If you’re looking for a high-interest savings account with no multiple conditions in Singapore, the CIMB FastSaver account might be the perfect option for you. This online savings account offers interest rates of up to 3.50% p.a. and requires a minimum deposit of only $1,000. With no fall-below fee, you won’t have to worry about additional charges if your account balance falls below the minimum requirement.
One of the most attractive features of the CIMB FastSaver account is its competitive interest rates. The interest/profit accrued daily and credited monthly, so you can watch your savings grow quickly. Another benefit is the minimal minimum deposit requirement, which makes it easier to start saving without breaking the bank. Additionally, there are no fall-below fees, which means you won’t be charged extra if your account balance falls below the minimum requirement.
If you’re interested in opening a CIMB FastSaver account, you’ll need to meet certain eligibility requirements and complete an application. The account is available to individuals aged 16 and above who are Singapore residents or permanent residents. You can apply online or at a CIMB branch, and you’ll need to provide identification documents and proof of address. Overall, the CIMB FastSaver account is a great option for those looking to save money and earn high interest rates without worrying about complicated requirements or fees.
Key Takeaways
- The CIMB FastSaver account offers high interest rates of up to 3.50% p.a. with a minimal minimum deposit requirement of only $1,000.
- There are no fall-below fees, so you won’t be charged extra if your account balance falls below the minimum requirement.
- To apply for a CIMB FastSaver account, you’ll need to meet certain eligibility requirements and provide identification documents and proof of address.
CIMB FastSaver Account Overview
If you’re looking for a high-interest savings account in Singapore, CIMB FastSaver might be the right choice for you. This account offers a competitive interest rate, low fees, and easy access to your funds.
Understanding CIMB FastSaver
CIMB FastSaver is a savings account that offers a high-interest rate of up to 1.50% p.a. on your savings. To open an account, you need to deposit at least $1,000. There are no monthly fees, and you won’t be charged a fall-below fee if your account balance drops below $1,000.
You can easily manage your account online through CIMB Clicks Internet Banking. This makes it easy to transfer funds, check your balance, and view your transaction history. Plus, you can link your CIMB FastSaver account to your other bank accounts for easy transfers.
Benefits of High Interest Savings
One of the biggest benefits of CIMB FastSaver is the high-interest rate. With a base interest rate of 1.50% p.a., you can earn a competitive return on your savings. Plus, there’s no need to jump through hoops to earn the maximum interest rate of 3.50% p.a.
Another benefit of CIMB FastSaver is the low fees. There are no monthly fees, and you won’t be charged a fall-below fee if your account balance drops below $1,000. Plus, there are no fees for ATM withdrawals or online transfers.
Overall, CIMB FastSaver is a great option if you’re looking for a high-interest savings account in Singapore. With competitive interest rates and low fees, it’s a great way to grow your savings without sacrificing accessibility or convenience.
Interest Rates and Earnings
If you’re looking for a savings account in Singapore, CIMB FastSaver might be the right choice for you. The account offers a competitive interest rate, making it an attractive option for those looking to earn a good return on their savings.
Base Interest Rate
The base interest rate for CIMB FastSaver is 0.30% p.a. This rate is applicable for deposits up to S$75,000. If you have more than S$75,000 in your account, you’ll earn an interest rate of 0.80% p.a. on the excess amount.
Bonus Interest Rates
In addition to the base interest rate, CIMB FastSaver offers bonus interest rates to help you earn even more on your savings. To qualify for the bonus interest rates, you’ll need to meet certain requirements.
Firstly, you need to deposit at least S$1,000 into your CIMB FastSaver account. Secondly, you need to maintain an average daily balance of at least S$1,000 in your account. If you meet these requirements, you’ll be eligible for a bonus interest rate of 0.50% p.a. on your first S$75,000.
To earn the bonus interest rate of 0.50% p.a. on your first S$75,000, you don’t need to do anything else. However, if you want to earn an even higher interest rate, you can sign up for a CIMB Visa Signature Card. With the card, you’ll earn an additional 0.70% p.a. bonus interest rate on your first S$75,000. To qualify for this bonus interest rate, you’ll need to spend at least S$500 on your card each month.
Overall, CIMB FastSaver offers a competitive interest rate that can help you earn more on your savings. With the base interest rate of 0.30% p.a. and the bonus interest rates of up to 1.50% p.a., you can be sure that your money is working hard for you.
Account Balance and Fees
If you’re looking for a savings account in Singapore that can help you earn interest on your deposits without having to worry about maintaining a high balance, the CIMB FastSaver Account might be the right choice for you. Here’s what you need to know about the account balance and fees.
Minimum Balance Requirements
The minimum initial deposit for the CIMB FastSaver Account is $1,000. This means that you’ll need to deposit at least $1,000 to open the account. However, there is no minimum balance requirement to maintain the account. This means that you won’t be charged any fall-below fees if your account balance falls below a certain amount.
