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.
S$0
Monthly fee
S$0
Fall below monthly fees
0.3% p.a.
Maximum annual interest rate
What's in this review?
Benefits of the CIMB FastSaver account
- 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.
- Shariah-compliant equivalent available. The CIMB FastSaver-i account is also available if you require the Shariah-compliant equivalent of this account
- Quick and easy application. The online form takes about five to 10 minutes to complete.
How does the CIMB FastSaver account work?
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 balance | Prevailing interest (p.a.) | Rates effective from 1 November 2020 (p.a.) |
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First $50,000 |
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Next $25,000 |
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Next $25,000 |
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Above $100,000 |
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*Do note that CIMB will revise its interest rate with effect from 1 November 2020.
What to look out for
Before applying for the CIMB FastSaver account, make sure to take note of the following:
- 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.
Compare with other savings accounts
How do I open a CIMB FastSaver account?
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
- Click on the ‘Apply now’ button on the CIMB FastSaver account page.
- Select your preferred mode of application.
- For customers with SingPass: click on ‘Apply with MyInfo’. This will allow you to prefill the application by retrieving personal data from MyInfo.
- If you don’t none of the above, click on ‘Proceed to complete form’ to fill up a short online application form.
- Fill in the required fields and upload any necessary documents.
- Submit your application.
- Allow time for CIMB to get in touch with further instructions.
Eligibility
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.
- Customer service hotline. 6333 7777
- Email. atyourservice@cimb.com
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How do I contact support?
If you have any enquiries, you may reach CIMB directly through the following contact details:
Bottom line
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.