CIMB FastSaver

[SantyBalls]

Simplified Explanation for all
(FastSaver)

New Customer
DAILY interest 3.5%(PA) for $1000 to Unlimited amount
Conditions to meet/End Day Balance to watch
*31/8, 30/9, 31/10, 30/11, 31/12, 31/01*
Each date above your closing balance MUST be SAME or ABOVE the previous date balance
(ie. $1000, $1000, $1000, $1000, $1000, $1000 or $1000, $2000, $2000, $2001, $1000000000)

Existing Customer
DAILY interest 3.5%(PA) for Incremental Balance (Daily balance - Reference Amount)
Conditions to meet/Reference Date to watch
*31/07/2023* <Closing Balance = Reference Amount>
*31/8, 30/9, 31/10, 30/11, 31/12, 31/01*
Each date above your closing balance MUST be ABOVE Reference Amount

seems there's no diff between existing customer and new, if existing just empties their account to 0 at the last day of each month?

 

[sglandscape]

seems there's no diff between existing customer and new, if existing just empties their account to 0 at the last day of each month?

More hassle for new customers and need to monitor what the month end balance is.

 

[~sabaisabai~]

More hassle for new customers and need to monitor what the month end balance is.

is either maintain or incremental for the entitlement of the bonus interest

 

[pratik28]

seems there's no diff between existing customer and new, if existing just empties their account to 0 at the last day of each month?

oh, that looks like a hack to maintain month end bal to $0 on last day of month and still qualify for bonus int for rest of the days, haha. Not sure if that works.

 

[royalmix]

Just activate to join the promotion via whatsapp and response was Yeay, you're in. So I transferred online $1000 from posb to fastsaver as a trial and fast saver account is credited with $1000 instantly.

FAST is always instant crediting and you can withdraw immediately. Question is does the bank recognise it for interest accrual same day or next day?

Can you do a $1 transfer out, then check the dates, is there a different posted date or value date 10Aug or is it same day? Thank you.

 

[pratik28]

thanks for the info

errr not me misleading
cimb cs told me . info from cimb not me. I also confuse. cos each time I call them to cfm. they seems giving me different version

so we only base on jul end balance for existing customer?

yeah different versions by cso sure headache.

Just maintain $1k for Aug by next month we will know the exact math and bonus int already to plan for upcoming months.

My understanding is;
new cust- comparison is end day bal of previous month.
existing cust-
comparison is end day bal of July (qualify even if its $0 bal in Jul)

 

[tiertime]

Tnc says accounts opened online. So better not open at branch.

From what others feedback, access to account is not immediate. Seems need to place a deposit then they give access to internet banking. Cater time for account opening. Last promo long delay receiving that code.

Starsaver comes with ATM card which you can use to withdraw cash at ATMs in Malaysia at no charge. I somehow could not link my Fastsaver to the ATM.

But looking at phasing off of cheques by 2025, not sure what will happen to current accounts after 2025.

Is StarSaver the one that ppl who want to go Malaysia will apply this account coz their Ringget exchange rate on the App is very good ??

But they will charge a yearly fee for the Malaysia Account Debit/ATM card ?

And min must put RM500 / 1000 in the Malaysia Account ?

 

[tiertime]

oh, that looks like a hack to maintain month end bal to $0 on last day of month and still qualify for bonus int for rest of the days, haha. Not sure if that works.

I dun think if u empty to $O u can get the bonus interest, must leave $1k inside right (?)

 

[BaDBoI]

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

Today also.

 

[BaDBoI]

seems there's no diff between existing customer and new, if existing just empties their account to 0 at the last day of each month?

Difference is reference date
If existing empties acct to 0 last day of month = no BI lo.. simple

 

[henrylbh]

FAST is always instant crediting and you can withdraw immediately. Question is does the bank recognise it for interest accrual same day or next day?

Can you do a $1 transfer out, then check the dates, is there a different posted date or value date 10Aug or is it same day? Thank you.

Unless otherwise stated, the date of entry in the account stands.

 

[royalmix]

oh, that looks like a hack to maintain month end bal to $0 on last day of month and still qualify for bonus int for rest of the days, haha. Not sure if that works.

Know the tnc, and u will know the answer:

TNC
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

If you keep zero or <1k for any day = zero interest that day.
If you keep 0 or < 1k only on last day = zero interest last day.

