CIMB FastSaver

[wutawa]

6 mths getting 3.5% is great! esaver only 2 mths, while ega used to be 4 mths. moreover will receive the bonus int mthly. i transferred all my esaver to fastsaver liao.

 

[Hwsemb]

Any maths guru able to advise if CIMB 3.5%, after compounding, will be better than GXS compounded ~3.54% (based on GXS 3.48% daily rated)?

 

[boroangel]

Just transferred some money into Fastsaver this morning before I registered on chatbot after that, while reading about this promotion in the afternoon. Wonder if still eligible for the incremental amount interest if this is based on your incremental vs 31st July.

Is this just based on incremental amount for Fastsaver? Have a FD in CIMB maturing in next few weeks, probably can transfer it to Fastsaver if the incremental amounts based on transfer from other CIMB accounts like FD are eligible?

 

[DenOOO]

Just transferred some money into Fastsaver this morning before I registered on chatbot after that, while reading about this promotion in the afternoon. Wonder if still eligible for the incremental amount interest if this is based on your incremental vs 31st July.

Is this just based on incremental amount for Fastsaver? Have a FD in CIMB maturing in next few weeks, probably can transfer it to Fastsaver if the incremental amounts based on transfer from other CIMB accounts like FD are eligible?

5. For the purpose of these terms and conditions, “fresh funds” are funds that do not originate
from any existing account with CIMB Bank including without limitation the following:

a. funds in the form of non-CIMB cheques;

b. other funds that are not transferred from any existing CIMB current, savings or fixed
deposit account;

c. other funds that are not withdrawn from any existing CIMB current, savings or fixed
deposit account and re-deposited (whether partial or all of the amount withdrawn)
into the new account with CIMB within the Promotion Period.

 

[DenOOO]

Just transferred some money into Fastsaver this morning before I registered on chatbot after that, while reading about this promotion in the afternoon. Wonder if still eligible for the incremental amount interest if this is based on your incremental vs 31st July.

Is this just based on incremental amount for Fastsaver? Have a FD in CIMB maturing in next few weeks, probably can transfer it to Fastsaver if the incremental amounts based on transfer from other CIMB accounts like FD are eligible?

I wonder if they have checks in place if one is to FAST out and FAST in ?

 

[sohguanh]

Any maths guru able to advise if CIMB 3.5%, after compounding, will be better than GXS compounded ~3.54% (based on GXS 3.48% daily rated)?

If you see the example, there is no compounding. So yes GXS still better a little bit. For me is put 5K to CIMB there for diversification purposes. Also base interest paid on last day of month. The bonus is paid on the 20th of the following month. So GXS still better but GXS never guarantee lock for 6 months such rate hence I diversify a bit first.

https://www.cimb.com.sg/en/personal...nts/casa-sep22-promo.html#Existing Customers

 

[sohguanh]

I wonder if they have checks in place if one is to FAST out and FAST in ?

Should be can just like SCB eSaver and Maybank iSavvy? Maybe need to test out as I think is this the first time CIMB has this similar pattern promo? Hmmm

 

[testingabc]

anyone register the promo already through whatsapp ? is it instant ? cause i put a feedback via their website

 

[DenOOO]

anyone register the promo already through whatsapp ? is it instant ? cause i put a feedback via their website

Done via whatsapp within 30 seconds.

 

[rest1ess]

anyone register the promo already through whatsapp ? is it instant ? cause i put a feedback via their website

Whatsapp way is brilliant!

 

[Kayeesha]

Aiyoh. Please go and read tnc.

Different tnc for new and existing. Tnc shows example.

My apologies if I have overlooked but can you please point out where in the tnc does it say how long you must maintain the minimum deposit, let alone throughout the six month period until 31 Jan 2023?

Can you kindly explain how the example has anything to do with maintaining minimum deposit to qualify for the bonus interest? I thought the example merely shows how bonus interest is calculated based on incremental balance.

Also, the example is also ambiguous as it assumes a constant amount throughout the month. What if you have $100 k for all days in the month except on the last day you have only $10k? Does it mean the interest is only based on $10k for the whole month since the whole table is based on month-end balances?

Many thanks.

 

[twosix]

Also, the example is also ambiguous as it assumes a constant amount throughout the month. What if you have $100 k for all days in the month except on the last day you have only $10k? Does it mean the interest is only based on $10k for the whole month since the whole table is based on month-end balances?

