- Community
- Content
- Banking
Savings Account
Mortage & Loans
- Cards
- Investments
Beginner Investing
Advanced Investing
- Utilities & Bills
Open Electricity Market
Broadbands
- Insurance
Travel Insurance
Personal Insurance
Other Insurance
Remittance
Home
Community
Content
Banking
Savings Account
Mortage & Loans
Cards
Credit Cards
Debit Cards
Multi-Currency Cards
Investments
Beginner Investing
Advanced Investing
Utilities & Bills
Open Electricity Market
Mobile Plans
Broadbands
Insurance
Travel Insurance
Personal Insurance
Other Insurance
More
Remittance
CIMB FastSaver Account
- Overview
- Reviews (179)
- Questions (0)
- More Details
Unclaimed
This product has not been claimed by the company yet.
USER RATINGS
Customer Support
Ease of online banking
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
- Earn up to a maximum of 1.50% p.a. without any spending criteria, 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.
4.4
179 Reviews
- 5105
- 454
- 317
- 21
- 12
Read Review About...
Most Recent
- Updated on 14 Oct 2020
Purchased
CIMB FastSaver Account
[Interest] I opened this account almost 2 years ago and it has given me really decent interest compared to other banks. Everything was all well and good until Covid-19 happens so they have decreased their interest rates. [Fuss Free] If you want fuss-free savings account without all the requirements etc, then this account is for you.0
Post - Updated on 18 Sep 2020
Purchased
CIMB FastSaver Account
This saving account is a hassle free, easy to apply account via online. It provides a decent 1% pa as long as one maintain a minimum $1,000 on any day of the month. Great for people who just need a basic saving account to place their money while earning 0.95% pa higher than other basic account offered by other banks. No fall below fee and interest is accrued daily. This means that we can left $0 in the balance with no penalty unlike most other banks out there. On days that the balance is at least $1,000, we get to earn 1% pa interest on the entire balance for that day. Very simple and straightforward interest computation compared to other banks that compute your saving interest as well as charging a fall below fee based on average daily balance. Unfortunately with effect from 15 July 2020, CIMB has reduced their interest rate from 1% pa to an effective rate of 0.825% pa for the first $100,000. While the requirement of minimum of $1,000 balance and $0 fall below fee remained in tact, CIMB has revamp this account with a step-up interest rate mechanism as below. First $50,000 earns 0.50% pa. Next $25,000 earns 0.8% pa. Next $25,000 earns 1.50% pa. Above $100,000 earns 0.40% pa. For those looking for a basic account, this still gives a decent interest of 0.825% pa provided that one has $100,000 to place in CIMB Fastsaver. Any amount below or higher than $100,000 one might be able to earn better interest elsewhere. However, if one has $100,000 to spare, it makes more sense to park your money in other high yield accounts instead.0
Post - Updated on 04 Sep 2020
Purchased
CIMB FastSaver Account
[Application Process] I opened an account early this year, the application process was alright, however as compared to other banking websites, probably their interface is not as good. [Interest] The interest was 1% p.a. before COVID-19, hence, I used it to park my excess savings. After the revisions to 0.5% p.a., I have moved my funds from my savings accounts to other options. Thus, I am just maintaining the minimum balance. [Online Banking] The interface for the application is definitely not as good as other applications, with the really average user experience. The design of the application reminded me of the old websites in early 2000's. Hence, 4 stars, as the interface of the application can be further improved.0
Post - Updated on 17 Aug 2020
Purchased
CIMB FastSaver Account
[Interest] One of the best interesting without locking! After the interest revision, CIMB fastsaver still stand one of the higher banks for lump sum interest! [Fuss Free] All online, fuss free.0
Post - Updated on 11 Aug 2020
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
Post
Current Interest Rates for CIMB FastSaver
Account Balance | First S$50,000 | Next S$25,000 | Next S$25,000 | Above S$100,000 |
|---|---|---|---|---|
Prevailing Rates (p.a.) | 0.50% | 0.80% | 1.50% | 0.40% |
Interest Rates for CIMB Fast Saver after 1 November 2020
Account Balance | First S$50,000 | Next S$25,000 | Next S$25,000 | Above S$100,000 |
|---|---|---|---|---|
Prevailing Rates (p.a.) | 0.30% | 0.50% | 0.75% | 0.30% |
Interest Rates for CIMB Fast Saver after 1 November 2020
How does CIMB FastSaver Savings Account work?
CIMB FastSaver is a simple savings account where just increasing your account balance to the next tier will help you earn more interest rates. There's no need for additional spending for stacked tiers of interest rates.
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
- 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?
- Apply Online or
- Visit CIMB Branches