CIMB FastSaver

[Cookie Muncher]

oh no. just saw this promo for existing customers.

(1) the 3.50% promo incremental balance applies to Fast and Star?
(2) If July balance is $0, and i park $80K from Aug to Jan, will this 80K earn 3.50% for the 6 months promo period?

 

[BaDBoI]

No old bird willing to share, I new bird leh, google and chatgpt cannot find!

We still have time, when monthend hit saturday/sunday or first day hit sunday/public holiday, then need worry. Worst case, lose 2-3 days interest but can easily recover from esaver or other banks with good interest rates like isavvy. A little sacrifice to gain max flexibility in moving my funds is my objective.

Important thing, can run road fast if CIMB ...... you know what lah and dun lose BI!

all FAST transaction should be Immediate, i dont know of any bank has cut off time other then HSBC

 

[touchring1]

Up till now, I still find it hard to believe in the 3.5% deal. I have had a fastsaver account for years and have been monitoring the interest rates and it has never been so good.

 

[BaDBoI]

oh no. just saw this promo for existing customers.

(1) the 3.50% promo incremental balance applies to Fast and Star?
(2) If July balance is $0, and i park $80K from Aug to Jan, will this 80K earn 3.50% for the 6 months promo period?

1) yes both FS, SS
2) yes, the Ref is to "31/07/23" only 01-30 july does not matter

 

[~sabaisabai~]

Up till now, I still find it hard to believe in the 3.5% deal. I have had a fastsaver account for years and have been monitoring the interest rates and it has never been so good.

same here. I've account for years. last time only 1%

 

[BaDBoI]

maybe becoz EGA hands down everyone else previously didnt even bother to look at 3.XX%

 

[sglandscape]

same here. I've account for years. last time only 1%

but this was when interest rates were close to 0%, different times now l

 

[ThreeSteps]

Thanks for sharing, this cimb promotion is really difficult to get info. their website not much information. Especially for existing account holders, not sure if we can get 3.5% on new funds. Their website only says "For New-to-Bank customers:" . Also, it's not clear how many months this promotion will last.

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
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) read point#4(c ) of T&Cs for Existing Customers: ‘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’ (note: if you make multiple withdrawals/re-deposits during the period (Aug2023 to Jan2024), just leave $1k/$5k balance behind instead of withdrawing down to $0 balance - This is more for safety, peace of mind)
(5) read point#7 of T&Cs for Existing Customers: ‘Prevailing and Bonus Interest/Profit Rates’
(6) read point#10 of T&Cs for Existing Customers: ‘Incremental Fresh Funds Balance refers to comparing end-day-balance on that day against that of 31 July 2023 ……’ (note: your balance on 31July should be $0 or very low $balance because this value is used for comparison in the calculation of bonus interest)

 

[123kidy]

New customer auto join or need to register for the 3.5%?

 

[BaDBoI]

New customer auto join or need to register for the 3.5%?

no need register.

 

[tiertime]

Branch opening shoukd be instant. Any reason for not doing it via Singpass?

If I use SingPass set up account and fund with $1000 by 30th Aug，
Then on 1st SEP I transfer more money in, does that mean from SEP 2023 I am considered existing customer / new customer ?

 

[sglandscape]

If I use SingPass set up account and fund with $1000 by 30th Aug，
Then on 1st SEP I transfer more money in, does that mean from SEP 2023 I am considered existing customer / new customer ?

New customer. Existing customer needs to have account opened before 31 July.

 

[Rospenn]

New customer. Existing customer needs to have account opened before 31 July.

Really? What if I am a CIMB bank customer with a existing fixed deposit with them but open a new SA 2 days ago?

 

[gobin74]

HI all, if we have an existing starsaver and fastsaveer accounts with cimb with minimum or no balances in the accounts .

for the current accounts can anyone plz update what exactly how the promotion may work ?

Thanks in advance for any pointers plz

cheers

 

[BaDBoI]

HI all, if we have an existing starsaver and fastsaveer accounts with cimb with minimum or no balances in the accounts .

for the current accounts can anyone plz update what exactly how the promotion may work ?

Thanks in advance for any pointers plz

cheers

refer to:
https://forums.hardwarezone.com.sg/threads/cimb-fastsaver.5176026/post-148771412

 

[BaDBoI]

Really? What if I am a CIMB bank customer with a existing fixed deposit with them but open a new SA 2 days ago?

only FastSaver/StarSaver SA/CA are qualifying acct

 

[heng_ah]

month end balance, just ignore posts where they use their own words, they are trying to create their own tnc which I call falsehoods!

Always read the original tnc!

CIMB Fastsaver always use daily balance, never in their tnc can you find the words average balance! Kill all the falsehoods or fearmongering!

Mister potential customer, your so-called hack is still a "potential" hack lah. It's not tested yet so it's not qualified as a hack yet LOL....

Too bad I am existing customer, so I can't test that potential hack.

But I always like good hack.

Maybe some pointers to consider :

1) Where do you park your remaining fund on month-end (one day) ? Assuming your daily transfer limit is 100k and you need to leave 1k, so the 99k needs to be parked somewhere with good return (if possible as good as CIMB base+bonus interest), otherwise it defeats the whole purpose to deposit with CIMB, doesn't it?

