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Savings Accounts/CIMB FastSaver Account
Savings Accounts/CIMB FastSaver Account
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Summary

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
...see more

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

Reviews (193)

4.4

193 Reviews

5
108
4
59
3
20
2
3
1
3

Service Rating

Customer Support

4.3

Ease of online banking

4.3
      Posted 25d ago

      Purchased

      CIMB FastSaver Account

      Considered to be the highest interest rate savings account at one time (pre-Covid) and the easiest way to store your money without having to do anything else. But since Covid, the interest rate has drop tremendously. :( Service wise, no issue so far, able to get through their hotline almost immediately when needed and the website is fairly easy to use and navigate through. Easy to apply online. Not the greatest but definitely a good bank!

      0

      What are your thoughts?

      Posted 07 Apr 2022
      Opened the FastSaver-i account because I wanted a Shariah-compliant account. $1k minimum and no fall below fee. [Application Process] The online application was a breeze. [Online Banking] Is okay. Easy to use once you get used to it.

      0

      What are your thoughts?

      Posted 26 Mar 2022

      Purchased

      CIMB FastSaver Account

      I has been using this account for 5 years and remitting SGD to my Malaysia CIMB account. I notice my account was not able to login yesterday and i contact the support. They just inform me on the call that my account was closed due to the internal decision without disclose any valid reason. And asking me go to collect my money at their branch. This is ridiculous.

      0

      What are your thoughts?

      Posted 02 Jan 2022

      Purchased

      CIMB FastSaver Account

      I use CIMB to hide my money from my spouse. Very good. Would be even better if can make it easier for Singaporean to have a SG / MY account with just one sign up and make easy cross currency exchange so I can withdraw Malaysian dollars while shopping in JB/KL easily without having to find money changer.

      0

      What are your thoughts?

      Posted 24 Dec 2021

      Purchased

      CIMB FastSaver Account

      Had this account way before COVID. It used to provide extremely attractive interest rates without locking up your funds. Opening an account was easy & instantaneous too.

      0

      What are your thoughts?

      Posted 02 Dec 2021

      Purchased

      CIMB FastSaver Account

      [Application Process] Easy and fast process, you can start an account with $1000. [Online Banking] Able to transfer from POSB/DBS by adding the account. Everything can be done through the app, so its super convenient.

      0

      What are your thoughts?

      Posted 29 Aug 2021

      Purchased

      CIMB FastSaver Account

      Moving the money to and fro this account is a bit harder as there are not many ATMs for CIMB in Singapore, but this also means that money in this account would be less likely to be touched and helps in saving! Also fuss-free interest rate with no conditions, making this one of the easiest saving accounts for people that do not spend a lot

      0

      What are your thoughts?

      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

      What are your thoughts?

      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

      What are your thoughts?

      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

      What are your thoughts?

    Discussions (0)

      No Posts Found.

      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.

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