CIMB FastSaver

[Kayeesha]

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.

Sorry I think you have misunderstood me.

I interpret “maintain” as having to lock in the funds in order to earn the bonus interest which is why I asked for how long does one have to “maintain the minimum deposit” i.e. lock-in the funds and someone said probably until 31 Jan 2023, someone said look at the tnc and the example given, someone said ask customer service and someone said can transfer the funds in and out anytime as long as ADB is maintained and some irrelevant replies that added more confusion.

Nevermind.

 

[wutawa]

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.

it applies to me. 1 to 4 aug i have $0.
5 aug onwards i have a few ks.

 

[demoforce1]

it applies to me. 1 to 4 aug i have $0.
5 aug onwards i have a few ks.

ks stand for?

 

[wutawa]

ks stand for?

thousands (of dollars)

 

[saintgtril]

Both would give 3.5% with the promo, just that maybe you'll get a bit more because of the earlier inteedt with the SSA

Yes, based on my numbers :
FSA 75k + SSA 215K gets a Blended Prevailing IR of 2.155%
SSA 290K gets a Blended Prevailing IR of 2.293%

Thanks. That means SSA is the account to go for over FSA.

 

[sohguanh]

Sorry I think you have misunderstood me.

I interpret “maintain” as having to lock in the funds in order to earn the bonus interest which is why I asked for how long does one have to “maintain the minimum deposit” i.e. lock-in the funds and someone said probably until 31 Jan 2023, someone said look at the tnc and the example given, someone said ask customer service and someone said can transfer the funds in and out anytime as long as ADB is maintained and some irrelevant replies that added more confusion.

Nevermind.

Since the promo last for 6 months you can test it like other readers say. But to play safe I would suggest maintain that minimum 1K or 5K all the way to the 20th of the following month. Unless you have desperate need for that 1K or 5K on following month then no choice.

 

[sglandscape]

Thanks. That means SSA is the account to go for over FSA.

I don't think the difference is so large given its 20 days difference only unless your amount is large

 

[Kayeesha]

Since the promo last for 6 months you can test it like other readers say. But to play safe I would suggest maintain that minimum 1K or 5K all the way to the 20th of the following month. Unless you have desperate need for that 1K or 5K on following month then no choice.

Thanks, sohguanh.

Yes, if there is still no clarity on this then there is no other choice but to test it. Additionally, I’d think it acceptable to test until 20th of the following month.

 

[lzydata]

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

You can change the limit to higher.

 

[EveMuffins]

You can change the limit to higher.

ok tks..glad that they have increased the transfer limit.

 

[Agate8]

Hi
Like to check if this 3.5% eligible to existing customers?



My hubby emailed the CS and got a reply saying that its only for "New" account only!!!!!

 

[royalmix]

I interpret “maintain” as having to lock in the funds in order to earn the bonus interest which is why I asked for how long does one have to “maintain the minimum deposit

Base interest and bonus interest is calculated on a daily basis. To get the base interest, you have to maintain at least 1k (fastsaver), ie daily basis, if you dun have at least 1k, no interest. No base interest = no bonus interest!

Bonus interest is based on daily incremental balance above July monthend balance. No incremental means no bonus.

Hope it is clear for existing customers!

I am a potential new customer. No bonus interest if mthend balance is < prior mth's monthend balance. Still earn daily interest if I maintain at least 1k, no daily interest if less than 1k. It is daily basis. Every day I will get accrued bonus interest but if mthend I dun meet the criteria, there goes the accrued bonus interest.

Both new and existing customers: It is in the base tnc, to get daily interest, must have at least 1k. Promo tnc for existing customers also state : for base interest and bonus interest, must maintain at least 1k to get interest accrued daily.

(to play safe, I will keep at least 1k on month end!

 

[vsvs24]

Hi
Like to check if this 3.5% eligible to existing customers?

My hubby emailed the CS and got a reply saying that its only for "New" account only!!!!!

My dear, your hubby emailed on 24 Jul and CIMB replied on 27 Jul pertaining to July promo for new customers.

We are now all talking about the Aug promo which has different tnc for new customers signing up in Aug and Sep and existing customers signing up in Aug.

 

[ThreeSteps]

Hi
Like to check if this 3.5% eligible to existing customers?

My hubby emailed the CS and got a reply saying that its only for "New" account only!!!!!

Refer to my Post#2333 (It contain the current information you need) :
https://forums.hardwarezone.com.sg/threads/cimb-fastsaver.5176026/page-117#post-148733538

 

[BaDBoI]

Scenario: New Customer

new account 6th aug, register for program + deposit $100k
no withdrawal until 30th Aug.
31st Aug - withdrawal 50k end day/mth balance 50k*
(earn 3.5%PA for $100k(6th - 30th aug), 50k(31st aug) )

1st sept Deposit 40k balance 90k
no withdrawal until 30th Sep.
(earn 3.5%PA for $90k(full sept))


is this correct?

 

[craze_ho]

Looks like the interest is split to 1.5 +2? In this case is gxs still win?

 

[BaDBoI]

Looks like the interest is split to 1.5 +2? In this case is gxs still win?

the nett is still 3.5% as long as
existing customer Aug - Jan Month end bal is > 31st Jul
new customer Sept - jan Month end bal is => previous mth end bal

GXS is 3.48% daily compounded int however capped at 75k deposit

bottom line i think 75k put in GXS excess put to CIMB

 

[royalmix]

Scenario: New Customer

new account 6th aug, register for program + deposit $100k
no withdrawal until 30th Aug.
31st Aug - withdrawal 50k end day/mth balance 50k*
(earn 3.5%PA for $100k(6th - 30th aug), 50k(31st aug) )

1st sept Deposit 40k balance 90k
no withdrawal until 30th Sep.
(earn 3.5%PA for $90k(full sept))


is this correct?

New customers no need to register
Open in Sept, 6 mths start counting from Sept, you win existing customers by 1 mth!
The rest is correct!
New customers can trick the system with a little "sacrifice"!

 

[Godeau]

For this promo, there are 6 interest-earning months - Aug, Sep, Oct, Nov, Dec and Jan2024. During this 6-mth period, you can transfer in and withdraw any time with no lock-in requirement. However, 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 get $0 interest for that particular month.

This is incorrect. Because if this is true, existing customers whose account balance is below 1k/5k and did not start on the first day of August would get zero interest for the whole month.

The t&c states:

*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.*

So, only on days that you did not meet these conditions(for existing customers), you won't get paid interest for that day;

1. Above snapshot amount taken on 31 July(only prevailing interest given, if #2 is met)
2. Above $1000 or $5000, depending on savings/current account

 

[Joseph99]

I am new applicant. Do I need to register or chat with bot to get the 3.5% interest ?