If you’re looking for a savings account in Singapore that offers competitive interest rates and a range of benefits, CIMB may be a great option for you. CIMB is a leading financial institution in Southeast Asia, and it offers a range of savings accounts designed to meet the needs of different customers. In this article, we’ll take a closer look at CIMB savings accounts and the interest rates they offer.
One of the key benefits of CIMB savings accounts is their interest rates. Depending on the account you choose and the amount you deposit, you may be able to earn interest rates of up to 3.5% per annum. This is a great way to grow your savings over time, especially if you’re able to maintain a high balance in your account. In addition to interest rates, CIMB savings accounts offer a range of other benefits, such as no monthly fees and easy online access to your account.
If you’re interested in opening a CIMB savings account, there are a few things you’ll need to know. In general, CIMB savings accounts are available to residents of Singapore who are at least 16 years old. You’ll need to meet certain minimum deposit requirements to open an account, and you may also need to maintain a minimum balance to avoid fees. However, with the right account and proper management, a CIMB savings account can be a great way to grow your wealth over time.
Key Takeaways
- CIMB offers a range of savings accounts with competitive interest rates and other benefits.
- Interest rates on CIMB savings accounts can be as high as 3.5% per annum.
- To open a CIMB savings account, you’ll need to meet certain requirements and maintain a minimum balance.
Overview of CIMB Savings Accounts
If you’re looking for a savings account in Singapore that offers competitive interest rates, CIMB Bank has two options that might interest you: CIMB FastSaver and CIMB StarSaver (Savings).
CIMB FastSaver
CIMB FastSaver is an online savings account that offers interest rates of up to 3.50%* p.a. with no multiple conditions. This account is perfect for those who want to earn high interest rates without having to meet multiple requirements. With CIMB FastSaver, you can earn daily interest on your entire daily balance, provided that the balance is at least $1,000 in your account on any given day.
CIMB StarSaver (Savings)
CIMB StarSaver (Savings) is a premium savings account that offers competitive interest rates. With this account, you can earn interest rates that are higher than most savings accounts in Singapore. You can also enjoy access to over 6,000 CIMB ATMs regionally and any PLUS ATMs globally.
Both CIMB FastSaver and CIMB StarSaver (Savings) offer daily interest and no monthly fees. You can easily manage your accounts online and make transactions through CIMB Clicks, which is CIMB’s online banking platform.
If you’re looking for a savings account that offers competitive interest rates with no multiple conditions, CIMB FastSaver is a great option. If you’re looking for a premium savings account that offers competitive interest rates and access to a wide network of ATMs, CIMB StarSaver (Savings) might be the right choice for you.
Overall, CIMB Bank offers two great savings account options that can help you earn more on your savings.
Interest Rates and Benefits
If you are looking for a savings account in Singapore that offers competitive interest rates, CIMB Bank Singapore offers several options. Here are the details on the interest rates and benefits of CIMB’s savings accounts.
Base Interest Rate
CIMB Bank Singapore offers a base interest rate of 0.80% p.a. for its Savings Account. This interest rate is calculated daily and credited monthly. To earn this base interest rate, you need to maintain a minimum balance of S$1,000 in your account.
Bonus Interest Rates
In addition to the base interest rate, CIMB Bank Singapore also offers bonus interest rates for its Savings Accounts. For example, the CIMB FastSaver account offers a bonus interest rate of up to 3.50% p.a. This bonus interest rate is calculated daily and credited at the end of the month.
To qualify for the bonus interest rate, you need to meet certain requirements. For example, you need to deposit a minimum amount of S$1,000 into your account each month. You also need to maintain a minimum balance of S$1,000 in your account.
Daily Interest
CIMB Bank Singapore’s savings accounts offer daily interest, which means that interest is calculated on a daily basis. This is beneficial because it means that you earn interest on your account balance every day. The interest earned is then credited to your account at the end of the month.
CIMB Visa Signature Card
If you are a CIMB Visa Signature Cardholder, you can enjoy additional benefits on your savings account. For example, you can earn up to 1.5% cashback on your spending when you charge your CIMB Visa Signature Card to your CIMB FastSaver account. This is a great way to earn additional rewards on top of the interest earned on your savings account.
In conclusion, CIMB Bank Singapore offers several savings accounts with competitive interest rates and benefits. Whether you are looking for a base interest rate or bonus interest rates, CIMB Bank Singapore has options that may suit your needs. With daily interest and additional benefits for CIMB Visa Signature Cardholders, CIMB Bank Singapore’s savings accounts are worth considering.
Account Features and Requirements
If you’re looking for a savings account with attractive interest rates, CIMB Singapore offers various account types to choose from. Here are some of the account features and requirements you need to know:
Minimum Initial Deposit
To open a savings account with CIMB, you need to deposit at least $1,000 as an initial deposit. This amount is required to activate your account, and you can start earning interest on your savings right away.
