If you’re looking for a high-interest savings account in Singapore, you might want to consider CIMB FastSaver. This account offers competitive interest rates of up to 3.50% p.a. with no multiple conditions. Interest is accrued daily and credited at the end of the month, allowing you to earn more on your savings.
To be eligible for a CIMB FastSaver account, you’ll need to be at least 16 years old and have a minimum deposit of S$1,000. You can open an account online or at any CIMB branch. With the account, you’ll have access to instant funds transfers and additional features such as eStatements and SMS alerts.
If you’re interested in opening a savings account in Singapore, CIMB FastSaver might be a good option for you. With competitive interest rates, no multiple conditions, and additional features, this account can help you grow your savings faster. Keep reading to learn more about CIMB FastSaver and whether it’s the right choice for you.
Key Takeaways
- CIMB FastSaver offers high-interest rates of up to 3.50% p.a. with no multiple conditions.
- To be eligible for a CIMB FastSaver account, you’ll need to be at least 16 years old and have a minimum deposit of S$1,000.
- With CIMB FastSaver, you can enjoy additional features such as eStatements and SMS alerts.
Overview of CIMB FastSaver Account
Are you looking for a hassle-free and high-interest savings account in Singapore? Look no further than the CIMB FastSaver account! This online savings account offers competitive interest rates with no fall-below fees.
Key Features
The CIMB FastSaver account has several key features that make it an attractive option for those looking to save money. Here are some of the highlights:
- High Interest Rates: With interest rates of up to 3.50% p.a., the CIMB FastSaver account offers one of the highest interest rates in Singapore.
- No Fall-Below Fees: Unlike many other savings accounts, the CIMB FastSaver account does not charge any fall-below fees. This means that you won’t be penalised if your account balance falls below a certain threshold.
- Minimum Initial Deposit: To open a CIMB FastSaver account, you’ll need to deposit at least S$1,000. However, once you’ve opened the account, there are no minimum balance requirements.
Advantages of CIMB FastSaver
The CIMB FastSaver account has several advantages that make it an excellent choice for savers. Here are some of the key benefits:
- High Interest Rates: With interest rates of up to 3.50% p.a., the CIMB FastSaver account offers some of the highest interest rates in Singapore. This means that you can earn more money on your savings without having to do anything extra.
- No Fall-Below Fees: The CIMB FastSaver account does not charge any fall-below fees, which means that you won’t be penalised if your account balance falls below a certain threshold. This makes it an excellent option for those who want to save money without worrying about additional charges.
- Hassle-Free: The CIMB FastSaver account is an online savings account, which means that you can manage your account from the comfort of your own home. You can deposit and withdraw money using FAST transfers, and you can also set up automatic monthly transfers to make saving even easier.
- Minimum Initial Deposit: To open a CIMB FastSaver account, you’ll need to deposit at least S$1,000. However, once you’ve opened the account, there are no minimum balance requirements. This means that you can save as much or as little as you want, without worrying about maintaining a minimum balance.
In conclusion, if you’re looking for a high-interest savings account that is hassle-free and offers no fall-below fees, the CIMB FastSaver account is an excellent choice. With competitive interest rates and a minimum initial deposit of S$1,000, it’s a great option for anyone looking to save money in Singapore.
Interest Rates and Returns
If you’re looking for a high-interest savings account in Singapore, CIMB FastSaver might be the right choice for you. With an attractive interest rate, you can earn more on your savings without taking any risks. In this section, we’ll take a closer look at the interest rates and returns offered by CIMB FastSaver.
Base Interest Rate
The base interest rate for CIMB FastSaver is currently 0.80% p.a. This interest rate is applied to your account balance on a daily basis and credited to your account at the end of each month. To qualify for the base interest rate, you need to maintain a minimum balance of S$1,000 in your account.
Bonus Interest Rates
In addition to the base interest rate, CIMB FastSaver also offers bonus interest rates. These bonus interest rates are tiered and depend on the amount of money you have in your account. The more you save, the higher your bonus interest rate will be.
The bonus interest rates for CIMB FastSaver are as follows:
| Account Balance | Bonus Interest Rate |
|---|---|
| Up to S$50,000 | 0.50% p.a. |
| Above S$50,000 | 1.50% p.a. |
To qualify for the bonus interest rates, you need to maintain a minimum balance of S$1,000 in your account. The bonus interest rates are applied on top of the base interest rate and are credited to your account at the end of each month.
Effective Interest Rate
The effective interest rate for CIMB FastSaver is the total interest rate you earn on your account balance. This includes the base interest rate and any bonus interest rates you qualify for. With a maximum effective interest rate of 3.50% p.a., CIMB FastSaver is one of the most attractive savings accounts in Singapore.
In conclusion, CIMB FastSaver is an excellent choice for anyone looking for a high-interest savings account in Singapore. With a base interest rate of 0.80% p.a. and bonus interest rates of up to 1.50% p.a., you can earn more on your savings without taking any risks. So why not open a CIMB FastSaver account today and start earning more on your savings?
Account Eligibility and Requirements
If you’re looking for a high-interest savings account in Singapore, CIMB FastSaver might be the perfect fit for you. Before you apply, however, you should be aware of the eligibility criteria and requirements.
Eligibility Criteria
To open a CIMB FastSaver account, you must be a Singapore citizen, a Permanent Resident, or a foreigner with a valid work permit or employment pass. You must also be at least 16 years old.
Minimum Deposit and Balance Requirements
The minimum initial deposit required to open a CIMB FastSaver account is $1,000. There is no monthly fall-below fee, but you must maintain a minimum balance of $1,000 to earn the maximum interest rate of 3.50% p.a.
