CIMB FastSaver

[sglandscape]

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.

Interest is calculated daily and accrued and paid once a month. Given that there is no cap, effectively it'll be the same as ADB.

 

[Kayeesha]

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

Many thanks, NTTDoCoMo.

I haven’t seen the tnc for new customers but I’m unclear about one of the conditions for existing customers, paragraph 4 c which states the requirement to maintain a minimum deposit.

As I had mentioned in my reply to twosix, I have been using my savings accounts and have been earning the prevailing interest without having to maintain any balance. So, is this just an incorrect use of the word “maintain”?

Both Prevailing Interest and Bonus interest accrued daily.

Note the wording of the terms below, which pertains to the calculation of the interest based on the prevailing rate, do NOT use the word “maintain”?

^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.

 

[NTTDoCoMo]

I have been using my savings accounts and have been earning the prevailing interest without having to maintain any balance. So, is this just an incorrect use of the word “maintain”?


Note the wording of the terms below, which pertains to the calculation of the interest based on the prevailing rate, do NOT use the word “maintain”?

Based on your experience, if your balance is below $1,000 for FASTSaver, does CIMB give you interest?

"provided that the balance is at least S$1,000 in your CIMB FastSaver Account on any given day."

 

[a4973]

Since this 3.5% is one of if not the best IR currently available why even get bothered about the $1k , $5k minimum balance? Just dump in as much as it makes sense to you and be done with it.

 

[joesph]

Read HWZ Forum Rules!

 

[demoforce1]

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

my current fastsaver is $0, if we just put in $ on 1st Sep, will the rate still apply until the end of Jan 2024?

 

[heng_ah]

my current fastsaver is $0, if we just put in $ on 1st Sep, will the rate still apply until the end of Jan 2024?

TnC for existing customer clause 1 said the "promo period" is from 1 August to 31 August 2023.

Meanwhile the "bonus period" in clause 8 specifies from 1 August 2023 to 31 January 2024.

If I were you, I would play safe, to register and deposit at least $1,000 on 31 August to ensure that I qualify.

 

[royalmix]

Since this 3.5% is one of if not the best IR currently available why even get bothered about the $1k , $5k minimum balance? Just dump in as much as it makes sense to you and be done with it.

I surely hope GXS and CIMB will "threaten" other banks to increase their interest rates!

 

[testingabc]

I sure hope GXS and CIMB will "threaten" other banks to increase their interest rates!

With maybank iSavvy back, i hope RHB bring back their HYSA back like last year

 

[royalmix]

With maybank iSavvy back, i hope RHB bring back their HYSA back like last year

RHB, "bookmark" August 28!

 

[royalmix]

Many thanks, NTTDoCoMo.

I haven’t seen the tnc for new customers but I’m unclear about one of the conditions for existing customers, paragraph 4 c which states the requirement to maintain a minimum deposit.

As I had mentioned in my reply to twosix, I have been using my savings accounts and have been earning the prevailing interest without having to maintain any balance. So, is this just an incorrect use of the word “maintain”?


Note the wording of the terms below, which pertains to the calculation of the interest based on the prevailing rate, do NOT use the word “maintain”?

TNC is clear as you pointed out:
4. To qualify for this Promotion, a. a customer must hold a Qualifying Account within the Promotion Period; b. deposit incremental fresh funds into the Qualifying Account; c. maintain minimum deposit of S$1,000 for savings and S$5,000 for current account to qualify for prevailing interest/profit in order to qualify for bonus interest/profit and d. register for this Promotion within the Promotion Period through our official corporate website (www.cimb.com.sg) or CIMB Eva Chatbot.

Must maintain at least 1k or 5k to get bonus interest too!

Banks write simplified examples to explain. It assumes you maintain 10k throughout the mth, so just multiply by number of days in the mth to get daily interest and bonus interest. Dun assume or read too much into examples. It is daily interest and daily bonus interest, it has different tiers for interest tho it equals out with a flat total daily+bonus interest of 3.5%pa. Daily interest might be bigger and credited first, while extra bonus interest (3.5 less daily) is smaller and credited on 20t. if you play it well!

I am not existing customer, have a different set of tnc, still I want to have an good exit strategy with the above, but not possible, I must exit first of the mth if needed. But I have not finished my "research" yet.

 

[a4973]

With maybank iSavvy back, i hope RHB bring back their HYSA back like last year

And the Premier Plus

 

[Mickey01]

Many thanks, NTTDoCoMo.

I haven’t seen the tnc for new customers but I’m unclear about one of the conditions for existing customers, paragraph 4 c which states the requirement to maintain a minimum deposit.

As I had mentioned in my reply to twosix, I have been using my savings accounts and have been earning the prevailing interest without having to maintain any balance. So, is this just an incorrect use of the word “maintain”?


