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
1% p.a.
Maximum annual interest rate
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 balance | Prevailing 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
- Click on the ‘Apply now’ button on the CIMB FastSaver account page.
- Select your preferred mode of application.
- If you’re a Singaporean or PR, you may prefill the application by retrieving personal data from MyInfo.
- Alternatively, 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.
- 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.