Is CIMB FastSaver or POSB SAYE better for a student? - Seedly

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Asked by Anonymous

Asked on 22 Jul 2019

Is CIMB FastSaver or POSB SAYE better for a student?

Hello, I am student thinking of opening a new savings account to earn higher interest. Can anyone advise me which is better among the 2?

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Junus Eu
Junus Eu
Level 8. Wizard
Answered on 23 Jul 2019

CIMB Fastsaver FTW - because of the straight up 1% with no conditions whatsoever!

Another no-frills one is the Citibank Maxigain, but for that I believe the minumum amount was $100k or so.

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Gabriel Tham
Gabriel Tham, Tag Team Member at Kenichi Tag Team
Level 8. Wizard
Updated on 25 Jul 2019

As a student, I am assuming you do not have a job currently.

If that assumption is right, then CIMB fastsaver is the better choice. Because POSB SAYE requires salary crediting and you only earn the higher interest on the amount you deposit into SAYE account. https://www.posb.com.sg/personal/deposits/savings-accounts/saye CIMB fastsaver is a no frills 1% interest if you have at least 1k.

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Gabriel Tham
Gabriel Tham

22 Jul 2019

Yea, I think CIMB is still better here. Because for POSB SAYE, only the amount you transfer into the SAYE will get the bonus 2% interest. Let's say you earn 1.5k and you put $500 into SAYE, you get interest for that $500. If you make withdrawal within 24 months of opening from this SAYE, you will not be eligible for the bonus interest. To prevent lock ups, just go for CIMB.
Question Poster

25 Jul 2019

Thank You!
Kenneth Chan
Kenneth Chan
Level 3. Wonderkid
Answered on 25 Jul 2019

CIMB for no frills interest, POSB for higher interest (if you company supports salary crediting).

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