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CIMB StarSaver

>> Friday, October 2, 2009

CIMB has officially launched its retail banking business in Singapore.

The CIMB StarSaver savings and current account has one of the highest interest rates.

  • It offers an attractive base interest rate of 0.5% p.a.
  • If you maintain an average balance of $5,000 and an increasing balance equivalent to increments of $500 each month, the interest rate is 1.2% p.a. on the entire balance.
  • Provides cheque books for free.
  • No restriction on withdrawals.
  • Interest accrued daily and compounded monthly.
  • Monthly Statements.
However, there are also downsides.
  • It requires a minimum deposit of $5000 to open.
  • There is no fall below fee but if the account is closed within 6 months, a fee of $50 will be imposed.
  • No ATM Card
  • Only 2 bank branches.
For those who would like to keep their emergency funds liquid and yet at the same time earn interest rates equivalent to Fixed Deposit rates, can consider using this account.

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