Saturday, October 22, 2011

Favourite bank account in Singapore - CIMB StarSaver account

Starting 14 Oct 2011, Singapore's largest banks DBS and POSB are cutting savings interest rate for the first SGD100k from near zero(0.125%) to almost zero (0.05%). (Source) It cannot get worse.

Don't be too quick to condemn the bankers as greedy and all out to squeeze profits out of small depositors. Big banks like DBS/POSB which are flushed with cash deposits are not as keen to attract more deposits as the smaller banks. Understandably, too much cash can be burdensome to the banks if they are not able to allocate the huge cash deposits into investments with returns that beat the savings rate. Therefore, it is a win-win situation that we depositors allocate more of our savings to the smaller banks who not only offer higher interest rates but also do a better job at putting our savings to better use because capital allocation is easier when capital size is smaller.

Currently, my favourite bank account is the CIMB StarSaver account. It simply beats the competition hands-down. It is a no-brainer to open this account with CIMB. The lowest savings interest rate start at 0.5% which is already 10 times more than DBS's 0.05%. Depositors enjoy up to 0.8% rate if they make regular deposits of SGD500 monthly. Please go to the website for details.

There is no fall-below fees and no minimum deposit requirement unlike most other bank accounts I came across.

Another feature that makes it superior are the free cheque books provided. The other banks I know of charge SGD2 a month (SGD24 annually) for maintenance and SGD15 for each new cheque book. If someone knows of a better deal, please inform me. A cheque book is a necessity for people who need to withdraw substantial sums of money from time to time. These are usually the people who make their own financial investments.

With the highest savings rate and the free cheque book, I keep the bulk of my savings in CIMB StarSaver account.

There are disadvantages with this bank account to take note. CIMB has very few ATM machines and only 2 branches in Singapore as of today. So, it is not convenient to withdraw money and do face-to-face banking with them. You can still do internet banking with them. To work around this problem, I put the bulk of my savings with CIMB but keep a smaller amount of money in the local banks to make use of their vast network of ATMs and branches. On this aspect, our local banks are superior to the foreign banks in Singapore.

23 comments:

  1. You are putting the bulk of your hard-earned savings at risk by putting it in a small, foreign bank like CIMB. 2008 has shown that even big banks can go bankrupt. Never say never. Better be safe than sorry. Why be greedy for that extra 0.5% gain and risk your hard-earned savings?

    I am still keeping most of my savings in DBS.

    ReplyDelete
    Replies
    1. Welcome to brotherhood Illuminati where you can become
      rich famous and popular and your life story we be change
      totally my name is Dan Jerry I am here to share my
      testimony on how I join the great brotherhood Illuminati
      and my life story was change immediately . I was very poor
      no job and I has no money to even feed and take care of my
      family I was confuse in life I don’t know what to do I try all
      my possible best to get money but no one work out for me
      each day I share tears, I was just looking out my family no
      money to take care of them until one day I decided to join
      the great Illuminati , I come across them in the internet I
      never believe I said let me try I email them.all what they
      said we happen in my life just started it was like a dream to
      me they really change my story totally . They give me the
      sum of $1,200,000 and many thing. through the Illuminati I
      was able to become rich, and have many industry on my
      own and become famous and popular in my country , today
      me and my family is living happily and I am the most
      happiest man here is the opportunity for you to join the
      Illuminati and become rich and famous in life and be like
      other people and you life we be change totally.If you are
      interested in joining the great brotherhood Illuminati.then
      contact him +2348106618681 or for more information +1(705)8062021
      email:illuminatibrotherpowerful@gmail.com or you need my assistance
      email:danjerry04@gmail.com...

      Delete
  2. "There is no fall-below fees and no minimum deposit requirement unlike most other bank accounts I came across."

    I've checked the website and it showed that there's a min initial deposit of $5000

    ReplyDelete
  3. SGD5000 is the initial minimum deposit. After depositing SGD5000, you can withdraw everything without suffering any fall-below fees. However, I doubt if anyone would want to withdraw everything when this account offers the highest interest rate, at least for the moment.

    Click http://www.cimbbank.com.sg/index.php?ch=sg_per_st&pg=sg_per_st_cur&ac=12&tpt=cimb_sg#

    Choose the "Fee & Charges" tab. You will see that the fall-below fee is nil.

