When choosing the right savings account, the aim is often to secure a competitive interest rate that will help minimise the impact of inflation on our savings. 

But in order to ensure that the maximum interest rate can be captured every month, many of us log into our bank’s savings account to tick off a checklist that might look something like this: Salary or dividends credited — checked. Minimum spending made on linked credit card — checked. Three bills paid via GIRO — checked. Insurance plans purchased or new investments made — checked, and more.

However, there are many who are held back from meeting these conditions. This could include students, gig workers or self-employed individuals who may not have a stable income, regularly credited salary or sufficient savings to invest. According to the Ministry of Manpower’s Labour Force in Singapore 2020 report, the number of self-employed workers was 14.7 per cent of the total resident workforce of 2,345,500 as of June 2020. This statistic does not take into account individuals who do not draw a salary nor own a credit card.

CIMB Bank is determined to do things differently. Committed to bringing value to everyone, CIMB savings accounts offer a flat 3.5 per cent* per annum interest without multiple conditions to fulfil, no lock-in period and no cap on the interest you can earn.

FLEXIBILITY FOR YOUR FUNDS

All of CIMB savings accounts eliminate the need for salary crediting and tracking minimum credit card spend. There is also no need to set reminders for monthly bill payments or to buy insurance or investment products just to maximise interest rates on your savings. This makes saving as simple as possible.

CIMB Bank has various account options for you to choose from. New-to-bank customers can enjoy a flat 3.5 per cent* per annum interest rate from their first dollar with no cap on interest earned, and with no lock-in period till Jul 31, 2024. This is as high as some fixed deposit accounts in Singapore, sans the lock-in period.

All you need to do is to open a CIMB savings account, and deposit and maintain a minimum of S$5,000 in fresh funds — funds that do not originate from any existing CIMB account. CIMB savings accounts can be opened digitally for convenience. Additionally, a bonus feature of CIMB savings accounts is the absence of fall-below fees. Sign up now and enjoy a flat 3.5 per cent* per annum.

*Terms and conditions apply. Refer here for more information. SGD deposits are insured up to S$100k by SDIC.

This article is sponsored by CIMB Bank Berhad, Singapore Branch (“CIMB”). The information shared is provided strictly on a non-reliance basis and does not constitute any form of advice from CIMB. You should assess your financial situation and needs to determine if a product is suitable for you.