How to Save Money With CIMB Bank

With financial institutions making most—if not all—transactions, possible online, banking has become considerably easier. One bank that has embraced digital banking from the get-go is CIMB Bank. Launched in the Philippines in December 2018, the most awarded digital bank allows you to create an account and start saving in just a matter of minutes. All you need to do is download the CIMB Bank PH app and follow the instructions. There’s no excuse not to open a savings account anymore. Find out how you can do this with CIMB Bank today! 

What savings products does CIMB Bank offer?

There are a couple of savings accounts you can create: The CIMB Bank Fast account, the CIMB Bank Fast Plus account, the CIMB Bank UpSave Account, and the CIMB Bank GSave account.

What is the CIMB Bank Fast account? How is it different from the CIMB Bank Fast Plus account?

The CIMB Bank Fast account is a basic savings account that doesn’t require an initial deposit nor a maintaining balance. What makes this an appealing gateway into saving is that you can start earning a .50% interest rate (subject to change) per annum for balances deposited into the account, paid out at the start of every month. You’re also free to withdraw your cash without penalties. By depositing a minimum cumulative cash of P5,000, you can also acquire a Visa card with your savings account.

With the CIMB Bank Fast account, there is a maximum cumulative deposit of P100,000. Account validity is only for 12 months, and foreign remittances, whether inward or outward, aren’t allowed. See full details of the product here!

If you’d like to upgrade your account, you can choose to apply for the CIMB Bank Fast Plus account. This allows you to start earning a 0.75% interest rate (subject to change) per annum with no initial deposit or minimum balance required, paid out at the start of every month. See full details of the product here!

How do I apply for a CIMB Bank Fast account? 

After downloading the app, you’ll be asked a couple of questions to check whether you’re eligible for an account or not. Like any account, you’ll be asked for certain details:

  • First name, surname, and middle name
  • Mother’s maiden name
  • Mobile Number
  • Email
  • Username
  • Nationality
  • Country of Residence
  • Source of funds
  • Date of birth
  • Gender
  • Nature of Work / Business
  • ID Type
  • Present Address

You’ll also be asked to agree to the bank’s terms and conditions and submit a photo of your valid ID, which you can take a photo of using the app. The list of accepted IDs are as follows:

  • Passport
  • Driver’s License
  • Postal ID
  • SSS ID
  • TIN ID
  • Unified Multi-Purpose ID
  • Voter ID
  • National Professional ID Card

What is the CIMB Bank UpSave account?

For higher interest rates, you might want to look into creating a CIMB Bank UpSave account. It promises an interest rate of 3.00% (subject to change) per annum with no initial deposit or minimum balance required, paid out at the start of the month. Like the other accounts, you can also withdraw your money without incurring penalties.

If you’re able to maintain a minimum daily average balance of P100,000 for one month, you also get to enjoy free life insurance. See full details of the product here!

How do I apply for a CIMB Bank UpSave account?

The process of applying for a CIMB UpSave account is similar to applying for a CIMB Fast account (please see information above) except that you’ll also be asked for a digital signature. Virtual verification, on the end of the bank, is also required.

What is the GSave account?

If you already have GCash, you can easily upgrade to a savings account by applying for a GSave account. Like the CIMB Bank Fast account, this has a maximum cumulative deposit of P100,000. Account validity is also only for 12 months. However, you get to enjoy a 3.10% interest rate (subject to change) per annum to be paid out monthly. No initial deposit or minimum balance required.

Those who can maintain a minimum daily average balance of P100,000 for one month can also enjoy free life insurance. See full details of the product here!

How do I create a GSave account?

Simply go to the Save Money feature on your GCash app and click “Open a Savings Account.” You’ll then receive an SMS with temporary log-in credentials you can use to log in to the CIMB Bank app. Note that once you’re on the CIMB Bank app, you don’t have to create a new account—simply log in using credentials given to you. From there, you’ll be able to reset your username and password. Just a few more clicks—provide basic information, agree to terms and conditions, and verify email—and your GSave account will be up and running. 

With so many different savings products out there, you have plenty of opportunities to save and grow your money. Choose the one that works best for you today!

PHOTO: Pixabay.com

close

Did you find our content useful? 👋

Receive money lessons that matter straight from your inbox.

Leave a Reply

Your email address will not be published. Required fields are marked *