CIMB FastSaver Reviews and Comparison - Seedly
 

CIMB FastSaver

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  • Reviews (131)
  • Questions (21)
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CIMB FastSaver

Up to 1.8% p.a.
INTEREST RATES
$1,000
MIN. INITIAL DEPOSIT
$1,000
MIN. AVG DAILY BALANCE

    CIMB FastSaver

    Up to 1.8% p.a.
    INTEREST RATES
    $1,000
    MIN. INITIAL DEPOSIT
    $1,000
    MIN. AVG DAILY BALANCE
Reviews (131)

4.5

131 Reviews

  • 5
    80
  • 4
    35
  • 3
    14
  • 2
    1
  • 1
    1

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hassle free

internet banking

salary credit

user friendly

good account

open account

credit card

minimum spend

transfer money

minimum balance

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  • Updated 3d ago

    Purchased

    CIMB FastSaver

    TLDR: Highly recommended for their no-condition attractive interest rates. Good if your salary isn't credited by GIRO, and if you don't want to spend with a credit card. [Application Process] 4/5 I applied for a joint account with my wife and it was quite troublesome because it required information and verification from both parties separately. I suspect however that it might be the same process anywhere else. [Interest] 5/5 [Salary Crediting] [Terms and Conditions] Interest was at only 1.0% flat (no condition) at the time I applied, and they've since bumped it up to 1.8% which is great for me. The lack of requirement of any other condition is great for those who don't want to spend a minimum sum, invest, or credit their salary or whatever. I think it's the best deal for many part-timers or odd-job workers who don't receive salary via GIRO. [Online Banking] 1/5 The weakest point of banking with CIMB. They have a horrendous app and a horrendous website. The user interface looks like it was designed in 2003, and their coder died with the keys to the website. I'm not sure why their interface looks the way it does, but it looks almost 2 decades overdue for a overhaul. It's not just that it's ugly - it's also clunky and unintuitive. I legitimately worry that I'm entering a phishing site every time I go on it because of how unprofessional the website looks. Conclusion: 4/5 Would highly recommend for if you're looking for a fuss free savings account and are unable to hit other banks' criteria for the same interest rates. Not recommended if you're the type to constantly check your balance and want to supervise it closely. The user interface is so prohibitively bad that you'll likely get frustrated. It's the type of account that you want to just throw your money in and not look at it again, and I can see it fulfilling a big market of persons who don't get GIRO-credited salary or can't otherwise hit some criteria. [Fuss Free]
    0 comments
    1
  • Updated 5d ago

    Purchased

    CIMB FastSaver

    [Application Process] Fuss free as online application and processing was almost immediate. Like it’s none tiered transparent interest rates. [Others] The fixed deposit interest is paid upfront and within 24hrs. Nothing beats putting money where your mouth is.
    0 comments
    0
  • Posted on 24 Dec 2019

    Purchased

    CIMB FastSaver

    Used this account to put my savings there, without the convenience of ATM's being around was great! (No temptation)
    0 comments
    0
  • Posted on 05 Dec 2019

    Purchased

    CIMB FastSaver

    Best easy no frills account. Used this account to park my savings there, without the convenience of ATM's being all around that was great.
    0 comments
    0
  • Posted on 28 Nov 2019
    Best no-hoop savings account (other than the new kid Jumpstart). Good if you are a student or have exceeded your salary-crediting account.
    0 comments
    0
Questions (21)

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CIMB FastSaver

Savings

Seedly

Bank Account

JO
Joanne Ong
Level 4. Prodigy
Answered on 11 Dec 2019
1.8% interest only applies to the 75k to 100k segment. However if you want to get 1.8% pa interest, you may want to sign up for elastiq by etiqa only if you are absolutely sure that you do not need this sum of money in the next 3 months. Reason being you only can withdraw on day 91. You may refer to the link for now details https://www.tiq.com.sg/product/universal-life-insurance-elastiq/