Many thanks.

Please call the bank and ask for the correct answer.

And no banks only based on the last day to issue interests. I do not know what gives you that idea. It is usually using ADB to credit interests.

And yes, I have bank with CIMB before, in car you want to know how I know.

 

[sohguanh]

Please call the bank and ask for the correct answer.

And no banks only based on the last day to issue interests. I do not know what gives you that idea. It is usually using ADB to credit interests.

And yes, I have bank with CIMB before, in car you want to know how I know.

To the above in bold look at SCB eSaver special invite in the thread it seem they do play such kind of pattern. SCB eSaver special invite can be quite messy if you read the thread there.

 

[NTTDoCoMo]

My apologies if I have overlooked but can you please point out where in the tnc does it say how long you must maintain the minimum deposit, let alone throughout the six month period until 31 Jan 2023?

Can you kindly explain how the example has anything to do with maintaining minimum deposit to qualify for the bonus interest? I thought the example merely shows how bonus interest is calculated based on incremental balance.

Also, the example is also ambiguous as it assumes a constant amount throughout the month. What if you have $100 k for all days in the month except on the last day you have only $10k? Does it mean the interest is only based on $10k for the whole month since the whole table is based on month-end balances?

Many thanks.

Please call the bank and ask for the correct answer.

And no banks only based on the last day to issue interests. I do not know what gives you that idea. It is usually using ADB to credit interests.

And yes, I have bank with CIMB before, in car you want to know how I know.

Based on the Bonus Interest TnC, New Customer and Existing Customer Bonus Interest eligibility is different.

Both Prevailing Interest and Bonus interest accrued daily.

^Interest accrued daily and credited monthly. 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.

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

Bonus Interest/Profit (if any) will be accrued daily and credited into the Qualifying Account(s) on the 20th day of the following month. If the 20th day of that month falls on a weekend or public holiday, it will be credited on the next working day.

https://www.cimb.com.sg/content/dam...cs-governing-casa-bonus-interest-promo-23.pdf
https://www.cimb.com.sg/content/dam...overning-casa-bonus-interest-promo-23-etb.pdf

 

[NTTDoCoMo]

To the above in bold look at SCB eSaver special invite in the thread it seem they do play such kind of pattern. SCB eSaver special invite can be quite messy if you read the thread there.

That is the criteria for bonus interest eligibility and not the amount used for calculating bonus interest.

 

[royalmix]

I will be a new customer, wait till Sept to open, 6 mths start counting from date of account opening. Fastsaver is better for first 75k!

Thank you for the lobang!

 

[demoforce1]

the promo only for 1 month?
from 1 to 31 August 2023

 

[royalmix]

the promo only for 1 month?
from 1 to 31 August 2023

Existing customers have 1 mth to join this promo which pays bonus interest for 6 mths starting from Aug1

 

[EveMuffins]

Yes can based on this. But to be safe, maybe out at least 1k for FSA or 5k for SSA because the TnC said to maintain that balance to get the bonus (though it should be daily and those days you domt you don't get it)
*Interest/profit accrued daily and credited monthly. Daily interest/profit will be paid on the entire daily balance, provided that the balance is at least S$1,000 in your savings and S$5,000 in current account on any given day. Indicated rates are based on prevailing base rates and correct as of 1 August '23. Other terms and conditions apply. Please refer to the individual product pages for details.

tks for pointing out about the minimum balance..1 sep will transfer in since my esaver invitation up till 31 aug only.

 

[Kayeesha]

Please call the bank and ask for the correct answer.

And no banks only based on the last day to issue interests. I do not know what gives you that idea. It is usually using ADB to credit interests.

And yes, I have bank with CIMB before, in car you want to know how I know.

Many thanks for your reply, twosix.

What gave me the idea? The example in the tnc used the “Month-End-Balance” to calculate the interests (see paragraph 9). And since the “Comparison Month-End-Balance” for July is stated as 31 Jul 2023, I assume the “Month-End-Balance” used for the other months in their example refers to the balance on the last day of the month. However, I am not sure if you have read the tnc since you seemed to also think the bonus interest is based on ADB?

I have 4 accounts with CIMB myself, 2 FSAs and 1 SSA and a foreign currency account. I have been using these accounts throughout the year. So, I’m pretty sure I too know how the interest is usually calculated.

Lastly, I did call the bank this morning but they have not come back with a clear answer.