Cimb Bank Account Options for Malaysians Explained

Cimb Bank offers a range of account options for Malaysians, including the Cimb SaveUp Account, which requires a minimum deposit of RM50 and earns 2.5% interest per annum.

The Cimb SaveUp Account also comes with a free debit card and allows for online banking and mobile banking services.

With the Cimb SaveUp Account, you can set up automatic transfers from your salary or other accounts to save money effortlessly.

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CIMB Bank offers a range of current accounts to suit different needs, including the Preferred Account, Foreign Currency Current Account, and Basic Current Account.

The Preferred Account has a relatively low minimum deposit of 1,000 MYR, but you'll also need to be a member of CIMB Preferred, which means meeting fairly restrictive eligibility requirements.

You can open a Foreign Currency Current Account with a minimum deposit of 500 MYR, and it's available in 13 major foreign currencies, including USD, GBP, and EUR.

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The Basic Current Account is a no-frills solution with a linked debit card and cheque book, and it can be opened by individuals and businesses, including joint accounts.

Account fees vary across CIMB's current accounts, with some accounts charging a 10 MYR account service fee every 6 months for accounts with less than 1,000 MYR balance.

Some CIMB current accounts also come with an overdraft facility, such as the Regular Current Account, which offers full banking facilities and an overdraft for eligible customers.

Here are the minimum deposit amounts for CIMB's current accounts:

CIMB's current accounts also have different account limits, such as the default daily card spend limits of 10,000 MYR, and the minimum foreign transfers of 250 MYR.

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If you're looking for a bank account that rewards you for your loyalty, CIMB has got you covered. With CIMB Preferred, you can earn monthly bonus points that can be redeemed as air miles, gift vouchers, and more.

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To earn these bonus points, you'll need to hold a large value balance in your account, which can be as high as 1 million MYR in home or business financing. You'll also need to be a member of CIMB Preferred, which requires a significant amount of investment or financing with CIMB.

The CIMB Prime Account is another option that offers preferential interest and bonus points for Prime members. By maintaining a 1,000 MYR balance, you can have your monthly account fees waived, and earn bonus points based on your account use.

Here's a comparison of the CIMB Account fees for Preferred Current Account and Prime Current Account:

With CIMB's range of bank accounts, you can choose the one that best suits your needs and earn rewards and benefits that fit your lifestyle.

The CIMB FastSaver Savings Account is a great option for those just starting to save or building their savings nest.

It has a faster interest rate tier acceleration for lower account balances, making it a more attractive choice.

A minimum initial deposit of $1,000 is required to open the account and get started.

There are no fall below fees, monthly charges, or annual fee associated with this account.

This makes it a hassle-free way to start saving.

The CIMB FastSaver Savings Account is a solid choice for those looking to start building their savings without any added costs.

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If you're looking to maximize your interest earnings, consider opening a CIMB Preferred Current Account or a CIMB Prime Current Account. Both accounts offer preferential interest rates, but the details differ.

The CIMB Preferred Current Account offers interest rates ranging from 0% to 1.55% based on your account balance. This is a notable advantage over other accounts.

To qualify for the CIMB Prime Account, you simply need to be aged 18 or over. This account waives monthly fees for Prime members who maintain a 1,000 MYR balance, and interest rates can reach up to 0.75%.

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Here's a comparison of the two accounts' interest rates:

In addition to preferential interest rates, both accounts offer bonus points that can be redeemed for rewards. The CIMB Preferred Current Account offers monthly bonus points, while the CIMB Prime Account earns bonus points based on account use.

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To get your cashback reward, you need to open a Savings Account online. This is the first step to start earning rewards.

Create your CIMB Clicks ID to link it with your savings account. This ID will be your login credentials for the CIMB OCTO App.

Download and log in to the CIMB OCTO App to track your rewards and account activity. The app is user-friendly and easy to navigate.

The cashback reward of up to RM100 will be credited to your account within 90 calendar days after the end of the campaign period.

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Maybank's application process is a bit more involved, requiring a paper form that can only be submitted through Malaysia Branches, although it's now also available online as of 2023. This might be a hassle for some users.

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If you're willing to put in the extra effort, Maybank's minimum initial deposit is SGD$1000, which is the same as CIMB's.

You'll need to keep a minimum balance of SGD$500 with Maybank, whereas CIMB has no minimum balance requirement.

Fees-wise, Maybank charges SGD$2 per month if your balance falls below the minimum, whereas CIMB has no fees for maintaining a minimum balance.

