CIMB Savings Account Promo: 3.50% P.A. For 6 Months, No Cap on Amount

Update: this promo has been renewed for October 2023.

Have a bunch of spare cash and looking for decent rates for the funds? You might be interested in CIMB’s promotional 3.50% p.a. rate for its savings accounts.

The rate will last about 6 months and there is no maximum limit to the deposit amount, so the sky’s the limit to how much funds can attract this promotional rate.

Take note that the promo works differently for new CIMB customers and those who already have CIMB bank accounts.

New customers

For those new to CIMB bank accounts or cancelled their last one more than 12 months ago, you need to open a new CIMB Savings Account online by 30th September 2023 with an initial deposit at least S$1,000 (or S$5,000 for a current account).

Thereafter, you need to maintain or increase your current month’s end balance against the previous month’s end balance.

This means that if your month-end balance is S$10,000 in September 2023, you must have at least S$10,000 or more for your month-end balance in October 2023.

CIMB provides the following example:

MonthAug 2023Sep 2023Oct 2023Nov 2023Dec 2023Jan 2024
Month-end BalanceS$10,000S$9,500S$10,000S$11,000S$12,000S$12,000
Eligible for Bonus InterestYesNoYesYesYesYes

In short, just make sure you have the same or more funds in your account compared against the last month’s balance. Otherwise, you will only receive the base interest (1.50% p.a. for the first S$25,000/S$100,000 for FastSaver/StarSaver).

You can see more details here.

For existing customers

For those with existing CIMB bank accounts, incremental fresh funds will get the 3.50% p.a. rate. Fresh funds are amounts above your month-end balance in August 2023. Registration is required and can be done here.

If your month-end balance in August 2023 is S$5,000 and you have a balance of S$9,500 in September 2023, the additional S$4,500 will get 2% p.a. bonus interest making 3.5% p.a. interest. The first S$5,000 will only the base interest of 1.5% p.a.

This promo is thus great for existing customers with S$0 in their CIMB bank account for the month of August 2023 as every dollar they put in would be considered fresh funds and enjoy the 3.50% p.a. interest rate.

You can see more details here.

Alternatives?

Personally, this seems like a pretty decent option for those who have filled up their UOB One and/or OCBC 360 accounts. I’m compiling a list of places to put spare cash in, so stay subscribed if that’s something that is relevant to you.

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2 thoughts on “CIMB Savings Account Promo: 3.50% P.A. For 6 Months, No Cap on Amount

  1. hi seth..what does their month-end balance mean?
    the average monthly balance (AKA USO stash account) or just require the last day of the month’s figure to be higher than the figure of the last day of the previous month?

    thanks u

    1. Month-end balance literally means balance on the last day of the month. So that’s the number that has to be equal to or more than the reference month’s month-end balance to in order to qualify for any bonus interest. But the interest is calculated daily, i.e. if you topped up $x only on the last day, you would get interest on that $x for only that one day.

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