CIMB Savings Account Promo: 3.50% P.A. For 6 Months, No Cap on Amount
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:
| Month | Aug 2023 | Sep 2023 | Oct 2023 | Nov 2023 | Dec 2023 | Jan 2024 |
| Month-end Balance | S$10,000 | S$9,500 | S$10,000 | S$11,000 | S$12,000 | S$12,000 |
| Eligible for Bonus Interest | Yes | No | Yes | Yes | Yes | Yes |
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.
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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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