If you’re looking for a high-interest savings account in Singapore, CIMB offers two options: FastSaver and StarSaver. While both accounts offer competitive interest rates, they have different features and requirements that may suit different lifestyles. In this article, we’ll compare CIMB FastSaver and StarSaver to help you choose the right account for your needs.
CIMB FastSaver is a basic savings account that offers a high interest rate of up to 1.5% p.a. with no lock-in period or monthly fees. On the other hand, CIMB StarSaver is a premium savings account that offers a higher interest rate of up to 1.8% p.a. with a minimum balance of $5,000. Both accounts offer easy access to your funds via CIMB ATMs and online banking, but there are some differences in their requirements and eligibility.
If you’re wondering which account is right for you, keep reading to learn more about the features and benefits of CIMB FastSaver and StarSaver. We’ll also discuss the requirements and eligibility criteria for each account, as well as the interest rates and returns you can expect. By the end of this article, you should have a better idea of which account is the best fit for your lifestyle and financial goals.
Key Takeaways
- CIMB FastSaver and StarSaver are two high-interest savings accounts offered by CIMB in Singapore.
- FastSaver is a basic savings account with no lock-in period or monthly fees, while StarSaver is a premium savings account with a higher interest rate and minimum balance requirement.
- To choose the right account for your needs, consider your lifestyle, financial goals, and eligibility requirements.
Comparing CIMB FastSaver and StarSaver
If you’re looking for a high-interest savings account in Singapore, CIMB Bank offers two options: FastSaver and StarSaver. Both accounts offer attractive interest rates, but they differ in terms of features, requirements, and fees. In this section, we’ll compare the two accounts to help you decide which one is right for you.
Base Interest Rate
Both FastSaver and StarSaver offer competitive base interest rates. FastSaver currently offers 0.30% p.a. for the first S$75,000, while StarSaver offers 0.50% p.a. for the first S$75,000. If you have a balance of more than S$75,000, StarSaver offers a higher base interest rate of 0.80% p.a., while FastSaver’s base interest rate remains at 0.30% p.a.
Bonus Interest Criteria
To earn bonus interest, both accounts require you to meet certain criteria. For FastSaver, you need to deposit a minimum of S$1,000 and maintain an average daily balance of at least S$1,000 for the entire month. If you meet these criteria, you’ll earn bonus interest of 0.70% p.a. on the first S$75,000. For StarSaver, you need to deposit a minimum of S$5,000 and maintain an average daily balance of at least S$5,000 for the entire month. If you meet these criteria, you’ll earn bonus interest of 0.50% p.a. on the first S$75,000.
Fees and Charges
Both accounts have no fall-below fees, which means you won’t be charged if your account balance falls below the minimum requirement. However, FastSaver has a S$1 fee for every withdrawal made at a non-CIMB ATM, while StarSaver has no such fee. Additionally, if you close your FastSaver account within 6 months of opening, you’ll be charged a S$50 fee.
Conclusion
In summary, FastSaver and StarSaver are both great options for high-interest savings accounts in Singapore. If you’re looking for a basic savings account with a higher interest rate than most other banks in Singapore, FastSaver is a good choice. However, if you have a larger balance and want additional features like free cheque books and a debit card, StarSaver may be the better option for you.
Account Features and Benefits
When it comes to a savings account, you want to make sure you’re getting the best features and benefits available. CIMB Singapore offers two high-interest savings accounts – FastSaver and StarSaver, both with unique features and benefits to suit your needs.
Account Management
Both the FastSaver and StarSaver accounts can be easily managed through CIMB Clicks, an online banking platform that allows you to access your account 24/7. You can check your account balance, transfer funds, and even pay bills directly from your account. This makes managing your savings account convenient and hassle-free.
Additional Perks
In addition to high-interest rates, both accounts offer additional perks to help you get the most out of your savings. With the StarSaver account, you’ll have access to over 6,000 CIMB ATMs for easy cash withdrawals. The FastSaver account offers instant funds transfers, allowing you to quickly and easily transfer money to other accounts.
Insurance Products
CIMB Singapore also offers insurance products that can be linked to your savings account. If you’re looking to protect your savings, you can consider adding on an insurance product that fits your needs. While these products do come with additional costs, they can provide peace of mind knowing that your savings are protected.
Overall, both the CIMB FastSaver and StarSaver accounts offer competitive interest rates and convenient features to help you manage your savings. Whether you’re looking for a no-frills account or something with additional perks, CIMB Singapore has an option for you.
Requirements and Eligibility
When it comes to choosing between CIMB FastSaver and StarSaver, it’s important to understand the requirements and eligibility criteria for each account. Here’s what you need to know:
Minimum Initial Deposit
One of the main differences between CIMB FastSaver and StarSaver is the minimum initial deposit required to open an account. The FastSaver account requires a minimum initial deposit of $1,000, whereas the StarSaver account requires a minimum initial deposit of $5,000.
Salary Crediting Requirements
Another factor to consider when choosing between these two accounts is the salary crediting requirements. With the StarSaver account, you will need to credit your salary into the account in order to earn the higher interest rate. On the other hand, the FastSaver account does not have any salary crediting requirements.
