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CIMB FastSaver Account Review

Earn bonus interest rates without worrying about meeting additional criteria.

The CIMB FastSaver is a savings account that offers tiered interest rates based on the size of your account balance. Find out how you can grow your savings with this account and if it suits your banking needs.

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Monthly fee


Fall below monthly fees

0.3% p.a.

Maximum annual interest rate


Product NameCIMB FastSaver Account
Monthly feeS$0
Minimum Age Requirement16 years old
Mobile paymentsSamsung Pay
Supported CurrenciesSGD

How does the CIMB FastSaver Account works

The CIMB FastSaver account is a straightforward account that offers four bonus interest tiers solely base on the size of your account balance. There’s no need to meet any requirements such as salary crediting, investment or other forms of additional spending. As long as you have at least $1,000 in your CIMB FastSaver account, you’ll be eligible to earn bonus interest.

The bonus interest rates are accurate as of 16 October 2020 and are subject to change:

Account balancePrevailing interest (p.a.)Rates effective from 1 November 2020 (p.a.)
First $50,000
  • 0.5%
  • 0.3%
Next $25,000
  • 0.8%
  • 0.5%
Next $25,000
  • 0.3%
  • 0.75%
Above $100,000
  • 0.4%
  • 0.3%

*Do note that CIMB will revise its interest rate with effect from 1 November 2020.

Key features

  • Bonus interest rates. Earn bonus interest rates for the first $100,000 of your account balance.
  • Simple interest structure. You’ll be award with higher interest rates depending on how much you have in your CIMB FastSaver account, in three incremental tiers (the first $50,000, next $25,000 and the following $25,000). Balance over $100,000 will accrue interest based on the prevailing rates.
  • Shariah-compliant equivalent available. The CIMB FastSaver-i account is also available if you require the Shariah-compliant equivalent of this account

Fees and limits

  • Early account closure fee. If you wish to close your account within the first 6 months of opening, you’ll incur a $50 penalty fee.
  • Excess limit fee. Incidental overdraft for accounts without credit limits will be charged at SGD Prime Rate + 5% or a minimum of S$20 (whichever is higher).
  • Monthly account fee. You’ll be charged a S$1 monthly account fee if you have yet to opt out of paper statements.

Pros and cons


  • Higher interest rates. The CIMB FastSaver account offers various interest tiers based on the size of your account balance.
  • Zero fees. The account doesn’t charge any opening, monthly or fall below fee. However, you’ll need to maintain at least $1,000 to accrue interest.
  • No complicated conditions. Unlike other bonus saver accounts in Singapore, the CIMB FastSaver account does not required you to fulfill a range of criteria to be eligible for bonus interest rates.
  • Quick and easy application. The online form takes about five to 10 minutes to complete.


  • No bonus interest for any additional balance over $100,000. Subsequent balance over $100,000 will accrue a flat 0.3% p.a. interest rate.
  • Initial deposit. You need to deposit at least S$1,000 to set up this account.
  • Early account closure fee. You’ll incur a S$50 early account closure fee should you terminate the account within six months of setting up.

How to sign up

To apply for the CIMB FastSaver account, you may do so online or in-person at your nearest CIMB branch. Existing CIMB customers can apply via CIMB Clicks under e-Application.

Before applying, you should make sure that you meet the eligibility criteria and have the required documents on hand. Note that the CIMB FastSaver account requires an initial deposit of $1,000.

Online application process

  1. Click on the ‘Apply now’ button on the CIMB FastSaver account page.
  2. Select your preferred mode of application.
  3. For customers with SingPass: click on ‘Apply with MyInfo’. This will allow you to prefill the application by retrieving personal data from MyInfo.
  4. If you don’t none of the above, click on ‘Proceed to complete form’ to fill up a short online application form.
  5. Fill in the required fields and upload any necessary documents.
  6. Submit your application.
  7. Allow time for CIMB to get in touch with further instructions.


To apply for a CIMB FastSaver Account, you must be:

  • A Singaporean, Singapore PR or foreigner with a valid visa.
  • At least 16 years old.

Required information

If you’re a new CIMB customer, make sure to have the following documents on hand:

  • Singaporeans and permanent residents:
    • Front and back photocopy of your NRIC/passport
    • Proof of residential address (if it’s different from the one in your NRIC)
  • Foreigners:
    • Valid passport
    • Proof of employment/study or visit pass
    • Proof of residential address: e.g. utility bills, telco bills, bank statements or letters from government bodies dated within the last 3 months.

The verdict

Like many other bonus saver accounts in Singapore, such as the DBS Multiplier, OCBC 360 account, interest rates for the CIMB FastSaver account will also be lowered starting from 1 November 2020 due to the coronavirus outbreak.

However, the CIMB FastSaver account is still worth considering if you prefer a straightforward and hassle-free way of earning bonus interest rates — which is simply to grow the size of your account balance — instead of fulfilling other complicated and often expensive criteria such as meeting high credit card spend and committing to an investment or insurance product.

Before you decide on the CIMB FastSaver account, make sure to compare other high interest savings accounts to find one that suits your needs.

Compare with other savings accounts

Name Product Minimum Initial Deposit Fall below monthly fees Minimum annual interest rate Maximum annual interest rate
0.05% p.a.
2% p.a.
Unlock higher interest when you credit your salary, save a preset amount and make no withdrawals from this special savings account.
SC JumpStart Account
1% p.a.
A day-to-day banking account with attractive interest rates and cashback on debit card spending for young adults Between 18 and 26 years old.
CIMB StarSaver (Savings)-i Account
CIMB StarSaver (Savings)-i Account
0.3% p.a.
0.3% p.a.
This Shariah-compliant savings account come with competitive profit rates and a wide range of banking features.
UOB Stash Account
UOB Stash Account
0.05% p.a.
1% p.a.
This simple, no-frills account offers competitive interest when you maintain or increase your monthly average balance.

Compare up to 4 providers

Disclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars. Please check with the provider for deposits and rates in other amounts and currencies.

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