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