Cimb fastsaver question

[sgdividends]

Daily interest will be paid on the entire daily balance, provided that the balance is at least S$1,000 in your CIMB FastSaver account on any given day.

^ Applies to balances up to S$50,000. For balances above S$50,000, the base interest rate of 0.60% p.a. will apply. Interest accrued daily and credited monthly.


This means that if in Feb, 28 days, I have 27 months of $0 and 1 day of $1400,000. Average daily balance is $50,000

The interest for Feb will just be 1/100 divided by 365 * 50,000 plus 0.6/100 divided by 365 * $1350000, am I right?

Fastsaver works differently from other banks in that , other banks use average daily balance but fastsaver just counts interest per day?

 

[crystalnox]

I've not exceeded 50,000 inside before but yes CIMB counts interest per day. 1/100 divided by 365 is correct.

 

[kitkat2]

Fastsaver works differently from other banks in that , other banks use average daily balance but fastsaver just counts interest per day?

i believe most banks use end of day closing balance to compute daily interest. any min or max balance restrictions should apply to end of day balance.

 

[sgdividends]

i believe most banks use end of day closing balance to compute daily interest. any min or max balance restrictions should apply to end of day balance.

I think most banks use average daily balance within the calendar month leh, in fact I think only cimb fastsaver is the only one that does it this way which is not good

 

[kitkat2]

I think most banks use average daily balance within the calendar month leh, in fact I think only cimb fastsaver is the only one that does it this way which is not good

at least on hsbc and uob, it is end of day balance, which is good to me.

uob:

For the avoidance of doubt, during the Promotion Period:
a) the Prevailing Interest Rate shall apply to all deposits (including the amount of Fresh Funds
deposited) in the Account;
b) the Bonus Rates shall be calculated on a daily basis and apply only to the Incremental Fresh
Funds Balance in the Account (up to a maximum amount of S$1,000,000) from the
Participation Date to the expiry of Promotion Period;
c) the Incremental Fresh Funds Balance is calculated on a daily basis as each day-end Account
Balance less the Account Balance as at 2 January 2018. The Bonus Rates shall not apply to
the Account if at any time the Incremental Fresh Funds Balance falls below S$15,000 whether
as a result of withdrawals, deductions or otherwise.

 

[sgdividends]

at least on hsbc and uob, it is end of day balance, which is good to me.

uob:

For the avoidance of doubt, during the Promotion Period:
a) the Prevailing Interest Rate shall apply to all deposits (including the amount of Fresh Funds
deposited) in the Account;
b) the Bonus Rates shall be calculated on a daily basis and apply only to the Incremental Fresh
Funds Balance in the Account (up to a maximum amount of S$1,000,000) from the
Participation Date to the expiry of Promotion Period;
c) the Incremental Fresh Funds Balance is calculated on a daily basis as each day-end Account
Balance less the Account Balance as at 2 January 2018. The Bonus Rates shall not apply to
the Account if at any time the Incremental Fresh Funds Balance falls below S$15,000 whether
as a result of withdrawals, deductions or otherwise.

Thanks ....KitKat..didn't know that