CIMB FastSaver Account Reviews and Comparison - Seedly
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CIMB FastSaver Account

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  • Reviews (178)
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Savings Accounts/CIMB FastSaver Account
Savings Accounts/CIMB FastSaver Account

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USER RATINGS

Customer Support

4.4

Ease of online banking

4.3
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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

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 (178)

4.4

178 Reviews

  • 5
    104
  • 4
    54
  • 3
    17
  • 2
    1
  • 1
    2

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  • Updated 6d ago

    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.
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  • Updated 3w ago

    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 comments
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  • 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.
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  • 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.
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  • Updated on 11 Aug 2020

    Purchased

    CIMB FastSaver Account

    [Fuss Free] One of my high yield fuss-free savings account before i chance upon SCB jumpstart account. However, still a decent savings account to park your addition funds after you have maxed out your SCB jumpstart account (also good for emergency funds) [Online Banking] The user interface of online banking and the app looks outdated and confusing at start. Require some time to get used to but transfer of funds around is smooth in my opinion so far.
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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?