Eligibility
Both accounts have similar eligibility criteria. You must be a Singapore citizen or permanent resident, and at least 16 years old to open an account. Additionally, both accounts are available for individual and joint accounts.
Overall, if you have a larger initial deposit and are willing to credit your salary into the account, the StarSaver account may be a better choice for you. However, if you prefer a lower minimum initial deposit and no salary crediting requirements, the FastSaver account may be the way to go.
Interest Rates and Returns
When comparing CIMB FastSaver and StarSaver, one of the most important factors to consider is the interest rates and returns. Both accounts offer competitive interest rates, but there are some differences that may affect your earnings.
Calculating Your Earnings
To calculate your earnings on either account, you’ll need to know the interest rate and how it’s calculated. With CIMB FastSaver, the interest rate is up to 3.50% per annum, and interest is accrued daily and credited at the end of the month. With CIMB StarSaver, the interest rate is tiered, with higher rates for higher balances. The maximum interest rate is 0.8% per annum, and interest is credited monthly.
To help you understand how much you can earn with each account, here is an example:
Suppose you deposit $10,000 into a CIMB FastSaver account. At an interest rate of 3.50% per annum, your daily interest would be $0.95. Over the course of a year, you would earn $95 in interest.
If you deposited the same amount into a CIMB StarSaver account, your interest rate would depend on your balance. For balances up to $50,000, the interest rate is 0.5% per annum. For balances between $50,000 and $100,000, the interest rate is 0.6% per annum. For balances above $100,000, the interest rate is 0.8% per annum. Assuming you have a balance of $10,000, your monthly interest would be $4.17, and your annual interest would be $50.04.
Maximising Your Savings
To maximise your savings, you’ll want to choose the account that offers the highest interest rate and allows you to earn interest on your savings without any fees or penalties. Both CIMB FastSaver and StarSaver offer competitive interest rates, but FastSaver may be a better choice if you want to earn interest on a smaller balance. StarSaver, on the other hand, may be a better choice if you have a larger balance and can take advantage of the higher tiered interest rates.
It’s also important to note that both accounts have a minimum initial deposit of $1,000 and a minimum balance of $1,000 to earn interest. If you fall below the minimum balance, you may be charged a fee or have your interest rate reduced.
In conclusion, when comparing CIMB FastSaver and StarSaver, the interest rates and returns are an important factor to consider. By understanding how interest is calculated and choosing the account that best suits your needs, you can maximise your savings and earn more on your deposits.
Choosing the Right Account for Your Lifestyle
When it comes to choosing between CIMB FastSaver and StarSaver accounts, it’s important to consider your lifestyle and financial goals. Here are some factors to consider when deciding which account is right for you:
For Students and Young Adults
If you’re a student or young adult just starting to save, CIMB FastSaver account might be a good option for you. With no minimum balance requirement and competitive interest rates, you can start saving right away without worrying about maintaining a high balance.
For High Earners and Savvy Investors
If you’re a high earner or savvy investor looking to maximise your savings, CIMB StarSaver account might be a better option. With a higher interest rate and tiered interest structure, you can earn more interest on higher balances. Additionally, if you’re looking to invest in foreign currencies, CIMB StarSaver account offers foreign currency savings options.
For the Everyday Saver
If you’re an everyday saver looking for a no-frills account with competitive interest rates, either CIMB FastSaver or StarSaver account could be a good fit. Both accounts offer competitive interest rates without any complicated requirements or fees.
No matter which account you choose, CIMB offers a range of options to suit your lifestyle and financial goals. So, whether you’re a freelancer, salaried worker, retiree, or anyone in between, there’s a CIMB savings account that’s right for you.
Frequently Asked Questions
What are the key differences between the FastSaver and StarSaver accounts?
The CIMB FastSaver account is designed for the digitally-savvy working professional in mind and is intended to free customers from the hassle of going to the branch. On the other hand, the CIMB StarSaver account is a premium savings account with competitive interest rates and offers access to over 6,000 CIMB ATMs regionally and any PLUS ATMs globally.
Which CIMB savings account offers the best interest rates?
The CIMB StarSaver account offers higher interest rates than the FastSaver account. The interest rates for the StarSaver account can go up to 3.50% p.a., while the FastSaver account offers 1.00% p.a.
Are there any fall-below fees associated with the FastSaver account?
No, there are no fall-below fees associated with the FastSaver account. However, the account needs to maintain a minimum balance of $1,000 to earn the advertised interest rate.
How do the reviews for the FastSaver and StarSaver accounts compare?
Both the FastSaver and StarSaver accounts have received positive reviews from customers. However, the StarSaver account has received higher ratings due to its competitive interest rates and wider ATM network.
Can you explain the interest rate structure for the CIMB StarSaver account?
The CIMB StarSaver account offers tiered interest rates. The interest rate for the first $50,000 is 0.80% p.a., while the interest rate for balances above $50,000 is 1.50% p.a. Additionally, customers can earn bonus interest rates of up to 1.00% p.a. by fulfilling certain conditions.
What are the eligibility criteria for opening a FastSaver account with CIMB?
To open a FastSaver account with CIMB, you must be a Singapore citizen or permanent resident, aged 16 years and above. Non-Singaporeans can also apply if they have a valid work permit or employment pass. Additionally, you must have a valid Singapore mobile number and email address.