Savings Account

CIMB Malaysian Bank has been expanding agressively recently and is currently offering prob the most competitive savings rate as compared to other banks (Maybank, Stanchart, DBS etc)

The Starsaver savings account interest rate is at an attractive 0.8%, comparable even to some fixed deposit rates.

On top of the savings account, it also offers free unlimited cheque books, which are useful for day-to-day and if u need to transfer large amounts of money quickly to a local bank (DBS, OCBC, UOB) for a hot IPO share application

Have sinced transferred a major bulk of my cash savings to capitalise on the attractive interest rate. Don't think this will last for a long time as I guess it is to attract new customers for the bank. Probably by next year, unless interest rates in general also go up due to inflation and a strong economy, the rates should come down accordingly. Still 0.8% is 8x as compared to 0.1% in DBS. Have to make my money work harder :) and myself to work less hard  :P

For those who are risk averse (or kiasi type), u might want to take note that bank deposits are 100% guaranteed by the Deposit Insurance Act. So it is safe to transfer your monies into this Malaysian bank.

Still looking closely at the 0.8% rate, there is a slight element of fixed deposit component inside this predominant savings account. The minimum deposit is $5K, with a monthly inward transfer requirement of $500. Failing to meet the $500 transfer, would mean that the interest would drop till 0.5% (which I think is still attractive compared to other banks. In summary, my feel is that if u have about $11K+ to transfer over, this savings account would be suitable. ($5K for minimum, $6K for one yr of monthly transfers)

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

For those who have no use of the cheque book, I was at the bank twice, and the CIMB staff explained clearly to me, that the minimum deposit to start is $1K and monthly inward transfer is $100, to enjoy the 0.8% interest. There was no brochure and info in the web. I also opened this heehee, so i now have two CIMB accounts!  :P

It's nice to be surprised by money (CIMB logo). My Feb bank interest is now much higher than before :) There is an art to moving money around to maximise opportunities or reduce risk investments. Recently I have been looking at financial numbers from the % perspective instead of the real amount value. 1% of $10K and 1% of $100K are the same in terms of % but the amount values are 10x. Part of financial stewardship is not to belittle humble beginnings. As the amount grows, the multiplication effect will be substantial, together with compound interest. Monies earned honestly and with integrity, will be of much use. History has shown that people who win lotteries, became poorer many yrs later. They have not learnt money management skills properly  :)