Asked by Anonymous
Asked on 02 Jun 2019
I’m thinking about moving some savings into CIMB FastSaver account. Is it worth it? And can someone list the possible pros and cons, charges, etc?
One of the best savings account in Singapore! No worries your savings in CIMB is definitely safe because of Singapore Deposit Insurance Scheme.
I can't think of any cons except the limited ATMS. What I will do is transferring money from CIMB to OCBC and withdraw from OCBC ATMs.
There is no fall below fee for CIMB FastSaver. However, you do not get any interest for the day if the savings for that day is less than $1000.
There is a SDIC coverage of up to 75k so as long as your deposit does not exceed that amount, your money is safe. In the event CIMB collapses you will be reimbursed.
The fact that they only have 2 branches and very limited ATMs locally is a con for some but for me it's a pro, coz I want it to be inconvenient for me to take out money from this account so that I won't be tempted to touch the savings there. I'm keeping it as my emergency fund.
CIMB is one of the big banks from Malaysia and is quite a reputable bank.
All banks, foreign or local, have to meet many strict criteria and bank deposit reserves if they take in Singapore deposits, and are insured by SDIC in Singapore, of up to $75k per individual.
You should feel safe with your money in any bank accounts in Singapore.
You get a 1.9% interest for 12 months FD.
Your deposits are coming under Deposit Protection Insurance upto S75,000.
So you can deposit upto $75,000 without any fear.
It's not bad - I have used them for more than 5 years now and it has been a fairly hassle free experience and I get the steady interest rate return.
I also used their credit card, and they straight up have no fees. That saves me to trouble of calling up to waive annual credit card fees, which I appreciate.
The other thing is that they only have 2 physical branches in terms of ATMs, which can be a pro or con depending on how you look at it. I like it, since I'm less likely to withdraw cash :)
Top Contributor (Aug)
All banks in singapore have their retail deposits covered up to $75,000 from the Singapore Deposit Insurance Scheme.
Your money is safe in there, up to $75,000, no matter which bank.
Also, CIMB is a large bank, not an "anyhow" bank. Having said that, there are history of huge and established bank collapsing (Baring Bank, anyone?)
CIMB FastSaver is an awesome savings account, 1% interest p.a for deposits from $1k and above. No fall below fee or service fee! It's also really easy to open an account as it can be done and activated online.
Anyway, all banks in Singapore should be safe as it's SDIC insured up to $75k even should the bank collapse (touchwood).