My Product Review on CIMB StarSaver Account

A week before the official product launch of new Savings deposit account StarSaver Account by CIMB Bank Singapore, I was introduced to it by a friend's friend working in the bank. Back then, product description for the savings account was still not finalised and brief.

This week, CIMB Bank is to officially declare itself as the new entrant into Singapore's personal banking market, taking on incumbents with their latest so far most attractive personal savings deposit account in the market. CIMB StarSaver offers 1.2% p.a. interest but with a catch.

• Minimum deposit S$5,000.
• Monthly deposit of at least S$500

According to my friend's friend, if deposit in the bank account is maintained at S$11,000 or more, interest rate will be set at 1.2% p.a. without having to continue with the monthly deposit.

I personally feel this new deposit plan is good only if CIMB ATMs are more readily available in Singapore.