CIMB Bank savings accounts for march 2023

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.