CIMB Singapore announces 2.88% interest rate for CIMB BusinessGo

There are no minimum fall-below fees until 31 January 2024.

CIMB Singapore is now offering an interest rate of 2.88% per annum for all new business customers who open a CIMB BusinessGo current account by 31 December 2023.

The CIMB BusinessGo current account offers a way for business owners to grow their idle funds over time and defray costs of doing business, CIMB said. It offers free FAST and payroll transfers, and free telegraphic transfers worldwide.

There are also no minimum balance fall-below fees from now until 31 January 2024.

Every new business customer will receive a welcome call within one day of account opening and be assigned a relationship manager.

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Benjamin Tan, Head of Commercial Banking at CIMB Singapore, noted Singapore’s high number of small and medium enterprises (SMEs) in launching the current account. SMEs currently make up 99% of all enterprises in Singapore and employ 71% of Singapore’s workforce.

“In today’s volatile macroeconomic environment, we have seen higher business costs, rising operational costs and challenges in digital adoption, which need to be addressed in order for SMEs to leverage the opportunities in the digitised economy in Singapore and beyond,” Tan said.

“In the last two years, revenue contribution from our SME products and services have more than tripled. The relationship we cultivated with our business clients was reinforced during the pandemic as we weathered unprecedented challenges together, and this has allowed us to empathise and deeply understand their needs,” he added, saying that the CIMB BusinessGo current account exemplifies CIMB’s promise to make banking simpler and more fulfilling.