Hi I have around 40k of idle cash, no income.. from the reviews I see that CIMB Fast Saver and Citi MaxiGain are the 2 most popular savings account without having the need to credit salary. Which one should I go for? - Seedly
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Anonymous

Asked on 22 May 2018

Hi I have around 40k of idle cash, no income.. from the reviews I see that CIMB Fast Saver and Citi MaxiGain are the 2 most popular savings account without having the need to credit salary. Which one should I go for?

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Junus Eu
Junus Eu
Level 9. God of Wisdom
Answered on 13 Nov 2019

Personally I have liked Citibank Maxigain for up to $150k, and post which I tend channel it to CIMB for the rest. THAT SAID they have revised their fine print such that there will be a massive drop in interest rate from 2 Dec 2019 onwards, potentially from the current 2.5% to 1.5%. I will be looking out for other places to park my cash!

What I do is to max out Citibank Maxigain, then put the rest in CIMB.

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Isabella Jo
Isabella Jo
Level 5. Genius
Answered on 19 Aug 2018

I think the answer depends on whether you would need the money soon or not. Cimb gives you 1% interest with flexibility to withdraw anytime without penalty (as long you leave $1k inside) and citibank Maxigain gives you 1.2% to 2.4% (after a year) but there's penalty of drop of counter if you withdraw the amount.

If I need the money in the near future (less than 6 months) I will put in cimb fast saver. But if I don't foresee a need for it beyond 6 months I will put in citibank Maxigain.

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Eric Chia
Eric Chia, Senior Financial Consultant at Prudential
Level 6. Master
Answered on 20 Aug 2018

CIMB FastSaver is hassle free but if you have the time to transact online and be sure your savings grow monthly, Citi MaxiGain would be better in the long run.

Do note the interest rates for Citi MaxiGain will fluctuate every month - it's base interest rate is 80% of 1-month SIBOR!

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Steph Yeo
Steph Yeo
Level 6. Master
Answered on 08 Jun 2018

Is there a particular reason why you prefer to put your idle cash in a savings account?

I personally would prefer the Singapore Savings Bonds.

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Randall Tan
Randall Tan
Level 6. Master
Answered on 23 May 2018

It depends on your age too. If you are below 55 years old, then go with CIMB Fast Saver because there are no strings attached. But if you are above 55 years old, I would suggest putting inside CPF account, you can earn a higher interest rate. (Provided you have set aside the FRS.)

https://www.cpf.gov.sg/Assets/members/Documents/CPF_Retirement_Booklet.pdf

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Gabriel Tham
Gabriel Tham
Top Contributor

Top Contributor (Feb)

Level 9. God of Wisdom
Answered on 22 May 2018

I prefer the CIMB fast saver because there are no special terms and conditions to get the 1% interest rate.

With the citi maxi gain, you have to ensure you keep getting the bonus counters every month to get the higher interest rate. Any sudden withdrawal will affect your bonus interest rate.

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