CIMB FastSaver Account

Newest Interest Rates for CIMB FastSaver

How Does CIMB FastSaver Work?

Base Interest Rate: 0.30% p.a. for the first $50,000 in your account

Maximum Interest Rate: 0.75% p.a. for account balances from S$75,000 - S$100,000

CIMB FastSaver is a fuss-free savings account which doesn't need you to credit your salary, spend any amount with credit cards, or even buy any insurance or investment products.

If you wish to earn more interest, just increase your account balance and meet the next qualifying tier to get more interest.

It's that simple.

The interest in your CIMB FastSaver account is accrued daily and credited monthly. Daily interest will be paid on the entire daily balance, provided that you have at least S$1,000 in your account balance on any given day.

Is CIMB FastSaver the Best Savings Account for You in 2021?

Before the revisions in interest rates, a 1.00% p.a. interest rate for a minimum deposit of S$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. Especially amongst students, fresh graduates, first-jobbers, and couples saving up for major life purchases.

However, with each new revision to its interest rates, the CIMB FastSaver is slowly losing its appeal.

That being said, it still gives a 0.30% p.a. interest on account balances up to S$75,000, which still beats what a regular savings account would give you (0.05% p.a.). So if you just need a fuss-free place to park your money, the CIMB FastSaver is still not too bad an idea.

Unless you'd like to consider other options like insurance savings plans, which may offer a higher rate of return.

Pros of CIMB FastSaver

• Simple and straightforward savings account making it suitable for those looking for a fuss-free, park-and-save option
• No fall below fee, although interests will only apply to accounts with at least S$1,000
• Does not require regular depositing of funds

Cons of CIMB FastSaver

• Does not incentivise spending so if you intend to maximise your monthly expenses then you might wanna look elsewhere
• Interest rates are not the best

Want to know how CIMB FastSaver stacks up against other savings accounts? Here's a look at The Best Savings Accounts in 2021!

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 closed less than 6 months

Eligibility: Who Can Apply for a CIMB FastSaver Account?

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

How to Apply for CIMB FastSaver?

• Apply Online via the 'Visit Site' button above or
• Visit any CIMB branches to apply in person

You'll need to bring along:

For Singaporeans/PRs and Malaysians Residing In Singapore

1. A copy of your NRIC or Passport
2. Proof of residential address if the residential address in your application differs from your ID document (e.g. any latest telephone bill, bank statement or letter issued by the government)

For Foreigners

1. Passport
2. Proof of residential address (e.g. any latest telephone bill, bank statement or letter issued by the government)
3. Supporting documents to be provided if available (Employment Pass, Work Permit, Dependant’s Pass and Student Pass)

Contact us at [email protected] should you require any assistance or spot any inaccuracies.