Get FREE Loan Quotes From Loan Advisor’s Top Reviewed Licensed Money Lenders in Singapore!     Click here

CIMB Bank

CIMB FastSaver

0 0 reviews

Effortlessly Earn Maximum Interest

CIMB FastSaver

0.3% p.a

Interest Rates

S$ 1000

Min. Initial Deposit

S$ 1000

Min. Avg Daily Balance

Earn up to 1% p.a.

Sign Up Promo

The CIMB FastSaver is an online savings account that offers tiered interest rates based on the size of your account balance. You’d be able to earn a higher interest rate of up to 1% p.a. on your first S$10,000 if you have a CIMB Visa Signature Card. The best part is that you don’t need to worry about meeting additional criteria.

All details

  • Earn competitive interest with no extra requirements.
  • Earn up to 1% on your first S$10,000 if you have CIMB FastSaver and Visa Signature.
  • Enjoy bonus interest rates of up to 0.30% p.a. on your first S$75,000 of your account balance.
  • Easy-to-understand interest structure. You’ll earn higher interest rates based on the size of your CIMB FastSaver account.
  • A Shariah-compliant equivalent is available.
  • You only need S$1,000 to open an account and start earning interest.
  • No fall-below monthly fees.
  • Earn up to 1% p.a. on your savings when you have CIMB FastSaver and Visa Signature.
  • Apply for a Visa Signature now and spend S$500/month for two months and get a $120 cash credit gift.

 

Pros:

  • Offers multiple interest tiers based on how much you have in your CIMB FastSaver account.
  • It doesn’t charge opening, monthly, or fall-below fees.
  • No credit card spend, salary crediting, investment purchases, bill payments, and other conditions required to earn bonus interest
  • Individual and joint accounts are available
  • Quick and easy application.

 

Cons:

  • The minimum initial deposit is relatively high at S$1,000.
  • No bonus interest even if your account balance is over S$75,000. Balances over S$75,000 will only earn a flat 0.15% p.a. interest rate.
  • CIMB charges a S$50 early account closure fee if the FastSaver savings account was opened for less than six months.

General Information

  • Minimum Age: 16 years old
  • Nationality: Singaporean, Permanent Resident, or Foreigner with a valid visa

 

Depositing into CIMB FastSaver

Channel

Fees and Charges

CIMB Clicks Internet Banking

Free

ATM

S$10 (one-time fee) for application of new ATM card or

S$10 (one-time fee) for linking the CIMB FastSaver account to an existing CIMB ATM Card

Over-the-counter transaction at the branch

S$5 per counter transaction


Withdrawing from CIMB FastSaver

Channel

Fees and Charges

Internet Banking

Free

Quick Cheque Deposit Box at the branch

Free

Over-the-counter transaction at the branch

S$5 per counter transaction

For Singaporeans/PRs and Malaysians Residing in Singapore

  • Copy of your NRIC/Passport
  • Proof of residence, such as latest telephone bill, bank statement, or letter issued by the government

 

For Foreigners

  • Passport
  • Proof of residences, such as latest telephone bill, bank statement, or letter issued by the government
  • Supporting documents, such as Employment Pass, Work Permit, Dependent’s Pass, and Student Pass

Disclaimer: This information may differ from what you see when you visit other financial service websites or the product’s official site, but Loan Advisor continues to keep every detail updated and accurate. This site may be compensated through third-party advertisers. However, the results of our comparison tools which are not marked as sponsored will always be based on objective analysis.

How Does CIMB FastSaver Savings Account Compare with Other Saving Accounts in Singapore?

 

Bank Name

Interest Rate

Minimum Deposit

Minimum Balance

CIMB FastSaver Savings Account

0.30% p.a.

S$1,000

S$0

Standard Chartered e$aver Savings Account

0.05% base interest rate p.a.

 

0.50% max. interest rate p.a.

S$0

S$1,000

OCBC 360 Account

0.05% base interest rate p.a.

 

4.40% max. interest rate p.a.

S$1,000

S$3,000

DBS Multiplier Account

0.05% base interest rate p.a.

 

3.8% max. interest rate p.a.

S$0

S$3,000

Citi MaxiGain Savings Account

0.01% base interest rate p.a.

