There is no such thing as a small amount of savings. With the CIMB FastSaver, you will get competitive rates of interest depending on your balance amount. With no need for specific conditions, this CIMB service offers you a relatively high rate of interest, which is up to 0.30 percent a year.
You simply need to have a minimum balance of S$1,000 to collect the interest on a daily basis and be credited on a monthly basis. The best thing about this CIMB FastSaver account Singapore is that there will be no fall-below fee.
Features of the FastSaver Account in CIMB
Higher rates of interest
FastSaver account provides people a wide array of interest rates depending on the amount of one’s account balance.
To save using the CIMB FastSaver account, you just need a minimum deposit of $1,000.
|CIMB FastSaver account|
|Interest rate (first $50,000)||0.30%|
|Interest rate (next $25,000)||0.50%|
|Interest rate (next $25,000)||0.75%|
|Interest rate (>$100,000)||0.30%|
|Nationality||Singaporeans, PRs, Foreigners|
|Minimum monthly balance||$1,000 (to earn interest)|
|Bonus interest cap||$100,000|
No complicated terms and conditions
Unlike the majority of bonus saving schemes in Singapore, the FastSaver account of the CIMB does not require an account holder to meet a series of criteria to qualify for additional interest rates.
Having a FastSaver account means no monthly, opening, or even fall-below fee. But each account holder needs to have a minimum of S$1,000 to collect interest.
It only takes around five to ten minutes to complete the application form to open FastSaver account.
How to Apply for a CIMB FastSaver Account
To open a CIMB FastSaver account Singapore, you can do it online or offline at the nearest CIMB branch. If you already have a CIMB account, you simply need to apply through the CIMB Clicks.
- Launch the application of CIMB Clicks and select the Apply Now option.
- Choose the mode of the application you prefer.
- If you have SingPass, select the Apply with MyInfo option. It will allow you to fill in the application form by obtaining your personal information from MyInfo.
- However, if you don’t have SingPass, select the Proceed to Complete Form option to fill in the application form.
- Input your personal data into the required boxes and upload all the required documents.
- Check all the data you have provided to ensure there is no incorrect information before you submit the application.
- Wait for further instructions from CIMB.
Required Information for CIMB FastSaver Account Registration
Make sure to prepare the following documents to apply for a FastSaver account:
- Singaporeans: The photocopy of both sides of your passport or NRIC and the proof of your residential address.
- Foreigners: Valid passport, study/visit pass/proof of employment, and evidence of residential address such as bank statements or utility bills.
Things to Look Out For Before Opening a CIMB FastSaver Account
- You will not be able to collect additional interest if your account balance is more than S$100,000. An interest rate of 0.3 percent per year is what you will achieve if your balance is over S$100,000.
- To open a FastSaver account, your initial deposit should be at least S$1,000.
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If there is an unexpected condition that makes you have to terminate your account after around six months of creation, you will be charged a S$50 termination fee.