Have you ever wished for the following?
- A big bowl of noodles served hot and fast in a restaurant on a rainy day
- A no-frills plane ride that gets you to your destination safe and sound
- A simple savings account with high interest rates and no multiple requirements
Sometimes, what we care about as consumers is simply satisfying our basic needs that are devoid of the usual bells and whistles. That is why a savings account offering high interest rates with no multiple conditions answers the clarion call of a group of savers in Singapore.
In the current environment, CIMB Bank savings accounts offer high interest rate of up to 3.5%* p.a. with no multiple conditions to fulfil. That means no credit card spend, no salary crediting, no monthly fees, no investment purchases nor bill payments are required from the account holder. Find out in this review how this interest rate can be further boosted with an ongoing promotion.
^For a limited time only- earn an additional 1% interest p.a. when you make a min. S$250,000 fresh funds deposit into your CIMB StarSaver account and forge a new relationship with CIMB Preferred.
CIMB StarSaver Savings Account
Remember when I said earlier that there are no multiple conditions to fulfil? That is true because the only condition to fulfil for CIMB StarSaver Savings Account is to deposit S$1,000. Thereafter, ensure that this minimum balance is maintained daily to start earning the attractive interest rate as shown in Diagram 1.

Diagram 1: Interest rate offered by CIMB StarSaver Savings Account as at 1 Nov 2022
At 1.5% p.a. interest rate on the first $100,000, I would say that this is very competitive given that no further action is required from the saver. The interest is accrued daily and credited monthly, and the daily interest will be paid on the entire daily balance. I feel that the interest rate gets increasingly attractive as beyond the first $250,000, the return is increased to 3.5% p.a. Most savings accounts from other banks not only set a threshold of $100,000 to earn their enhanced interest rates, they also reduce the interest rate on the amounts thereafter. This is tantamount to telling you to “stop saving”. On the other hand, CIMB StarSaver attracts the big whales with even higher interest rates for higher amounts!
What is often underappreciated is also the absence of fall-below fees. A few years ago, my wife forgot to close one of her savings accounts after transferring the bulk of her monies out. As a result, it fell below the minimum balance and incurred fall-below fee penalties. Therefore, it is good news for customers to know that there is no fall-below fee for the CIMB StarSaver account. We can simply open an account without worrying that it will ever incur a negative return! Finally, do take note that there is also no service charge fee for overseas withdrawals with your CIMB ATM card at over 6,000 ATMs regionally.
CIMB FastSaver Savings Account
For those who have just started saving or slowly building their savings nest, the CIMB FastSaver savings account would be a better option compared to the CIMB StarSaver savings account. As shown in Diagram 2, the interest rate tier accelerates faster for a lower account balance at every tier.

Diagram 2: Interest rate offered by CIMB FastSaver Savings Account as at 1 Nov 2022
Similarly, the only requirement is the need to deposit a minimum initial deposit of $1,000 to open the account and get started. There are no fall below fees, monthly charges and annual fee either.
Earn an additional 1% BONUS interest for 3 months
If 3.5% interest rate is not attractive enough, how about increasing it to 4.5%* p.a. for a period of 3 months? This benefit can be unlocked for those who open a CIMB StarSaver account and deposit a minimum of S$250,000 fresh funds.

Diagram 3: Welcome reward for New-to-Preferred Customers of CIMB Bank
*Inclusive of prevailing interest rates for CIMB StarSaver Account and bonus interest of 1.00% p.a. (exclusive to New-to-Bank CIMB Preferred Customers and New-to-Preferred Customers) across 3 months
In addition, they will also be elevated to enjoy CIMB Preferred Banking privileges. These include a dedicated support team (relationship manager and service hotline) as well as exclusive invites to bespoke events, complimentary airport lounge access and more.
Interestingly, the Preferred customer can also extend his/her Preferred membership to nominated family members. All the family members are required to do is to maintain a minimum Total Relationship Balance of just $5,000! Furthermore, the main Preferred customer receives up to $150* cash credit as a referral fee.
How To Apply For CIMB FastSaver/StarSaver accounts
With an eligibility age of 16 years old and a relatively low threshold of $1,000 to get started, the barrier for application is really easy. SGD deposits of up to $75,000 are also insured by the Singapore Deposit Insurance Corporation (SDIC) under the Deposit Insurance Scheme.
Moreover, it is extremely convenient to apply for a CIMB savings account since this can be done online. Applicants can use Singpass to retrieve MyInfo to minimise the time taken to complete the application form. Upon successful application, the account number will also be made known immediately.
With no fall-below fee, no multiple conditions to fulfil and the high interest rate offered, this makes CIMB savings accounts one of the best savings accounts in Singapore. Its no-frills approach satisfies the innate desires of this nation of savers.
*Terms and Conditions apply. Please refer to www.cimb.com.sg/simplesavings for more information. Apply for CIMB credit cards here as well.
This article is written in collaboration with CIMB and information is correct as at 18 November 2022. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Article published on 3 Dec 2022.
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