If you’re looking for a savings account in Singapore, you might have come across CIMB FastSaver. It’s a popular option for many, thanks to its high-interest rates and low fees. However, one thing that you should be aware of is the CIMB fall below fee Singapore. In this article, we’ll take a closer look at this fee and what you can do to avoid it.
Understanding CIMB Fall Below Fees
The CIMB fall below fee Singapore is a charge that is imposed when your account balance falls below a certain threshold. This fee is applicable to most of the bank’s savings accounts, including FastSaver, StarSaver, and Junior Saver. The amount of the fee varies depending on the account type and the minimum balance required.
CIMB FastSaver Account Features
One of the most popular savings accounts offered by CIMB is FastSaver. This account offers a high-interest rate of up to 1.00% p.a., making it an attractive option for those who want to grow their savings. However, it’s important to note that this account comes with a fall below fee of S$5 per month if your account balance falls below S$1,000. To avoid this fee, you’ll need to maintain a minimum balance of S$1,000 in your account at all times.
Key Takeaways
- CIMB fall below fee Singapore is a charge that is imposed when your account balance falls below a certain threshold.
- The CIMB FastSaver account offers a high-interest rate of up to 1.00% p.a., but comes with a fall below fee of S$5 per month if your account balance falls below S$1,000.
- To avoid the fall below fee, make sure to maintain the minimum balance required for your account type at all times.
Understanding CIMB Fall Below Fees
If you are a CIMB customer, it’s important to understand the concept of “fall below fees”. These fees are charged when your account balance falls below a certain threshold. In this section, we will explain the basics of fall below fees, as well as compare CIMB’s fees to other banks in Singapore.
The Basics of Fall Below Fees
CIMB charges a fall below fee of S$20 per month if your average daily balance falls below S$3,000. This fee is charged to encourage customers to maintain a minimum balance in their accounts. If you have multiple accounts with CIMB, the fall below fee will be charged on each account separately.
It’s important to note that fall below fees are not unique to CIMB. Many other banks in Singapore also charge these fees. For example, OCBC 360, DBS Multiplier, and UOB One all have fall below fees. However, the specific fees and thresholds vary between banks.
To avoid fall below fees, it’s important to keep track of your account balance and ensure that it remains above the minimum threshold. You may also want to consider setting up automatic transfers to your account to ensure that you are always meeting the minimum balance requirement.
Comparison with Other Banks
As mentioned earlier, fall below fees are not unique to CIMB. Let’s take a look at how CIMB’s fall below fees compare to those of other banks in Singapore.
| Bank | Fall Below Fee | Minimum Balance |
|---|---|---|
| CIMB | S$20/month | S$3,000 |
| OCBC 360 | S$2/month | S$1,000 |
| DBS Multiplier | S$5/month | S$3,000 |
| UOB One | S$5/month | S$500 |
As you can see, CIMB’s fall below fee is higher than that of OCBC 360 and UOB One, but lower than that of DBS Multiplier. It’s important to consider other factors when choosing a bank, such as interest rates, transaction fees, and other charges.
In conclusion, fall below fees are an important aspect of banking in Singapore. CIMB charges a fall below fee of S$20 per month if your average daily balance falls below S$3,000. While this fee is higher than some other banks, it’s important to consider other factors when choosing a bank.
CIMB FastSaver Account Features
If you’re looking for a savings account that offers high interest rates and no fall-below fees, then the CIMB FastSaver Account might be the right choice for you. Here are some of the features you can expect from this account.
Interest Rates and Profit
The CIMB FastSaver Account offers a base interest rate of 0.50% p.a. This rate is calculated daily and credited to your account monthly. The interest rate is subject to change at the bank’s discretion.
Minimum Balance Requirements
To earn interest on your CIMB FastSaver Account, you need to maintain a minimum balance of $1,000. However, there is no fall-below fee if your account balance falls below this amount.
Benefits of No Fall-Below Fees
One of the main benefits of the CIMB FastSaver Account is that there are no fall-below fees. This means that you won’t be charged any fees if your account balance falls below the minimum balance requirement of $1,000. This is great news for customers who may not be able to maintain a high balance all the time.
In addition, the CIMB FastSaver Account is a no-frills account, which means that you don’t need to meet complicated requirements to earn bonus interest. This makes it easy for you to earn interest on your savings without having to worry about meeting certain criteria.
Overall, the CIMB FastSaver Account is a great option for those looking for a simple and hassle-free savings account. With its high interest rates and no fall-below fees, it’s definitely worth considering if you’re in the market for a new savings account.
Additional Perks and Promotions
If you are looking for more than just a basic banking experience, CIMB offers a range of additional perks and promotions to help you get the most out of your account.
Promotional Offers
CIMB regularly runs promotional offers for new and existing customers. These offers can include bonus interest rates, cashback rewards, and other incentives for meeting certain requirements.
