CIMB Savings Promo: Earn Up to 5.40% p.a. for New Customers and 3.90% p.a. for Existing Customers

In the month of August, CIMB is offering a savings promo for new and existing customers alike with relatively attractive interest rates. New customers can get as much as 5.40% p.a. on S$25,000 of savings while existing customers can get 3.90% p.a. on the same amount.

Amounts exceeding S$25,000 still get a relatively decent interest rate of 3.40% p.a without a cap, so this promo is also worth considering for larger amounts. The promotional rates will apply to funds until 31st October 2024.

New Customers: get up to 5.40% for salary crediting and credit card spend

Deposit
For those new to CIMB bank accounts, you should sign up in the month of August 2024 and deposit at least S$5,000. This will get you 3.40% p.a. interest on your funds without cap.

Credit
Thereafter, you should credit at least S$1,000 of salary to get additional 0.50% p.a. on the first S$25,000. If you can’t meet this requirement, you can also set up a recurring monthly transfer of S$1,000 via GIRO from a non-CIMB account to qualify.

Spend
Lastly, spend S$300 on your CIMB Visa Signature Card to get additional 1.00% p.a. on the first S$25,000, or S$800 for additional 1.50% p.a.

Completing all the requirements can get you up to 4.90% p.a. (for S$300 spend) or 5.40% p.a. (for S$800) on the first S$25,000. Amounts beyond that will still get 3.40% p.a (except for the slightly higher 3.50% p.a. rate on amounts between S$50,000 to S$75,000).

Account Balance	Prevailing Interest Rate	Bonus Interest Rate	Total Interest Rate	Bonus Rate For Salary Credit / Recurring Transfer	Bonus Rate For Card Spend
First S$25,000	1.50% p.a.	1.90% p.a.	3.40% p.a.	0.50% p.a.	S$300 spend: 1.00% p.a. S$800 spend: 1.50% p.a.
Next S$25,000	2.50% p.a.	0.90% p.a.	3.40% p.a.	N/A	N/A
Next S$25,000	3.50% p.a.	0.00% p.a.	3.50% p.a.	N/A	N/A
Above S$75,000	0.80% p.a.	2.60% p.a.	3.40% p.a.	N/A	N/A

Existing Customers

For existing customers, top up at least S$5,000 of fresh funds compared to your month-end balance of 31st July 2024 to unlock 3.40% p.a. interest rate on incremental fresh funds (i.e. if you had S$30,000 at the end of 31st July and you deposit S$10,000, only this S$10,000 will enjoy the bonus interest rate).

You can also opt to credit your salary of at least S$1,000 or have a recurring monthly transfer of at least S$1,000 via GIRO to get bonus 0.50% p.a. on the first S$25,000 of balance, making 3.90% p.a.

Account Balance	Prevailing Interest Rate	Bonus Interest Rate	Total Interest Rate	Bonus Rate For Salary Credit / Recurring Transfer
First S$25,000	1.50% p.a.	1.90% p.a.	3.40% p.a.	0.50% p.a.
Next S$25,000	2.50% p.a.	0.90% p.a.	3.40% p.a.	–
Next S$25,000	3.50% p.a.	0.00% p.a.	3.50% p.a.	–
Above S$75,000	0.80% p.a.	2.60% p.a.	3.40% p.a.	–

Some Analysis

3.40% p.a. for simply depositing your funds without other requirements is a pretty okay deal. It’s slightly better than StanChart’s promo, though it’s worth noting StanChart credits its bonus interest as soon as the month ends while CIMB usually does so at the end of the following month.

Having the option to credit salary for a bonus 0.50% p.a. isn’t too hard a task to complete, I suppose, and if you do find that difficult, CIMB even lets you do a standing transfer from your other bank accounts. The only downside is that this 0.50% p.a. only applies to S$25,000 of balance, or about S$10.40 of interest per month.

For new customers, the credit card spend is quite worth looking at. At S$300 spend, we are gaining 1% p.a. bonus interest and that is roughly S$20.80 on S$25,000. That’s almost 7% cashback on that S$300 of spend! At S$800, the 1.5% p.a. bonus interest translates to about S$31.20 on S$25,000, which is 3.9% cashback. Don’t forget also that hitting S$800 of spend also unlocks CIMB Visa Signature’s higher earn rate.

It seems like CIMB is dipping its toe into salary and card spend requirements like what other banks have doing for years. It’s not too bad so far, but the S$25,000 cap is perhaps a little too low to be jumping through hoops for.

Worth It?

Personally, I think this savings promo is a decent option to look at for someone who wants a fuss-free place to store some savings. It is a very close alternative to e$aver and gives the option to get bonus interest on the first S$25,000.

There are other options that might be more suitable such as HSBC EGA’s promo. If your balance is S$20,000, Chocolate Finance may also be a good pick. While not bank accounts, trading apps can also be a good place to park some savings to get higher returns with their ongoing promos which can give as much as 6.8% p.a. returns.

I intend to rank different savings options so stay subscribed for that as well as more great deals and updates!

Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.

He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.

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