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CIMB FastSaver Account Review (2023): Features, Minimum Balance & More

Yen Joon

Yen Joon

Last updated 01 December, 2023

Free of convoluted conditions, the CIMB FastSaver Account won’t have you jumping through hoops to earn maximum interest.

Savings accounts typically require you to meet certain requirements in order to be ‘rewarded’ with a higher interest rate. Thankfully, this is not the case with CIMB FastSaver Account.

The CIMB FastSaver Account allows you to effortlessly earn 3.50% p.a. interest on your savings, without the need to meet multiple requirements. 

Let’s take a deeper look at the CIMB FastSaver to see why this might be one of the best savings accounts for Singaporeans.

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Table of contents

CIMB FastSaver Account overview

CIMB FastSaver product summary: 

  • Promotional rate (until 31 December 2023): 3.50% p.a. 
  • Maximum interest rate (until 31 December 2023): 3.50% p.a.
  • No need to jump through hoops to earn the maximum interest rate
  • Minimum initial deposit: S$1,000
  • Monthly fall-below fee: S$0

How the CIMB FastSaver Account works

Unlike most other savings accounts where you'll need to meet several terms and conditions to earn bonus interest, the CIMB FastSaver Account is a no-frills account that doesn't require you to meet complicated requirements.

It offers a base interest rate of 1.50% p.a. on the first S$25,000 of your savings and up to 3.50% p.a. on your first S$75,000. You can earn this interest without having to meet a minimum card spend, buy an investment or insurance product, or credit your monthly salary.

FastSaver balance (from 1 November 2022)
FastSaver only interest rate^
Both FastSaver & Visa Signature (min. S$300* card spend per statement month) interest rate
Both FastSaver & investment / insurance* interest rate
FastSaver, Visa Signature (min. S$300* card spend per statement month) & investment / insurance* interest rate
First S$10,000
Next S$15,000
Next S$25,000
Next S$25,000
Above S$75,000

In fact, the base interest rate offered by the CIMB FastSaver Account is significantly higher than other banks. This fuss-free structure makes it one of the best savings accounts for parking your emergency funds or savings. 

Furthermore, you can also earn bonus interest rates if you spend at least S$300 per statement month with your CIMB Visa Signature Card (up to 2.20% p.a.), invest in CIMB investment or insurance products (up to 3.50% p.a.), or fulfil both criteria (up to 4.20% p.a.). 

Another benefit of the CIMB FastSaver Account is there's no lock-in period or monthly fall-below fees. Though, you need a minimum of S$1,000 to start the account and maintain a monthly average balance of S$1,000 to earn interest. 


CIMB FastSaver Account promotion

CIMB FastSaver is running a promotion for new customers, where you can earn an interest rate of 3.50% p.a. on your first dollar for six months. Existing customers can also enjoy 3.50% p.a. Interest on their incremental fresh funds balance for six months.

Account balance

Prevailing interest rates (p.a.)

For New-to-Bank customers:

Bonus interest rates (p.a.)

For New-to-Bank customers: total promotional interest/ profit rates (p.a.)

First S$25,000



= 3.50% (inclusive of prevailing interest/ profit rate)

Next S$25,000



Next S$25,000



Above S$75,000



You can enjoy this promo if you open a CIMB FastSaver Account by 31 December 2023 and deposit a minimum of S$1,000. You need to maintain at least S$1,000 in your account. There’s no need to credit your monthly salary, meet a minimum card spend, or invest with the bank. 

Pros and cons of the CIMB FastSaver Account

Pros Cons
Earn 3.50% p.a. without jumping through hoops if you open an account by 31 December 2023 Minimum initial deposit of S$1,000
No fall-below fees, lock-in period, and monthly charges Early closure fees of S$50
Both individual and joint accounts are available  

Why should you choose the CIMB FastSaver Account?

#1. Earn a high base interest just by storing money in your account

The obvious benefit of the CIMB FastSaver Account is you can earn a bonus interest of 3.50% p.a. just by parking your funds in your account.

As mentioned, you'll get to earn this interest for the next six months as long as you deposit at least S$1,000 by 31 December 2023 and ensure that your funds don't fall below S$1,000.

#2. Choose between opening an individual or joint account

Have a financial goal you’re hoping to achieve in a few years? Whether you’re looking to do it on your own or as a couple, opening up a CIMB FastSaver Account will give you the opportunity to let your money snowball — and help you reach that goal — without any fuss.

