CIMB StarSaver Account Reviews and Comparison - Seedly
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CIMB StarSaver Account

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  • Reviews (3)
  • Questions (0)
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CIMB StarSaver Account

Up to 0.7% p.a.
INTEREST RATES
$1,000
MIN. INITIAL DEPOSIT
$0
MIN. AVG DAILY BALANCE

    CIMB StarSaver Account

    Up to 0.7% p.a.
    INTEREST RATES
    $1,000
    MIN. INITIAL DEPOSIT
    $0
    MIN. AVG DAILY BALANCE

Details

Highest Interest Rates for CIMB StarSaver Savings Account

  • Earn up to a maximum of 1.00% p.a.on the entire balance, without any spending criteria
  • Ideal for people seeking for the park-and-save type of savings account
  • Does not require salary crediting
  • Requires a minimum of S$5,000 in the account balance for interest to be credited
  • First tier interest rate is 0.80% p.a., enjoyable when you deposit at least S$5,000 in your account
  • Stand to enjoy the additional 0.20% p.a. if the account's month-end incremental balance is a minimum of S$500 more than that of the previous month's.
Read More about CIMB StarSaver Account
Reviews (3)

4.0

3 Reviews

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  • Updated on 22 Jun 2020

    Purchased

    CIMB StarSaver Account

    This saving account has a fairly straightforward and hassle free feature for lazy depositor. No fall below fee and interest pf 0.8%/0.9% p.a. is computed on a daily basis based on number of days you keep a minimum of $1,000 in your account. However, due to the general market sentiments and economic downturn during COVID-19, all banks including CIMB have revised their deposit interest downwards. With effect from 1 Jul 2020, the interest rate for this account has fallen to 0.4%/0.45% p.a. for the first $200,000, 0.7%/0.75% p.a. for next $800,000, and 0.4%/0.45% p.a. for all amount above $1,000,000. This downward interest revision although expected, is still alarming as interest return is being shaved by close to half of its initial rate. Nevertheless, the hassle free, no fall below fee feature of this saving account retains its appeal for depositors looking for simple saving mechanism.
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  • Updated on 19 Nov 2019
    I currently have 8 bank accounts to segment my money for financial planning and budgeting purposes. CIMB I-Starsaver is my only shariah-compliant savings account that pays hibah instead of interest. ~50% of my clients are Muslims, so I also wanted to experience what an Islamic savings account is like. The conventional Starsaver pays 0.8%/yr and the I-Starsaver targets this rate of hibah too. I would say that 0.8%/yr is good, considering that you don't have to jump through any hoops (I.e. multiple conditions of salary crediting, spending on credit card, bill payment and insurance / investment). It is straight forward, you can open an account with $1,000, and the accessibility to ATMs make this a good account for your Contingency Buffer, Long Term savings or Opportunity Fund accumulation. One important difference to me between this and Fastsaver, is that this account allows you counter service without any extra charge.
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  • Posted on 19 Sep 2019
    A current account with chequebook. 0.8% for the interest. If chequebook is not required, can consider opening the fastsaver instead which pays 1%.
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Interest Rates for CIMB StarSaver Savings Account

Type of Interest Rate

Interest Rate (% p.a.)

Criteria

Base

0.80%

balance is at least S$5,000 in your CIMB StarSaver account on any given day.

Bonus

0.20%

month-end incremental balance is at least S$500

How to maximise the interest rate for CIMB StarSaver Savings Account?

  • To enjoy the first tier of interest rate at 0.80% p.a., deposit at least S$5,000 into your StarSaver account
  • To obtain the bonus additional 0.20%, ensure that your month-end incremental balance is at least S$500 more than the previous one

Is CIMB StarSaver the Best Savings Account for you in 2020?

Pros

  • Attractive first tier rate of 0.80% p.a. (assuming at least S$5,000 in your account)
  • Keeping monthly end-daily balances on the rise by at least S$500, is a relatively easy criterion to obtain the bonus interest rates.

Cons

  • Not the best bonus interest rate offered (0.20% p.a.).
  • Under the same conditions of increasing month-end incremental balance, there are better rates offered by other savings accounts.

Want to know how CIMB StarSaver compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020

Terms and fees for CIMB StarSaver Savings Account

  • Initial deposit: S$1,000
  • Minimum Average Daily Balance: S$1,000
  • Fall below fee: Free
  • Early closure fee: S$50 if below 6 months
  • Monthly Account Fee: S$1 (Waived if you opt out of paper statements)

Eligibility: who can apply for CIMB StarSaver?

  • Citizenship status: Singaporeans, PRs and Foreigners
  • Minimum age to open an account: 16 years old

How to apply for CIMB StarSaver?