facebookAm considering between the CIMB fast saver and singlife account. CIMB gives 1% interest up to 50,000 balance, but Singlife gives 2.5% for first 25k and 1% up to 100k. Which one is better? - Seedly

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Anonymous

19 Apr 2020

Insurance

Am considering between the CIMB fast saver and singlife account. CIMB gives 1% interest up to 50,000 balance, but Singlife gives 2.5% for first 25k and 1% up to 100k. Which one is better?

These two by right should not compare together. As CIMB is a saving account and singlife is an insurance account. But they provide return. Based on the return. Looks like singlife is better. But what other factors to consider? I currently have CIMB fast saver. My friends say Malaysia bank not safe even in Singapore. So I am a bit scared.

Discussion (6)

What are your thoughts?

Hi!

I've tried Singlife and would recommend using the SingLife account. However, I would recommend against putting most of your funds inside as the funds aren't really that liquid. Withdrawals to your own bank account are not necessarily instant (Singlife gives a 3 hour period). If you're between 18 and 26 years old inclusive, you can also consider the Standard Chartered JumpStart account which gives an interest rate of 2 percent, which is still higher than CIMB FastSaver.

Hope that helps!

Gabriel

Gabriel

09 Apr 2020

Undergraduate at National University of Singapore

Hey Anon, take note that the Singlife account offers 2.5% interest only on the first $10k, not $25k. Also, do not worry as all bank accounts are insured under the SDIC for deposits up to $75k in case they close shop.

Anyway, I'd go for the Singlife account for now as it offers 1.5% interest more than CIMB Fastsaver. The Singlife account comes with an optional debit card (VISA) which you can use for both online and brick-and-motar purchases.

Hi there,

As you rightly mentioned, they are different instruments even though they both offer a re...

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