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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
Details
| Product Name | CIMB StarSaver Account |
|---|---|
| Monthly fee | S$1 |
| Minimum Initial Deposit | S$5,000 |
| Minimum balance | S$0 |
| Maximum annual interest rate | 0.7% p.a. |
| Minimum Age Requirement | 18 years old |
| Mobile Payments | Samsung Pay |
| Supported Currencies | SGD |
| More Info |
| Product Name | CIMB Foreign Currency Current Account |
|---|---|
| Monthly fee | S$1 |
| Minimum Initial Deposit | S$0 |
| Minimum Age Requirement | 21 years old |
| Mobile Payments | Samsung Pay |
| Supported Currencies | SGD,USD |
| More Info |
| Product Name | CIMB StarSaver-i Account |
|---|---|
| Monthly fee | S$1 |
| Minimum Initial Deposit | S$5,000 |
| Minimum balance | S$0 |
| Maximum annual interest rate | 0.7% p.a. |
| Minimum Age Requirement | 18 years old |
| Mobile Payments | Samsung Pay |
| Supported Currencies | SGD |
| More Info |
What's in this review?
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 type of CIMB current accounts are there?
Here are some CIMB current accounts you may wish to consider when opening a new account:
- CIMB StarSaver Account. This combined checking and savings account provides high interest rates, and allows users to receive unlimited free cheque books and free withdrawals ASEAN-wide.
- CIMB Foreign Currency Current Account. This foreign currency account, which is available in both SGD and USD, allows you to deposit and withdraw money using cheques, demand drafts or via Electronic Funds Transfer.
- CIMB FastSaver Account. Maintain a minimum deposit of S$1,000 to enjoy an interest rate of up to 1.50% p.a.
- CIMB StarSaver (Savings) Account. This CIMB current account lets you enjoy interest rates at up to 0.7% p.a.
- CIMB Junior Saver Account. This savings account for children aged 12 years. It offers interest rates of 0.7% p.a.
- CIMB Foreign Currency Savings Account. This foreign currency savings account offers you a wide range of major currencies to choose from, including USD, AUD, EUR, GBP and JPY.
- CIMB Foreign Currency Fixed Deposit Account. This CIMB current account lets you save a fixed sum in a fixed foreign currency for a fixed period at a fixed interest rate. However, there are inherent risks associated with foreign currencies accounts so do contact us to find out more.
- CIMB SGD Fixed Deposit Account. Enjoy fixed interest rates when you deposit your money in this CIMB current account.
Compare a range of current accounts in Singapore
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.
Compare a range of CIMB current accounts in Singapore
What makes CIMB unique?
Besides offering the accounts mentioned above, CIMB offers Shariah-compliant bank accounts. This is rare in Singapore, and thus is a unique product offered by CIMB banking. Here are two of their numerous Shariah-compliant packages.
- CIMB StarSaver-i Account. This is a Shariah-compliant checking and savings account that uses the Shariah concept of Murabahah (mark-up) to facilitate the deposit-taking activity from you to the bank, earning you a profit rate of up to 0.7% p.a.
- CIMB FastSaver-i Account. CIMB FastSaver-i is Singapore’s first Shariah-compliant online savings account which gives you the convenience of opening your account online instantly. You can also earn interest of up to 1.50% p.a. with no fall below fees. CIMB FastSaver-i uses the Shariah concept of Murabahah (mark-up) to facilitate the deposit-taking activity from you to the bank.
Rates are accurate as of 21 September 2020.
What is Islamic banking?
Islamic banking is a non-interest banking system based on the Sharia law and guided by Islamic economics. Instead of paying interest, borrowers are required to give the Islamic bank a share of their profits through equity participation. As an Islamic bank, CIMB offers a wide array of Islamic deposits and financing products as well as potential bonuses in hibah (a word of Arabic origin meaning ‘gift’) that may be distributed at the bank’s discretion.
How will I know which CIMB current account is best for me?
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.
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)