CIMB FastSaver Account: Earn up to 1.99% p.a. interest rate in a fuss-free way

What happened?

CIMB FastSaver is running a promotion for new-to-bank customers, where you will be able to enjoy an effective interest rate of up to 2.03% p.a. in a fuss-free way.

Refer to the table below to understand how much interest you can potentially earn with as a new customer of the CIMB FastSaver Account.

Let's first look at the interest rates earned without the salary credit and card spending. 

For our first S$25,000 of deposits, we are able to earn a base interest rate of of 1.19% p.a.

The interest rate then rises to 2.09% on the next S$25,00 of deposits. 

The tiered interest rate goes up to as high as 2.70% 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.

We know this this sounds fairly complex, so let us help to break it down the effective interest rates (EIR) for you.

With CIMB FastSaver, you can earn an effective interest rate of 1.99% p.a. for fresh funds of S$75,000.

CIMB FastSaver promotion for existing customers

Existing customers can also enjoy the promotional effective interest rate of up to 1.99% p.a. on their incremental fresh funds balance.

You can find out more about the terms and conditions here. 

Additional interest for salary credit

Also, earn an additional interest rate of 0.50% p.a. on the first S$25,000 when you credit your salary or schedule a recurring GIRO transfer of at least S$1,000.

This means that you would be able to earn an effective interest rate of up to 1.69% p.a. for up to S$25,000 of deposits, and up to 2.16% p.a. for up to S$75,000 of deposits.

However, the effective interest rate would decline for deposits amounts above S$75,000.

You can find the terms and conditions of the bonus interest rate here.

Additional interest for credit card spending

You can earn an additional interest rate of  1.00% p.a. with a minimum monthly spending of S$300 on your CIMB Visa Signature Credit Card and 1.50% p.a. with a minimum monthly spending of S$800.

This means that you would be able to earn an effective interest rate of up to 3.19% p.a. for up to S$25,000 of deposits, and up to 2.66% p.a. for up to S$75,000 of deposits.

However, the effective interest rate would decline for deposit amounts above S$75,000.

You can find the terms and conditions of the additional interest rate here.

What we like about the CIMB FastSaver Account

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

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. 

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

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

What we do not like about 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, we would explore other bank accounts that offer higher interest rates if we have a high account balance.

In addition, it's worth noting that CIMB has only one branch in Raffles Place and limited ATMs. This is less important for us as we perform mainly digital transactions. However, it might be something to keep in mind if you need assistance from a physical bank teller.

What does the Beansprout community think about the CIMB FastSaver account?

The CIMB FastSaver account has been widely discussed in Beansprout's telegram community. 

Here are some comments that our community members have shared about the CIMB FastSaver Account:

"CIMB is instant. Savings account. No locks."

- Beansprout community member on 5 August 2024

"application process is very easy and straightforward"

- Beansprout community member on 3 October 2024

"now really left Maybank and CIMB for fuss free"

- Beansprout community member on 3 October 2024

Let us know what you think about the CIMB FastSaver Account in the comments below!

Comparing the CIMB FastSaver Account to other fuss-free accounts such as Standard Chartered JumpStart and 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 SC 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 UOB Stash Account offers a higher effective interest rate for balances of $50,000 and above.

How to sign up for the CIMB FastSaver Account

As a new customer, you can sign up for the CIMB FastSaver account here. 

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 for CIMB FastSaver account here

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

As an existing customer, you can sign up for the CIMB FastSaver promo here. 

What would Beansprout do?

CIMB FastSaver offers interest rates for of up to 3.19% p.a. for customers with up to S$25,000 of deposits, and who are able to credit their salaries and meet the card spend requirements. 

Without salary credit and card spending, the CIMB FastSaver Account offers a lower interest rate of up to 1.99% p.a. for deposits of up to $75,000.  

Find out which is the best savings account in Singapore with the highest interest rate currently.