Note the wording of the terms below, which pertains to the calculation of the interest based on the prevailing rate, do NOT use the word “maintain”?

A simple promo with a simple set of TnCs, dont think too much This is how I interpret the TnCs - Assume u are existing customer and using StarSaver to participate
1. Once u register in Aug, your promo runs from Aug to Jan 2024
2. 31st Jul 2023 your balance is $500
3. 7 Aug 2023 u top up $5,000 - u qualify for base int + BI because you have fresh funds and your account balance is $5,500. Int is accrued for this day and paid end of Aug (base int) and 20 Sep (BI)
3. 8 Aug u decide to withdraw $1,000 for 4D bets - Your balance with be reduced to $4,500. Although u have fresh funds ($4,000) you do not qualify for BI (only base int) since the promo TnC state min balance is $5,000
4. 9 Aug - Bank M decide to launch 5.8% p.a. promo for 3 months and you decide to abandon StarSaver (left $0 balance) and participate with Bank M, u do not earn any int with CIMB and no penalty too
5. Nov 2023 - u decide to bank wth CIMB again. You still qualify for this promo. Take note the min balance to earn BI
6. 3.5% of ADB can be used to estimate the total int (base int + BI) since CIMB is offering a flat rate of 3.5%p.a. provided in any of the promo days/months, your daily balance do not fall below $1,000 (for FAST Saver) and $5,000 (for StarSaver)

 

[firexed]

CIMB keeps locking me out of my account..already called them twice. Wonder if I should bother with this promo

 

[twosix]

CIMB keeps locking me out of my account..already called them twice. Wonder if I should bother with this promo

If 3.5% is nothing to u, then move on.

 

[havetheveryfun]

CIMB keeps locking me out of my account..already called them twice. Wonder if I should bother with this promo

still can get rates around 3.3-3.4% in other areas..

so loss of 0.10% interest on 100k is around $100 a year.. which is less than $10 a month

so depends if u rather have a peace of mind or wan all in for the extra interest..

 

[vsvs24]

Please refer to the bank website:
https://www.cimb.com.sg/en/personal...sa_b2:casapromo_b3:gws_b4:home_b5:hero_b6:def
T&Cs for New Customers: https://www.cimb.com.sg/content/dam...cs-governing-casa-bonus-interest-promo-23.pdf
T&Cs for Existing Customers: https://www.cimb.com.sg/content/dam...overning-casa-bonus-interest-promo-23-etb.pdf

CIMB CASA Bonus Interest/Profit Promotion 2023
I have an existing FastSaver a/c & registered for this promo on 5Aug.
Correct me if I am wrong, I think the key points for existing customers with existing qualifying accounts are:
(1) must register for the promo within Aug 2023, latest by 31Aug
(2) there are 6 interest-earning months - Aug, Sep, Oct, Nov, Dec and Jan2024 (can transfer in and withdraw any time during this period, no lock-in requirement)
(3) must be fresh funds transfer in from non-CIMB bank a/cs
(4) Interest will be paid in 2 portions: credited as ‘prevailing interest/profit’ at end of each month & as ‘bonus interest/profit’ on the 20th of the following month. Note: if your monthly ADB (Average Daily Balance) fall below the minimum ADB balance requirement ($1k for saving a/c, $5k for current a/c), then you will only get the normal prevailing interest (not the ‘prevailing interest/profit’ rates) for that month since you are not eligible for the promo for that month.

(5)’Prevailing interest/profit’ at the prevailing interest/profit tiered rates is calculated based on the ADB (Average Daily Balance) of each interest-earning month. (not incremental ADB compared to 31July balance) [Refer to point#9 of T&Cs for existing customers - calculation example]

(6) ‘Bonus interest/profit’ is calculated based on the incremental ADB (Average Daily Balance) of each interest-earning month compared to the a/c balance on 31July2023, using an interest rate that is the difference between 3.5% and the prevailing interest/profit tiered rates. [Refer to point#9 of T&Cs for existing customers - calculation example]

Point 4 marked in red is wrong. As long as bal falls below the min required of $1k or 5k, totally no interest.

 

[ThreeSteps]

Point 4 marked in red is wrong. As long as bal falls below the min required of $1k or 5k, totally no interest.

Thanks. I have done the correction on my original post.

 

[CrashWire]

Someone correct me if I'm wrong:

I think the most interesting thing is that there seems to be no cap in the T&Cs, so you can deposit more than $75k in FastSaver or $250k in StarSaver and receive 3.5% on the full balance.

 

[testingabc]

Someone correct me if I'm wrong:

I think the most interesting thing is that there seems to be no cap in the T&Cs, so you can deposit more than $75k in FastSaver or $250k in StarSaver and receive 3.5% on the full balance.

yes no cap is the best, cause those rich would love this lol