Are you looking for a high-interest savings account in Singapore? CIMB FastSaver might be just what you need. The online savings account offers a competitive interest rate of up to 0.5% p.a. with no lock-in period or monthly fees. Plus, it’s easy to open and manage.
Opening your CIMB FastSaver account is a breeze. You can apply online, and if you’re a Singaporean or Permanent Resident, you’ll only need a copy of your NRIC or Birth Certificate. You’ll also need to provide proof of residential address if it’s different from your ID. Once you’ve submitted your application, you’ll receive an email with instructions on how to activate your account.
With CIMB FastSaver, you can enjoy a range of features and benefits, including no minimum balance requirements, unlimited withdrawals, and easy fund transfers. You can also link your account to other CIMB banking products, such as credit cards and loans, for added convenience. Keep reading to learn more about CIMB FastSaver and how it can help you achieve your savings goals.
Key Takeaways
- CIMB FastSaver is an online savings account in Singapore that offers a competitive interest rate of up to 0.5% p.a.
- Opening a CIMB FastSaver account is easy and requires minimal documentation.
- With CIMB FastSaver, you can enjoy a range of features and benefits, including no minimum balance requirements, unlimited withdrawals, and easy fund transfers.
Opening Your CIMB FastSaver Account
If you are looking for a high-interest savings account that is easy to open and maintain, the CIMB FastSaver account may be the perfect option for you. In this section, we will guide you through the process of opening your CIMB FastSaver account in Singapore.
Eligibility and Requirements
Before you can apply for a CIMB FastSaver account, you need to make sure that you meet the eligibility requirements. To open an account, you must be at least 16 years old and a Singaporean, Permanent Resident, or Foreigner. You must also have a valid NRIC or Passport, a Tax Identification Number (TIN), and an email address.
To maintain your CIMB FastSaver account, you need to maintain a minimum monthly balance of $1,000. There is no fall-below fee, so you won’t be charged if your balance falls below the minimum amount. Additionally, the maximum balance that can earn bonus interest is $75,000.
Application Process
Opening a CIMB FastSaver account is easy and can be done online or in-person at a CIMB branch. If you already have a CIMB account, you can apply through CIMB Clicks. Simply launch the application and select the “Apply Now” option. Choose the mode of application you prefer, and follow the instructions.
If you do not have a CIMB account, you can apply online or visit a CIMB branch to open an account. The application process is quick and straightforward, and you can complete it in just a few minutes.
Required Documents
To open a CIMB FastSaver account, you need to provide some documents. These include a valid NRIC or Passport, a Tax Identification Number (TIN), and an email address. If you are a Foreigner, you will also need to provide a valid work permit or employment pass.
You can link your account to your MyInfo account to make the application process even faster. MyInfo is a government service that allows you to automatically fill in your personal information when applying for certain services.
In conclusion, opening a CIMB FastSaver account in Singapore is a quick and easy process. With a high-interest rate and no fall-below fee, it’s a great option for anyone looking to save money.
Account Features and Benefits
Opening a CIMB FastSaver account in Singapore is a great way to enjoy competitive interest rates with no multiple conditions. Here are some of the features and benefits of the account:
Interest Rates and Savings
With a CIMB FastSaver account, you can earn up to 3.50% p.a. interest on your savings. Interest is accrued daily and credited at the end of the month. This means that the longer you keep your money in the account, the more interest you will earn. The interest rates are tiered, which means that the more money you have in your account, the higher your interest rate will be.
No Fall-Below Fees and Charges
One of the best things about the CIMB FastSaver account is that there are no fall-below fees. This means that you do not have to worry about maintaining a minimum balance in your account to avoid any charges. You can open an account with just S$1,000 and there is no minimum average daily balance requirement.
Digital Banking with CIMB Clicks
CIMB Clicks is a digital banking platform that allows you to manage your account online. With CIMB Clicks, you can view your account balance, transfer funds, pay bills, and more. The platform is user-friendly and secure, so you can manage your account with ease and peace of mind.
In addition to the above features, CIMB FastSaver account holders can also enjoy fast and secure transfers, bonus interest rates, and the option to apply for a CIMB Visa Signature Card.
Overall, the CIMB FastSaver account is a great option for anyone looking to earn competitive interest rates on their savings without having to meet multiple requirements. With no fall-below fees and easy digital banking with CIMB Clicks, managing your account has never been easier.
Initial Deposits and Account Management
Minimum Initial Deposit
To open a CIMB FastSaver account, you need to make a minimum initial deposit of $1,000. This amount can be transferred from your CIMB Bank Singapore Savings and/or Current Account using CIMB Clicks. Once your account is activated, you can start earning interest on your savings.
Minimum Balance Requirements
There is no fall-below fee if your account balance falls below $1,000. However, you need to maintain a minimum balance of $1,000 in your CIMB FastSaver account to earn interest. If your account balance falls below $1,000, you will not earn any interest.
