CIMB has officially launched its retail banking business in Singapore just a couple of days ago. It is currently handicapped as it can have only two branches here. This is because it has only a full banking licence and not a qualifying full bank licence (QFB), which would have allowed it to have branches and off-site ATMs at up to 25 locations.
Nevertheless, they have launched a couple of interesting products to compete with the other banks here.
The CIMB StarSaver online savings and current account is one of them and offers an attractive base interest rate of 0.5% p.a. If you maintain an increasing balance equivalent to increments of $500 each month, the interest rate rises to 1.2% p.a. on the entire balance.
The StarSaver account also provides cheque books for free.
There is a minimum deposit of $5000 required to open the CIMB StarSaver account. There is no fall below fee but if the account is closed within 6 months, a fee of $50 will be imposed.
CIMB also gives pretty decent rates for their fixed deposits. Currently, the promotional rates are at:
1.7% p.a. for 2 years
1.2% p.a. for 1 year
0.75% p.a. for 6 months
0.5% p.a. for 3 months
The minimum deposit required for these promotional time deposits is $10,000.