If you’re looking for a high-interest savings account in Singapore, CIMB StarSaver might be the right choice for you. This account offers competitive interest rates and is designed to help you grow your savings over time. In this article, we’ll provide an overview of the CIMB StarSaver account and its features, including interest rates, account management and services, deposits and insurance schemes, and additional financial products.
One of the key benefits of the CIMB StarSaver account is its interest rates and returns. With daily interest rates that are accrued and credited monthly, you can enjoy a competitive rate of return on your savings. The interest rates are effective as of 1 November 2022 and are subject to change. Additionally, the minimum balance for the CIMB StarSaver account is S$5,000, which means you can earn interest on your savings without having to worry about maintaining a large balance.
When it comes to account management and services, CIMB StarSaver offers a range of features to help you manage your savings. You can access your account online or through the CIMB Clicks mobile app, which allows you to check your balance, transfer funds, and view your transaction history. CIMB StarSaver also offers a range of insurance schemes to help you protect your savings, including deposit insurance and life insurance.
Key Takeaways
- CIMB StarSaver is a high-interest savings account in Singapore that offers competitive interest rates and is designed to help you grow your savings over time.
- The account offers daily interest rates that are accrued and credited monthly, with a minimum balance of S$5,000 required to earn interest.
- CIMB StarSaver offers a range of account management and services features, including online and mobile banking, as well as insurance schemes to help you protect your savings.
Overview of CIMB StarSaver Account
If you’re looking for a savings account in Singapore that offers competitive interest rates, then the CIMB StarSaver account is worth considering. It is a premium savings account that offers a range of features and benefits to Singapore account holders.
Features of CIMB StarSaver
The CIMB StarSaver account comes with several features that make it a popular choice among Singaporeans. These features include:
- Daily interest accrual: Interest is calculated on a daily basis, which means that you earn interest on your account balance every day.
- No monthly fees: There are no monthly fees associated with the CIMB StarSaver account, which means that you can save more money without worrying about additional charges.
- Easy access: You can access your account via over 6,000 CIMB ATMs regionally and any PLUS ATMs globally, making it easy to manage your savings from anywhere in the world.
Benefits for Singapore Account Holders
There are several benefits of opening a CIMB StarSaver account if you’re a Singaporean. Some of these benefits include:
- Competitive interest rates: The CIMB StarSaver account offers interest rates of up to 3.50% p.a., which is higher than most other savings accounts in Singapore.
- Low initial deposit: You can open a CIMB StarSaver account with an initial deposit of just S$1,000, making it accessible to many Singaporeans.
- Flexible account options: There are two account options available – CIMB StarSaver (Savings) and CIMB StarSaver-i (Savings)-i – which offer different features to suit your needs.
Overall, the CIMB StarSaver account is a great option for Singaporeans who want to earn competitive interest rates on their savings. With its daily interest accrual, no monthly fees, and easy access, it’s a convenient and affordable way to save money.
Interest Rates and Returns
If you’re looking for a savings account that offers competitive interest rates, CIMB StarSaver might be the right choice for you. With an attractive interest rate of up to 2% p.a., CIMB StarSaver is a premium savings account that can help you maximise your earnings.
Calculating Daily Interest
CIMB StarSaver calculates daily interest on your account balance, and credits it monthly. The daily interest is paid on the entire daily balance, provided that the balance is at least $5,000 in your CIMB StarSaver account on any given day. This means that the more money you keep in your account, the more interest you earn.
To calculate your daily interest, simply multiply your account balance by the daily interest rate. For example, if your account balance is $10,000 and the daily interest rate is 0.005%, your daily interest would be $0.50.
Maximising Your Earnings
To maximise your earnings with CIMB StarSaver, you can consider depositing more money into your account. The interest rate for CIMB StarSaver is tiered, which means that the more money you have in your account, the higher the interest rate you’ll earn.
For example, if your account balance is less than $100,000, you’ll earn an interest rate of 1.00% p.a. However, if your account balance is above $250,000, you’ll earn an interest rate of 2.00% p.a. As a CIMB Preferred customer, you can enjoy even higher interest rates of up to 3.50% p.a. on your CIMB StarSaver account.
Overall, CIMB StarSaver is a great investment product that offers competitive interest rates and daily interest calculations. By depositing more money into your account and taking advantage of the tiered interest rates, you can maximise your earnings and achieve your financial goals faster.
Account Management and Services
Managing your CIMB StarSaver account is easy and convenient with CIMB’s online banking portal, CIMB Clicks. With CIMB Clicks, you can access your account information, view your transaction history, and perform various banking transactions from the comfort of your own home.
CIMB Clicks Online Banking
CIMB Clicks provides a secure and user-friendly platform for managing your CIMB StarSaver account. You can access CIMB Clicks on your desktop or laptop computer, or through the CIMB Clicks mobile app. To log in to CIMB Clicks, you will need your username and password, as well as a digital token for added security.
