CIMB savings accounts offer attractive interest rates to help you grow your wealth in a safe and regulated environment. Setting your life goals and creating your monthly budgets become easy when you know that your money is safely stored in a CIMB savings account and is also earning interest on a daily basis.
CIMB offers a range of different accounts keeping the different needs and expectations of the Singaporeans in mind. From Shariah-compliant savings accounts to accounts for minors aged 12 years and below, CIMB offers a complete gamut of savings accounts.
The bank also doesn’t charge service fees and associated administrative fees on some of its savings accounts. A CIMB savings account can be opened online in a hassle-free manner. Your account number will be assigned almost instantly after you have successfully submitted your online application.
Once approved, you can keep track of your daily transactions with your personal internet banking account. You’ll also have access to monthly e-statements that will help you know whether you’re in line with your financial objectives or not.
The bank usually desists from enforcing additional criteria such as salary crediting, credit card spend, or online transactions to either determine your application or the interest rate you’ll enjoy on your deposits. You may also enjoy special discounts, offers, and privileges on some of the savings accounts offered by the bank.
The bank also offers multiple account top-up options – funds transfer, in-branch deposits, mail-in cheque, and GIRO. Transferring funds to and from your CIMB bank account is complete safe and extremely easy.
Types of Savings Accounts Offered by CIMB
The bank offers the following savings account options:
- CIMB FastSaver Account
- CIMB FastSaver-i Account
- CIMB StarSaver (Savings) Account
- CIMB StarSaver (Savings)-i Account
- CIMB Junior Saver Account
Features and Benefits: No Fall-Below Fee Is Charged
- Earn an interest of up to 1% p.a. on your savings account.
- Apart from maintaining a minimum balance, you won’t have to fulfil additional requirements to enjoy high interest on your full deposit amount.
- Account number will be assigned instantly when you successfully apply online.
- Retrieve your e-statement in a hassle-free manner with your CIMB Clicks internet banking account.
- No fall-below fee is charged on your savings account.
- Enjoy hassle-free securities trading by linking your savings account to your CIMB Securities Cash Trading account. Funds will be blocked as soon as you make a successful buying bid and will be debited when the transaction is successfully completed.
- Make charitable contributions (zakat) to Wakaf Ilmu using your CIMB Clicks internet banking credentials. This facility is available only on Shariah-compliant savings accounts.
- Complete your account transactions with CIMB Clicks internet banking service.
- Enjoy multiple modes of account top-up.
- No service fee will be charged by CIMB for overseas withdrawals via CIMB ATMs regionally and PLUS ATMs globally. The bank owing the ATM you use for making a cash withdrawal may, however, levy an additional service fee.
Promotions: Get S$30 Cash Credit and a 40% Discount on Takaful Travel on Making a Deposit of S$20,000 to Your CIMB StarSaver-I or FastSaver-I Account
- If you’re a new or existing customer and make an initial deposit or account top-up of S$20,000 into your CIMB StarSaver-i and/or FastSaver-i before 30 June 2018, you’ll receive a cash credit worth S$30 and also enjoy a 40% discount on your Takaful Travel plan. If you deposit an amount exceeding S$10,000 but below S$20,000 in one of the accounts mentioned above before 30 June 2018, you’ll receive a cash credit of S$10 and a 40% discount on Takaful Travel scheme.
- Open a CIMB FastSaver account and top it up with at least S$1,000 between 15 June 2018 and 31 July 2018 to get a limited edition Football Octo plushie. Only the first 300 eligible customers every week during the qualifying period will receive this gift. The offer will be available till stocks last. Check the bank’s website for more details.
- Get a chance to win a trip to exotic places around the world if you’re a CIMB FastSaver account holder. Once 100,000 FastSaver Accounts have been opened, the bank will conduct a grand draw to select winners. If you win, you’ll get a chance to travel to a destination in one of the 4 continents that you have selected and stay there for up to 35 days. You’ll also get a pair of business-class flight tickets, five-star hotel accommodation, and a leave allowance of up to S$20,000, capped at S$10,000 per person. The number of chances you earn for the draw, will be based on your daily average daily balance during the qualifying period. Other terms and conditions may apply.
Fees Applicable on the CIMB Accounts
The following types of fees may apply on your CIMB savings account:
- Minimum Initial Deposit: A minimum initial deposit is an amount that you’ll have to place with the bank when you open a savings account for the first time. The minimum initial deposit value for most CIMB savings accounts is S$1,000 and may be S$5,000 for some accounts.
- Minimum Amount to Earn Interest: This is the minimum threshold below which your savings won’t fetch interest. You’ll have to maintain a minimum amount of S$1,000 in your CIMB savings account (in most cases) to earn a competitive interest rate. For some savings accounts, this value could be S$5,000.
- Early Account Closure Fee: Many banks require that you keep an account open for a certain period before you close them. Closing an account before the expiry of that period, may attract a certain fee. CIMB usually charges a fee of S$50 if you close your account within 6 months.
- Counter Transaction Fee: Some banks charge a token fee for services that are provided over the counter i.e. at the branch. You may have to pay a counter transaction fee as low as S$5 on your CIMB savings account.
- Excess Limit Fee: Some banks charge a fee for overdrawing on your savings account with a set credit limit. If you overdraw on your account (for accounts with predetermined credit limits), CIMB may charge a 5% premium on the current SGD Prime Rate or S$20, whichever is higher. If your account has no credit limit, the bank will apply incidental overdraft charges.
- Monthly Account Fee: This is an administrative charge which many banks charge for issuing paper statements. CIMB usually charges a monthly account fee of S$1. It will be waived if you opt for e-statements instead.
- Charges for Issue of New ATM Card or Linking of Account to Existing ATM Card: Although most banks offer an ATM card free with their savings accounts, sometimes they may charge a token fee for issuing an ATM card or for linking the new account to an existing card. CIMB may charge a fee of S$10 for the same on some savings accounts.
Frequently Asked Questions
Q. What is the minimum age for opening a savings account with CIMB?
A. Generally, the minimum age for opening an account is 16 years. The bank allows those below 16 years of age to open an in-trust account with their parent(s) or legal guardian, when it comes to certain savings accounts. A parent or legal guardian, who is the main account holder for an in-trust account, needs to be at least 18 years old.
Q. How can I earn profit from Shariah-compliant savings accounts?
A. The bank makes a Murabahah (mark-up) arrangement for you and offers you a competitive profit rate in the range of 0.8% p.a. and 1% p.a.
Q. Does the bank charge a fall-below fee?
A. CIMB doesn’t charge a fall-below fee for any of its savings accounts.
Q. What are the benefits offered by Takaful Travel?
A. Takaful Travel is a policy that has been underwritten by United Overseas Insurance Limited. It offers automatic coverage to you if you’re an eligible beneficiary. The benefits include personal accident cover of up to S$250,000, an unlimited number of medical evacuations, and compensation for inconvenience due to trip delays, cancellations, and misconnections.
Q. What is average daily balance?
A. The average daily balance is the total balance that you maintain in your savings account in a month divided by the total number days in that month. This is an accounting method that helps banks determine the minimum threshold below which they won’t offer interest on deposits and/or charge maintenance/administrative fees.