Assuming 31/7 = zero

Why take risk?

Your choice!

 

[royalmix]

Unless otherwise stated, the date of entry in the account stands.

Otherwsie stated where? Some banks, can only see 2 dates on app but not online browser or vice versa. Since you only see one date, can safely assume this bank dun have cutoff date processing other than 2359?

 

[luvpraline]

Emcountered error adding a payee (dbs). Able to do a one time transfer to the same account but can't add it as a recurring / favourite payee. Anyone encountered this?

 

[pratik28]

Know the tnc, and u will know the answer:

TNC
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

If you keep zero or <1k for any day = zero interest that day.
If you keep 0 or < 1k only on last day = zero interest last day.

Assuming 31/7 = zero

Why take risk?

Your choice!

oh, that looks like a hack to maintain month end bal to $0 on last day of month and still qualify for bonus int for rest of the days, haha. Not sure if that works.

yes got that!
my question is not abt $0 or $1k.

Its abt can we consistently withdraw last day of every month to maintain same month end bal and still qualify for bonus int?

Eg, I have 50k from 1 Aug to 30 Aug, than 31 Aug I withdraw 49k.
I do that consistently every month to maintain 1k on last day only. Will it still qualify bonus int for 29 or 30 days I had 49k in there?
since its comparing with month end bal (new user) and not average bal.

 

[royalmix]

yes got that!
my question is not abt $0 or $1k.

Its abt can we consistently withdraw last day of every month to maintain same month end bal and still qualify for bonus int?

Eg, I have 50k from 1 Aug to 30 Aug, than 31 Aug I withdraw 49k.
I do that consistently every month to maintain 1k on last day only. Will it still qualify bonus int for 29 or 30 days I had 49k in there?
since its comparing with month end bal (new user) and not average bal.

Yes, that's the hack I shared
Play safe, keep 1k so last day still earn 3.5%
New Customer only

 

[SantyBalls]

I dun think if u empty to $O u can get the bonus interest, must leave $1k inside right (?)

Difference is reference date
If existing empties acct to 0 last day of month = no BI lo.. simple

Know the tnc, and u will know the answer:

TNC
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

If you keep zero or <1k for any day = zero interest that day.
If you keep 0 or < 1k only on last day = zero interest last day.

Assuming 31/7 = zero

Why take risk?

Your choice!

yes got that!
my question is not abt $0 or $1k.

Its abt can we consistently withdraw last day of every month to maintain same month end bal and still qualify for bonus int?

Eg, I have 50k from 1 Aug to 30 Aug, than 31 Aug I withdraw 49k.
I do that consistently every month to maintain 1k on last day only. Will it still qualify bonus int for 29 or 30 days I had 49k in there?
since its comparing with month end bal (new user) and not average bal.

Yes, that's the hack I shared
Play safe, keep 1k so last day still earn 3.5%

so existing customers at the end of each month keep 1k. at most that 1k no interest.
funny they dont use adb..

any cons if come 17aug, xfer from gxs to cimb, then do this trick on 31aug?

 

[sglandscape]

so existing customers at the end of each month keep 1k. at most that 1k no interest.
funny they dont use adb..

any cons if come 17aug, xfer from gxs to cimb, then do this trick on 31aug?

Most banks don't use ADB actually, it's the exception more than the norm I realised.

 

[pratik28]

so existing customers at the end of each month keep 1k. at most that 1k no interest.
funny they dont use adb..

any cons if come 17aug, xfer from gxs to cimb, then do this trick on 31aug?

ya, I was wondering why not ADB or MAB. Hope when they say month end balance, they dnt mean mab, hahaha. Like that Its a very fuss free promo, I withdraw any amt any day as long as maintain 1k daily and end of month too, I get bonus int

 

[~sabaisabai~]

yes got that!
my question is not abt $0 or $1k.

Its abt can we consistently withdraw last day of every month to maintain same month end bal and still qualify for bonus int?

Eg, I have 50k from 1 Aug to 30 Aug, than 31 Aug I withdraw 49k.
I do that consistently every month to maintain 1k on last day only. Will it still qualify bonus int for 29 or 30 days I had 49k in there?
since its comparing with month end bal (new user) and not average bal.

so conclusion is we jsut leave 1k there to collect the bonus interest right?