When you’ve at all times questioned why we, as customers have to leap via so many hoops simply to earn a excessive rate of interest on our financial savings, you aren’t alone. Actually, I do know of many pals who simply let their money lie idle of their financial institution incomes a paltry 0.05% p.a. just because they are too lazy don’t have any time or can’t be bothered to do all the required steps simply to get just a few hundred {dollars} extra in curiosity annually.
Whereas 2.5% to three% p.a. high-yield curiosity financial savings accounts are an important transfer – and one which we customers have benefited from lately – the truth stays that NOT everybody can meet the standards wanted.
What if a financial institution might create a financial savings account choice that can enable us to earn increased curiosity with out having to emphasize about assembly a number of situations? One which doesn’t require us to do any wage crediting, clock bank card spend, buy insurance coverage or funding merchandise that we don’t need, and so forth.
What if we simply wish to deposit our financial savings and watch them develop?
It’s about time {that a} financial institution made it simpler for folk to earn increased curiosity on our financial savings, and with minimal effort too.
So think about my pleasure when a reader launched me to CIMB StarSaver – one which provides increased curiosity with out you needing to leap via any of the standard hoops in at this time’s market.
For these of you who discover it a problem to need to handle every of your high-yield financial savings accounts each month (simply to ensure you have met the standards for extra curiosity)…you’re gonna love this.
Now you can earn as much as 3.50% p.a. financial savings curiosity with CIMB StarSaver
Psst, learn on to search out out about their newest bonus 1% promotion!
Wanna know easy methods to earn a straightforward 1.50% to three.50% p.a rate of interest with CIMB StarSaver?
- Step 1: Open an account on-line
- Step 2: Deposit >S$1,000
And…that’s it!
I child you not.
It truly is that easy. You not have to fret about fulfilling wage deposit / bank card spend / shopping for insurance coverage merchandise that you simply aren’t actually eager on…while you open a CIMB StarSaver account.
Don’t consider me? Go take a look at how refreshingly brief and candy their T&Cs are .
One of many solely accounts that means that you can earn curiosity past your first S$100k
When you’ve ever questioned why most Singaporeans personal greater than 1 high-yield financial savings account, that’s as a result of sometimes, the excessive rate of interest solely applies on our first S$100,000. Right here’s a screenshot from 2 different banks:
Past your first S$100k, you earn a meagre 0.05% p.a. on the identical account. Unhappy however true.
Which is why in distinction, CIMB StarSaver is extra superior, as a result of it has no restrict on how a lot you wish to deposit to earn the complete 1.50% p.a. to three.50% p.a. rate of interest.
(The one different exception I discovered was BOC, the place you earn as much as a most of 0.60% on S$80k – S$1M while you fulfil their card spend / wage credit score / invoice fee necessities.)
P.S. If you wish to earn as much as 3% p.a. and with out locking your cash up in a hard and fast deposit or a short-term bond, learn until the tip of the article to search out out about CIMB’s bonus 1% p.a. supply.
No fall-below charges
The very last thing you’d need is to open one other financial savings account, deposit your cash, after which depart it apart with out realising the financial institution is deducting cash from it every month for numerous charges, proper?
Properly, that’s what occurred to me a number of years in the past once I opened a financial savings account particularly for my abroad trade. I stored the remaining S$1,000 within the account and left it untouched upon my return to Singapore, however shortly after, the financial institution began to impose fall-below charges. As a result of I wasn’t actively monitoring the account, I used to be left at midnight! You may wager that I terminated my account in a match of anger once I came upon (and after kicking myself for overlooking this within the first place), lol.
So I’m now extra appreciative of banks who do NOT cost any fall-below charges or month-to-month charges, and CIMB StarSaver will get my vote for that.
Right here’s the proof, of their charges schedule right here.
What if I need extra?
At this level you have to be questioning, CIMB StarSaver is THAT good? What about CIMB’s different financial savings accounts then?
In fact, there’s an account for each want:
Right here’s what I might recommend, primarily based in your age and life stage:
When you’re in your 30s – 50s, then CIMB StarSaver can be nice as a result of you’ll be able to simply earn 1.50% p.a.- 3.50% p.a., and with out having to give up your liquidity (comparable to to fastened deposits).
FastSaver can be higher for the youthful people who’re simply getting into the workforce and have lesser money financial savings, as merely spending a straightforward S$300 in your CIMB Visa Signature will provide you with 1.8% p.a. straightaway in your first S$10k:
And naturally, for fogeys , there’s even an account in your little ones. Take a look at the specifically created CIMB Junior Saver Account only for these underneath 12 years of age with rates of interest of 1.50% p.a. – 3.50% p.a., additionally with no different standards wanted.
Abstract
CIMB StarSaver stands out for its refreshing simplicity, as one of many solely few financial savings accounts the place we are able to now earn a straightforward 1.50% p.a. – 3.50% p.a. just by depositing our cash.
I can consider 2 teams of people that will love this:
- Those that have gotten uninterested in leaping via hoops
- Those that have greater than S$100k and usually are not capable of earn increased curiosity on this on their main high-yield financial savings account because of the financial institution’s limits
What’s extra, there’s no lock-up interval, so we get to retain full flexibility over our money as properly. That is actually vital in at this time’s local weather, the place the market might current us with funding alternatives anytime.
I hope this text helps you perceive extra about CIMB StarSaver now. It is probably not talked about as usually, so most individuals aren’t conscious of its advantages, however hopefully, this text will begin altering that.
Sponsored Message from CIMB New to CIMB? Earn an additional 1% bonus curiosity and money credit score while you deposit into StarSaver at this time. Learn how right here. Merely deposit contemporary funds of S$250K or extra to be part of CIMB Most well-liked, and revel in join presents as much as S$12,460! Right here’s how that works:
TLDR: Cease working so exhausting only for additional curiosity – open a CIMB StarSaver Account right here at this time.
Disclosure: This text is written in collaboration with CIMB Singapore. I've additionally personally been a CIMB buyer since pre-COVID. This commercial has not been accepted by the Financial Authority of Singapore.
