4 Signs You’re In Need Of A New Savings Account

Yen Joon

Yen Joon

Last updated 29 November, 2023

Most of us are too comfortable with our existing savings accounts. However, in this high-interest rate environment, it could be beneficial for you to switch to another savings account. Here are some telltale signs when it’s time to explore other options. 

We are creatures of habit by nature and probably think it’s not worth the hassle to switch to another savings account. 

But given today’s digital landscape of online applications and FAST transactions, it doesn’t warrant a reason to miss out on the opportunity to earn higher interest rates, especially when banks are offering competitive rates, and inflation is on the rise. 

So, if you’re still in two minds about switching, here are four obvious signs that it’s time to explore a new savings account. 

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#1. The interest rate is too low

The last thing you want in a savings account is one that earns you a paltry interest, especially if all you want to do is save. In this current high-interest rate environment, banks are offering incremental interest of anywhere from 2.50% p.a. to as high as 7.88% p.a. on their savings accounts.  

So, if you’re not getting the best possible interest rate from your account, it’s time to jump on that bandwagon and start earning for your savings.


#2. You need to jump through hoops to earn bonus interest

What you need to remember is that the base interest rate or prevailing base interest for most savings accounts starts from around 0.05% p.a., but banks typically pay bonus interest if you can meet certain requirements such as:

  • Crediting your salary
  • Spending a minimum amount on your debit/credit card
  • Increasing your monthly balance
  • Making bill payments
  • Locking your money in for a period of time
  • Purchasing investment/insurance products with the bank

Understandably, it’s almost impossible to meet all the criteria, and if you find it challenging to jump through all these hoops to earn the bonus interest, it’s probably a good sign that you should look for a savings account with less stringent requirements. 

#3. You’re paying fees and penalties

Most savings accounts charge a monthly minimum balance fee when your monthly average balance falls below the stipulated minimum balance. Depending on your account, this fee can range from S$2 to up to S$50 per month.  

Obviously, these monthly fees will eat into your interest earnings and reduce your savings. So, if you find yourself paying a monthly fee, you may want to consider switching to another savings account.

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#4. Your savings exceed the interest rate cap

Don’t be fooled by fast numbers; read the conditions. Some savings accounts cap the interest you earn based on your account balance. This can deter those with larger balances as it means that not only will you be earning lesser interest for your whole balance, but you’ll probably be looking at multiple savings accounts just to earn interest. 

Thus, if you have lots of cash stored in a savings account and want to earn the highest interest rate possible, consider moving your funds into a savings account that offers a higher interest rate for large balances or consider splitting your money over multiple savings accounts.

For instance, CIMB Bank’s savings accounts do not impose any interest cap on the amount in your account, so you can earn 3.50%* p.a. even if you have large balances. 

CIMB Bank’s savings accounts promotion: earn 3.50%* p.a. interest from your first dollar

CIMB Bank is currently offering a limited-time promotion for new-to-bank customers, where you’ll be able to enjoy a promotional rate of 3.50%* p.a. from your first dollar without jumping through hoops. You can enjoy this promotion for six months as long as you open a CIMB FastSaver or CIMB StarSaver Account by 31 December 2023.

Below are the benefits of CIMB Bank’s savings accounts:

No interest cap

Most banks impose an interest rate cap after a certain amount. However, CIMB Bank’s savings accounts’ promotion does not have any interest rate cap, so you can continue enjoying a high-interest rate regardless of the amount you have in the bank. This is great for high-income earners or those with large bank balances. 

No need to jump through hoops

As mentioned, most banks offer bonus interest when you fulfil multiple conditions, whether it’s increasing your bank account balance each month, meeting a minimum card spend, or crediting your salary.

With CIMB Bank’s savings accounts, there’s no need to meet such complicated requirements; you can enjoy a high rate of 3.50%* p.a. from your first dollar without jumping through hoops, so you don’t have to worry about performing continuous tasks such as spending on your credit card, crediting your salary via GIRO, or buying insurance products. 

No fall-below fees

There’s no fall-below fee on your monthly balance, so you don’t have to worry about paying any fees if your bank balances drop to a certain level. You’ll earn 3.50%* p.a. interest as long as there’s S$1,000 in the account, and you maintain or increase your month-end balance against the previous month-end balance.

No lock-in period

CIMB Bank’s savings accounts also have no lock-in period, meaning you can withdraw your money at any time you want without penalty. This is unlike fixed deposits, where your money is usually locked up for a certain duration. 

This flexibility makes CIMB Bank’s savings accounts ideal for gig workers who don’t have regular monthly incomes.

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CIMB Bank’s savings accounts vs other savings accounts

Savings account

Base interest rate (p.a.)

Interest rate cap

Monthly fall-below fees

Need to fulfil multiple conditions?

CIMB FastSaver Account





UOB One Account


Capped at first S$100,000

S$5 for balances below S$1,000


OCBC 360 Account


Capped at first S$100,000

S$2 for balances below S$3,000


DBS Multiplier Account


Capped at first S$100,000

S$5 for balances below S$3,000


Standard Chartered Bonus$aver Account


Capped at first S$100,000

S$5 for balances below S$3,000


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How to apply for CIMB Bank’s savings accounts

To be eligible for the CIMB FastSaver or StarSaver Account (Savings), you need to be at least 16 years old and deposit a minimum of S$1,000. You can also apply for either Individual and/or Joint Accounts.

Applying for CIMB Bank’s savings account is easy as you can apply online via SingPass, or fill in the online application if you don’t have one. From there, deposits can easily be made via FAST.

*Terms and conditions apply. SGD deposits are insured up to S$100k by SDIC.

This article is written in partnership with CIMB.

Read these next:

CIMB FastSaver Account Review: Features, Minimum Balance & More
CIMB StarSaver (Savings) Account Review: No Hoops To Jump Through
CIMB World Mastercard Review: Unlimited 2% Cashback With a Hint of Luxury
CIMB Visa Infinite Credit Card Review: Premium Credit Card with S$0 Annual Fee

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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