I headed down to orchard road after work to go to the bank with only 1 branch in Singapore, CIMB. Reason ? was to open a CIMB StarSaver Savings account.
I knew about CIMB’s presence from their road shows and promotions, but was never interested in them….
Until one day I was chatting with my colleague and discovered the Wonders of CIMB StarSavers Savings Account.
- 0.8% interest per annum
- Minimum to open an account : $1000
- Month end incremental deposit $100
- No fall below fee
I was like serious ? Posb MySavings Account is only like giving me 0.2% with $300 monthly deposit.
Being a Smart consumer, I decided that CIMB will be the place for long term savings ( since there aren’t ATMs anywhere except at the branch ) and MySavings Account could be for additional spending instead since they have no fall below fee ( at time of writing ).
So opening CIMB StarSavers savings account instantly gave me 4X the interest I was previously enjoying without much hassle.
Remember to opt out of the Paper Statements so as not to incur $1 every month.
I also noticed that most promotions for savings account start off with a relatively attractive interest rate to draw customers in, but after a while the rates will drop for new customers so its usually good to be a first mover for such programs from the banks. Good deals become less good after a while.