For example, the current Lunar New Year Savings 2024 Promotion offers high interest rates of up to 3.50% p.a., as well as no fall-below fees or monthly fees. This promotion is available for both new and existing customers, and is a great way to boost your savings.
CIMB Credit Card Rewards
CIMB also offers a range of rewards and benefits for customers who hold a CIMB credit card. These rewards can include cashback on purchases, discounts at partner merchants, and other exclusive offers.
To take advantage of these rewards, you will need to meet certain requirements, such as a minimum spend or a specific type of purchase. However, if you use your CIMB credit card regularly, you can earn significant rewards and discounts over time.
Overall, if you are looking for a bank account with additional perks and promotions, CIMB is a great choice. With a range of offers and rewards available, you can get the most out of your account and enjoy a more rewarding banking experience.
Banking with CIMB Clicks
If you’re looking for a bank that offers a range of digital banking services, CIMB Clicks is worth considering. With CIMB Clicks, you can enjoy the convenience of online banking from the comfort of your own home.
Digital Banking Services
CIMB Clicks offers a range of digital banking services that can help you manage your finances more efficiently. These services include online banking, mobile banking, and digital token. With online banking, you can access your account information, transfer funds, and pay bills from your computer or mobile device. Mobile banking allows you to do all of this on the go, while digital token provides an added layer of security for your transactions.
CIMB Clicks Features
One of the standout features of CIMB Clicks is the absence of fall-below fees. This means that you won’t be charged a fee for having an average daily balance below a certain amount. Additionally, CIMB Clicks offers free e-statements, so you can keep track of your transactions without having to worry about paper statements.
Other features of CIMB Clicks include:
- Waived internal funds transfer fees
- No early account closure fees
- No excess limit fees
- Cheque image retrieval
- Maintenance schedule
Overall, CIMB Clicks is a great option for those looking for a bank with digital banking services that can help them manage their finances more efficiently. With its range of features and absence of fall-below fees, CIMB Clicks is definitely worth considering.
Investment and Insurance Options
When it comes to your finances, it’s important to have options. CIMB offers a variety of investment and insurance products to help you achieve your financial goals. Here are a few options to consider:
Foreign Currency Investments
If you’re interested in investing in foreign currencies, CIMB offers a range of foreign currency fixed deposit options. You can choose from a variety of currencies, including USD, GBP, EUR, AUD, and more. With competitive interest rates and flexible tenures, foreign currency fixed deposits can be a great way to diversify your investment portfolio.
Insurance Products
Investing in insurance is an important part of financial planning. CIMB offers a range of insurance products to help you protect your assets and loved ones. Whether you’re looking for life insurance, health insurance, or general insurance, CIMB has you covered. With affordable premiums and comprehensive coverage, CIMB’s insurance products are a great way to safeguard your financial future.
Overall, CIMB offers a range of investment and insurance products to help you achieve your financial goals. Whether you’re interested in foreign currency investments, structured deposits, or insurance products, CIMB has something for everyone. So why not explore your options today and see how CIMB can help you achieve your financial dreams?
Frequently Asked Questions
How can You Dodge the Fall-Below Fee on Your CIMB FastSaver Account?
The CIMB FastSaver account is an excellent option for those looking for a high-interest savings account without having to worry about fall-below fees. To avoid the fall-below fee, all you need to do is maintain a minimum balance of $1,000 in your account. This means you can enjoy the high-interest rate without worrying about any additional charges.
What’s the Magic Number for the Minimum Balance in a CIMB Savings Account to Avoid Fees?
To avoid any fall-below fees on your CIMB savings account, you need to maintain a minimum balance of $3,000. If your account balance falls below this amount, you will be charged a fall-below fee of $20 per month. So, it’s best to maintain the minimum balance to avoid any additional charges.
Are There Any Tricks to Reactivating a Snoozing CIMB Account in Singapore?
If your CIMB account has been inactive for six months or more, it will be considered a dormant account. To reactivate it, you need to visit a CIMB branch in person and provide your identification documents. Once you’ve reactivated your account, make sure to maintain the minimum balance to avoid any fall-below fees.
Fancy Opening a CIMB Account Online, What’s the Scoop?
Opening a CIMB account online is quick and easy. You can open a FastSaver account in just a few minutes without having to visit a CIMB branch. However, if you want to open a current account or a savings account with a higher interest rate, you’ll need to visit a CIMB branch in person.
Does CIMB Require a Hefty Sum to Start a Current Account?
No, CIMB does not require a hefty sum to start a current account. You can open a CIMB current account with just $1,000. However, to avoid any fall-below fees, you need to maintain a minimum balance of $3,000 in your account.
What’s the Skinny on the Minimum Balance for the CIMB Preferred Club?
To become a member of the CIMB Preferred Club, you need to maintain a minimum balance of $250,000 in your account. As a member, you’ll enjoy exclusive privileges and benefits, including higher interest rates, preferential exchange rates, and priority banking services.