To apply for a CIMB FastSaver account, you will need to provide a copy of your NRIC or Birth Certificate (for Junior Saver Account only) and the latest copy (last 3 months) of any of the below as proof of residential address (required if address on your ID is different from your application):
- Local telecommunication / utility bill
- Local bank / credit card statement
- Letter issued by the government or statutory board
In conclusion, CIMB FastSaver is a great option for those looking for a high-interest savings account in Singapore. Just make sure you meet the eligibility criteria and can meet the minimum deposit and balance requirements to fully take advantage of the account’s benefits.
Additional Benefits and Features
Digital Banking with CIMB Clicks
With CIMB Clicks, you can manage your CIMB FastSaver account online with ease. CIMB Clicks is a secure and user-friendly internet banking platform that allows you to access your account details, view your transaction history, and make fast and secure transfers (FAST) to other banks in Singapore.
Through CIMB Clicks, you can also apply for a CIMB credit card or a CIMB Visa Signature card, which can help you earn even more interest on your savings. The CIMB Visa Signature card offers up to 10% cashback on dining, groceries, and online shopping, and up to 1% cashback on all other spend.
CIMB Promotions and Perks
CIMB offers various promotions and perks to help you maximise your savings with the CIMB FastSaver account. For example, you can earn up to 3.5% p.a. interest on your savings for the first 6 months when you open a CIMB FastSaver account and deposit at least $1,000 in fresh funds. After the promotional period ends, you can still earn up to 0.8% p.a. interest on your savings.
CIMB also offers exclusive promotions and discounts for CIMB credit card and CIMB Visa Signature cardholders. For example, you can enjoy up to 50% off dining, shopping, and entertainment at selected merchants in Singapore.
In addition, CIMB offers a digital token for added security when you transact online. The digital token is a secure and convenient way to authorise transactions on CIMB Clicks and other CIMB digital platforms.
With these additional benefits and features, the CIMB FastSaver account offers a convenient and secure way to save and grow your money.
Comparing with Other Savings Accounts
If you’re in the market for a high-interest savings account in Singapore, you’re likely to come across a few popular options. In this section, we’ll compare CIMB FastSaver with three other popular savings accounts: DBS Multiplier, OCBC 360, and UOB One Account.
CIMB FastSaver vs DBS Multiplier
DBS Multiplier is a savings account that rewards you with higher interest rates when you fulfill certain criteria, such as having a salary credited to your account or making regular investments. On the other hand, CIMB FastSaver offers a fixed interest rate of up to 3.50% p.a. without any additional requirements.
If you’re looking for a no-fuss savings account that doesn’t require you to jump through hoops to earn higher interest rates, CIMB FastSaver could be the better option for you. However, if you’re willing to fulfill the criteria for higher interest rates, DBS Multiplier could potentially offer you a better deal.
CIMB FastSaver vs OCBC 360
OCBC 360 is another savings account that rewards you with higher interest rates when you fulfill certain criteria, such as spending on your OCBC credit card. Like DBS Multiplier, CIMB FastSaver offers a fixed interest rate without any additional requirements.
If you’re someone who already fulfills the criteria for higher interest rates on OCBC 360, it might be worth sticking with that account. However, if you’re someone who doesn’t want to worry about meeting any additional requirements, CIMB FastSaver could be a better fit for you.
CIMB FastSaver vs UOB One Account
UOB One Account is a savings account that rewards you with higher interest rates when you maintain a higher account balance or spend on your UOB credit card. CIMB FastSaver, on the other hand, offers a fixed interest rate with no additional requirements.
If you’re someone who already maintains a high account balance or spends a lot on your UOB credit card, UOB One Account could potentially offer you a better deal. However, if you’re someone who doesn’t want to worry about meeting any additional requirements, CIMB FastSaver could be a better option for you.
Overall, when it comes to high-interest savings accounts in Singapore, there are a few popular options to choose from. It’s important to consider your own needs and preferences when deciding which account is the best fit for you. With its competitive interest rates and no additional requirements, CIMB FastSaver is definitely worth considering.
Frequently Asked Questions
How can I calculate the interest for my CIMB FastSaver account?
Calculating the interest for your CIMB FastSaver account is simple. The interest rate is calculated daily and credited monthly. The formula to calculate the interest earned is as follows:
(Daily balance x Interest rate) / 365
What are the latest interest rates for the CIMB FastSaver account?
As of February 2024, the interest rate for the CIMB FastSaver account is 0.3% p.a. for the first S$10,000 and 0.6% p.a. for balances above S$10,000. However, it is important to note that interest rates are subject to change and it is advisable to check the official CIMB website for the latest rates.
How does the CIMB FastSaver account compare with the StarSaver?
The CIMB FastSaver account offers a higher interest rate compared to the StarSaver account. Additionally, the FastSaver account has no minimum balance requirement and no monthly fees, making it an attractive option for those looking for a no-frills savings account.
What are the requirements for opening a CIMB FastSaver account in Singapore?
To open a CIMB FastSaver account in Singapore, you must be at least 16 years old and have a valid Singapore identification document. You can apply for the account online or at any CIMB branch.
Is there a minimum balance required to maintain a CIMB FastSaver account?
No, there is no minimum balance required to maintain a CIMB FastSaver account. However, it is important to note that the interest rate for balances above S$10,000 is higher than the interest rate for balances below S$10,000.
What steps should I take to open a CIMB FastSaver account online?
To open a CIMB FastSaver account online, you should visit the official CIMB website and click on the “Apply Now” button. You will then be required to fill in your personal details, upload your identification document, and complete the application process. Once your application is approved, you can start depositing funds into your account.