Once you have logged in to CIMB Clicks, you can view your account balance, transfer funds, pay bills, and even set up recurring payments. You can also request for a bank statement or view your statement online.
CIMB’s Mobile App Features
CIMB’s mobile app offers a range of features that make managing your CIMB StarSaver account even more convenient. With the mobile app, you can view your account balance, transfer funds, and pay bills on the go. You can also set up recurring payments and receive push notifications for important account updates.
In addition, the mobile app offers a range of security features to protect your account information. You can log in with your fingerprint or face recognition, and you can also set up a digital token for added security.
It is important to note that there may be incidental charges associated with certain transactions, such as overseas fund transfers. However, CIMB provides transparent information on these charges to ensure that you are aware of any fees before making a transaction.
Overall, CIMB provides a range of account management and services to make managing your CIMB StarSaver account easy and convenient. With CIMB Clicks and the mobile app, you can access your account information and perform various banking transactions from anywhere, at any time.
Deposits and Insurance Schemes
As a CIMB StarSaver account holder, you can enjoy competitive interest rates on your savings. But what about the safety of your deposits? Rest assured that your deposits are protected by the Singapore Deposit Insurance Corporation (SDIC) up to a maximum of S$75,000 per depositor per scheme member.
Singapore Deposit Insurance Corporation Coverage
The SDIC is a statutory board under the Ministry of Finance in Singapore. It provides deposit insurance coverage for depositors in the event that a scheme member bank or finance company fails. The SDIC covers Singapore dollar deposits in savings accounts, current accounts, fixed deposits and other similar accounts with scheme member banks and finance companies.
Limits and Protections for Depositors
For non-bank depositors, such as individuals and sole proprietorships, the deposit insurance coverage is up to S$75,000 per depositor per scheme member. For joint accounts, each account holder is entitled to the same coverage of S$75,000.
It is important to note that the S$75,000 coverage is an aggregate per depositor per scheme member. This means that if you have multiple accounts with the same scheme member, the coverage limit applies to the total amount of deposits you have with that scheme member.
In addition to the deposit insurance scheme, CIMB also offers the Supplementary Retirement Scheme (SRS) to help you save for your retirement. The SRS is a voluntary scheme that complements your CPF savings and provides tax relief.
In conclusion, with CIMB StarSaver account, you not only get to enjoy competitive interest rates but also the peace of mind that your deposits are protected by the SDIC.
Additional Financial Products
Are you looking for more ways to grow your savings? CIMB offers a range of financial products that can help you achieve your financial goals. Here are some of the options you can explore:
Exploring Dual Currency Investments
Dual Currency Investments (DCIs) are a type of investment product that allow you to invest in two currencies at once. With DCIs, you can potentially earn higher returns than traditional investments, but there is also a higher level of risk involved. CIMB offers a range of DCIs that you can choose from, depending on your investment goals and risk tolerance.
Structured Deposits and Foreign Currency Accounts
Structured Deposits are a type of investment product that offer a fixed return over a set period of time. These deposits combine a traditional deposit account with an investment product, allowing you to potentially earn higher returns than a regular savings account. CIMB offers a range of Structured Deposits that can help you achieve your financial goals.
Foreign Currency Accounts allow you to hold and manage foreign currencies in a separate account. This can be useful if you frequently travel or make transactions in foreign currencies. CIMB offers a range of Foreign Currency Accounts that can help you manage your foreign currency transactions more efficiently.
With CIMB’s range of investment products and foreign currency accounts, you can find the right financial solution to help you achieve your financial goals.
Frequently Asked Questions
What promotions are currently available for boosting my StarSaver savings interest rate?
CIMB StarSaver account offers competitive interest rates calculated daily. You can earn up to 2% p.a. interest rate on your savings with no minimum deposit and balance required. Currently, there are no promotions available for boosting your StarSaver savings interest rate. However, do keep an eye out for any promotional offers from CIMB in the future.
How can I calculate the potential earnings from my StarSaver account’s interest?
Calculating your potential earnings from your StarSaver account’s interest is easy. You can use the CIMB StarSaver calculator available on their website. Simply input your deposit amount, deposit tenure, and interest rate to calculate your potential earnings.
What’s the minimum balance required to maintain a StarSaver account without incurring fees?
You can maintain a StarSaver account without incurring fees with no minimum deposit and balance required. This means you can start saving with as little as $1.
Are there any charges if my StarSaver account balance falls below the required minimum?
No, there are no charges if your StarSaver account balance falls below the required minimum. You can maintain your account with no minimum deposit and balance required.
How does the FastSaver account’s interest rate compare to that of the StarSaver?
The FastSaver account’s interest rate is currently 0.5% p.a. lower than that of the StarSaver. However, the FastSaver account offers more flexibility with no lock-in period and no minimum deposit required.
Could you tell me the latest interest rates for CIMB’s Preferred Account?
The latest interest rates for CIMB’s Preferred Account are subject to change. You can visit CIMB’s website or contact their customer service for the latest information on interest rates for their Preferred Account.