If you’re looking for a savings account in Singapore, the CIMB FastSaver Account is an excellent option. It’s a high-interest savings account that offers competitive rates and doesn’t charge any fall-below fees. In this article, we’ll take a closer look at the CIMB FastSaver fall below fee in Singapore and what you need to know about it.
The CIMB FastSaver Account is designed to help you grow your savings without incurring any unnecessary fees. Unlike many other savings accounts in Singapore, the CIMB FastSaver Account doesn’t charge any fall-below fees. This means that you won’t be penalized for not maintaining a minimum balance in your account. However, it’s important to note that the account does have other fees and charges that you should be aware of.
One of the most significant fees associated with the CIMB FastSaver Account is the early account closure fee. If you close your account within six months of opening it, you’ll be charged a fee of $20. Additionally, there are fees for counter transactions and depositing foreign currency notes. Overall, though, the CIMB FastSaver Account is an excellent option for anyone looking to grow their savings without incurring unnecessary fees.
Key Takeaways
- The CIMB FastSaver Account doesn’t charge any fall-below fees, making it an excellent option for anyone looking to grow their savings without incurring unnecessary charges.
- While the account doesn’t have any fall-below fees, it does have other fees and charges that you should be aware of, including an early account closure fee and fees for counter transactions and depositing foreign currency notes.
- Overall, the CIMB FastSaver Account is a high-interest savings account that offers competitive rates and is an excellent option for anyone looking to grow their savings.
Overview of CIMB FastSaver Account
If you’re looking for a high-interest online savings account in Singapore, CIMB FastSaver might be the right choice for you. This account offers competitive interest rates with no multiple conditions, making it a great option for those looking to save money without jumping through hoops.
Key Features
One of the key features of CIMB FastSaver is the high-interest rate it offers. With a base interest rate of 1.50% p.a. and a maximum interest rate of 3.50% p.a., this account allows you to earn a decent return on your savings. Additionally, there is no fall-below fee if your account balance falls below $1,000, making it a great option for those looking to save money without worrying about additional charges.
CIMB FastSaver Benefits
Aside from the high-interest rate and no fall-below fee, CIMB FastSaver offers many other benefits. For example, you can open an account online with just a minimum initial deposit of $1,000. The account also comes with free eStatements and SMS alerts, so you can keep track of your account balance and transactions easily.
Overall, CIMB FastSaver is a great option for those looking for a no-frills online savings account in Singapore. With competitive interest rates and no multiple conditions, this account is perfect for those who want to save money without worrying about additional charges.
Eligibility and Requirements
If you are a Singaporean citizen or Permanent Resident, you are eligible to open a CIMB FastSaver account. The minimum age requirement for opening a CIMB FastSaver account is 16 years old. You will need to provide your NRIC or FIN number during the account opening process.
Minimum Age and Documents
To open a CIMB FastSaver account, you must be at least 16 years old. You will need to provide your NRIC or FIN number as proof of identification. If you are not a Singaporean citizen, you will need to provide additional documents such as a passport or employment pass.
To open a CIMB FastSaver account, you will also need to provide proof of your residential address. This can be done using your MyInfo account, which is a government-verified digital platform that stores your personal information. Alternatively, you can provide a utility bill or a bank statement that shows your name and address.
Account Opening Process
Opening a CIMB FastSaver account is a straightforward process that can be done online. To start the process, you will need to visit the CIMB website and fill in the online application form. You will need to provide your personal details, including your name, NRIC or FIN number, and contact information.
During the application process, you will also need to choose how you want to fund your account. You can choose to transfer funds from your existing bank account or make a cash deposit at a CIMB branch. Once your account is open, you can start earning interest on your savings without worrying about any fall-below fees.
Overall, opening a CIMB FastSaver account is a simple and convenient way to earn high interest on your savings. With no fall-below fees and a competitive interest rate, the CIMB FastSaver account is an excellent choice for anyone looking to grow their savings.
Interest Rates and Returns
If you’re looking for a high-interest savings account that doesn’t require you to jump through hoops to earn the maximum interest rate, the CIMB FastSaver Account might be just what you need. This account offers competitive interest rates that can help you grow your savings over time.
Base Interest Rate
The CIMB FastSaver Account offers a base interest rate of 1.50% p.a. This means that you’ll earn interest on your account balance even if you don’t meet any additional requirements. This base interest rate is already higher than what most basic savings accounts offer, making the CIMB FastSaver Account a great option for those who want to earn more on their savings.
Bonus Interest Opportunities
In addition to the base interest rate, the CIMB FastSaver Account also offers bonus interest opportunities. By maintaining a minimum balance of $1,000, you can earn a higher interest rate of up to 3.50% p.a. This is a great way to earn more on your savings without having to worry about meeting multiple requirements.
It’s important to note that there is no fall-below fee if your account balance falls below $1,000. However, you won’t be able to earn the bonus interest rate unless your account balance is at least $1,000. This means that if you want to take advantage of the higher interest rate, you’ll need to make sure you maintain a minimum balance of $1,000 in your account.
Overall, the CIMB FastSaver Account offers a competitive interest rate that can help you grow your savings over time. With a base interest rate of 1.50% p.a. and the opportunity to earn up to 3.50% p.a. with a minimum balance of $1,000, this a