CIMB FastSaver Account
Asked on 17 Aug 2020
For CIMB FastSaver, the interest rate are as follow (Based on CIMB website with a minimum balance of S$1000):
0.50% (first $50k)
0.80% (next $25K)
1.50% (next $25K)
For ELASTIQ, you are guaranteed 1.8% p.a. interest rate for the first 3 years. After the 90-day lock-in period, there is also the flexibility to withdraw anytime.
However, do note that for withdrawal,
Amount for each withdrawal must be at least S$500 and in multiples of S$500 and
Average daily Account value for the month must be at least S$5,000 to avoid the $5 service fees
There is a 0.3% bonus credit if you do not make any withdrawals within the 3 years time frame.
Essentially, ELASTIQ would provide you with more value if you are looking for an alternative to a fixed deposit. The flexible withdrawal makes it a good alternative to saving accounts as well.
Here are some reviews of ELASTIQ you can check out:
For Elastiq , you can check out this article by Kiam Siap Life before deciding - it gives a good balance of the pros and cons.
1.8% pa fixed for 3 years
Flexibility of withdrawal after 3 months, in multiples of $500
Friendly user interface platform
Deposit anytime after account has been set up
Protected by SDIC
Retaining $5k in the account to avoid fall below fee
No withdrawal for first 3 months
Withdrawals and deposits have to be made in multiples of $500
Use my referral code to earn e-wallet credits for yourself when you sign up!
Referral code: R167185
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