2) Have you researched how many first-day-of-month and end-of-month fall on SUNDAY/PH?
So far I checked, 1 Oct and 31 Dec 2023 are on SUNDAY.
You need to strategise on how to transfer in-out on that months bearing in mind the banks usually use MONDAY (or following business day) as value date for incoming funds.
Then after 31 Dec 2023 you'll have PH 01 Jan 2024 on MONDAY! Hmmm.....

 

[BaDBoI]

Mister potential customer, your so-called hack is still a "potential" hack lah. It's not tested yet so it's not qualified as a hack yet LOL....

Too bad I am existing customer, so I can't test that potential hack.

But I always like good hack.

Maybe some pointers to consider :

1) Where do you park your remaining fund on month-end (one day) ? Assuming your daily transfer limit is 100k and you need to leave 1k, so the 99k needs to be parked somewhere with good return (if possible as good as CIMB base+bonus interest), otherwise it defeats the whole purpose to deposit with CIMB, doesn't it?

2) Have you researched how many first-day-of-month and end-of-month fall on SUNDAY/PH?
So far I checked, 1 Oct and 31 Dec 2023 are on SUNDAY.
You need to strategise on how to transfer in-out on that months bearing in mind the banks usually use MONDAY (or following business day) as value date for incoming funds.
Then after 31 Dec 2023 you'll have PH 01 Jan 2024 on MONDAY! Hmmm.....

1) Actually if parking a fixed sum or incremental from aug - jan 24 dont have to worry about the "hack" at all?
even if require to reset the "Previous Month End Balance" would not need to withdraw out 99k and make it 1k? just to a forecasted next month end bal will do? eg. transfer out 20k month end bal = 80k and parking to anywhere also dont really matter. its less then 0.001% for that 1 day.

2) so far i only see one date on CIMB deposit account.(unless they have a hidden Value date on the backend) i tested a Transfer in today(Public Holiday) it reflected as today 9th aug on the date so i guess shouldn't have any impact even on a sunday?

 

[royalmix]

2) so far i only see one date on CIMB deposit account.(unless they have a hidden Value date on the backend) i tested a Transfer in today(Public Holiday) it reflected as today 9th aug on the date so i guess shouldn't have any impact even on a sunday?

Can you test a transfer out today and check the date, whether date is today or tomorrow? This is the real simulation we need for the hack, thanks

 

[royalmix]

Mister potential customer, your so-called hack is still a "potential" hack lah. It's not tested yet so it's not qualified as a hack yet LOL....

Too bad I am existing customer, so I can't test that potential hack.

But I always like good hack.

Maybe some pointers to consider :

1) Where do you park your remaining fund on month-end (one day) ? Assuming your daily transfer limit is 100k and you need to leave 1k, so the 99k needs to be parked somewhere with good return (if possible as good as CIMB base+bonus interest), otherwise it defeats the whole purpose to deposit with CIMB, doesn't it?

2) Have you researched how many first-day-of-month and end-of-month fall on SUNDAY/PH?
So far I checked, 1 Oct and 31 Dec 2023 are on SUNDAY.
You need to strategise on how to transfer in-out on that months bearing in mind the banks usually use MONDAY (or following business day) as value date for incoming funds.
Then after 31 Dec 2023 you'll have PH 01 Jan 2024 on MONDAY! Hmmm.....

If you have read through all my posts related to the hack and understand how it works, you dun have to waste your time writing this long post of all your doubts and questions on it, because I have already posted all the answers there!

If you understand how the bank calculate and accrue daily interest (base+bonus), it is just common sense, primary school maths/logic put on paper to show it works.

If the bank can calculate interests for 6 mths and show you in the tnc, so can I!

I merely added a normal withdrawal transaction on the last day of the mth, and viola, you get a hack to just lock in 1k balance! Wow! My hack in one sentence!

Even an IT person here supports the hack, with intention to create fear! Why would the bank change the tnc from month end balance to daily average balance? To create job for an IT person to amend the system?
An error in the tnc, tell the bank rubbish, cos month-end balance is written all over the tnc !

The bank obviously create this tnc to attract new customers and is a win win situation. Not all customers need to hack or know how to hack. If I hack, the bank wins by not having to pay 1-3 days interests and still gain a loyal customer for 6 mths!

You dun have to hack:

1. If you are an existing customer
   
2. Willing to lockin all your monies every mth or for 6mths
   
3. More than 200k (someone said 100k transfer llimit, then 100k) as your “insurance cost” will be more.
   
4. Dun think you will need the funds for emergency or better opportunities during the mth
   
5. Not willing to lose 1-3 days of interest (insurance cost) to buy flexibility/liquidity (assuming your other bank pays 0.05%pa, my bank pays 3.4% now)
   
6. Never play or dunno how to play merry go game when mthend/first day falls on Sunday/Public Holidays (subject to confirmation on cutoff time if any)

Good luck if you choose to hack. Most likely, I will not have cimb account cos I dun want to learn another cumbersome system/app and happy with 3.4%pa. I have until end Sept to decide but I hope RHB will give me good news!