CIMB FastSaver

[jetstream819]

Anyone knew if FAST out and FAST in qualifies as new incremental fund? I am already using FSA so hopefully that works to take advantage of the 3.5% promo rate for existing customer

 

[vsvs24]

Anyone knew if FAST out and FAST in qualifies as new incremental fund? I am already using FSA so hopefully that works to take advantage of the 3.5% promo rate for existing customer

No use because comparing to static 31 Jul balance.

So if your 31 Jul bal is 75k in Fastsaver, you fast in and out in Aug also no use. Only amounts higher than 31 Jul gets bonus interest

But I am not sure if it would work if you fast out from Fastsaver to other bank then fast in to Starsaver (assume low or zero bal). This may need to try out with say $5500 and wait till 20 Sep to know

 

[sohguanh]

Anyone knew if FAST out and FAST in qualifies as new incremental fund? I am already using FSA so hopefully that works to take advantage of the 3.5% promo rate for existing customer

I saw the txn description.
Cr via fast (in) and show the sender bank account
Trf via fast (out) and show the receiving bank account
Clicks Trf (internal cimb acct to acct transfer)

If scare, trf via fast (out) go to bank A account. Then cr via fast (in) use bank B account. So from txn history it look you did not fast out and then fast in again using same monies.

 

[demoforce1]

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)

FastSaver is saving or current acct?
Point 3. Qualifying Account(s) refers to the CIMB FastSaver / FastSaver-i /StarSaver / StarSaver-i / StarSaver (Savings) / StarSaver (Savings)-i.
Why there is specific "StarSaver (Savings)"

 

[demoforce1]

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.

will top up $1,001 before 31 Aug, to FastSaver or StarSaver? I have both $0 at this moment

 

[Godeau]

FastSaver is saving or current acct?
Why there is specific "StarSaver (Savings)"

Fastsaver only has savings account(min $1000 deposit)

Starsaver there's savings(min $1000 deposit) and current(min $5000 deposit)

https://www.cimb.com.sg/en/personal/help-support/rates-charges/fees-charges/accounts.html

 

[heng_ah]

FastSaver is saving or current acct?
Point 3. Qualifying Account(s) refers to the CIMB FastSaver / FastSaver-i /StarSaver / StarSaver-i / StarSaver (Savings) / StarSaver (Savings)-i.
Why there is specific "StarSaver (Savings)"

will top up $1,001 before 31 Aug, to FastSaver or StarSaver? I have both $0 at this moment

StarSaver can be current account or savings account.
Those with Savings in the brackets are saving account.
Mine is current and comes with cheque book.
Suggest you call CSO to confirm which type is yours.

$1000 for savings account.
$5000 for current account

 

[sglandscape]

StarSaver can be current account or savings account.
Those with Savings in the brackets are saving account.
Mine is current and comes with cheque book.
Suggest you call CSO to confirm which type is yours.

$1000 for savings account.
$5000 for current account

Good tip. It shows (SA) for savings and (CA) for current account.

 

[heng_ah]

Good tip. It shows (SA) for savings and (CA) for current account.

In theory, we can have 6 CASA accounts to play musical chairs, if it's required in the future. LOL....

StarSaver (CA)
StarSaver-i (CA)
StarSaver (Savings) (SA)
StarSaver (Savings)-i (SA)
FastSaver (SA)
FastSaver-i (SA)

 

[sglandscape]

In theory, we can have 6 CASA accounts to play musical chairs, if it's required in the future. LOL....

StarSaver (CA)
StarSaver-i (CA)
StarSaver (Savings) (SA)
StarSaver (Savings)-i (SA)
FastSaver (SA)
FastSaver-i (SA)

CIMB promo mechanics usually not like SCB Esaver or HSBC EGA so not much point

 

[heng_ah]

CIMB promo mechanics usually not like SCB Esaver or HSBC EGA so not much point

I feel CIMB starts to copying them.
For example they use Fresh Fund with July 2023 as Reference Month for this promo.

