CIMB current accounts
Enjoy a host of benefits and fuss-free banking with CIMB.
CIMB offers a range of current accounts that can appeal to many people — from couples and families to pre-retirees and retirees. Read on to find out more about CIMB current accounts, including features and fees.
S$1
Monthly fee
S$5,000
Minimum Initial Deposit
S$0
Fall below monthly fees
With CIMB current accounts, you can issue cheques and manage your daily transactional needs all in one place. Learn more about the different current accounts offered by CIMB Bank, as well as their features and fees in this review.
About CIMB Bank
CIMB Bank Berhad of Singapore (CIMB Bank) is a wholly-owned subsidiary of CIMB Group, a leading Malaysian bank headquartered in Kuala Lumpur. Operating on a full banking licence in Singapore, CIMB Bank offers full suite of personal and commercial banking services.
What features come with CIMB current accounts?
CIMB current accounts differ across account types, but you can generally expect the following features:
- Attractive interest rates
- Online banking facilities
- Virtual and on-the-phone support features
What current accounts does CIMB offer?
Here are some CIMB current accounts you may wish to consider when opening a new account:
What features come with CIMB current accounts?
CIMB current accounts differ across account types, but you can generally expect the following features:
- Attractive interest rates
- Online banking facilities
- Virtual and on-the-phone support features
What fees are charged with CIMB current accounts?
Here are some common fee types you may encounter with a CIMB current account:
- Fall-below fee. CIMB current accounts may charge you a fee when your bank balance drops below a specified minimum amount. For instance, the CIMB SGD Current Account (Non-interest Bearing) imposes a a$20 monthly fee if your average daily balance falls below $3,000.
- Early account closure fee. If your account is closed before a stipulated time period, you may face early account closure costs. This applies to the CIMB FastSaver Account, where early closure results in a $50 penalty fee.
- Counter transaction fee. Counter transactions tend to come with a minimum charge of $5.
- Monthly account fees. Select CIMB current accounts, such as the CIMB StarSaver Account, charge a monthly fee of S$1. However, this fee may be waived if you opt out of paper statements.
- Miscellaneous fees. CIMB charges fees for miscellaneous costs, such as costs related to getting a new ATM card and transacting in foreign currencies.
How do I open a current account with CIMB?
You can open a CIMB current account in the same manner as you would open any other Singapore current account. Once you’re certain that you’re eligible for your desired account, gather the essential documents and apply.
If you’re an existing CIMB account holder and are looking to open another, you can apply for a new account promptly through CIMB’s online banking services.
New applicants (Singapore citizens and PRs) can apply with their SingPass, a simple and secure application process that speeds up the process by retrieving your personal details and income information directly from MyInfo. Alternatively, you can also fill up an online application form listed on CIMB website if you don’t have a SingPass account.
Eligibility criteria
The specific eligibility criteria may vary depending on the specific CIMB account you’re applying for, but you’d typically need to meet these requirements:
- Age. You must be at least 18 years of age
- Residency. Singapore citizen, permanent resident or foreigner with a valid permit.
Required documents
Make sure you have the following information and documents ready when you apply:
- Singapore citizens and permanent residents. ID and the latest copy of a proof of residence (e.g. local utility bill, local telecommunication bill, local bank statement)
- Foreigners working in Singapore. Passport, Employment Pass, proof of residence (e.g. IPA issued by MOM, Work Permit issued by MOM)
- Foreigners studying in Singapore. Passport, matriculation or student card approved by the ICA, or proof of residence (e.g. utility bill, telecommunication bill, bank statement)
The verdict
Ultimately, the best CIMB current account will be one that suits your banking needs best.
For example, the Junior Saver Account will be best for young savers, while the Foreign Currency Current Account will be more appropriate for individuals who make frequent overseas transactions.
If you’re looking for Shariah-compliant bank accounts, you’d be pleased to know that CIMB offers them. This is rare in Singapore, and thus is a unique product offered by CIMB banking.