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CIMB StarSaver (Savings) Account Review: No Hoops To Jump Through

Deborah Gan

Deborah Gan

Last updated 01 August, 2023

Want a savings account that gives you high interest without having to hit multiple requirements? CIMB StarSaver (Savings) Account might be your holy grail, offering up to 3.5% p.a. interest rate.

Best savings accounts on SingSaver

Standard Chartered Bonus$aver Account | OCBC 360 UOB Stash Account | Citi Wealth First Account | UOB One Account | Wealth$aver Priority Banking

When it comes to the best savings accounts in Singapore, I’m sure you’ve heard your fair share of the DBS Multiplier and UOB One Account come up in conversations, and for good reason: they both boast high-interest rates of up to 4.1% and 7.8% p.a. respectively.  

But let’s be real, unless you’ve been in the working world for a long time, are wealthy, or are just stacked with emergency funds, not many people can hit the six-figure bank balance required to reach the highest interest.

Looking for a good high-interest savings account without fussing over minimum credit card spend or large funds? Maybe what you need is the CIMB StarSaver (Savings) Account. Not only does it not require any heavy lifting on your part, but the base interest is actually one of the best out there.


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Related to this topic:
Best Savings Accounts in Singapore (2023)
Best Savings Accounts In Singapore To Stash Your Cash
Best Savings Accounts & CDAs for Kids in Singapore
13 Best Fixed Deposit Rates in Singapore to Lock in Your
Best Alternatives To Savings Accounts In Singapore (2023)

How does CIMB StarSaver (Savings) Account Work?

If you’re one who values convenience and wants a straightforward savings account, the CIMB StarSaver (Savings) Account ticks all the boxes. It’s a no-frills account that allows you to earn high-interest rates.

CIMB is currently offering a promotional rate if you open an account by 30 September 2023; you'll earn an interest of 3.5% p.a. on your first dollar for the next six months, with a minimum deposit of S$1,000.

For example, in addition to the 1.5% p.a. base interest on your first S$100,000, you'll earn a bonus interest of 2% p.a. without jumping through hoops! 

Account balance

Interest rate (p.a.)

For new-to-bank customers: bonus interest rates (p.a.)

For New-to-Bank customers

Total Promotional Interest Rates (p.a.)

First S$100,000



= 3.5% (inclusive of prevailing interest/ profit rate)

Next S$150,000



Above S$250,000



The interest reflected here is as easy as it gets. As soon as you reach the required account balance, you’ll be able to earn the interest. You can read the full T&Cs here

What are the benefits of CIMB StarSaver Account?

#1 No hoops to jump through

What truly makes CIMB StarSaver Account stand out from the rest is the lack of requirements you’ll have to fulfil in order to earn higher interest.

Many savings accounts require you to credit your salary, spend a minimum on their corresponding credit card or increase your balance per month. However, this savings account doesn’t need you to do all that. All you’ve got to do is to park your funds into your account and you’re good to go. The higher the funds, the higher the interest you can earn.

So say goodbye to stressing over the credit card minimum spend and purchasing home loans or insurance plans under the same bank just to qualify for higher interest. 

#2 No fall-below fees

We shouldn’t be punished for having a low bank balance. Besides, everyone has their own financial situation and sometimes, we may just need to withdraw large sums in cases of emergency. We shouldn’t need to worry about paying a fall-below fee.

CIMB recognises this and reaffirms that a savings account should help you earn money and not cost you money. That is why they do not charge any fall-below fees. 

Always worrying about spending too much, so your bank balance doesn’t fall below the required amount? With CIMB StarSaver account, you no longer need to!

#3 Increasing interest with higher balance — perfect for high-earners

Unlike other banks that may offer a lower interest rate when your bank balance becomes too high, CIMB rewards you for parking your large funds with them. You’ll be able to earn the maximum interest rate of 3.5% p.a. even if your balance is above S$250,000. What’s even better is that there is no cap as to how high your funds will go in order to hit the maximum interest.

So unlike other banks that offer lower interest once you hit a certain balance and forces you to switch to another savings account, CIMB Starsaver can be your primary savings account or emergency funds account for high-earners with a high net worth.

Are you a high-net-worth individual? You can consider parking your funds in a priority banking account to enjoy the host of lifestyle and banking perks, including a dedicated Relationship Manager.




Comparison of other savings accounts

If you’re still thinking of which high-yield savings account to pick, here’s a side-by-side comparison of the interest rates you’ll be able to earn with other strong contenders. 

The practical interest to be earned is based on an average Singaporean who credits their salary of S$4,000 to their savings account, spends S$500 on the corresponding credit card, saves at least S$500 monthly, and has S$30,000 in their savings account. Here’s how CIMB’s solution fares against some of its competitors out there. 

Savings account Minimum interest rate (p.a.) Maximum interest rate (p.a.) Practical interest rate for S$30,000 (p.a.)
CIMB StarSaver 3.5% 3.5% 3.5% 
CIMB FastSaver 3.5% 3.5% 3.5%
DBS Multiplier 0.05% 4.1% 1.8%
UOB One account 0.05% 7.8% 3.85%
BOC SmartSaver 0.15% 7% 2.6%
OCBC 360 account 0.05% 7.65% 3.85%

UOB One Account

Of the lot, the UOB One Account takes the cake for the highest 'practical' interest that you can earn at 3.85% p.a.