Fall-Below Fees
CIMB Bank does not charge any fall-below fees for the FastSaver Account. This means that you won’t be penalised for having a low account balance. However, it’s important to note that you won’t earn any interest on your deposits if your account balance falls below $1,000.
In summary, the CIMB FastSaver Account is an excellent option for those looking for a savings account with no fall-below fees and no minimum balance requirements. With a minimum initial deposit of $1,000, you can start earning interest on your deposits right away.
Eligibility and Application
Requirements for Singaporeans and Foreigners
To apply for a CIMB FastSaver account, you must be a resident of Singapore. Both Singaporeans and foreigners are eligible to apply for this account. To open an account, you will need to provide your NRIC or passport.
Foreigners will also need to provide proof of their residential address in Singapore. This can be done by providing a utility bill or a bank statement that shows your address. If you are a foreigner and do not have proof of residential address, you can use MyInfo to verify your address.
Applying for CIMB FastSaver
Applying for a CIMB FastSaver account is easy and can be done online. To apply, you will need to visit the CIMB website and fill out the online application form. You will need to provide your personal details, including your name, NRIC or passport number, and contact information.
During the application process, you will also need to set up a digital token for security purposes. This token will be used to authenticate your transactions and ensure that your account is secure.
Once your application has been approved, you will receive your CIMB FastSaver account number. To activate your account, you will need to transfer the minimum initial deposit to your account via FAST (Fast and Secure Transfers) from your savings or current account with another bank in Singapore.
In conclusion, opening a CIMB FastSaver account is a straightforward process for both Singaporeans and foreigners. With just a few simple steps, you can enjoy high-interest rates and no fall-below fees with this online savings account.
Additional Features and Perks
CIMB Clicks and Digital Banking
With CIMB FastSaver account, you can enjoy the convenience of CIMB Clicks and Digital Banking. You can access your account online 24/7, anywhere and anytime. You can easily transfer funds, pay bills, and manage your account without leaving your home. CIMB Clicks is fast, secure, and easy to use. You can also set up recurring transfers and payments to save time and hassle.
CIMB Visa Signature Card Benefits
If you apply for a CIMB Visa Signature Card, you can enjoy exclusive benefits and privileges. You can earn up to 10% cashback on dining, groceries, and online shopping. You can also enjoy free airport lounge access, travel insurance, and concierge services. The CIMB Visa Signature Card is a great way to save money and enjoy life.
With CIMB FastSaver account, you can also enjoy fast and secure transfers. You can transfer funds to other CIMB accounts instantly and to other banks within 2 business days. You can also withdraw cash from any CIMB ATM with your ATM card. You can use your CIMB ATM card to make purchases online and offline. You can also link your CIMB FastSaver account to your debit card for even more convenience.
In conclusion, CIMB FastSaver account is a great online savings account with no multiple conditions. You only need a minimum deposit of $1,000 to start earning high interest rates of up to 3.50%* p.a. You can also enjoy additional features and perks such as CIMB Clicks and Digital Banking, CIMB Visa Signature Card Benefits, fast and secure transfers, ATM card, and debit card.
Frequently Asked Questions
What’s the excitement about CIMB FastSaver’s account minimum balance?
CIMB FastSaver is an online savings account that offers high-interest rates of up to 3.5% per annum with no multiple conditions. One of the most exciting features of this account is that there is no minimum balance required to earn the interest rate. This means that you can start earning interest on your savings from the first dollar you deposit into your account.
How much do I need to keep in my account to avoid the fall-below fee for CIMB FastSaver?
CIMB FastSaver account does not charge any fall-below fees. You do not need to maintain any minimum balance in your account to avoid any charges.
Can you tell me the perks of opening a CIMB FastSaver account?
CIMB FastSaver account offers a range of benefits to its customers. These include high-interest rates, no fall-below fees, no multiple conditions, and the ability to start earning interest on your savings from the first dollar you deposit into your account. Additionally, you can easily manage your account online through CIMB’s digital banking platform.
Is there a fuss-free way to start a CIMB FastSaver account online in Singapore?
Yes, you can easily open a CIMB FastSaver account online in Singapore. All you need to do is to visit CIMB’s website and follow the simple steps to apply for the account. You will need to transfer the minimum initial deposit to your CIMB FastSaver account via FAST (Fast and Secure Transfers) from your savings/current account with another bank in Singapore.
What distinguishes CIMB FastSaver from FastSaver-I in terms of minimum balance requirements?
CIMB FastSaver and FastSaver-i are two different savings accounts offered by CIMB. While CIMB FastSaver has no minimum balance requirement, FastSaver-i requires a minimum balance of $1,000 to earn the highest interest rate. Additionally, FastSaver-i is an Islamic savings account that follows the principles of Shariah law.
What’s the buzz about the safety of banking with CIMB in Singapore?
CIMB is a reputable bank that is regulated by the Monetary Authority of Singapore (MAS). It is important to note that your deposits with CIMB are insured under the Deposit Insurance Scheme up to $75,000 per depositor per Scheme member. This means that your savings with CIMB are safe and protected.