Question abt CIMB Cash Upfront Account

[Sinkie]

Hi Sinkie,

Background info: I have the new account with 1 linked to CDP and 1 linked to sub account. Let's call them account A and account B respectively.

Based on your above post, does that mean that for account A, I can also transfer money into that account to increase the investing power, similarly to how I transfer from my FastSaver account to account B currently to trade?

I would also like to clarify that the FastSaver account can only be linked to 1 of the trading accounts currently only? Meaning, since it is linked to account B currently, there is no way to use the FastSaver account to increase the investing power for account A?

Would appreciate your reply on the above 2 questions. Thank you!

let's clarify the 2 types of account first.

Account A: Cash Account
- Account format is 1xxxxxx
- It is a contra Account for cash
- t+5 settlement
- Payment mode is either with EPS (eletronic share payment) or GIRO
- Can use DBS, OCBC, UOB via EPS or DBS, CIMB, UOB via GIRO
- Payment is made AFTER you bought shares via the internet banking of your Banks you linked for EPS
- A default Buy Limit given to your account base on your risk profile (occupation etc)
- To increase Buy Limit, submit latest CDP statement, your Asset, or Deposit cash in via EPS or Giro
- To increase buy limit temporary, you can call broker and request to increase for a day.
- Shares bought will be delivered to CDP

Account B: CUT Account
- Account number in the format of 157xxxx
- Cash upfront Trading only
- A linkaged between cimb bank account (starsaver or fastsaver) and cimb securities account must be established first.
https://www.itradecimb.com.sg/app/download/UserGuide_CUT.pdf
- Your Investment Power depends on how much you top up via cimb Securities website.
- Top up can only be done via cimb securities platform

- Shares bought will be delivered to CIMB Custodian Account

 

[Sinkie]

0.12% and min $12 is up to end of june..

please take note too

 

[Sinkie]

Shares bought with CIMB Cash Upfront will be delivered to CIMB as your custodian

Custodian fee is waived, but for how long, not sure

 

[Sinkie]

New cash upfront model is Cimb becomes your custodian for all your shares

If shares are kept in Cimb, the buy and sell is 0.12% and $12

But pls take note of the hidden dividend handling fee of $3 per dividend received

dont get mislead ok?

 

[shokus]

Thanks Sinkie for the clarifications.

I noticed that using the cimb itrade, for Account A, there was a CUT option available as well as the usual Cash option for payment. Therefore, my question was, based on your quote:

Are you new or existing account?

If you are existing account -
- cash upfront shares goes into your Cdp
- cannot buy foreign shares with cash upfront
- if u want to buy the foreign share, then open another cash upfront account that's link with to a custody account

If you are a new account -
- you will have 2 trading accounts opened by default, 1 link to cdp, 1 link to sub-Cdp
- when u using cash upfront for sgx share, u will have the option to choose to buy and deliver to Cdp or to custody now
- to buy cash upfront n deliver to Cdp, use the 1 account linked to Cdp to buy using settlement = cut
- to buy cash upfront n deliver to the sub cdp, use the 2nd account to enjoy the selling at 0.12% also after t+3, choose the 1 account that's linked to the sub Cdp

----
Existing account holder can approach their Brokers for the form to open the 2nd account linked to the sub Cdp for sgx and foreign shares also.

Without the 2nd account linked, u won't be able buy foreign share at cash upfront rate le
----

Difference is if u use custodian account to store your shares, when u sell anytime (after t+3 or t+365), u will sell with the cash upfront rate

If u use cdp to store your share bought from cash upfront, enjoy cash upfront rate if sell before t+3, but normal brokerage at t+3 and more

Does that mean that I can use the CUT payment option for Account A and pay CUT commission fees with the stocks transferred to CDP?

Thank you for your replies. Much appreciated.

 

[Sinkie]

Thanks Sinkie for the clarifications.

I noticed that using the cimb itrade, for Account A, there was a CUT option available as well as the usual Cash option for payment. Therefore, my question was, based on your quote:



Does that mean that I can use the CUT payment option for Account A and pay CUT commission fees with the stocks transferred to CDP?

Thank you for your replies. Much appreciated.

if you have previously linked your cimb bank account with cimb securities with Account A last year, then yes, your cash upfront trading will deliver shares to CDP and free you all the custodian or admin fee.

to confirm, top up your cash upfront trading and use account A to buy, using settlement = cut

 

[shokus]

if you have previously linked your cimb bank account with cimb securities with Account A last year, then yes, your cash upfront trading will deliver shares to CDP and free you all the custodian or admin fee.

to confirm, top up your cash upfront trading and use account A to buy, using settlement = cut

awww but I created my account this year. The online option when trying to link my bank to securities accounts only allowed me to link my cimb bank account with my Account B.

Any way to still link it to Account A as well currently?

 

[Sinkie]

awww but I created my account this year. The online option when trying to link my bank to securities accounts only allowed me to link my cimb bank account with my Account B.

Any way to still link it to Account A as well currently?

currently no, i hope they do something abt it, to allow us to use cash upfront to buy sgx shares to deliver to cdp

 

[Perisher]

Thread closed for investigation. TS may contact me to clarify.