I’ve been saving money on my CIMB Bank account since 2019 and so far, I can say that it is the best digital bank we have in the Philippines.
I first learned about CIMB Bank while searching for banks that you can open an account with without going to a physical branch and that offer higher interest than traditional banks.
So here is my 2022 CIMB Bank review.
Table of Contents
What is CIMB Bank?
CIMB Bank is one of the digital banks (banks that purely operate online which means they mostly don’t have physical branches) in the Philippines. It is a Malaysian bank that was established here in the Philippines last December 2018.
Is it safe to save money in CIMB Bank?
Though there’s always a risk, I can say that CIMB bank is regulated by the Bangko Sentral ng Pilipinas (BSP) and is PDIC-insured of a maximum of PHP 500,000 per depositor. This means that if anything bad happens to CIMB Bank (like unannounced closure), each user of this digital bank is insured by up to PHP 500,000 by PDIC.
Now, here are a few things I love about CIMB bank.
Best Features of CIMB
Higher Interest Rates than Most Banks
CIMB offers higher interest rates than traditional banks. They offer 2.5% per annum for Upsave and 2.6% p.a. for Gsave (compared to 0.25% p.a. interest of most traditional banks), which both are subject to a 20% withholding tax.
I maintain a daily maintaining balance of not lower than PHP50,000, and I receive a monthly interest of not lower than PHP 100. That might not be a huge amount, but hey, that’s something you get by just depositing your money in this digital bank.
NOTE: As of this writing, CIMB bank also offers a promo of up to 4% interest per annum for new accounts.
FREE Life Insurance
CIMB bank offers free life insurance of up to PHP250,000 when you maintain a minimum of PHP5,000 on your accounts.
Every month, you’ll receive a text message about your total coverage amount for that certain month. Again, it’s something you can avail of by just opening an account and saving your hard-earned money.
FREE Withdrawal from any ATM’s
When you open a Fast Plus account, you can order a physical debit card. When I opened my CIMB account last 2019, they were offering the debit card for FREE as long as you have an accumulated deposit amount of PHP100,000. But now, you have to pay for the card for PHP300.
The good thing though about this debit card is that it can be used to withdraw money from your Fast Plus account from any Visa-affiliated ATM without any fee. Though according to CIMB, the bank the ATM belongs to might charge a fee so you have to check.
So far, I used my CIMB debit card to withdraw money from different ATM’s (BDO, EastWest, RCBC, Security Bank, and LandBank) without being charged a fee.
FREE Bank Transfers
One of the best features that CIMB added this year is that they incorporated Instapay for bank transfers, which enables users to instantly send money from their CIMB account to other banks. In addition to that, as of this writing, transferring money to other banks is FREE of charge.
Convenient Banking Experience
Since I opened my account last 2019, I haven’t encountered any problems with my CIMB account. Since it’s a digital bank, I manage all transactions (opening an account, transfers, cash-ins, paying bills, etc) online.
Another feature that I love about CIMB bank is that inside their fully-functional app, you can freeze (and unfreeze) your debit card. This feature helps in avoiding any unauthorized transactions.
There are other features that you can avail of in the CIMB app like loans and Revi credit but I haven’t used them personally so I have no say about these features.
Final Words
If you are looking for a bank that offers a high-interest rate and a convenient and faster banking experience, then I highly recommend CIMB digital bank.
This is not a sponsored post nor an affiliate post. Everything in this article is my personal experience and might be different from yours. I’ve decided to do a CIMB Bank Philippines Review because it’s the bank that I frequently use.
So before you open an account, please make sure to read CIMB’s terms and conditions.
Some Frequently Asked Questions About CIMB
What is the minimum balance for CIMB?
CIMB has no maintaining balance.
How do I deposit money into CIMB?
There are a few ways to add money to your CIMB accounts such as bank transfers and over-the-counter transactions but what I usually do is cash in using my Gcash account.
NOTE: Make sure that you linked your Gsave account with CIMB.
In your Gcash app, there’s an option to withdraw and deposit money to your Gsave account from/to your Gcash account. Both transactions are real-time and free of charge.
What do I need to open a CIMB account?
You have to have a smartphone to download the CIMB app, an internet connection, and an ID for verification.
As for other requirements, you’ll need to be at least 18 years of age and a Filipino citizen.
How much does it cost to open a CIMB?
I didn’t pay anything when I opened a CIMB Gsave, Upsave, and Upsave account.