Reference Month is one of well known tactics from their competitors.

 

[bumdssa]

Aug promo 3.5% for both new & existing customers. No cap limit. For existing, July is reference month.
For higher amount savings, must use Star saver account.
For 6 months, no lock in.

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

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

am i right to say that EIR is 3.5% for ADB compared to July?

for sake of simple calculation:-
say i had only $1 ADB for Jul
and
i deposit $75,000 into the account on 1st Aug but registered for the promo only on 6th Aug.

1. i guess i am still considered eligible for the promotion?
2. my interest for Aug will be $75,000*3.5%/365*31 = $222.95?

thanks in advance.

 

[tomicaguy]

Already maxed out 75K, still got 3.5% on the rest, if additional fresh fund?

 

[bumdssa]

Already maxed out 75K, still got 3.5% on the rest, if additional fresh fund?

i supposed so

Top up fresh funds into your account to earn a flat interest/profit rate of 3.50%^ p.a. on your incremental balance!
- NO cap on deposit amount
- NO lock-in period, which means you can transact anytime!

 

[royalmix]

i deposit $75,000 into the account on 1st Aug but registered for the promo only on 6th Aug.

1. i guess i am still considered eligible for the promotion?

Per tnc, YES!

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.

 

[bumdssa]

• Regarding your question (“i deposit $75,000 into the account on 1st Aug but registered for the promo only on 6th Aug. 1. i guess i am still considered eligible for the promotion?”), you should contact the bank, clarify & get a formal reply from the bank. (note: point#5 of T&Cs mention fresh funds)
• Bonus interest is calculated based on the incremental ADB (Average Daily Balance) compared to the a/c balance as at 31July2023 (not compared to the ADB for July).

From your given example, let’s assume you are using FastSaver a/c, has a balance of $1 as at 31July, transfer in $75k on 1st Aug from a non-CIMB bank a/c & keep until 31Aug without withdrawal.

ADB (Average Daily Balance) for Aug = $75,000
Prevailing interest for 1st $25k @ 1.5% = $25,000 * (0.015/365 * 31) = $31.85
Prevailing interest for next $25k @ 2.5% = $25,000 * (0.025/365 * 31) = $53.08
Prevailing interest for next $25k @ 3.5% = $25,000 * (0.035/365 * 31) = $74.32
Total Prevailing interest to be credited on 31 Aug = $159.25

Incremental ADB (Average Daily Balance) for Aug = $75,000 less $1 (i.e. a/c bal as at 31July) = $74,999
Bonus interest for 1st $25,000 @ (3.5% less 1.5% = 2%) = $25,000 * (0.02/365 * 31) = $42.46
Bonus interest for next $25,000 @ (3.5% less 2.5% = 1%) = $25,000 * (0.01/365 * 31) = $21.23
Bonus interest for next $24,999 @ (3.5% less 3.5% = 0%) = $0
Total Bonus interest to be credited on 20 Sep = $63.69

Grand total (prevailing interest + bonus interest) = $222.94

thanks for the effort! appreciate it.

 

[Kayeesha]

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."

If you are referring to a balance between $0 and $1,000, then sorry, I wouldn’t know since I have never kept such a low balance before. I wouldn’t do that anyway since it pays no interest.

Having said that my accounts are at $0 on most days. I just get no interest for those days.

 

[bumdssa]

Per tnc, YES!

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.

thank you sir!

 

[EveMuffins]

is CIMB FAST out transfer limit still maximum $50k?

 

[NTTDoCoMo]

If you are referring to a balance between $0 and $1,000, then sorry, I wouldn’t know since I have never kept such a low balance before. I wouldn’t do that anyway since it pays no interest.

Having said that my accounts are at $0 on most days. I just get no interest for those days.

If you already know no interest when interest below, why risk?

Not sure what is your use case , you might want to call CIMB to address your concern on the English Word "maintain".

Another way is do a small test yourself this month with $1,000 on one day and another day $0, you will know the answer next month 20th.