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CIMB FastSaver Account

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  • Reviews (181)
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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 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 (181)

4.4

181 Reviews

  • 5
    105
  • 4
    54
  • 3
    19
  • 2
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    Most HelpfulMost RecentLow to HighHigh to Low
      Updated 2w ago

      Purchased

      CIMB FastSaver Account

      [Interest] I opened this account back in the year 2018 and it was my secondary account that has offered a decent 1% interest p.a. without any requirement compared to other banks. Everything was good until Covid-19 pandemic happened and they have subsequently decreased their interest rates and become no longer attractive to date. [Online Banking] The quality of the account interface was not as neat and seamless as compared to DBS, OCBC.

      0

      Post

      Updated 4w ago

      Purchased

      CIMB FastSaver Account

      Used to be my second account for saving (during 2015-2020) due to the attractive interest rates. Recently in 2021, CIMB close my account without telling me the reason. The letter that I receive stating a clause, which is "close without disclose any reason".

      0

      Post

      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.

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    Questions (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.