CIMB FastSaver Account: Earn 3.5% p.a. for fresh funds

What we think about the CIMB FastSaver Account

• 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. until 31 July 2024. Existing customers can also enjoy the promotional interest rate of 3.50% p.a. on their incremental fresh funds balance until 31 July 2024. 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.
• 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. Based on our calculations, we can earn an effective interest rate of up to 2.50% p.a. with the CIMB FastSaver Account.
• What we like about the CIMB FastSaver account is that it offers decent interest rate with very few requirements. We also do not have to worry about incurring any fall-below fees. 
• However, we were able to find other savings accounts that offer a higher interest rate compared to the CIMB FastSaver account, especially for deposits of above S$75,000. Also, we found it difficult to find a ATM or CIMB branch to carry out certain transactions.

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. until 31 July 2024.

To qualify for the promotional interest rate, you will need to open a CIMB FastSaver account by 31st July 2024, deposit and maintain a minimum balance of S$5,000 in fresh funds.

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

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

CIMB FastSaver promotion for existing customers

Existing customers can also enjoy the promotional interest rate of 3.50% p.a. on their incremental fresh funds balance until 31 July 2024.

To qualify for the promotional interest rate, you will need to top up a minimum of S$5,000 incremental fresh funds into your account from 1 June to 31 July 2024.

The incremental fresh funds balance refers to the difference between your month-end balance as of 31 May 2024.

Also, you will need to fill up a form on this page before you top up your account. 

Refer to the illustration below to understand how much interest you can potentially earn as an existing customer of the CIMB FastSaver Account.

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

Additional interest rate 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 4.0% p.a. for up to S$25,000 of deposits. 

However, the effective interest rate would decline for higher amount of deposits.

What you need to know about the CIMB FastSaver Account

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

For our first S$25,000 of deposits, we are able to earn a base interest rate of of 1.50% p.a.

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

The interest rate then rises to 2.50% on the next S$25,00 of deposits. 

The tiered interest rate goes up 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.

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

The CIMB FastSaver Account offers 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.

For most of us who may already have an existing savings account where we are doing out salary credit, it may be difficult to achieve the second requirement of salary credit. 

From our calculations shown below, the interest rate on the CIMB FastSaver Account becomes more attractive for deposits of S$75,000 as it gets to as high as to 3.0% p.a.

If you are wondering whether it might be worth crediting your salary with CIMB for this promotion, we did the calculation for what the effective interest rate would be with the additional interest rate of 0.50% pa. on the first S$25,000. 

Hence, let us do a quick calculation on the interest rate we are able to receive on the CIMB FastSaver account with the bonus interest rate.

The maximum effective interest rate would rise to up to 2.67% for S$75,000 of deposits.

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

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. 

We would not have 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. 

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:

"StarSaver has ATM withdrawal. FastSaver is all online transactions. 

StarSaver requires $1k minimum deposits. FastSaver requires $0"

- Beansprout community member on 19 September 2023

"CIMB FastSaver is more liquid than FD"

- Beansprout community member on 14 October 2023

"For CIMB FastSaver, seem straightforward. Just require fresh funds. That's it

- Beansprout community member on 14 October 2023

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 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.

With the bonus interest rate of 0.50% p.a. for fresh funds of above S$10,000, our calculations show that the interest rate on the CIMB FastSaver account would be above the Standard Chartered JumpStart account for deposits of S$40,000, and above the UOB Stash for S$80,000 of deposits.

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 one of the highest interest rates for fresh funds of up to 3.5% p.a. with the promotional interest rate for new customers and existing customers.

With salary credit, the effective interest rate can go up to 4.0% p.a. for the first $25,000 of deposits.

However, we will only be able to earn the promotional interest rate for fresh funds until 31 July 2024. 

Outside of the promotion, the CIMB FastSaver Account allows us to earn a decent interest rate of up to 2.50% p.a. for deposits of up to $75,000 in a fuss-free way.  

We you do not have have to make any minimum spend, invest with the bank, or credit your salary to be eligible for the base interest rate. 

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

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