When you’ve all the time questioned why we, as shoppers have to leap by means of so many hoops simply to earn a excessive rate of interest on our financial savings, you aren’t alone. In truth, I do know of many mates who simply let their money lie idle of their financial institution incomes a paltry 0.05% p.a. just because they are too lazy don’t have any time or can’t be bothered to do all the mandatory steps simply to get just a few hundred {dollars} extra in curiosity annually.

Whereas 2.5% to three% p.a. high-yield curiosity financial savings accounts are an amazing transfer – and one which we shoppers have benefited from lately – the fact stays that NOT everybody can meet the standards wanted.

What if a financial institution might create a financial savings account possibility that may enable us to earn larger curiosity with out having to emphasize about assembly a number of circumstances? One which doesn’t require us to do any wage crediting, clock bank card spend, buy insurance coverage or funding merchandise that we don’t need, and many others.

What if we simply need to deposit our financial savings and watch them develop?

It’s about time {that a} financial institution made it simpler for folk to earn larger curiosity on our financial savings, and with minimal effort too. 

So think about my pleasure when a reader launched me to CIMB StarSaver – one which offers larger curiosity with out you needing to leap by means of any of the standard hoops in right this moment’s market.

For these of you who discover it a trouble to need to handle every of your high-yield financial savings accounts each month (simply to be sure you have met the standards for added curiosity)…you’re gonna love this.

Now you can earn as much as 3.50% p.a. financial savings curiosity with CIMB StarSaver

Psst, learn on to search out out about their newest bonus 1% promotion!

Wanna know how you can earn a straightforward 1.50% to three.50% p.a rate of interest with CIMB StarSaver?

• Step 1: Open an account on-line
• Step 2: Deposit >S$1,000

And…that’s it!

I child you not.

It truly is that straightforward. You not have to fret about fulfilling wage deposit / bank card spend / shopping for insurance coverage merchandise that you just aren’t actually eager on…once you open a CIMB StarSaver account.

Don’t imagine me? Go take a look at how refreshingly quick and candy their T&Cs are .

One of many solely accounts that lets you earn curiosity past your first S$100k

When you’ve ever questioned why most Singaporeans personal greater than 1 high-yield financial savings account, that’s as a result of usually, the excessive rate of interest solely applies on our first S$100,000. Right here’s a screenshot from 2 different banks:

Past your first S$100k, you earn a meagre 0.05% p.a. on the identical account. Unhappy however true.

Which is why in distinction, CIMB StarSaver is extra superior, as a result of it has no restrict on how a lot you need to deposit to earn the total 1.50% p.a. to three.50% p.a. rate of interest.

(The one different exception I discovered was BOC, the place you earn as much as a most of 0.60% on S$80k – S$1M once you fulfil their card spend / wage credit score / invoice cost necessities.)

P.S. If you wish to earn as much as 3% p.a. and with out locking your cash up in a hard and fast deposit or a short-term bond, learn until the top of the article to search out out about CIMB’s bonus 1% p.a. supply.

No fall-below charges

The very last thing you’d need is to open one other financial savings account, deposit your cash, after which depart it apart with out realising the financial institution is deducting cash from it every month for varied charges, proper?

Properly, that’s what occurred to me a number of years in the past once I opened a financial savings account particularly for my abroad trade. I stored the remaining S$1,000 within the account and left it untouched upon my return to Singapore, however shortly after, the financial institution began to impose fall-below charges. As a result of I wasn’t actively monitoring the account, I used to be left at nighttime! You possibly can wager that I terminated my account in a match of anger once I came upon (and after kicking myself for overlooking this within the first place), lol.

So I’m now extra appreciative of banks who do NOT cost any fall-below charges or month-to-month charges, and CIMB StarSaver will get my vote for that.

Right here’s the proof, of their charges schedule right here.

What if I need extra?

At this level you should be questioning, CIMB StarSaver is THAT good? What about CIMB’s different financial savings accounts then?

In fact, there’s an account for each want:

Right here’s what I’d recommend, primarily based in your age and life stage:

When you’re in your 30s – 50s, then CIMB StarSaver could be nice as a result of you possibly can simply earn 1.50% p.a.- 3.50% p.a., and with out having to give up your liquidity (comparable to to mounted deposits).

FastSaver could be higher for the youthful of us who’re simply getting into the workforce and have lesser money financial savings, as merely spending a straightforward S$300 in your CIMB Visa Signature will provide you with 1.8% p.a. straightaway in your first S$10k:

And naturally, for fogeys , there’s even an account to your little ones. Take a look at the specifically created CIMB Junior Saver Account only for these below 12 years of age with rates of interest of 1.50% p.a. – 3.50% p.a., additionally with no different standards wanted.

Abstract

CIMB StarSaver stands out for its refreshing simplicity, as one of many solely few financial savings accounts the place we will now earn a straightforward 1.50% p.a. – 3.50% p.a. just by depositing our cash.

I can consider 2 teams of people that will love this:

• Those that have gotten bored with leaping by means of hoops
• Those that have greater than S$100k and will not be capable of earn larger curiosity on this on their major high-yield financial savings account as a result of financial institution’s limits

What’s extra, there’s no lock-up interval, so we get to retain full flexibility over our money as nicely. That is actually essential in right this moment’s local weather, the place the market might current us with funding alternatives anytime.

I hope this text helps you perceive extra about CIMB StarSaver now. It will not be talked about as usually, so most individuals aren’t conscious of its advantages, however hopefully, this text will begin altering that.

Sponsored Message from CIMB

New to CIMB? Earn an additional 1% bonus curiosity and money credit score once you deposit into StarSaver right this moment. Learn how right here.  

Merely deposit recent funds of S$250K or extra to be part of CIMB Most well-liked, and revel in join presents as much as S$12,460! Right here’s how that works:

TLDR: Cease working so exhausting only for additional curiosity – open a CIMB StarSaver Account right here right this moment.

Disclosure: This text is written in collaboration with CIMB Singapore. I've additionally personally been a CIMB buyer since pre-COVID.

This commercial has not been authorised by the Financial Authority of Singapore.