    ReplyDelete
  4. "You are putting the bulk of your hard-earned savings at risk by putting it in a small, foreign bank like CIMB. 2008 has shown that even big banks can go bankrupt. Never say never. Better be safe than sorry. Why be greedy for that extra 0.5% gain and risk your hard-earned savings?"

    Please see my reply at http://help-your-money.blogspot.com/2011/10/is-it-risky-to-put-bulk-of-savings-in.html

    ReplyDelete
  5. While you can withdrawl the initial $5K after opening the account, but there will also be no interest for any money (<$5K) left in the account.

    ReplyDelete
    Replies
    1. Not having any interest for less than $5,000 is still better than getting charged for having less than S$3,000 (e.g. UOB current account)

      Delete
  6. Now that was a really healthy dialogue right there. Gets your blood pumping really fast and strong. Thanks a lot for sharing this with us fitnas health

    ReplyDelete
  7. Excellent post! I noticed a completely different humans in the post that had mentioned. That's what I use on my blog!

    ReplyDelete
  8. Well, the commodity is in fact the sweetest affair on this accompanying issue. I fit in with your abstracts and will thirstily attending advanced to your accessible updates.

    ReplyDelete
  9. Sometimes you need to risk on things you believe is right. Just keep things working for something huge.

    ReplyDelete
  10. It's important to properly invest your financial asset the right way for stability.

    ReplyDelete
  11. I want to appreciate your excellent work. Nodoubt your post is praiseworthy. This information is quite unique for me because I have very little information about this.
    Funny Pictures

    ReplyDelete
  12. I am an expat using OCBC. Until this point their customer service was great. But a month ago I tried to transfer $3000USD to my US Bank of America account. The money was deducted but the transfer never went through. Dozens of emails and phone calls and OCBC has neither credited my account nor completed the transfer. When I call Bank of America they say they have not received the money and when I call OCBC they say they have the money but will neither refund it nor transfer it. Anyone know how can I get help?

    ReplyDelete
  13. It is nice to see an article dedicated to this important topic. Thank you for sharing.
    Super Saver Account Singapore

    ReplyDelete
  14. In this cyber era everything is possible, no need to hire detectives to monitor your partner, no need to pay huge amount to lawyers and judges to reduce your sentence when you can just erase your criminal record either recent or past.
    with Cybertron you can do all these and more at less expense.

    Cybertron deal with
    * Hacking
    * Tracking
    * Bank Jobs
    * Flipping cash
    * Taxes
    * criminal record or any form of records

    You name it, we at your disposal 24/7
    contact : infinitedataserver@gmail.com

    ReplyDelete
  15. Come on are you suspecting your Husband/Girlfriend/Boyfriend/Wife is cheating on you and why their are sudden changes behaviour towards you.
    SMILE ! SMILE ! SMILE and relax yourselves and your mind, in world of Hacking this is what I do

    *Facebook Hacking Tricks
    * Database Hacking
    * G-mail/AOL/Yahoomail/ Inbox Hacks
    *Control Device Remotely Hack
    *University Grade Hack
    *Wiping of Credit Cards, Increase Credit Cards Hack
    *Breaking Security Save Code Hack.

    All you need do just E-mail:- pointekhack@gmail.com

    ReplyDelete
  16. I met this wonderful hacker that offers hacking services. Some of their services are: - Get any
    password from any Email Address. - Get any password from any Face-book, Twitter
    or Instagram account. - Cell phone hacking (whatsapp, viber, line, wechat,wire
    wire transfer Western union/money gram etc) - Grades changes (institutes and
    universities) Blank ATM - Websites hacking, pen-testing. - IP addresses and
    people tracking. - Hacking courses and classes. their services are the best on
    the market and 100% secure and discreet guaranteed. Just write them and ask for
    your desired service: EMAIL ADDRESS: cyberhackingspecialist AT GMAIL DOT
    COM or text +15165312529

