CIMB FastSaver Account Review: Earn promotional interest rate of 3.5% p.a.

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. 
• CIMB FastSaver is running a promotion for new-to-bank customers, where you will be able to enjoy an interest rate of 3.50% p.a. if you open an account by 30th September 2023. Existing customers can also enjoy the promotional interest rate of 3.50% p.a. on their incremental fresh funds balance.
• Outside of the promotion, the CIMB FastSaver 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. 
• New CIMB cardmembers can also receive a free iPad or S$320 cash via PayNow if you sign up for a CIMB credit card before 30 September 2023. 

What happened?

CIMB FastSaver is running a promotion for new-to-bank customers, where you will be able to enjoy an interest rate of 3.50% p.a. for 6 months. 

Existing customers can also enjoy the promotional interest rate of 3.50% p.a. on their incremental fresh funds balance for 6 months. 

You can learn more about the promo here. 

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 outside of the promotion?

Outside of the promotion, 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.

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

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.

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.

With the promotion for new users, CIMB FastSaver would have the highest interest rate across all level of deposits compared to the UOB Stash Account and SC JumpStart Account.

Outside of the promotion, we also compare the interest rate for existing customers. 

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.

You can find out which account allows you to earn the highest interest rate using our Cash Optimiser tool. 

Are there any credit card promotions worth considering with the CIMB FastSaver Account?

SingSaver is current running an exclusive promo where new CIMB cardmembers can receive a free iPad or upsized S$320 cash via PayNow if you sign up via the links below.

A minimum spend of S$988 on eligible goods and services within 60 days following card approval is required. 

• CIMB World MasterCard: Sign up here. 
• CIMB Visa Signature Card: Sign up here.

The promo ends on 30 September 2023. Learn more about the promo here.

Verdict on the CIMB FastSaver Account

With the ongoing promotion, the CIMB FastSaver Account offers a high interest rate of 3.50% p.a. for new customers or fresh funds from existing customers. 

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. 

Outside of the promotion, the CIMB FastSaver Account 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 are an existing customer and have deposits of close to $100,000, 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 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

This article contains affiliate links. Beansprout may receive a share of the revenue from your sign-ups to keep our site sustainable. You can view our editorial guidelines here.