CIMB FastSaver

ekardo · Nov 9, 2020

McFadden said:
i kenna b4.the rm ask me sign insurance

hope not, cos I asked if some insurance linked etc, but she said not...

maumu · Nov 9, 2020

ekardo said:
hope not, cos I asked if some insurance linked etc, but she said not...

of course she won't upfront tell you it is. wait till you meet already then she'll slowly reveal her true colors...

go only if you don't mind buying products. else don't go. waste both sides' time only. worse is if you're soft hearted and end up being swayed by her words.

estoppel · Nov 10, 2020

Most likely is selling you some Aviva whole life plan

ekardo · Nov 10, 2020

estoppel said:
Most likely is selling you some Aviva whole life plan

yes you are right..that's exactly what was presented to me.

can get 10% interest per year, hold 5 year..then yearly payout for life...sounds good...but this is based on best case scenario..full capital guarantee..(terminate anytime after 5 years get back capital)

what's the catch for such plan?

havetheveryfun · Nov 10, 2020

ekardo said:
yes you are right..that's exactly what was presented to me.

can get 10% interest per year, hold 5 year..then yearly payout for life...sounds good...but this is based on best case scenario..full capital guarantee..(terminate anytime after 5 years get back capital)

what's the catch for such plan?

10% interest per year? Wow

McFadden · Nov 10, 2020

havetheveryfun said:
10% interest per year? Wow

isit ilp.ilp no capital guarantee. I have one now . last few years below the premium I put in.this year managed to break even with my premiums

a4973 · Nov 10, 2020

ekardo said:
yes you are right..that's exactly what was presented to me.

can get 10% interest per year, hold 5 year..then yearly payout for life...sounds good...but this is based on best case scenario..full capital guarantee..(terminate anytime after 5 years get back capital)

what's the catch for such plan?

So only the capital is guaranteed, the returns are not guaranteed? Not even a bit of returns guaranteed?

vsvs24 · Nov 10, 2020

ekardo said:
yes you are right..that's exactly what was presented to me.

can get 10% interest per year, hold 5 year..then yearly payout for life...sounds good...but this is based on best case scenario..full capital guarantee..(terminate anytime after 5 years get back capital)

what's the catch for such plan?

In this low interest environment they can still market 10% interest ? Is it 10% interest per year or 10% interest over 5 years ?

havetheveryfun · Nov 10, 2020

ekardo said:
yes you are right..that's exactly what was presented to me.

can get 10% interest per year, hold 5 year..then yearly payout for life...sounds good...but this is based on best case scenario..full capital guarantee..(terminate anytime after 5 years get back capital)

what's the catch for such plan?

better see the fine print or policy details to see if really capital guaranteed.

came across many agents in the past tell me is capital guaranteed. but the policy when in front of my face states otherwise. then i ask them then they will say things like "oh based on the performance of our company for past 10-20 years people always get back their capital and more, so its guaranteed" :s11:

Squaredot · Nov 10, 2020

ekardo said:
yes you are right..that's exactly what was presented to me.

can get 10% interest per year, hold 5 year..then yearly payout for life...sounds good...but this is based on best case scenario..full capital guarantee..(terminate anytime after 5 years get back capital)

what's the catch for such plan?

worst case scenario? Zero interest? Is it only Capital Guaranteed, no min interest guaranteed?

ekardo · Nov 11, 2020

1st 5 year get nothing, on 5th year, start getting 10%..
worst case scenario is 0.5% return for each year....

I know the catch already, if the company doesnt do well, you will actually incurred a lot of Sibor + 0.9% per year..this plan is 25% your cash, and 75% loan from CIMB..

although the illustration doesnt show this...

maybe i will ask on the 2:
1) is capital really guarantee (she did mentioned protected by SDIC)
2) worst case means I have to pay the yearly interest instead of getting...

vsvs24 · Nov 11, 2020

ekardo said:
1st 5 year get nothing, on 5th year, start getting 10%..
worst case scenario is 0.5% return for each year....

I know the catch already, if the company doesnt do well, you will actually incurred a lot of Sibor + 0.9% per year..this plan is 25% your cash, and 75% loan from CIMB..

although the illustration doesnt show this...

maybe i will ask on the 2:
1) is capital really guarantee (she did mentioned protected by SDIC)
2) worst case means I have to pay the yearly interest instead of getting...

Capital guaranteed is different from SDIC.

Capital guaranteed means at the end of the policy you definitely will get back the principal amount that you placed.

SDIC kicks in only when the insurance company collapse.

havetheveryfun · Nov 11, 2020

ekardo said:
1st 5 year get nothing, on 5th year, start getting 10%..
worst case scenario is 0.5% return for each year....

I know the catch already, if the company doesnt do well, you will actually incurred a lot of Sibor + 0.9% per year..this plan is 25% your cash, and 75% loan from CIMB..

although the illustration doesnt show this...

maybe i will ask on the 2:
1) is capital really guarantee (she did mentioned protected by SDIC)
2) worst case means I have to pay the yearly interest instead of getting...

yes, so it is not really "capital guaranteed" anymore, since there is a chance you have to pay back the interest on the loan portion

plus the interest on the loan portion is not fixed but based on SIBOR?

that means it could very well go up to 2% or more after the 5th year

ekardo · Nov 11, 2020

havetheveryfun said:
yes, so it is not really "capital guaranteed" anymore, since there is a chance you have to pay back the interest on the loan portion

plus the interest on the loan portion is not fixed but based on SIBOR? that means it could very well go up to 2% or more after the 5th year

yes..but when sibor is up, means most company are doing well also...sibor is controlled and should not shot up? need advise on this..

~sabaisabai~ · Nov 11, 2020

CIMB fast saver is reducing their interest rate again effective 1 Nov

https://www.cimb.com.sg/en/personal/banking-with-us/accounts/savings-accounts/cimb-fastsaver-account.html

twosix · Nov 11, 2020

~sabaisabai~ said:
CIMB fast saver is reducing their interest rate again effective 1 Nov

https://www.cimb.com.sg/en/personal/banking-with-us/accounts/savings-accounts/cimb-fastsaver-account.html

Everybody run road already then u post this.... Haha.

twosix · Nov 11, 2020

Sora. Sibor is gonna be history soon.

~sabaisabai~ · Nov 11, 2020

twosix said:
Everybody run road already then u post this.... Haha.

Is it?? Where are the everybody u mentioned?

Why cannot post? Not "everyone" know.

U run road? U have better place to invest your money ah?

~sabaisabai~ · Nov 11, 2020

twosix said:
Everybody run road already then u post this.... Haha.

U run does not mean everybody run.. don't assume!!!!

IronMan123 · Nov 12, 2020

Sic: now can cancel account online and transfer your fund to another CIMB acc or get a cashier order mail to u.
For credit card cancellation, only Stanchart can do it online without call them.

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