Account Management Services
CIMB FastSaver account offers a range of account management services to help you manage your savings. You can easily deposit or withdraw funds from your account using CIMB Clicks. You can also monitor your account balance and transaction history using the CIMB Clicks app or internet banking.
If you are looking for a joint account, CIMB FastSaver account allows you to open a joint account with up to three other account holders. Additionally, if you are looking for a savings account with higher interest rates, you can consider the CIMB StarSaver (Savings) account.
CIMB FastSaver account pays daily interest on your savings, which means you earn interest on your account balance every day. This makes it an excellent option for those who want to grow their savings with minimal effort.
Additional Banking Products
When you open a CIMB FastSaver account, you’ll gain access to a range of additional banking products that can help you manage your finances and grow your wealth.
Investment Opportunities
If you’re looking to invest your money, CIMB offers a range of investment products, including dual currency investments and structured deposits. These products can help you earn higher returns on your money, but they do come with some risks. It’s important to do your research and understand the risks involved before investing.
Loans and Credit Cards
CIMB also offers personal loans and credit cards to help you manage your finances. Their personal loans come with competitive interest rates and flexible repayment terms, making them a great option if you need to borrow money for a big purchase or unexpected expense. CIMB credit cards offer a range of rewards and benefits, including cashback, air miles, and discounts at selected merchants.
In addition to CIMB’s own products, you may want to consider other banking products that can complement your CIMB FastSaver account. For example, the OCBC 360 account and DBS Multiplier account are both popular options in Singapore that offer high interest rates and a range of benefits.
It’s important to do your research and compare the different options available to you before making a decision. Remember, investing and borrowing come with risks, so make sure you understand the terms and conditions of any product you’re considering.
Safeguarding Your Savings
Opening a CIMB FastSaver account in Singapore is a smart move to make, as it allows you to earn high interest rates on your savings with no multiple conditions. However, it is important to ensure that your savings are safe and secure. Here are some ways in which your savings are safeguarded with CIMB FastSaver.
Deposit Insurance Scheme
CIMB FastSaver is a member of the Singapore Deposit Insurance Corporation (SDIC), which means that your savings are protected by the Deposit Insurance Scheme. This scheme insures your deposits up to $75,000 per depositor per Scheme member. In the unlikely event that CIMB FastSaver is unable to repay your deposits, the SDIC will step in to ensure that you receive your money back.
Security Features
CIMB FastSaver account opening in Singapore is a secure process. The bank uses various security features to ensure that your personal and financial information is protected. These features include:
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SingPass: To open an account, you need to have a SingPass account, which is a secure login system used by the Singapore government. This ensures that only you can access your account.
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E-Signature: CIMB FastSaver uses an electronic signature system to verify your identity and sign documents. This eliminates the need for physical signatures, making the account opening process faster and more secure.
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Digital Tokens: CIMB FastSaver also uses digital tokens to provide an extra layer of security. These tokens generate a unique code that you need to enter when performing certain transactions, such as transferring funds.
In conclusion, CIMB FastSaver account opening in Singapore is a safe and secure process. With the Deposit Insurance Scheme and various security features in place, you can rest assured that your savings are protected. So go ahead and open a CIMB FastSaver account today to start earning high interest rates on your savings!
Frequently Asked Questions
What documents do I need to open a FastSaver account with CIMB in Singapore?
To open a FastSaver account with CIMB in Singapore, you will need to provide a copy of your NRIC or birth certificate (for Junior Saver Account only) as well as the latest copy (last 3 months) of any of the following as proof of residential address:
- Local telecommunication/utility bill
- Local bank/credit card statement
- Letter issued by the government
Can I open a CIMB FastSaver account online, and if so, how?
Yes, you can open a CIMB FastSaver account online. Simply visit the CIMB Singapore website and follow the instructions on the account opening page. You will need to provide your personal details and supporting documents for verification purposes.
Is there a minimum initial deposit for starting a FastSaver account with CIMB?
Yes, there is a minimum initial deposit of $1,000 required to start a FastSaver account with CIMB in Singapore. This deposit can be made via FAST (Fast and Secure Transfers) from your savings/current account with another bank in Singapore.
What are the eligibility criteria for opening a FastSaver account for foreigners in Singapore?
Foreigners in Singapore are eligible to open a FastSaver account with CIMB as long as they meet the following requirements:
- At least 16 years of age
- Hold a valid passport and employment pass/dependent pass/student pass
- Have a local residential address
Are there any monthly fees or charges associated with the CIMB FastSaver account?
No, there are no monthly fees or charges associated with the CIMB FastSaver account. However, do note that there may be charges for certain transactions such as overseas ATM withdrawals.
How can I activate my new CIMB FastSaver account after opening it?
To activate your new CIMB FastSaver account, simply transfer the minimum initial deposit of $1,000 via FAST from your savings/current account with another bank in Singapore. Once the deposit is received, your account will be activated and you can start enjoying the high interest rates offered by CIMB.