Here's a quick comparison of the two banks' fees:

If you're planning to use this account for investment purposes, keep in mind that Maybank charges SGD$10 per inward transaction, whereas CIMB waives this fee.

Opening a CIMB current account online can be done in a few steps, but the process may vary depending on the account you choose and your personal situation. You'll need to select the account, click "Open Now", and enter your personal contact details in the online form.

Some CIMB accounts, like the Foreign Currency Current Account, can only be opened in a branch, while others will require you to complete an online opening process and then attend a branch in person to present your documents and get your account up and running.

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If you're planning to apply online, you'll need to visit a branch to collect your debit card, activate your new PIN via an ATM machine, and obtain your CIMB Clicks MY registration key via an ATM machine.

You can opt for a fully-digital OctoSavers Account-i, which is also Shariah-compliant, or the Basic Savings Account 1, both of which have zero annual fees. However, you'll need to keep your account active to avoid penalties.

Here are the steps to open a CIMB SG FastSavers Account:

Note that you'll need to complete these steps within 30 days or risk automatic application closure/cancellation.

Opening online with CIMB is a convenient option for many accounts. You can open a CIMB current account online by selecting the right account for your needs on the CIMB website.

To start the process, click the "Open Now" button, and then enter your personal contact details in the online form. This will initiate a call back from CIMB to discuss your eligibility and the account opening process.

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Some accounts, like the Foreign Currency Current Account, can only be opened in a branch. But if you're applying for a CIMB savings account, you can do it online, and it's extremely convenient.

Applicants can use Singpass to retrieve MyInfo, which minimizes the time taken to complete the application form. Upon successful application, your account number will be known immediately.

The CIMB savings account has no fall-below fee and no multiple conditions to fulfil, making it one of the best savings accounts in Singapore. Its no-frills approach satisfies the needs of this nation of savers.

Here's a summary of the online application process for CIMB savings accounts:

This process is designed to be quick and easy, with the added benefit of SGD deposits up to $75,000 being insured by the Singapore Deposit Insurance Corporation (SDIC) under the Deposit Insurance Scheme.

Opening a CIMB Malaysia account is a straightforward process, and you can choose between a fully-digital OctoSavers Account-i or the Basic Savings Account 1, both with zero annual fees.

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To avoid any hassle, it's recommended to opt for the fully-digital OctoSavers Account-i, especially if you're new to CIMB Malaysia. You can apply through their CIMB Apply App, and the debit card will be delivered to your doorstep.

However, if you do decide to go with the Basic Savings Account 1, make sure to keep it active and not let it become dormant, as I've had to pay penalties to reactivate my account twice.

If you plan to withdraw frequently via ATM, you might want to consider other options, like Account 2. CIMB Malaysia has an online application process, but you'll still need to visit a branch to collect your debit card, activate your PIN, and obtain a CIMB Clicks MY registration key via an ATM machine.

Don't attempt to do a Telegraphic Transfer, as it's expensive and not recognized for e-KYC verification. Trust me, I've paid the price for my lesson.

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Opening a Singapore bank account can be a straightforward process, especially with CIMB Singapore's online application. You'll need to submit an online application form with supporting documents.

To apply for a CIMB Singapore FastSavers account, you'll need to have a CIMB Malaysia account with CIMB Clicks Malaysia activated. This will allow you to link your Malaysia and Singapore accounts.

You'll also need to have SGD$1,000 equivalent worth of MYR available for initial funding. This funding must be from CIMB Malaysia or other Singapore accounts under your own personal name.

To smoothen the journey, it's recommended to have the following documents and information ready: Malaysia NRIC, CIMB Malaysia account details, and internet connection.

Here's a summary of the steps to open a CIMB Singapore FastSavers account:

Remember to complete all the steps within 30 days, or your application may be automatically closed or cancelled.

You can fund your CIMB SG account with SGD$1,000 from any source as long as it comes from yourself.

CIMB SG will call you to request a full SGD$1,000 transfer via CIMB Clicks, so you may skip step 6 altogether and only use it for future transfers to save on exchange rates.

Using Fintech transfers like Wise or InstaReM can save you on international transfer fees, for example, it will cost you approximately RM3,060.16 to fund 1K SGD using Wise.

To avoid any issues with funding, ensure to perform the e-KYC process on a timely basis, and make a SGD$1 Local DuitNow Transfer from CIMB CLICKS Malaysia to your Singapore account.

Funding your account via CIMB Malaysia can be expensive, even with the fee-waivers of ASEAN transfer, so it's better to explore other options.

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