CIMB FastSaver Account Reviews and Comparison - Seedly
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CIMB FastSaver Account

  • Overview
  • Reviews (176)
  • Questions (0)
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CIMB FastSaver Account

Up to 1.5% p.a.
INTEREST RATES
$1,000
MIN. INITIAL DEPOSIT
$1,000
MIN. AVG DAILY BALANCE

    CIMB FastSaver Account

    Up to 1.5% p.a.
    INTEREST RATES
    $1,000
    MIN. INITIAL DEPOSIT
    $1,000
    MIN. AVG DAILY BALANCE

Details

Highest Interest Rates for CIMB FastSaver Savings Account

UPDATE: From July 2020, CIMB FastSaver will be changing their interest rates. All the tiers of interest rates according to levels of account balances, will be decreased. The decrease ranges from -.20% to -0.70%. Account balance within the tier of $50,000 - $75,000 will be hit the hardest with a -0.70% decrease in bonus interest rates.

  • Earn up to a maximum of 1.50% p.a. without any spending criteria (previously 1.80% p.a), with account balances between S$75,000 to S$100,000.
  • Does not require salary crediting or additional spending
  • Enjoy 0.50% p.a. bonus interest rates on your first S$50,000 in account balance. Prior to the July changes, this was previously, an easy 1.00% p.a. for a minimum $1,000 deposit.
  • On your next S$25,000, get 0.80% p.a.
  • CIMB FastSaver is Ideal for people seeking for the park-and-save type of savings account, without extra transaction requirements
  • The S$1,000 minimum deposit to begin earning interest rates is also attractive.
Read More about CIMB FastSaver Account
Reviews (176)

4.5

176 Reviews

  • 5
    104
  • 4
    53
  • 3
    16
  • 2
    1
  • 1
    2

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  • Updated 1d ago

    Purchased

    CIMB FastSaver Account

    Got this account in 2017 when it offered 1% interest rate with little barriers to entry (1k min deposit). This account should be used more so as a place to park your emergency savings since withdrawing money isn't the easiest. Update: Eventually closed this account and switched to higher-yield savings account.
    0 comments
    0
  • Updated 1d ago

    Purchased

    CIMB FastSaver Account

    [Fuss Free] One of my high yield fuss-free savings account before i chance upon SCB jumpstart account. However, still a decent savings account to park your addition funds after you have maxed out your SCB jumpstart account (also good for emergency funds) [Online Banking] The user interface of online banking and the app looks outdated and confusing at start. Require some time to get used to but transfer of funds around is smooth in my opinion so far.
    0 comments
    0
  • Updated 5d ago

    Purchased

    CIMB FastSaver Account

    I opened this account back in 2017, during my army days. This was the highest interest account I could find back then (before the rise of Standchart's Jumpstart account). It was, and is still, relatively fuss-free with little to no requirements to meet. Pros: -Easy to set up. All done online -Minimum deposit of $1k to start earning interest (could be a con too) -No other criteria to meet to earn your 0.5%pa (on first $50k) apart from the one mentioned above Cons: -No debit card/ATM card. If you require one, you would have to pay for it (based on my memory). But then again, it should be viewed as a savings account and withdrawals should be kept to a minimum. This is aided by the minimal number of ATMs they have islandwide. -Mbanking UI is not the most updated compared to its competitors
    0 comments
    0
  • Updated 2w ago

    Purchased

    CIMB FastSaver Account

    CIMB was the bank for me to store my emergency fund (before StandChart came out with the Jumpstart 2.0%). I love how it was fuss-free at 1% without jumping through too many hoops. But I do have to say that CIMB's app is due for an update. This is even more evident if you were to hop on to the app from its competitors... I will definitely change my review when CIMB can update its UI
    0 comments
    0
  • Updated on 14 Jul 2020

    Purchased

    CIMB FastSaver Account

    I decided to start this account as it offers one of the best interest rates. However, they recently decreased their rates shortly after I joined, only wished I discovered them sooner! Setting an account with them was easy, even though I was based overseas. I received a call from their customer service within 3 working days after submitting my documents online. As mentioned in some of the previous reviews, their app and online banking interface is not the best. Navigating the online banking on desktop was not as easy and comfortable to use as compared to other major banks in Singapore. The font on desktop/laptop is criminally small. There is definitely room for improvement with regards to the UI and UX of the app and online banking. Not a major deal breaker as the interest rates are still one of the better ones out there in Singapore.
    0 comments
    0
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What are the changes to the Interest Rates of CIMB FastSaver from 15 July 2020

Requirements

Before 15 July 2020

After 15 July 2020

Changes

First $50,000

1.00% p.a.

0.50% p.a.

- 0.50% p.a.

Next $25,000

1.50% p.a.

0.80% p.a.

- 0.70% p.a.

Next $25,000

1.80% p.a.

1.50% p.a.

- 0.30% p.a.

Above $100,000

0.60% p.a.

0.40% p.a.

- 0.20% p.a.

Updated Interest rates for CIMB FastSaver Savings Account

Base interest per annum is:

  • 0.50% for the first S$1,000 - S$50,000 in account balance
    (previously 1.00% for a minimum amount of $1,000 deposit)

Additional Interest Rate Tiers (%) p.a:

  • 0.80% p.a. from above S$50,000 to S$75,000 in Balances.
  • 1.50% p.a. from above S$75,000 to S$100,000 in Balances.
  • 0.4% p.a. for Account Balances above S$100,000.

How does CIMB FastSaver Savings Account work?

Account Balance

Interest Rates (% p.a.)

First S$50,000

0.50% p.a.

Next S$25,000

0.80% p.a.

Next S$25,000

1.50% p.a.

Above S$100,000

0.40% p.a.

Revised Interest Rates with effect from 15 July 2020

Is CIMB FastSaver the Best Savings Account for You in 2020?

Update: Before the changes in interest rates, a 1.00% for a minimum amount of $1,000 deposit was one of the reasons that made CIMB FastSaver a crowd favourite. This easy accessibility to a decent interest rate made CIMB FastSaver incredibly attractive; however, with this new revision in interest rates, the benefits of CIMB FastSaver is highly limited.

Similar to previously revised interest rates of other Savings Accounts such as SCB JumpStart, OCBC 360, or the DBS Multiplier, we are holding off making verdicts until the dust has settled.

We are anticipating many other savings accounts to follow suit.

(The assessment below is based on rates prior to the 15 July 2020 rate revision)

Pros

  • Simple and straightforward savings account - suitable for those looking to park-and-save
  • Easy to reach the first tier of 1.00% p.a, with simply a $1,000 deposit, which is more attractive and accessible than what most banks offer.
  • No fall below fee, although interests will only apply to accounts with at least S$1,000
  • Does not require the depositing of funds regularly

Cons

  • Does not incentivise spendings hence not for those who intend to spend from this account
  • Interest rates are not the best

Want to know how CIMB FastSaver compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020

Terms and fees for CIMB FastSaver Savings Account

  • Initial deposit: S$1,000
  • Minimum Average Daily Balance: S$1,000
  • Fall below fee: None
  • Early closure fee: S$50 if below 6 months

Eligibility: who can apply?

  • Citizenship status: Singaporeans, PRs and foreigners
  • Minimum age requirement: 16 years old

How to Apply for CIMB FastSaver?