Saving money takes a lot of discipline and making moneysmart choices, and having savings in the bank is a huge relief when you have unexpected expenses during uncertain times.
Fortunately, opening a savings account is easy and can now be paperless, thanks to digital banking. It’s certainly worth exploring as we all embrace the new normal now.
You still go through the same process of opening a bank account, but everything else can be done in a mobile app.
Let’s learn more about digital banking with CIMB Bank Philippines and its key features, interest rates, different types of savings accounts that you can open, and more.
What are the types of CIMB Digital Bank Peso Savings Account?
|Fast & Fast Plus Account||GSave Account||UpSave Account|
|— 0.50% interest rate p.a. (Fast)
— 0.75% interest rate p.a. (Fast Plus)
|No minimum initial deposit||No minimum initial deposit||No minimum initial deposit|
|No maintaining balance required||No maintaining balance required||No maintaining balance required|
|Free debit card||N/A||N/A|
|— Account valid for 12 months (Fast)
— Account validity can be extended for Fast Plus
|— Account valid for 12 months
— Account validity can be extended for GSave Full upgrade
CIMB Digital Bank has three types of accounts: Fast, GSave, and UpSave.
The Fast and GSave Accounts can be upgraded so you can unlock higher interest rates and extend the validity of the accounts.
Like any other deposit accounts, interest rates are subject to 20% withholding tax and insured by PDIC up to P500,000.
CIMB Bank Fast & Fast Plus Savings Account Features
If you want a Peso savings account without getting into the nitty-gritty of account verification, the CIMB Fast is just right for you.
Open one in just 10 minutes using the mobile app, no initial deposit and maintaining balance required.
How’s it different from other CIMB Bank savings accounts? The application process is fast. No verification required.
Furthermore, you receive a free VISA debit card if you cash in P5,000 instantly or cumulatively. And since you have a debit card, ATM withdrawals are available.
However, there’s a cumulative deposit limit of P100,000 within 12 months.
You also earn an interest rate of 0.50% per annum and enjoy other benefits like bills payments, fund transfers, e-commerce payments, and access to your deposit account 24/7 via the mobile app.
It’s called a Fast Account because there’s no virtual verification and digital signature required when you set up your account.
You can upgrade to a Fast Plus Savings Account to unlock other perks, such as 0.75% interest rate per annum, no deposit limit, no initial deposit required, and no maintaining balance.
The interest rate is higher, but there’s no free VISA debit card and access to ATM withdrawals.
CIMB Bank GSave Savings Account features
The GSave Savings Account offers a lower interest rate than UpSave Accounts at 3.10% per annum.
What’s unique about this savings account is that you can maintain and access funds straight from GCash.
On your GCash app, click the Save Money button and you can view your GSave funds and transaction history. You can even transfer money from and to your GCash app anytime.
But just like the Fast Account, the GSave Account is only valid up to 12 months. There are no required initial deposits, maintaining balances, and annual fees.
According to the terms and conditions of GSave, depositors who open an account using GCash automatically have the GSave Lite Account. There’s a cumulative deposit limit of P100,000 within 12 months. If it exceeds that, the depositor will need to go through the validation process of the account using CIMB Bank mobile app.
Once validated, it is converted to GSave Full, which means the validity of the account is extended and will still earn the interest rate per annum.
To avoid account issues, you can have the GSave full account validation upon opening your GSave Lite Account.
CIMB Bank UpSave Savings Account
The UpSave Savings Account offers a 4.00% interest rate per annum, which is “1600% more than other major local banks!”, as per CIMB.
It has the same features that the previous two accounts offer, like no initial deposit, zero maintaining balance, and no annual fees.
You can easily open an account using the CIMB Bank mobile app. Proceed to the verification process that includes a digital version of your signature.
A unique feature of this account is that there’s no deposit limit within the 12 months of its validity.
But unlike Fast Savings that has a free VISA debit card and supports ATM withdrawals, the UpSave Account only allows mobile fund transfers.
Read more about the terms and conditions if you plan to earn more from its interest rate.
What are the requirements to open a CIMB Savings Account?
You must be at least 18 years old and a Filipino or foreign resident.
For quick processing of Fast and UpSave Accounts, download the CIMB Bank PH app and follow the instructions.
For the GSave Account, you must have a fully-verified GCash account number.
You must also have at least one government-issued ID, proof of mailing address, and active mobile number.
Which CIMB Savings Account is for you?
If you want to earn higher interest rates, the GSave and UpSave Accounts are worth considering. Just go through the verification process and submit your digital signature by taking a photo of it. You’re all set.
Whether it’s for short-term or long-term savings, opening a savings account in a digital bank allows you access to basic banking services for free and without visiting the actual bank.
So what do you think of CIMB Bank Savings Accounts? Are you planning on opening one soon? Share with us your thoughts!