CIMB FastSaver used to be one of the best savings account out there. The reason is simple. There are no multiple conditions to fulfill such as salary credit, investments with CIMB or taking up any loan from the bank. The savings account offers you a high 1% interest rate p.a. for the first S$50,000.
The simplicity and high interest rate is the reason that I opened the CIMB FastSaver account. However, good things are coming to an end. CIMB is revising the interest rates for its FastSaver account with effect from 15th July 2020 onwards.
Below are the revised interest rates.
| Account Balance |
Prevailing Interest Rates (%p.a.) |
Interest Rates from 15th July 2020 (%p.a.) |
| First S$50,000 |
1.00% |
0.50% |
| Next S$25,000 |
1.50% |
0.80% |
| Next S$25,000 |
1.80% |
1.50% |
| Above S$100,000 |
0.60% |
0.40% |
Why is CIMB revising interest rates?
The central banks globally have reduced interest rates to prevent further slowdown in economic growth due to the COVID-19 outbreak. In line with the revision of both the...
