If you’re looking for a savings account that offers high-interest rates without complicated requirements, then the CIMB FastSaver Account in Singapore might be the perfect option for you. This online savings account provides customers with a simple and efficient way to save their money while earning interest rates of up to 0.3% p.a. for the first $10,000 in their account.
The CIMB FastSaver Account is a no-frills savings account that doesn’t require you to meet any multiple conditions or maintain a minimum balance to earn interest. This makes it an excellent choice for customers who want a straightforward and hassle-free savings account. Additionally, you can earn up to 1% p.a. interest on your first S$10,000 if you have a CIMB Visa Signature Card.
Overall, the CIMB FastSaver Account is an excellent option for anyone looking for a simple and easy-to-use savings account with high-interest rates. With no complicated requirements or fees, this account is perfect for those who want to save money without any hassle.
Overview of CIMB FastSaver Account
If you’re looking for a savings account that offers high-interest rates without any complicated requirements, then the CIMB FastSaver Account might be just what you need. This account is designed to help you grow your savings quickly and easily, with a fuss-free approach that makes it easy to save money and earn interest.
Key Features
One of the key features of the CIMB FastSaver Account is its high-interest rates. With a base interest rate of 1.50% p.a. on the first $25,000 of deposits, and a tiered interest rate that can go up to 3.50% p.a. on balances of up to $75,000, this account offers some of the best interest rates in Singapore. What’s more, there are no complicated requirements to earn the maximum interest rate, so you can enjoy high-interest rates without jumping through hoops.
Another key feature of the CIMB FastSaver Account is its low initial deposit requirement. You can open an account with just $1,000, which makes it easy to get started with saving. There are also no monthly fall-below fees, so you don’t have to worry about maintaining a minimum balance in your account.
Eligibility Criteria
To apply for a CIMB FastSaver Account, you must be a Singaporean or a Permanent Resident. Foreigners are also eligible to apply, but they must have a valid employment pass or work permit. Additionally, you must be at least 16 years old to open an account.
To open a CIMB FastSaver Account, you’ll need to provide some basic information, such as your name, NRIC or FIN, and contact details. You can apply for the account online, which makes it easy and convenient to get started with saving.
Overall, the CIMB FastSaver Account is a great option for anyone who wants to save money and earn high-interest rates without any complicated requirements. With its low initial deposit requirement, high-interest rates, and easy application process, it’s a great choice for anyone who wants to start saving today.
Interest Rates and Benefits
If you’re looking for a high-interest savings account in Singapore, the CIMB FastSaver account is definitely worth considering. With its competitive interest rates, you can earn more on your savings without having to worry about multiple conditions.
Base Interest Rate
The CIMB FastSaver account offers a base interest rate of 0.80% p.a. This rate is accrued daily and credited monthly, so you can be sure that your savings are working hard for you. To earn this rate, all you need is a minimum balance of S$1,000 in your account.
Bonus Interest
On top of the base interest rate, the CIMB FastSaver account also offers bonus interest rates. You can earn bonus interest rates of up to 2.70% p.a. on top of the base interest rate, depending on your account balance. The more you save, the higher your bonus interest rate will be.
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 also tiered, which means that the higher your account balance, the higher your bonus interest rate will be.
Overall, the CIMB FastSaver account is a great option for those looking for a high-interest savings account in Singapore. With its competitive interest rates and bonus interest rates, you can earn more on your savings without having to worry about multiple conditions.
Fees and Charges
When choosing a savings account, it is important to be aware of the fees and charges that may apply. CIMB FastSaver account is no exception. In this section, we will take a closer look at the fees and charges that apply to this account.
Fall-Below Fee
One of the most significant fees to be aware of is the fall-below fee. This fee applies when your account balance falls below the minimum balance required to earn interest. The minimum balance required for CIMB FastSaver account is $1,000. If your balance falls below this amount, you will be charged a fall-below fee of $5 per month.
Other Potential Charges
In addition to the fall-below fee, there are a few other potential charges that you should be aware of. These include:
- Early Account Closure Fee: If you close your account within 6 months of opening it, you will be charged an early account closure fee of $50.
- Excess Limit Fee: If you exceed your account limit, you will be charged an excess limit fee of $10 per transaction.
- Counter Transaction Fee: If you perform a transaction at a CIMB branch, you may be charged a counter transaction fee of $2 per transaction.
- ATM Card Replacement Fee: If you need to replace your ATM card, you will be charged a fee of $10.
It is important to note that there are no fall-below fees for CIMB FastSaver account. This means that you will not be charged a fee if your balance falls below the minimum balance required to earn interest. However, if you do not maintain a balance of at least $1,000, you will not earn any interest on your account.
