If you’re looking for a high-interest savings account in Singapore, the CIMB FastSaver account might be worth considering. With no monthly fees and a competitive interest rate, this account is designed to help you grow your savings without having to worry about complicated terms and conditions.
To open a CIMB FastSaver account, you’ll need to deposit a minimum of $1,000. While there is no fall-below fee if your balance falls below this amount, you’ll need to maintain at least $1,000 in your account to earn interest. With daily interest payments and a competitive interest rate, this account could be a great option for those looking to grow their savings over time.
Overall, the CIMB FastSaver account is a great option for those looking for a simple, no-frills savings account with a competitive interest rate. With no monthly fees and a low minimum balance requirement, this account is a great choice for anyone looking to grow their savings over time.
Key Takeaways
- The CIMB FastSaver account requires a minimum deposit of $1,000.
- You’ll need to maintain at least $1,000 in your account to earn interest.
- This account is a great option for those looking for a simple, no-frills savings account with a competitive interest rate.
CIMB FastSaver Account Overview
If you’re looking for a savings account that offers a high-interest rate and minimal fees, the CIMB FastSaver account might be the right choice for you. Here’s an overview of what you can expect from this account.
Key Features
The CIMB FastSaver account is an online savings account that offers an interest rate of up to 3.50% p.a. It is a fully online account, which means you can apply for it and manage it entirely through CIMB Clicks, the bank’s internet banking platform.
One of the best things about the CIMB FastSaver account is that there are no multiple conditions to meet to earn the high-interest rate. As long as you maintain a minimum balance of $1,000, you can earn up to 3.50% p.a. interest on your savings.
Here are some other key features of the CIMB FastSaver account:
- No fall-below fee if your account balance falls below $1,000
- No monthly fee
- 24/7 access to your account through CIMB Clicks
- Easy online application process
Account Opening Process
Opening a CIMB FastSaver account is a simple and straightforward process. Since it is a fully online account, you can apply for it from the comfort of your own home.
To open a CIMB FastSaver account, you will need to meet the following requirements:
- Be at least 18 years old
- Have a valid Singapore NRIC or passport
- Have a valid email address and mobile number
- Have an existing CIMB Clicks account
Once you have met these requirements, you can follow these steps to open a CIMB FastSaver account:
- Log in to your CIMB Clicks account
- Click on “Apply for a product”
- Select “Savings Account”
- Choose “CIMB FastSaver Account”
- Fill out the online application form
- Submit your application
Once your application is approved, you will receive an email with instructions on how to activate your account. After that, you can start depositing money into your account and earning high-interest rates on your savings.
Overall, the CIMB FastSaver account is a great choice for anyone who wants a high-interest savings account with minimal fees and a fully online application process. With its competitive interest rate and easy-to-use online platform, it’s definitely worth considering if you’re looking for a new savings account.
Minimum Balance Requirements
If you’re looking for a high-interest savings account in Singapore, CIMB FastSaver is a great option to consider. One of the main advantages of this account is its low minimum balance requirement, which makes it accessible to a wide range of customers.
Initial Deposit
The minimum initial deposit for CIMB FastSaver is $1,000, which is a reasonable amount for most people. This means that you don’t need to have a lot of money to get started with this account. Plus, you can earn interest on your balance right from the start.
Maintaining Your Balance
To avoid fall-below fees, you need to maintain a minimum average daily balance of $1,000 in your CIMB FastSaver account. This is a relatively low requirement compared to other savings accounts in Singapore. If you’re able to maintain this balance, you won’t have to worry about any additional fees.
Fall-Below Fee
If your average daily balance falls below $1,000, you will be charged a fall-below fee of $5 per month. This fee is relatively low compared to other savings accounts in Singapore, but it’s still something to keep in mind. If you’re unable to maintain the minimum balance, you may want to consider other savings accounts that don’t have fall-below fees.
In summary, CIMB FastSaver is a great option for anyone looking for a high-interest savings account in Singapore with a low minimum balance requirement. With a minimum initial deposit of $1,000 and a minimum average daily balance of $1,000, it’s accessible to a wide range of customers. Just be sure to maintain your balance to avoid fall-below fees.
Interest Rates and Returns
If you’re looking for a high-interest savings account in Singapore, CIMB FastSaver is a great option. With interest rates of up to 3.50% p.a., you can earn a competitive return on your savings. 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 1.50% p.a. on the first S$25,000 of your savings. This means that if you have less than S$25,000 in your account, you’ll earn a base interest rate of 1.50% p.a. on your entire balance.
Bonus Interest Options
CIMB FastSaver offers several bonus interest options that can help you boost your returns. To earn bonus interest, you’ll need to meet certain requirements, such as maintaining a minimum balance or making a certain number of transactions per month. Here are some of the bonus interest options available:
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Bonus Interest on First S$75,000: If you have S$75,000 or less in your account, you can earn up to 3.50% p.a. on your entire balance. This includes the base interest rate of 1.50% p.a. and a bonus interest rate of 2.00% p.a. To qualify for this bonus interest, you’ll need to maintain a minimum balance of S$1,000 and make at least one deposit per month.
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