CIMB is probably paying one of the highest interest rates of 0.8% p.a. on current account balances. The only conditions are a minimum initial deposit of S$5,000 and that you need to put in an incremental balance of at least S$500 every month for the 0.8% to apply on your entire balance. For amounts less than S$500, you still get to enjoy 0.5% p.a. If you decided to put in a lump sum, say $20,000, CIMB will automatically convert it into equal portions for you and allow you to enjoy the 0.8% p.a. from the first dollar.
There is no need to fulfil multiple conditions to enjoy the higher savings rate and with the FAST (Fast and Secure Transfer), funds can be transferred from other participating banks within seconds.
Some features that I find attractive are:
1. Free cheque book
2. Convenience of Internet banking
3. No fall below fee
4. No lock-in period
Please refer to the website for more details.
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