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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S$0

Monthly fee

S$0

Fall below monthly fees

1% p.a.

Maximum annual interest rate

Details

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 three bonus interest tiers solely base on the size of your account balance – without the need to meet any complicated criteria such as salary crediting, investment or other forms of additional spending.

If you have the CIMB Visa Signature Card as well, you’d be able to earn a higher interest rate of up to 1% p.a. on your first S$10,000 of your account balance.

The bonus interest rates are accurate as of 16 August 2021 and are subject to change:

Account balancePrevailing interest (p.a.)Interest rate for FastSaver + Visa Signature
First $10,000

0.3%

1.00%

Next $65,000

0.3%

0.3%

Above $75,000

0.15%

0.15%

Sign-up promotion: CIMB Visa Signature

From now till 31 October 2021, apply for the CIMB Visa Signature card and get up to S$120 cash credit when you spend at least S$500/ month for two consecutive months (first 60 days) after card approval.

Key features

  • Bonus interest rates. Earn bonus interest rates for the first $75,000 of your account balance.
  • Simple interest structure. You’ll be award higher interest rates depending on how much you have in your CIMB FastSaver account, in two incremental tiers (the first $10,000 and the next $65,000). Balance over $75,000 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

Pros

  • Higher interest rates. The CIMB FastSaver account offers multiple 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 require you to fulfil a range of criteria to be eligible for bonus interest rates.
  • Quick and easy application. Complete your application for this account online in approximately 5 to 10 minutes.

Cons

  • No bonus interest for any additional balance over $75,000. Subsequent balance over $75,000 will accrue a flat 0.15% p.a. interest rate.
  • Initial deposit. You need to deposit a minimum balance of S$1,000 upon setting up the account.
  • Early account closure fee. CIMB charges a S$50 early account closure fee if the account was opened for less than six months.

How to sign up

If you’ve compared your options and decide to apply for the CIMB FastSaver account, you may do so online or in person at any CIMB branch. For existing CIMB customers, you can also enjoy the convenience of applying directly via CIMB Clicks.

Before applying, make sure that you meet the eligibility criteria and have all the necessary documents ready. The CIMB FastSaver account also 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. If you’re a Singaporean or PR, you may prefill the application by retrieving personal data from MyInfo.
  4. Alternatively, 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. CIMB will then get in touch with further instructions on your account application.

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.

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 have been lowered since 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

1 - 20 of 47
Name Product Mobile View Savings Account Minimum Initial Deposit Fall below monthly fees Minimum annual interest rate Maximum annual interest rate
OCBC 360 account
  • Minimum Initial Deposit

    S$1,000

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    2.78% p.a.

S$1,000
S$2
0.05% p.a.
2.78% p.a.
Earn competitive bonus interest on the first $75,000 of your balance when you credit your salary, save, insure or invest with this account
SC Bonus$aver Account
  • Minimum Initial Deposit

    S$0

  • Fall below monthly fees

    S$5

  • Minimum annual interest rate

    0.01% p.a.

  • Maximum annual interest rate

    2.38% p.a.

S$0
S$5
0.01% p.a.
2.38% p.a.
Unlock up to 2.38% p.a. of bonus interest on the first S$80,000 deposit and access up to 14 different currencies with this account.
DBS eMySavings Account
  • Minimum Initial Deposit

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  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    0.25% p.a.

S$50
S$0
0.05% p.a.
0.25% p.a.
Grow your balance with a savings account that offers higher interest rates when you credit a preset amount each month.
DBS Multiplier Account
  • Minimum Initial Deposit

    S$0

  • Fall below monthly fees

    S$5

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    3% p.a.

S$0
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0.05% p.a.
3% p.a.
Multiply your savings with bonus interest rates when you credit your income and meet all the account's criteria.
UOB Stash Account
UOB Stash Account
  • Minimum Initial Deposit

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  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.05% p.a.

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S$1,000
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Grow your savings and earn increasingly higher interest rates for the first S$100,000 of your account balance.
Maybank iSAVvy Savings Account
Maybank iSAVvy Savings Account
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    S$500

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.19% p.a.

  • Maximum annual interest rate

    0.5% p.a.

