CIMB FastSaver Account Reviews and Comparison - Seedly
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CIMB FastSaver Account

  • Overview
  • Reviews (172)
  • Questions (0)
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CIMB FastSaver Account

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

    CIMB FastSaver Account

    Up to 1.8% 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 (172)

4.5

172 Reviews

  • 5
    103
  • 4
    50
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    16
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  • Updated 3d ago

    Purchased

    CIMB FastSaver Account

    [Update 9 July 2020] The interest rates will be reduced to 0.5% from 15 July 2020. FastSaver account application was easy and swift. Steady 1% interest is very attractive in such difficult times. Compared to just base interest of 0.05% from other banks, this account is great for students, 1% for the first 50k allows them to get higher interest though their student times.
    0 comments
    1
  • Updated 4d ago

    Purchased

    CIMB FastSaver Account

    [Application Process] Opening an account online is fuss-free. [User Interface] The app is user-friendly and easy to navigate although the design is outdated. [Terms and Conditions] Enjoy 0.50% p.a. bonus interest rates on your first S$50,000 in account balance. No T&Cs so it's great! [Others] Con: Not as many ATMs as compared to DBS, UOB and OCBC so withdrawing money is a hassle.
    0 comments
    0
  • Updated 4d ago

    Purchased

    CIMB FastSaver Account

    [Fuss Free] [Interest] [Application Process] [Online Banking] CIMB FastSaver is fuss free with attractive interest rates (without having to credit salary, spend on credit card etc)
    0 comments
    0
  • Updated 4d ago

    Purchased

    CIMB FastSaver Account

    This account has some of the best interest rates amongst most accounts across all banks. And there is no lock down period! which means the cash is entirely fluid with incredible interest rates! Highly recommended!
    0 comments
    0
  • Updated 4d ago

    Purchased

    CIMB FastSaver Account

    Can consider joint account for couples.. It does not require salary crediting or additional spending.
    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?