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CIMB FastSaver Account

  • Overview
  • Reviews (186)
  • Discussions (0)
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Savings Accounts/CIMB FastSaver Account
Savings Accounts/CIMB FastSaver Account
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USER RATINGS

Customer Support

4.3

Ease of online banking

4.2
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CIMB FastSaver Account

Up to 0.9% p.a.

INTEREST RATES

$1,000

MIN. INITIAL DEPOSIT

$1,000

MIN. AVG DAILY BALANCE

CIMB FastSaver Account

Up to 0.9% p.a.

INTEREST RATES

$1,000

MIN. INITIAL DEPOSIT

$1,000

MIN. AVG DAILY BALANCE

Details

CIMB FastSaver Savings Account Review 2021

The CIMB FastSaver is an online savings account which has no multiple conditions. You don't need to clock any credit card spend, credit your salary, purchase investment or insurance products, and there are no monthly fees!

As of 15 January 2021:

  • All you need is a minimum deposit of S$1,000 to begin earning bonus interest
  • Enjoy 0.30% p.a. bonus interest rates on your first S$75,000 account balance
  • Enjoy 0.15% p.a. bonus interest rates on your next S$25,000 account balance
  • Anything else above $100,000 will also enjoy the 0.15% p.a. bonus interest rate
Read More about CIMB FastSaver Account
Reviews (186)

4.4

186 Reviews

  • 5
    105
  • 4
    56
  • 3
    20
  • 2
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    Most HelpfulMost RecentLow to HighHigh to Low
      12 Jun 2021

      Purchased

      CIMB FastSaver Account

      Best for MYR remittances. Other than that just ok. Now with only one branch left, good to gave if you remit myr

      0

      Reply

      04 May 2021

      Purchased

      CIMB FastSaver Account

      Really bad user interface for their mobile app, closing of savings bank account was tedious and difficult at the same time~

      0

      Reply

      29 Apr 2021

      Purchased

      CIMB FastSaver Account

      Used to be one of my go to accounts! However, with the recent reduction of interest rates, there are better options out there for sure

      0

      Reply

      16 Apr 2021

      Purchased

      CIMB FastSaver Account

      Used to be one of my go to accounts with their 1% interest rate as I could not meet the minimum salary credit of some better accounts in the market 4 years back. However, with the recent reduction of interest rates, the appeal of this account has certainly waned and am now looking to close this account in the near future. Better options out there.

      0

      Reply

      16 Apr 2021

      Purchased

      CIMB FastSaver Account

      Used to be one of the better interest rate account options for those who don't want to do things like salary transfer, cc spending etc. Unfortunately, interest rate has dropped but the good thing is that it has no minimum account value.

      0

      Reply

    Discussions (0)
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      Newest Interest Rates for CIMB FastSaver

      revised CIMB FastSaver interest rates from Jan 2021

      Account Balance

      First S$50,000

      Next S$25,000

      Next S$25,000

      Above S$100,000

      Prevailing Rates (p.a.)

      0.30%

      0.30%

      0.15%

      0.15%

      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.