Overall, the fees and charges for CIMB FastSaver account are reasonable and transparent. By being aware of these fees, you can make an informed decision about whether this account is right for you.
How to Apply for a FastSaver Account
If you’re interested in opening a CIMB FastSaver account, you’ll be happy to know that the application process is simple and straightforward. Here’s what you need to know:
Online Application Process
The fastest and most convenient way to apply for a CIMB FastSaver account is through CIMB Clicks, the bank’s online banking platform. To apply online, you’ll need to have a SingPass or a CIMB Clicks account.
If you have a SingPass, you can use the “Apply with MyInfo” option to pre-fill the application form with your personal information. If you don’t have a SingPass, you can still apply online by filling out the application form manually.
Once you’ve completed the application form, you’ll need to transfer a minimum deposit of $1,000 from your CIMB Bank Singapore Savings and/or Current Account using CIMB Clicks.
Required Documents
To apply for a CIMB FastSaver account, you’ll need to provide the following documents:
- Your NRIC or passport
- Proof of residential address (e.g. utility bill, bank statement, or government-issued letter)
You can submit these documents online through CIMB Clicks or in person at a CIMB Bank branch.
Once your application has been approved, you’ll receive a confirmation email from CIMB Bank. You can then download the CIMB Clicks Singapore app to activate your account and set up your Digital Token.
Overall, applying for a CIMB FastSaver account is a quick and easy process that can be completed entirely online. If you have any questions or need assistance, CIMB Bank’s customer support team is available to help you every step of the way.
Additional Features and Services
If you’re looking for a savings account that offers more than just a high-interest rate, the CIMB FastSaver account may be right for you. Here are some of the additional features and services that come with this account.
CIMB Clicks Internet Banking
With a CIMB FastSaver account, you’ll have access to CIMB Clicks Internet Banking. This online banking platform allows you to manage your account from anywhere, at any time. You can check your balance, view your transaction history, transfer funds, and more. CIMB Clicks Internet Banking is easy to use and secure, with features like a digital token to help protect your account.
CIMB Visa Signature Card
To earn the highest interest rate on your CIMB FastSaver account, you’ll need to sign up for a CIMB Visa Signature Card. This credit card offers cashback rewards on your everyday spending, as well as exclusive perks like airport lounge access and travel insurance. Plus, when you link your CIMB Visa Signature Card to your FastSaver account, you’ll earn 1% p.a. interest on your savings, up to a maximum balance of $75,000.
Investment Opportunities
If you’re interested in investing your savings, CIMB FastSaver account holders can also access a range of investment products through CIMB Clicks Internet Banking. These products include unit trusts, stocks, and bonds, and can help you diversify your portfolio and potentially earn higher returns. However, it’s important to note that all investments carry risks, and you should carefully consider your investment goals and risk tolerance before making any decisions.
Overall, the CIMB FastSaver account offers more than just a high-interest rate. With features like CIMB Clicks Internet Banking, the CIMB Visa Signature Card, and investment opportunities, this account is a great choice for those looking to grow their savings while enjoying additional benefits. Plus, with coverage from the Singapore Deposit Insurance Corporation, you can rest assured that your funds are protected up to $75,000.
Frequently Asked Questions
How can one open a FastSaver account with CIMB in Singapore?
Opening a FastSaver account with CIMB in Singapore is a quick and easy process. You can apply for the account online through the CIMB website or mobile app. Once your application is approved, you will receive your account number and be able to start depositing funds.
What are the requirements to be eligible for a CIMB FastSaver account?
To be eligible for a CIMB FastSaver account, you must be a Singapore citizen or permanent resident, at least 16 years old, and have a Singapore residential address. You will also need to provide a valid NRIC or passport and proof of address.
Could you highlight the benefits of choosing a FastSaver account over other savings accounts?
The CIMB FastSaver account offers a competitive interest rate of up to 0.8% p.a. with no lock-in period or monthly fees. It also provides easy access to your funds with no minimum balance required.
What’s the minimum amount required to maintain in a FastSaver account?
There is no minimum balance required to maintain in a CIMB FastSaver account. This means that you can withdraw all your funds at any time without incurring any penalties.
Are there any online facilities to manage a CIMB FastSaver account?
Yes, CIMB provides an online banking platform and mobile app that allows you to manage your FastSaver account from anywhere. You can view your account balance, transfer funds, and set up recurring transactions.
What are the latest interest rates offered for the CIMB FastSaver account?
As of February 2024, the CIMB FastSaver account offers an interest rate of up to 0.8% p.a. This rate is subject to change and may vary based on factors such as your account balance and transaction history.
Overall, the CIMB FastSaver account is a great option for those looking for a simple and hassle-free savings account with competitive interest rates. With no minimum balance requirements and easy online access, it’s a convenient choice for anyone looking to save money in Singapore.