 

0.61% max. interest rate p.a.

S$10,000

S$0

 

Compared to some of the top savings accounts in Singapore, CIMB FastSaver Account is worth taking into account. It competes fairly well in terms of interest rates, plus you’ll only need a S$1,000 minimum initial deposit.

Although other savings accounts, like Standard Chartered e$aver and DBS Multiplier Account, don’t require a minimum deposit, both accounts require that you maintain a minimum balance.

 

CIMB FastSaver Savings Account – Our Verdict

Free of complicated conditions, the CIMB FastServer Account is perfect for those who want a fuss-free savings account. As long as you maintain S$1,000 you’ll be earning interest. That said, this makes it ideal for young adults who are just starting with their careers. Or if you want an additional savings account to complement your primary savings account.

You only need to meet a maximum balance of S$75,000 to earn 0.30% p.a. On top of that, you can earn up to 1% p.a. on your first S$10,000 if you have the CIMB Visa Signature Card. Of course, the 0.30% interest rate p.a. is not one of the highest in the market, but it’s still a good option if you want a stash-and-forget type of savings account.

Final Thoughts

Key Takeaways:

  • CIMB FastSaver offers tiered interest rates based on your account balance.
  • FastSaver offers up to 0.30% p.a. on your first S$75,000 of your account balance.
  • If you have CIMB FastSaver and Visa Signature, you can earn up to 1% bonus interest rates on your first S$10,000.
  • CIMB FastSaver doesn’t have fall-below monthly fees but you’ll need S$1,000 to start earning interest.

The CIMB FastSaver account is a great option if you want a straightforward way of earning interest rates. You only need to grow the size of your account. No need to worry about complicated criteria, such as committing to an investment or insurance product.

Want to start investing but short on cash? You can take a personal loan to start your investment journey. Loan Advisor can provide you with the best loan quotes from top licensed moneylenders to match your needs.

FAQs

With a CIMB FastSaver savings account, you can earn up to 0.30% p.a. on your first S$75,000 and 0.15% on subsequent balances above S$75,000. Take a look at the tiered interest rates below based on how much you have in your savings account:

 

Account balance

Prevailing interest (p.a.)

Interest rate for FastSaver + Visa Signature

First $10,000

0.3%

1.00%

Next $65,000

0.3%

0.3%

Above $75,000

0.15%

0.15%

CIMB FastSaver is an online account. It is geared towards digitally savvy working professionals who want hassle-free deposits. That said, consider these factors before applying for CIMB FastSaver Account:

  1. The minimum initial deposit must be transferred to this online account via FAST (Fast and Secure Transfers) from your savings/current account with another bank in Singapore.

  2. You can perform any bank transactions from wherever you are. No need to go to the nearest branch. That said, CIMB imposes charges for:
    • Issuing new ATM card
    • Linking of CIMB FastSaver to an existing ATM Card
    • Over-the-counter transactions at the branch.
  3. You need a CIMB Clicks Internet Banking account to access CIMB FastSaver account information.
  4. CIMB FastSver does not offer cheque books, passbooks, or paper statements to customers.

Yes, you can use CIMB Clicks Malaysia to access your CIMB Singapore Account. With this service, you can:

  • View your transaction history, pending transactions, and more
  • Transfer funds to your Singapore CIMB Bank Account
  • Schedule fund transfer to your own Singapore CIMB Bank Account

CIMB FastSaver is an online savings account. As such, you’ll need to apply online. For existing CIMB customers, you can apply directly via CIMB Clicks.

Before applying, make sure you meet the eligibility criteria and have all the necessary documents. Additionally, you’ll also need to deposit S$1,000.

Steps For Online Application:

  1. Tap the “Apply Now” on the CIMB FastSaver account page.
  2. Choose your preferred mode of application
  3. Singaporeans may apply using MyInfo to prefill the application.
  4. You may also choose “Proceed to complete form”.
  5. Once all the fields are filled, submit your application

Upon successful application, you will be given a CIMB FastSaver account number. The information will be displayed on the screen and will also be sent through email.

Customer Top Reviews

Create your own review
Average rating: 0 0 reviews
  • 5
    0
  • 4
    0
  • 3
    0
  • 2
    0
  • 1
    0