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CIMB FastSaver Account Review: Is this high-interest savings account worth it?

09 Mar 2023

The CIMB FastSaver is a savings account that has few requirements to earn a higher interest rate. Get a detailed look at the CIMB FastSaver Account in our comprehensive review for 2023.

TL;DR

  • The CIMB FastSaver Account is a fuss-free savings account which allows you to earn a decent interest rate with very few requirements. 
  • The CIMB FastSaver Account  account offers a base interest of 1.50% p.a. on the first S$25,000 of deposits. The tiered interest rate rises to as high as 3.50% p.a. on balances of up to $75,000. 
  • Among the entry-level savings accounts, the CIMB FastSaver Account offers the highest effective interest rate for balances of between $50,000 to $75,000.
  • The CIMB FastSaver Account offers an interest rate of up to 4.20% p.a. on your first $10,000 with both a credit card spend and insurance or investment with the bank.

What is the CIMB FastSaver Account?

The CIMB FastSaver Account offers an interest rate of up to 3.50% p.a. with very few requirements.

You can earn the base interest rate of 1.50% p.a. without having to meet any minimum card spend, investment product, or salary crediting requirements.

Additionally, there are no fall-below fees associated with the CIMB FastSaver Account. You also have the flexibility to withdraw your money whenever you need it.

What is the interest rate for the CIMB FastSaver Account? 

The CIMB FastSaver Account offers a base interest of 1.50% p.a. on the first S$25,000 of deposits.

This rises to 2.50% on the next S$25,00 of deposits. 

The tiered interest rate rises to as high as 3.50% p.a. on incremental balances of between $50,000 $75,000. 

For incremental balance above $75,000, the interest rate falls to 0.80% p.a.

Balance Tiers

FastSaver Only Interest Rate^

Both FastSaver & Visa Signature (min. S$300* card spend per statement month) Interest Rate^

Both FastSaver & Investment/Insurance* Interest Rate^

FastSaver, Visa Signature (min. S$300* card spend per statement month) & Investment/Insurance* Interest Rate^

First S$10,000

1.50%

2.20%

3.50%

4.20%

Next S$15,000

1.50%

1.50%

1.50%

1.50%

Next S$25,000

2.50%

2.50%

2.50%

2.50%

Next S$25,000

3.50%

3.50%

3.50%

3.50%

Above S$75,000 

0.80%

0.80%

0.80%

0.80%

Let us break it down further to the effective interest rates (EIR) for you:

Cash available for deposit

CIMB FastSaver

Effective interest rate (EIR)

First $25,0001.50% 
$50,0002.00%
$75,0002.50%
$100,0002.08%

How do I qualify for the additional interest for the CIMB FastSaver Account?

The CIMB FastSaver account does not require any minimum card spend or investing and insuring with the bank to attain its base interest rates. 

However, for those who do, there is an attractive bonus interest of up to 4.20% p.a. on the first $10,000. 

For starters, spending a minimum sum of S$300 on the CIMB Visa Signature card would make you eligible for the interest rate of 2.20% p.a. for the first $10,000.

Combined with the purchase of CIMB Investment or Insurance Products, you can earn 4.20% p.a. on your first $10,000.

Balance Tiers

FastSaver Only Interest Rate^

Both FastSaver & Visa Signature (min. S$300* card spend per statement month) Interest Rate^

Both FastSaver & Investment/Insurance* Interest Rate^

FastSaver, Visa Signature (min. S$300* card spend per statement month) & Investment/Insurance* Interest Rate^

First S$10,000

1.50%

2.20%

3.50%

4.20%

What are the advantages of the CIMB FastSaver Account?

The CIMB FastSaver account stands out for its simplicity - there are no complicated requirements to meet. 

You don't need to worry about minimum spend, salary crediting, or investing with the bank.

The CIMB FastSaver Account has no fall-below fees, making it an ideal emergency fund storage option, especially for young professionals who are just starting their careers. 

You can access your money anytime without any lock-up period or losing liquidity.

If you are able to meet a minimum spend of $300 on your credit card, you can enjoy the 2.20% p.a. interest tier for the first $10,000 in your account. 

CIMB is one of the few banks in Singapore that is Shariah-compliant. 

What are the disadvantages of the CIMB FastSaver Account

The interest rate for the CIMB FastSaver falls to 0.80% p.a. for incremental balances over $75,000. 

As a result, if you have a high account balance, you may want to explore other bank accounts that offer higher interest rates.

In addition, it's worth noting that CIMB has only one branch in Raffles Place and limited ATMs. This is something to keep in mind if you need assistance from a physical bank teller.

However, this may not be a major issue if you perform most banking transactions online.  

How does the CIMB FastSaver Account compare to the other entry-level accounts (SC JumpStart, UOB Stash)?

Like many other Singaporeans, we want to compare and get the best deal for ourselves.

Let’s compare the CIMB FastSaver Account to other entry-level accounts, such as the UOB Stash Account and SC JumpStart Account.

The SCB JumpStart Account offers the highest effective interest rate for balances below $50,000. However, you will need to be between 19 to 26 years old to open the JumpStart Account.

The CIMB FastSaver Account offers a higher effective interest rate for balances of $50,000 to about $75,000.

The UOB Stash Account offers a higher effective interest rate for balances of $80,000 to about $100,000.

DepositsUOB Stash EIRStandard Chartered JumpStart Account EIRCIMB FastSaver Savings Account EIRWinner 
$20,0001.03%2.00%1.50%SCB JumpStart
$40,0001.51%2.00%1.88%SCB JumpStart
$60,0002.01%1.68%2.25%CIMB FastSaver

$80,000

 

2.51%1.29%2.39%UOB Stash
$100,0003.00%1.05%2.08%UOB Stash

Verdict on the CIMB FastSaver Account

The CIMB FastSaver Account comes with very few requirements, and you do not have have to make any minimum spend, invest with the bank, or credit your salary to be eligible for the interest. 

It allows you to earn a decent interest rate of 1.50% p.a. for your first S$25,000 of deposits, and an effective interest rate of as high as 2.50% p.a. for deposits of up to $75,000

However, the interest rate you will earn on the CIMB JumpStart Account falls sharply for incremental deposits above $75,000. 

If you have deposits of close to $100,000, then you can consider other entry level savings accounts such as the UOB Stash Account.  

How to apply for the CIMB FastSaver Account

To open a CIMB FastSaver account, you will need to be at least 16 years old and have a minimum initial deposit of $1,000.

This whole process takes no longer than 10 minutes!

Step 1: Apply through Singpass MyInfo

Step 2: Transfer a minimum of $1,000 to activate your account via FAST

Step 3: Access your account by downloading ‘CIMB Clicks Singapore’ App to set up your digital token

If you are an existing CIMB customer, you can also apply via CIMB Clicks.

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