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CIMB Bank savings accounts for October 2022 in the Philippines

Open a savings account at CIMB Bank. On 02.10.2022 there are 3 options available to you.

Offers: 3

Updated:
26.08.2022
11:44
CIMB Bank
UpSave Account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

no initial deposit required
Rate
i

Effective interest rate on the product

2.5% per year
CIMB Bank
GSave Account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

no initial deposit required
Rate
i

Effective interest rate on the product

2.6% per year
CIMB Bank
Fast Plus Account
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

no initial deposit required
Rate
i

Effective interest rate on the product

0.5% per year

Other types of savings accounts

How to open a savings account

Fill out your application
Fill out your application
On our website you can fill out a short application form for a savings account.
Send your application online to the suggested banks
Send your application online to the suggested banks
After the parameters being checked, you will be able to send your application to the appropriate companies.
Wait for a response from the bank
Wait for a response from the bank
If necessary, a bank specialist will contact you to clarify the details.
Open your account!
Open your account!
Sign the contract and open your account online or at the bank's branch.
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CIMB Bank savings accounts for October 2022

CIMB Bank offers numerous savings accounts. It is a bank account with low-interest rates and principal security.

Types of CIMB Bank savings accounts

The bank offers three different savings accounts:

UpSave Account

With Upsave, you can increase your savings while earning an interest rate of 2.5% annually. By keeping an average daily balance of at least ₱5,000, you can get free life insurance coverage of up to ₱250,000. No costs, no monthly premiums, and no medical examination are necessary. Also, neither a down payment nor a minimum balance is necessary.

Fast Plus Account

With your mobile phone, you can open this bank account with CIMB Bank in just 10 minutes without requiring a start-up payment or ongoing balance to keep it open. Additionally, you can benefit from the ₱0 transaction fees and a reasonable interest rate of 0.5% annually.

Online purchases and real-time transactions are available with this account as they will give you a Visa PayWave ATM debit card for ₱150 when it has been charged to your Fast Plus account. Your Fast account is active for an entire year, and you can have no more than ₱100,000 in your account overall for this period. A higher interest rate of 0.75% per year and a more extended account validity are benefits of upgrading your fast account to a fast plus account. A Fast Plus account has no deposit or balance restrictions.

GSave account

You may open and manage your GSave bank account directly from the GCash app. You can monitor your account balance and transaction history and easily transfer funds between your GCash wallet and account using the Save Money option on the GCash app or the CIMB Bank mobile app. With 7-Eleven, Bayad Center, and Dragonpay available on the CIMB Bank PH app, adding funds to your GSave account is simple.

You can also deposit money at any 17,000+ CIMB partner stores nationwide. With a 2.6% basic interest rate, you can see your money increase practically. Opening an account is simple, and no initial deposit is necessary. Additionally, you can start earning interest right away with no minimum balance requirement. Finally, by simply keeping a minimum average daily balance of ₱5,000, you can receive free life insurance coverage of up to ₱250,000. In addition, there are no costs, no monthly premiums, and no obligations for medical examinations.

How to apply for a CIMB Bank savings account?

The steps listed below should be followed to open a savings account with one of the CIMB Bank partners:

  1. Open the partner's app and select the Save money icon.

  2. After that, you will be prompted to enter your personal information to register for an account.

  3. A page titled Savings account registration success will appear after you have completed all of the required fields.

  4. After that, you'll be taken to the partner's dashboard, where you can see examples of how to Withdraw funds, Make a deposit, and Schedule auto-deposit, along with the interest rate you were provided and your account number.

  5. They will then notify you via SMS that your account has been opened.

Requirements

Eligibility

  • Applicants must be at least 18 years old

  • Applicants must be a citizen of the Philippines

  • Both the applicant's mailing address and mobile phone must be in the Philippines

  • Applicants must possess at least one primary ID that is current

Documents

The following is a list of recognized IDs:

  • A driving permit

  • A Philippine ID

  • National professional ID card, you should note that they only accept PRC IDs issued before September 2019

  • Integrated multiple use ID (UMID)

  • Postal ID

Pros and cons

Take note of the following benefits and downsides of a CIMB savings bank account:

Pros

  • The accounts come with little to no fees.

  • The accounts have higher interest rates compared to competitors.

  • The account opening process is all online-based, and your account can start working within minutes.

  • A minimal number of requirements.

Cons

  • Since the account is online-based, it can easily be a target for fraud.

  • You may need to update the account to keep using it.

FAQ

Can I still open a CIMB Bank savings account if I live outside of the Philippines?

You can open an account anywhere you live as long as you are a citizen of the Philippines, except in the United States. They cannot offer you the savings plan right now if you're a US resident, citizen, or holder of a permanent card.

Where can I check the balance of my savings account with CIMB Bank?

Follow the steps below to view the status of your account:

  1. Open the CIMB Bank PH app and log in.

  2. Tap on Accounts and then View details of the account you want, then scroll down to the section labeled Status.

How can I view my CIMB savings account number?

Follow the instructions below if you want to view more information about your account:

  1. Open the CIMB Bank PH app and log in.

  2. Select View details under Accounts.

Do checks get accepted at CIMB Bank Philippines?

Unfortunately, they do not currently accept or issue checks.

When will my account be credited with the interest?

The interest accrued on your savings bank account will be credited to the appropriate account(s) at the beginning of the following month or on the first of every month.