19 Apr 2020
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.
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!
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.
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MIN. ACC BALANCE
1.0% non-guaranteed + 0.5% bonus
RATE OF RETURN
1.0% for first $10k
CIMB FastSaver Account