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CIMB FastSaver Account
- Overview
- Reviews (180)
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USER RATINGS
Customer Support
Ease of online banking
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
4.5
180 Reviews
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Read Review About...
- Updated on 01 Feb 2021
Purchased
CIMB FastSaver Account
[Application Process] Easy application process through online [Fuss Free] Fuss free account, best savings account to keep money for emergency expenses. [Others] They also offer easy money sending service to Malaysia at decent exchange rate, can be done easily online anytime.0
Post
- 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
No Question Found.
Newest 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.) | 0.30% | 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
- A copy of your NRIC or Passport
- 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
- Passport
- Proof of residential address (e.g. any latest telephone bill, bank statement or letter issued by the government)
- 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.