    ReplyDelete
  17. Welcome to brotherhood Illuminati where you can become
    rich famous and popular and your life story we be change
    totally my name is Dan Jerry I am here to share my
    testimony on how I join the great brotherhood Illuminati
    and my life story was change immediately . I was very poor
    no job and I has no money to even feed and take care of my
    family I was confuse in life I don’t know what to do I try all
    my possible best to get money but no one work out for me
    each day I share tears, I was just looking out my family no
    money to take care of them until one day I decided to join
    the great Illuminati , I come across them in the internet I
    never believe I said let me try I email them.all what they
    said we happen in my life just started it was like a dream to
    me they really change my story totally . They give me the
    sum of $1,200,000 and many thing. through the Illuminati I
    was able to become rich, and have many industry on my
    own and become famous and popular in my country , today
    me and my family is living happily and I am the most
    happiest man here is the opportunity for you to join the
    Illuminati and become rich and famous in life and be like
    other people and you life we be change totally.If you are
    interested in joining the great brotherhood Illuminati.then
    contact him +2348106618681 or for more information +1(705)8062021
    email:illuminatibrotherpowerful@gmail.com or you need my assistance
    email:danjerry04@gmail.com...

    ReplyDelete
  18. Hello all
    am looking few years that some guys comes into the market
    they called themselves hacker, carder or spammer they rip the
    peoples with different ways and it’s a badly impact to real hacker
    now situation is that peoples doesn’t believe that real hackers and carder spammer exists.
    Anyone want to make deal with me any type am available but first
    I‘ll show the proof that am real then make a deal like

    Available Services

    ..Wire Bank Transfer all over the world

    ..Western Union Transfer all over the world

    ..Credit Cards (USA, UK, AUS, CAN, NZ)

    ..School Grade upgrade / remove Records

    ..Spamming Tool

    ..keyloggers / rats

    ..Social Media recovery

    .. Teaching Hacking / spamming / carding (1/2 hours course)

    discount for re-seller

    Contact: 24/7

    fixitrogers@gmail.com

    ReplyDelete


  19. للانضمام إلى Illuminati أمر سهل ... انضم إلى مجموعة Illuminate عبر
    الإنترنت اليوم أينما كنت ، واحصل على مبلغ فوري قدره 10،000،000،00 USD
    [بالدولار] مع منزل حر في أي مكان تختار فيه العيش في العالم والعديد من
    المزايا الأخرى على النحو التالي. نحن نجعل عملك ينمو بشكل أسرع ويمكِّنك ...
    الانضمام إلى المتنورين ينقلك إلى دائرة الضوء في العالم الذي تعيش فيه اليوم
    فصعوباتك المالية تصل إلى نهايات تطول أطفائك ندعمك مالياً وماديًا لضمان لك
    عيش حياة مريحة في بنطلون مريح يمكنك الانضمام من أي مكان ، أي جزء من العالم
    [البلد] الذي أنت فيه ... من الولايات المتحدة إلى الجزء الأكثر جزء من الأرض
    الذي نأتي به كل ما تريد ، لا أن تكون مثقفًا أو أميًا غنيًا أو ضعيفًا أي شخص
    هو نصيحة للانضمام إذا كنت مهتمًا بالاتصال بنا الآن فكل ما تسعى إليه في
    الحياة سيأتي إلى الواقع. مراسلتنا عبر البريد الإلكتروني الآن: [
    illuminatiworld521@gmail.com] ... /...
    أقول وداعا وداعا للفقر بالانضمام إلى المتنورين لم أؤمن أبدا حتى انضم
    أخيرا ولكن الآن أنا غني .. هذا الرجل الحقيقي هو الذي جعلني ما أنا اليوم
    وأنا فخور جدا لي بدء عضو المتنورين ... إذا كانوا ، يمكن أن تجعلني أغني
    تجعلني أصير شيئًا في الحياة لماذا لا تنضم إلينا أيضًا لأنك غني أيضًا ،
    فالمال يتدفق دائمًا عبر الأعضاء مثل المحيط الذي لا يجف أبداً ، لا يهم إذا
    كنت قد خدعت قبل الاتصال به للمساعدة في الانضمام :::: ملاحظة؛ أنه في هذا
    الإخوان العظماء المتنورين لا سفك دماء ولا ضحية إنسانية متورطة [نحن لا نقتل
    لأي شيء] حسنا ... لا تفوت هذه الفرصة شكرا.

    ReplyDelete

Picking the right Valentine. A much more difficult task than picking the right stocks

9 years ago, I wrote about choosing your Valentine from a value investing standpoint. What I wrote then still stands today, Beauty is over...