To achieve this, you’ll need:

  • A bank balance of maximum S$30,000; 
  • Spend a minimum S$500 on a UOB card; and 
  • Credit your salary through GIRO 
Account monthly average balance 
Spend min. S$500 per calendar month on eligible UOB Card
Total interest (p.a.)
Spend min. S$500 per calendar month on eligible UOB Card and make 3 GIRO debit transactions
Spend min. S$500 on eligible UOB Card and credit your salary via GIRO
Total interest (p.a.)
First S$30,000 0.65% 2.5% 3.85%
Next S$30,000 0.65% 3% 3.9%
Next S$15,000 0.65% 4% 4.85%
Next S$25,000 0.05% 0.05% 7.8%
Above S$100,000 0.05% 0.05% 0.05%

 Any balance above S$30,000 will earn you an even higher interest rate. However, once your funds hit above S$100,000, your interest rate will be dropped to the base interest of 0.05% p.a.

Though they both have a higher interest rate, you’ll need to jump through a few hoops to get it. So it really depends on whether you’re willing to commit to the minimum spend on the corresponding credit cards. 

Additionally, if your bank balance hits a certain amount, your interest rate drops significantly.

OCBC 360 Account

Account balance Credit your salary of at least S$1,800 through GIRO Increase your average daily balance by at least S$500 monthly Charge at least S$500 to selected OCBC credit cards each month Purchase an eligible insurance product form OCBC Purchase an eligible investment product from OCBC Maintain an average daily balance of at least S$200,000
First S$75,000 2% 1.2% 0.6% 1.2% 1.2% 2.4%
Next S$25,000 4% 2.4% 0.6% 2.4% 2.4% 2.4%
Effective interest rate* 2.5% 1.5% 0.6% 1.5% 1.5% 2.4%

Aside from the UOB One Savings Account, the OCBC 360 Account also offers an interest rate of up to 3.85% p.a. on your first S$75,000 if you meet the following criteria:

Condition Interest rate (p.a.)
Credit at least S$1,800 of your salary monthly 2%
Increase your average daily balance by at least S$500 monthly 1.2%
Charge at least S$500 to your OCBC credit card each month 0.6%
Base interest rate 0.05%
Total interest  3.85%

*For maximum EIR illustration purposes for your first S$100,000:
Salary + Save: You will earn a maximum EIR of 4.05% a year.
Salary + Save + Spend: You will earn a maximum EIR of 4.65% a year.
Salary + Save + Spend + Insure / Invest: You will earn a maximum EIR of 6.15% a year.
Salary + Save + Spend + Insure + Invest: You will earn a maximum EIR of 7.65% a year.


CIMB FastSaver: best no-frills savings account 

Similar to the CIMB StarSaver Account, the CIMB FastSaver Account is a no-frills account where you don't have to jump through hoops to earn high interest.

Previously, you could earn a base interest rate of 1.5% p.a. for the first S$25,000 in your bank account and up to 4.2% p.a. on the first S$10,000 of you spend on your CIMB Visa Signature Card and purchase investment/insurance products with CIMB. 

However, like the CIMB StarSaver Account, the CIMB FastSaver Account is also offering new customers 3.5% p.a. interest for the next six months, if they open an account by 30 September 2023:

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



So if you prefer a low-maintenance savings account or have large amounts of funds in your account, then the CIMB FastSaver Account is also worth considering.


Related to this topic:
DBS Multiplier: Most Pandemic-proof Savings Account
UOB One Savings Account Review 2022: Up To 3.6% Interest
CIMB FastSaver Account Review (2022)
OCBC 360 Account Review 2022: Earn Up To 4.05% Interest
UOB Stash Account Review (2022)



How do I apply for CIMB StarSaver (Savings) Account?

To apply for the CIMB StarSaver (Savings) Account, you need to be at least 16 years old and make a minimum deposit of S$1,000. But since CIMB doesn’t charge a fall-below fee, you can withdraw the money anytime. If you’re below 16 years old, you need to open an In-Trust account with a parent or legal guardian.

  • Step 1: Apply through MyInfo
  • Step 2: Upon successful application, activate your account by transferring a minimum deposit of S$1,000 via FAST
  • Step 3: Download CIMB Clicks to access your account and set up your Digital Token

Are there any ongoing promotions?

Though there aren’t any promotions for opening a CIMB StarSaver account, there are ongoing CIMB credit card sign-up promotions on SingSaver, including the CIMB Visa Signature.


SingSaver Exclusive Offer: Receive an Apple iPad 9th Gen 10.2" WiFi 64GB (worth S$503.65) or S$320 Upsized Cash via PayNow when you activate and spend at least S$988 for 60-day periods following card approval. Valid till 1 Oct 2023. T&Cs apply.

Else, there are many other attractive sign-up promotions for other credit cards too.

A mahjong addict with an undying love for dogs, Deborah is always on the hunt for cheap deals because she is always broke. That is why she is attempting to be more financially savvy to be.. less broke


Use a personal loan to consolidate your outstanding debt at a lower interest rate!

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