S$500
S$2
0.19% p.a.
0.5% p.a.
Meet day-to-day banking needs and achieve your saving goals by creating sub-accounts through online banking.
Maybank SaveUp Account
  • Minimum Initial Deposit

    S$500

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.25% p.a.

  • Maximum annual interest rate

    2.75% p.a.

S$500
S$2
0.25% p.a.
2.75% p.a.
Save and engage in qualifying Maybank products to unlock a maximum interest rate of 3% p.a. on the first S$50,000 of your balance.
POSB eMySavings Account
POSB eMySavings Account
  • Minimum Initial Deposit

    S$0

  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    0.25% p.a.

S$0
S$0
0.05% p.a.
0.25% p.a.
Earn special interest rates when you grow your month-to-month balance consistently with this preset monthly savings account.
POSB SAYE Account
POSB SAYE Account
  • Minimum Initial Deposit

    S$0

  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    2% p.a.

S$0
S$0
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
  • Minimum Initial Deposit

    S$0

  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0%

  • Maximum annual interest rate

    0.4% p.a.

S$0
S$0
0%
0.4% 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) Account
  • Minimum Initial Deposit

    S$1,000

  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0.3% p.a.

  • Maximum annual interest rate

    0.3% p.a.

S$1,000
S$0
0.3% p.a.
0.3% p.a.
A savings account with competitive interest rates and access to over 6,000 CIMB ATMs across the region.
KrisFlyer UOB Account
  • Minimum Initial Deposit

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    S$2

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    0.05% p.a.

S$1,000
S$2
0.05% p.a.
0.05% p.a.
Access your finances anytime with this interest-bearing passbook savings account.
CIMB StarSaver (Savings)-i Account
CIMB StarSaver (Savings)-i Account
  • Minimum Initial Deposit

    S$1,000

  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0.3% p.a.

  • Maximum annual interest rate

    0.3% p.a.

S$1,000
S$0
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.
BOC SmartSaver
BOC SmartSaver
  • Minimum Initial Deposit

    S$1,500

  • Fall below monthly fees

    S$3

  • Minimum annual interest rate

    0.3% p.a.

  • Maximum annual interest rate

    0.5% p.a.

S$1,500
S$3
0.3% p.a.
0.5% p.a.
Designed for BOC Multi-Currency Savings (MCS) account holders, this savings plan offer bonus interest when you meet certain requirement.
POSB My Account
POSB My Account
  • Minimum Initial Deposit

    S$0

  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    2% p.a.

S$0
S$0
0.05% p.a.
2% p.a.
This simple savings account has no minimum balance requirement and comes with a wide range of essential banking features.
CIMB FastSaver Account
CIMB FastSaver Account
  • Minimum Initial Deposit

    S$1,000

  • Fall below monthly fees

    S$0

  • Minimum annual interest rate

    0.15% p.a.

  • Maximum annual interest rate

    1% p.a.

S$1,000
S$0
0.15% p.a.
1% p.a.
The CIMB FastSaver is a savings account that offers tiered interest rates based on the size of your account balance
UOB Passbook Savings Account
UOB Passbook Savings Account
  • Minimum Initial Deposit

    S$500

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    0.5% p.a.

S$500
S$2
0.05% p.a.
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Manage your finances anytime, anywhere with this simple savings account with high daily interest rate.
OCBC Bonus + Savings Account
OCBC Bonus + Savings Account
  • Minimum Initial Deposit

    S$5,000

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    0.5% p.a.

S$5,000
S$2
0.05% p.a.
0.5% p.a.
A simple, no-frills savings account that offers higher interest when you grow your month-to-month balance and make no withdrawals, up to 0.5% p.a.
POSB Everyday Savings Account
POSB Everyday Savings Account
  • Minimum Initial Deposit

    S$0

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    0.2% p.a.

S$0
S$2
0.05% p.a.
0.2% p.a.
An everyday savings account that offers cashback on your DBS/POSB debit card spend.
UOB Lady’s Savings Account
  • Minimum Initial Deposit

    S$1,000

  • Fall below monthly fees

    S$2

  • Minimum annual interest rate

    0.05% p.a.

  • Maximum annual interest rate

    0.05% p.a.

S$1,000
S$2
0.05% p.a.
0.05% p.a.
Benefit from complimentary medical insurance cover, free annual health screenings and more with this female-only savings account.
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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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