What's more, if you have S$10,000 to park in your fixed deposit account, you’ll get to enjoy additional returns on your savings.

#3. Ideal for digitally-savvy professionals who are on the go

Don’t expect to get an ATM card and a chequebook when you sign up for this savings account. CIMB FastSaver is an online savings account, intended to spare you from the hassle of visiting a physical branch. Everything you need can be done just by accessing your account on the CIMB Clicks Singapore app.


What charges or fees should you look out for?

  • Minimum initial deposit: S$1,000
  • Fall below fee: Nil
  • Early account closure fee (for accounts closed within six months): S$50
  • Counter transaction: S$5

How to apply?

To apply for a CIMB FastSaver Account, you will first have to meet the minimum age of 16 years old and have at least S$1,000 in savings to deposit in the account.

If you’re an existing CIMB customer, all you need to do is apply online by logging in to your CIMB Clicks internet banking account and select e-Application. 

For new customers, here’s what you need to do:

Step #1: Provide a scanned copy of your NRIC/passport, proof of residential address and e-signature. Alternatively, you can save time by retrieving these details via SingPass. Your CIMB FastSaver Account number will be issued instantly.

Step #2: Transfer your initial deposit (min. of S$1,000) to your new CIMB FastSaver Account. 

Step #3: Download the CIMB Clicks Singapore app to activate your account and set up your Digital Token. Once done, you can access your account at any time.


CIMB FastSaver Account vs other savings accounts

Savings account

Interest rate

Minimum initial deposit


CIMB FastSaver

3.50% p.a. (until 31 December 2023)


No fall-below fee, monthly service fee, or multiple conditions (including salary crediting)

Citi Interest Booster Account

1.50% p.a. base interest on your first S$50,000

Up to 4.00% p.a. interest

None required

2% cash back with the Citi Cash Back+ Mastercard as primary Interest Booster account holder

Fall-below fee of S$15/mth if monthly average balance is less than S$15,000

DBS Multiplier 

1.50% p.a. interest on credit card/PayLah! Retail spends without income crediting

Up to 2.20% p.a. interest on first S$50,000

Up to 4.10% p.a. interest on first S$100,000

None required

Fall-below fee of S$5/mth if monthly average balance is less than S$3,000 (waived for account holders 29 and below)

Hold up to 12 foreign currencies and enjoy interest 

OCBC 360 Account

Up to 4.65% p.a. EIR on first S$100,000 with salary credit, save and spend

Additional 3% p.a. EIR when you insure and invest 


Fall below-fee of S$2/month if average monthly balance is less than S$3,000 (waived for first year)

UOB One Account

Up to 7.80% p.a. interest on first S$75,000 with:

- min. salary credit of S$1,600, or make three GIRO transactions monthly 

- make a min. credit card spend of S$500

None required

Fall below-fee of S$5/month if average monthly balance is less than S$1,000

Up to 10% cashback for spends on UOB One Credit Card

SC Bonus$aver Account

Up to 4.88% p.a. interest on first S$100,000 when you credit your salary, spend, invest, insure, and make bill payments

None required

Fall below-fee of S$5/month if average monthly balance is less than S$3,000

Read also: Best Savings Accounts in Singapore to Park Your Money


Is the CIMB FastSaver Account worth it?

Due to its simplicity, CIMB FastSaver is certainly a viable option to consider.
The main draw of the CIMB FastSaver Account stems from its fuss-free nature; you'll earn 3.5% p.a. interest just by parking your funds. There are also no fall-below fees or other charges to mind.

For funds above S$75,000, remember that the Deposit Insurance Scheme only insures up to S$75,000 per depositor per scheme, should your bank fail. 
In other words, it's better to keep your money in separate banks if you have more than S$75,000 in one bank.

That said, if you want a fuss-free alternative but with larger deposits, consider the CIMB StarSaver (Savings) Account. Like the FastSaver Account, the CIMB StarSaver Account currently offers 3.5% p.a. on your funds.  


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Read these next: 
Best CIMB Credit Cards In Singapore
Credit Card Comparison: Maybank Family & Friends Card vs Citi Cash Back vs CIMB Visa Signature Card
Credit Card Comparison: UOB One vs CIMB Visa Signature vs BOC Family
CIMB CashLite Personal Loan Review
Best Savings Accounts in Singapore to Park Your Money

In my past life, I was always broke because of a lack of financial literacy. Now, I publish a few posts every week* on personal finance to help you manage your money better. *I mean, I’ll try


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