account offers a base interest rate of 1.5% p.a, which can go up to 3.5% p.a depending on your account balance. This is a highly competitive interest rate compared to other savings accounts in Singapore.
Is there a minimum balance required to maintain a FastSaver account?
No, there is no minimum balance required to maintain a CIMB FastSaver account. This means that you can enjoy the benefits of having a savings account without worrying about maintaining a minimum balance.
Can you explain the differences between FastSaver and StarSaver accounts?
The CIMB FastSaver and StarSaver accounts are both savings accounts offered by CIMB. However, the FastSaver account is an online savings account that offers higher interest rates, while the StarSaver account is a traditional savings account that requires a minimum balance to earn interest.
What are the benefits of choosing a FastSaver account over others?
Choosing a CIMB FastSaver account over other savings accounts in Singapore has several benefits. Firstly, there is no minimum balance required to maintain the account. Secondly, the interest rates offered by the FastSaver account are highly competitive. Finally, the account is easy to manage online, which makes it convenient for busy professionals.
How does the FastSaver account fare in reviews by current users?
The CIMB FastSaver account has received positive reviews from current users. Many users have praised the account for its high interest rates, convenience, and ease of use. The account has also been praised for its low fees and no minimum balance requirement.