CIMB FastSaver

[yiron]

Why do ppl choose to use FastSaver instead of StarSaver (Savings) Account ?

For placements above $175k ,
The interest rate given by
StarSaver (Savings) Account after this 6 months Promo interest is more straight forward and higher

Fair point, I think initially I misread that the promo is only for Fastsaver. Then after I did my deposits and setup CIMB Fastsaver as payees for my other accounts, I was lazy to re-do the whole thing for Starsaver.
Agree that for big sums, using Starsaver makes more sense since a larger portion is paid out as base interest at end of month, as compared to Fastsaver where a larger portion may be paid out as bonus interest on the 20th of the following month.

 

[sellbuyboy]

actually can do a musical chair with another acct, if we are unsure in the criteria of "maintaining and increase" month end balance? right?

Is the above understanding correct?

 

[crimsontactics]

Just created FastSavers and pumped $13k into it...

 

[Mickey01]

Is the above understanding correct?

are u new customer or existing customer?

 

[bargin]

actually can do a musical chair with another acct, if we are unsure in the criteria of "maintaining and increase" month end balance? right?

cannot transfer from another account from CIMB, need fresh funds from another bank as per tnc
eg. CIMB - Bank A - CIMB or kaisu CIMB - Bank A - Bank B - CIMB

 

[ThreeSteps]

actually can do a musical chair with another acct, if we are unsure in the criteria of "maintaining and increase" month end balance? right?

There is a previous discussion on this, refer to Post#2523 (for New Customer):
https://forums.hardwarezone.com.sg/threads/cimb-fastsaver.5176026/page-127#post-148765131

note: I am an Existing customer - not applicable to me.

 

[crimsontactics]

Regret never pump faster after GXS cut interest...

 

[sellbuyboy]

are u new customer or existing customer?

new customer.

 

[sellbuyboy]

cannot transfer from another account from CIMB, need fresh funds from another bank as per tnc
eg. CIMB - Bank A - CIMB or kaisu CIMB - Bank A - Bank B - CIMB

So it works in this way?

 

[tiertime]

The CIMB Clicks App in Google Play store is only 2.7 Rating with 1000+ review? ( I see the rating a bit low... worried download the wrong App)

I signed up with SingPass at ard 8pm yesterday, when will I likely receive the SMS to set up my App for the FAST transfer ?

 

[Mickey01]

new customer.

If u have the funds and don't intend to touch it for a period of time, then you don't have to muscial chair if you don't want to

1. for example you open the account and particpate in the promo and top up $10,000 today
2. For the month of Aug, you would have earned $8.63 interest (3.5% of $10000 for 9 days). based int credited on 31 Aug and BI will be credited by 20 Sep.
3. The base int + $10000 will be carry forward to 1 Sep and and then 20 Sep BI will be credited. By 30 Sep your balance would have met the requirement of "maintain or increase balance over previous month of Aug" and this carry on for the 6 months. You just treat it like one month "FD" and let it auto renew
4. The downside of this is that once you need to withdraw for whatever reason somewhere between 1 Sep an 30 Sep, then your full $10000 +int accrued in Aug will not get BI for Sep (base int is still paid as long as it is above $1000). So that's why some here keep posting the "hack" to withdraw towards end of month so that the "maintain or increase balance over previous month" is easier to manage for emergency withdrawal.

Individual preference .. no right or wrong.

 

[sellbuyboy]

If u have the funds and don't intend to touch it for a period of time, then you don't have to muscial chair if you don't want to

1. for example you open the account and particpate in the promo and top up $10,000 today
2. For the month of Aug, you would have earned $8.63 interest (3.5% of $10000 for 9 days). based int credited on 31 Aug and BI will be credited by 20 Sep.
3. The base int + $10000 will be carry forward to 1 Sep and and then 20 Sep BI will be credited. By 30 Sep your balance would have met the requirement of "maintain or increase balance over previous month of Aug" and this carry on for the 6 months. You just treat it like one month "FD" and let it auto renew
4. The downside of this is that once you need to withdraw for whatever reason somewhere between 1 Sep an 30 Sep, then your full $10000 +int accrued in Aug will not get BI for Sep (base int is still paid as long as it is above $1000). So that's why some here keep posting the "hack" to withdraw towards end of month so that the "maintain or increase balance over previous month" is easier to manage for emergency withdrawal.

Individual preference .. no right or wrong.

musical chair works too right?

 

[saintgtril]

It depends on the size of your wallet. If you've got 75k only the fastsaver offers a better EIR. If you have 1 million the StarSaver is a better account.

Having said that, no harm having both

Hi, care to share more details on why Fastsaver is better? I thought this 3.5% promotion has no maximum upper limit. Thanks!

 

[Mickey01]

Hi, care to share more details on why Fastsaver is better? I thought this 3.5% promotion has no maximum upper limit. Thanks!

depends on your deposit amount and also because the FASTSaver and StarSaver interest are itiered. You are correct to say that the total interest (base int and BI) will be the same but if you want to be precise and calculate cent cent, one account type credit more base interest month end and less BI 20th of the following month. Cause of this 20 days delay, some are not happy

 

[twosix]

Hi, care to share more details on why Fastsaver is better? I thought this 3.5% promotion has no maximum upper limit. Thanks!

But oneself has upper limits. Haha

 

[sglandscape]

Hi, care to share more details on why Fastsaver is better? I thought this 3.5% promotion has no maximum upper limit. Thanks!

Get more interest up front first (instead of having to wait till 20th next month) for balance of 75k. If your balances are 350k and above then StarSaver is better. Difference is not much.

 

[crimsontactics]

Bros, how to change Paynow limit for CIMB Clicks app?

 

[sglandscape]

Bros, how to change Paynow limit for CIMB Clicks app?

Need to use the Web to change

 

[crimsontactics]

Need to use the Web to change

Need to apply digital token right?

 

[BinaryLord]

To enroll into the promo. For existing customers only.

Where can I find more info on this? I'm an existing customer not aware need to do this