I was on the lookout for a current account with any local bank and found that most current accounts need an introducer before you can open an account with the bank. Not really wanting to go through the trouble, I found the perfect solution in CIMB Prime Plan.
CIMB Prime Plan is a current bank account that comes with cheque book facility and ATM card. The best feature for me was that it needed no introducer so that I could just walk in to any CIMB Bank branch and get my account up and running right away. That’s what I did after checking out some of the basic features.
The account offers some interest on balances above RM5,000. I don’t remember at what rate the interest rate is, but it’s definitely nothing fantastic. But that doesn’t turn me away as most current accounts don’t usually offer interests anyway. However, one needs to take note that if the bank account balance is anything less than RM5,000, a monthly RM10 will be charged.
To open the current account under the CIMB Prime Plan, you only need to deposit a minimum of RM1,000 and show prove of your identification. All in all, I had everything settled in under half an hour, including applying for an online banking account through CIMB Clicks.
Speaking of online banking, I also like the fact that interbank GIRO transactions with CIMB Clicks only cost RM0.50 per transaction. I know of other banks that charge a lot more and I think RM0.50 per interbank GIRO transaction is one of the cheapest rates around.
I also ordered a cheque book which was well and ready in 2 working days. Not that I was in a hurry to use it, but it’s nice to know that everything is done quickly and efficiently.
Other benefits of the Prime Plan is that it offers you reward points by the bank balance that you keep. You will also be required to hold at least a gold credit card with the bank and you earn reward points for retail transactions with the card too. So it’s a faster way for me to earn reward points other than using my existing CIMB Bank credit card to claim against many nice items in their reward catalogue.
There are a few more benefits of the CIMB Prime Plan account but I don’t remember them much because those weren’t top priorities for me although I remember them to be good-to-have features.
If you are looking for a hassle free way to open a current account, you can consider this one from CIMB Bank. Thumbs up to the bank and I definitely have no regrets opening the account thus far. Check out CIMB Bank’s website for more information.
{ 3 comments… read them below or add one }
50 cents per interbank GIRO transaction is the cheapest I know. I am paying $2 for interbank GIRO transaction with Public Bank and Maybank.
As I know, Alliance bank has 1 current account call Hybrid Account which is come with a debit card. The debit card can use as ATM Card and even though your account balance is less than RM5000, they still offer interest rate 0.3% (below RM10k). There is not minimum balance charges and no need introducer. For their debit card, they also have rebate for every transaction with Master Card merchant. If want to know more about this card, can email me at PersonalFinanceConsultants@gmail.com. Thanks.
I’m running a hybrid account to, but I don’t like the fees, to offset this, I use amex as much as possible and get rewards.