CIMB Fast Saver

CIMB has got a new savings account that is similar to Starsaver, but more attractive for the first 50k. Full details click here. It makes for a great alternative to the old Starsaver account. No fall below maintenance fee, no service fee, no requirements needed(UOB one, OCBC 360) and no gimmicks. Interest rate balance at two levels:

1.00% p.a for first S$50,000
0.6%% p.a above S$50,000

In addition, from 16th Sep 2015 to 31st Oct 2015, new CIMB customer will receive a cash credit with min initial deposit amount:

1) $10 for $1000
2) $50 for $10,000; or
3) $100 for $25,000

Do note that this promotion is only for brand new CIMB customer(those who have no account with them yet).You would need to maintain the amount transferred for 6 months to receive the cash credit. Hence a fresh transfer of $25,000 exactly, would give you 1% p.a + $100 by the end of 6 months.

I think this is ideal for complimenting with UOB One and OCBC 360. Why? because it doesnt need you to spend or credit your salary, its just a niffy savings account that gives you 1% p.a for the first 50k and compounds every month for you.

From the cash credit table above you can tell that the first row gives the highest interest per fresh dollar. My theoretical idea would be if you have $25,000, and you know of 25 people who wants to open this account, you can ask them to open and deposit $1000 of fresh funds into each of the 25 new accounts. This would yield you $250. That would be effectively 2%(cash credit) + 1%(fast saver) = 3% p.a. That would be the most efficient way in my view, but it would be realistically improbable. More probable work around would be for the $50 credit and the $100 credit as they require lesser people.

Full terms and conditions can click here