Savings

Bank Account

OCBC 360

CIMB FastSaver

OCBC

CIMB

Hi Anon, When you log in to your OCBC internet banking and go to your account details, you'll see a "Average daily balance increase vs. last month". As long as this amount is at least $500, you will get the step up bonus. So time your transaction from OCBC to CIMB carefully. To be safe, aim to increase your OCBC balance by around $600 a month, as I've found out the hard way that trying to increase it by exactly $500 is almost impossible; the problem lies with the fact that OCBC calculates average daily balance and reports the number to you, I can never find a way to get the number I see. Hence i figured I'll just increase my balance by at least $600 a month to avoid the problem.

CIMB FastSaver

Singapore Saving Bonds (SSB)

Savings

Family

SSB I think too much admin as you would need to do monthly purchase. For Maxigain - it does have a min. of 70k for the bonus interest (which you highlighted but still leaning?), so I would actually think CIMB is better You might find the article below helpful as a broader comparison as well: https://blog.seedly.sg/best-savings-accounts-singapore

Savings

Bank Account

CIMB FastSaver

Standard Chartered

Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Answered on 31 Oct 2019
This is pretty simple to answer! If you are under 27 years old, and have less than $20k, then yes SCB Jumpstart is for you. I personally use it for my reserve account to save up for my home rennovation with my other half. If you are above 27 years old, then no-brainer, the CIMB FastSaver is best for you!

CIMB FastSaver

Ernest Yeam Wee Leong
Ernest Yeam Wee Leong
Level 6. Master
Answered on 09 Oct 2019
https://www.cimbbank.com.sg/en/personal/news-and-promotions/promotions/accounts/cimb-fastsaver-referral-programme.html From this link you can get 20$ referral bonus. Pls pm and I can share my name and NRIC if you are sure about opening up bank account. You are welcome to email me [email protected] and I can share my details

Savings

Bank Account

CIMB FastSaver

CIMB

Promo Codes

JD
John Doe
Level 2. Rookie
Updated on 22 Jul 2019
Https://www.cimbbank.com.sg/en/personal/news-and-promotions/promotions/accounts/cimb-fastsaver-referral-programme.html From this link you can get 20$ referral bonus. Pls pm and I can share my name and NRIC if you are sure about opening up bank account.

Savings

Bank Account

CIMB FastSaver

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Dec)

Level 9. God of Wisdom
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.

CIMB FastSaver

CIMB

General

Gabriel Tham
Gabriel Tham, Tag Team Member at Kenichi Tag Team
Level 9. God of Wisdom
Answered on 14 Jun 2019
You have to check with the bank directly for this...I believe you can create seperate logins but double confirm with them

Savings

Investments

Credit Card

Bank Account

CIMB

CIMB FastSaver

Tan Wei Ming
Tan Wei Ming
Level 5. Genius
Updated on 07 Jun 2019
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.

Savings

Bank Account

CIMB FastSaver

OCBC 360

Personally I use CIMB as it is hassle free.
Load more questions

How to maximise the interest rate for CIMB FastSaver Savings Account?

Base interest rate(%) p.a.

The base interest per annum for the CIMB FastSaver Savings Account is 1% for the first S$50,000 in Balances.

Additional Interest Rate Tiers (%) p.a.

1.50% p.a. from above S$50,000 to S$75,000 in Balances.

1.80% p.a. from above S$75,000 to S$100,000 in Balances.

The interest rate is reduced to 0.6% for Account Balances above S$100,000.

Terms and fees for CIMB FastSaver Savings Account

  • Initial deposit: S$1,000
  • Citizenship status: Singaporeans, PRs and foreigners
  • Minimum age to open account: 16
  • Minimum Average Daily Balance: S$1,000
  • Fall below fee: None
  • Early closure fee: S$50 if below 6 months

For more information, you can check out their website here and their FAQ here.

Contact Info

Phone Number: +65 6333 7777 (Mon - Sun, 9am - 9pm)