CIMB is our default savings bank because it offers the highest savings interest rate of 0.8% per annum. Not much, but hey! better than the 0.05% which is so very, very close to 0.00%. It all adds up! The catch used to be that CIMB have only 2 branches/ATM stations: one at Knightsbridge (Orchard) and the other at Raffles Place. In emergency, you'd need to rush down.
Now with FAST, we got our funds transfer docked almost instantly (instead of 2-3 days) into the DBS/POSB account, and that's convenient because the DBS/POSB ATMs are just a walk away.
Of course, if you require large withdrawals, you would still need to rush to the CIMB banks, or space out the daily permitted withdrawals if you still wish to stick with internet transfers. FAST's transfer cap is $10,000 per transfer. Local transfer only, not overseas transfers.
Currently, the FAST service is free.
We hope it remains so. Prior to this, one of the banks offered immediate internet banking transfer at a cost of $5. Which is irritating because consumers have been asking why in this day of technological sophistication, banks still require 2-3 days to move funds? And this 2-3 days refers to "working" days, which means you can suck thumb if you happen to need to effect internet banking transfers on Friday evening, since your transfer request would only be attended to by someone on Monday, and the 2-3 days count begins from Monday, rather than Friday, when you had needed the money.
Now, FAST will be available 24x7. Which means your funds zips across even when the staff are not working, on public holidays or Saturdays/Sundays.
Fantastic!
FAST will be offered by 14 banks -
ANZ Bank
CIMB Bank
Citibank
DBS Bank/POSB
Deutsche Bank
Far Eastern Bank
HSBC
Maybank
OCBC Bank
RHB Bank
The Royal Bank of Scotland
Standard Chartered Bank
Sumitomo Mitsui Banking Corporation
United Overseas Bank
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