Minimum Age
To open a CIMB savings account, you need to be at least 16 years old. If you’re younger than 16, you can still open a CIMB Junior Saver Account with a minimum initial deposit of $1,000.
Bank Statement and Digital Token
CIMB provides you with a monthly e-statement, which you can access through CIMB Clicks. You can also opt for a printed statement, but it will be subject to a fee. In addition, CIMB requires you to use a digital token for online banking transactions, which adds an extra layer of security to your account.
Overall, CIMB savings accounts offer competitive interest rates, and the initial deposit requirement is reasonable. If you’re looking for a reliable savings account with a reputable bank, CIMB Singapore is definitely worth considering.
Applying for a CIMB Savings Account
If you are looking for a savings account with competitive interest rates, CIMB Singapore offers a range of options to consider. The process of applying for a CIMB savings account is straightforward and can be done online.
Online Application Process
CIMB Singapore offers an online application process, which is quick and easy to complete. You can apply for a savings account from the comfort of your home or office, without the need to visit a branch.
To apply online, you will need to visit the CIMB Singapore website and select the savings account that you are interested in. You will then be asked to provide your personal details, including your name, NRIC or passport number, and proof of residential address. You will also need to set up a CIMB Clicks internet banking account if you do not already have one.
Required Documents
To apply for a CIMB savings account, you will need to provide the following documents:
- NRIC or passport
- Proof of residential address (e.g. utility bill, bank statement, or government-issued letter)
Once you have submitted your application and provided the required documents, CIMB Singapore will review your application and notify you of the outcome. If your application is successful, you will be able to start using your savings account and benefit from the competitive interest rates on offer.
Overall, applying for a CIMB savings account is a straightforward process that can be completed online. With competitive interest rates and a range of savings accounts to choose from, CIMB Singapore is a great choice for those looking to save money and earn interest on their savings.
Additional Banking Services and Products
As a CIMB Singapore customer, you can access a range of additional banking services and products that can help you manage your finances more efficiently. Here are some of the options available to you:
Investment Products
CIMB offers a range of investment products to help you grow your wealth. Whether you’re a seasoned investor or just starting out, there’s an investment product that can meet your needs. Some of the investment products that CIMB offers include unit trusts, structured deposits, and dual currency investments. With these investment products, you can earn potentially higher returns on your money than you would with a standard savings account.
Insurance Options
CIMB also offers a range of insurance options to help you protect your financial future. Whether you’re looking for life insurance, health insurance, or general insurance, CIMB has a range of options to meet your needs. With CIMB’s insurance products, you can have peace of mind knowing that you and your loved ones are protected against unexpected events.
Foreign Currency Services
If you need to make international transactions or hold foreign currency, CIMB offers a range of foreign currency services to help you do so. You can hold foreign currency deposits with CIMB, which can help you avoid currency exchange fees when you need to make international transactions. CIMB also offers foreign currency accounts and foreign currency fixed deposits, which can earn you potentially higher returns than a standard savings account.
Overall, CIMB Singapore offers a range of additional banking services and products to help you manage your finances more efficiently. Whether you’re looking to invest your money, protect your financial future, or hold foreign currency, CIMB has a range of options to meet your needs.
Frequently Asked Questions
How can I calculate the interest for my CIMB savings account in Singapore?
Calculating the interest for your CIMB savings account is easy. The interest is calculated daily and credited monthly. You can use the following formula to calculate your interest:
Daily Interest = (Daily Balance x Interest Rate) / 365
What’s the most attractive interest rate for CIMB savings accounts in Singapore?
CIMB FastSaver account offers an attractive interest rate of up to 0.80% p.a. for deposits up to S$100,000. CIMB StarSaver account offers an interest rate of up to 0.25% p.a. for deposits up to S$200,000.
How does the interest rate for CIMB StarSaver accounts stand out?
The interest rate for CIMB StarSaver accounts is tiered, which means you can earn higher interest rates for higher deposits. For deposits up to S$200,000, you can earn up to 0.25% p.a. interest rate.
Can I open a CIMB savings account online in Singapore, and what are the benefits?
Yes, you can open a CIMB savings account online in Singapore. The process is quick and easy, and you can enjoy the convenience of managing your account online. Some of the benefits of opening a CIMB savings account online include higher interest rates, no monthly fees, and no minimum balance requirements.
What is the minimum balance required to maintain a CIMB FastSaver Account?
The minimum balance required to maintain a CIMB FastSaver account is S$1,000. If your balance falls below this amount, you will earn a lower interest rate of 0.15% p.a.
Which Singaporean bank offers the highest interest rate on savings accounts?
CIMB Bank offers some of the highest interest rates on savings accounts in Singapore. CIMB FastSaver account offers an interest rate of up to 0.80% p.a. for deposits up to S$100,000, while CIMB StarSaver account offers an interest rate of up to 0.25% p.a. for deposits up to S$200,000.