I came to learn about CIMB Fastsaver account recently when a friend shared an article on Facebook on the best savings accounts in Singapore with no conditions.
CIMB is a Malaysian bank but, of course, up to $50,000 in savings accounts with its Singapore branch is insured by the Singapore Deposit Insurance Corporation. And there really is no reason to put in more than $50,000 because you only get 1% p.a. interest for the first $50,000. Anything more than that and your interest rate drops to 0.6%.
Interest rate is calculated by the day and paid out every month, so if you’ve got $50,000 to spare, that will be $500 every year instead of just $25 from regular banks. Just make sure to transfer out the interest every month so that you get your full 1% instead of just 0.6%.
That said, Japan’s banks are shit. In Singapore, standard savings account interest rates are at 0.05%. In Japan, it’s 50 times less at a measly 0.001%. That means, for every $10,000, you get 10 cents a year. Very generous, thank you very much. Even online banks that give better interest rates only offer up to 0.02%, which is not even half of what normal banks in Singapore offer.
With the major banks of DBS, UOB, and OCBC, there are also various plans with higher interest rates that can go beyond 3% per annum as long as you jump through some hoops like crediting your salary to the account and make a minimum amount of transactions. Otherwise, you can always go with foreign banks like CIMB and RHB that give slightly lower interest rates with no conditions. OCBC also has plans that give you 0.8% p.a. with the condition of a minimum deposit of $10,000 and that you don’t withdraw from it. The breakdown of this is the standard 0.05% base interest + additional 0.75% for months that you do not withdraw from the account.
I’ve been trying to find something close in Japan that gives me decent interest rates with the same amount of liquidity but to no avail. Even the best of the best of fixed deposits here only gives a pathetic 0.18%, which is by Orix bank.
If you know some decent banks in Japan giving interest rates not pitiable, please share with me.