CIMB FastSaver

[royalmix]

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

Most banks use ADB for bonus interest accrual. So far, Multiplier dun use ADB for BI, and this is the second bank I know!

 

[twosix]

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

Banks use ADB to calculate the balance in the acct. If drop below min balance, will charge fees.

 

[sglandscape]

Banks use ADB to calculate the balance in the acct. If drop below min balance, will charge fees.

Oh that's only for fall below fee. Most of the interest calculation is accrued based on end of day balance though.

 

[BaDBoI]

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?

No… existing customer just need to ensure each end mth Bal is MORE then 31/7.

 

[royalmix]

Oh that's only for fall below fee. Most of the interest calculation is accrued based on end of day balance though.

Stop posting falsehoods! Which banks dun pay BI based on ADB?

Most banks use ADB for bonus interest accrual. So far, Multiplier dun use ADB for BI, and this is the second bank I know!

 

[demoforce1]

if jul balance is zero. u can top up min 1k to enjoy the 1.5+2% subsequent months. it has to be same amt or higher than previous month to be eligible for bonus interest

cimb fast saver is 1.5% bonus interest is 2%

1K only on 31 Jul or the daily average of 1K to be eligible for bonus interest

 

[royalmix]

1K only on 31 Jul or the daily average of 1K to be eligible for bonus interest

Dun spread falsehoods. "average" is never in CIMB's vocab!

 

[sglandscape]

Stop posting falsehoods! Which banks dun pay BI based on ADB?

I shall clarify further - and it's not false hood. One should differentiate ongoing high interest accounts (ie salary credit ones) with caps eligible for high interest, from Promo high interest accounts that usually requires merry go round (with high caps).

High interest accounts, specifically those with on-going bonus interest not just based on promo are typically based on EOD balance, not ADB.

1) DBS Multiplier. Bonus interest is accrued based on end of day balance (based on the 50k/100k tier, not based on ADB for the month)

2) UOB One Account, also based on EOD balance to determine the interest tiering for interest accrual and paid once a month (not ADB).

3) OCBC 360 is the exception, and pays bonus interest on the ADB for the month.

The typical promo CASA accounts that do not require salary credit, those are typically based on ADB because usually the cap for the bonus interest is very high or there is no cap at all. In effect it'll be the same as basing it off EOD balance anyway.

 

[royalmix]

I shall clarify further - and it's not false hood. One should differentiate ongoing high interest accounts (ie salary credit ones) with caps eligible for high interest, from Promo high interest accounts that usually requires merry go round (with high caps).

High interest accounts, specifically those with on-going bonus interest not just based on promo are typically based on EOD balance, not ADB.

1) DBS Multiplier. Bonus interest is accrued based on end of day balance (based on the 50k/100k tier, not based on ADB for the month)

2) UOB One Account, also based on EOD balance to determine the interest tiering for interest accrual and paid once a month (not ADB).

3) OCBC 360 is the exception, and pays bonus interest on the ADB for the month.

The typical promo CASA accounts that do not require salary credit, those are typically based on ADB because usually the cap for the bonus interest is very high or there is no cap at all. In effect it'll be the same as basing it off EOD balance anyway.

I already told you only DBS multiplier dun pay on MAB/ADB and CIMB is the second bank!

UOB one is MAB/ADB, here is the proof from the tnc:

"Bonus Interest is calculated at the end of each calendar month based on the monthly average balance and is credited at the beginning of following month. Monthly average balance is the summation of each day-end balance for each month divided by the number of calendar days for that month. We will determine the amount of monthly average balance which will earn Bonus Interest."

So majority of the bank's pay BI based on MAB/ADB, only 2 banks do not (DBS Multiplier and CIMB), the cause for confusion of many forumers here!

 

[wutawa]

No… existing customer just need to ensure each end mth Bal is MORE then 31/7.

Any particular day more than 31 jul and $1k, will earn the 3.5% pa int for that day.

 

[twosix]

Any particular day more than 31 jul and $1k, will earn the 3.5% pa int for that day.

If some insists they r right, let them be. When the time comes, you'll hear them complaining why the interests is so low.

The tnc is quite easy to understand and many people already explained what needs to be done.

 

[MastersIT]

Exisiting customers BI calculation

See Para 10 Tncs Existing Customers: ... "comparing end-day-balance on that day against that of 31 July 2023"

In short, whatever deposit value in your account is compare with 31 Jul 2023, during the promo period.

 

[rerear]

existing StarSaver (not Fastsaver) account holders, need to register via WhatsApp, or just transfer in?

 

[Squaredot]

existing StarSaver (not Fastsaver) account holders, need to register via WhatsApp, or just transfer in?

The answer is here
https://www.cimb.com.sg/savings2?ci...JwcZgrPnMjDhoCG6wQAvD_BwE#Existing Customers

 

[~sabaisabai~]

existing account holders, need to register via WhatsApp, or just transfer in?

register interest via WhatsApp then u transfer in

 

[rerear]

thanks just did the WhatsApp yay you are in thing. so previous days prior to today, no interest given right

 

[xRenol]

Exisiting customers BI calculation

See Para 10 Tncs Existing Customers: ... "comparing end-day-balance on that day against that of 31 July 2023"

In short, whatever deposit value in your account is compare with 31 Jul 2023, during the promo period.

Is there an amount cap for the flat 3.50% p.a. on incremental fresh funds? I could not find this information in their TnCs.

 

[twosix]

Is there an amount cap for the flat 3.50% p.a. on incremental fresh funds? I could not find this information in their TnCs.

No cap. That's why so weird. Millionaires will dump their money with them. Wow...

 

[ice_angel]

I already told you only DBS multiplier dun pay on MAB/ADB and CIMB is the second bank!

UOB one is MAB/ADB, here is the proof from the tnc:

"Bonus Interest is calculated at the end of each calendar month based on the monthly average balance and is credited at the beginning of following month. Monthly average balance is the summation of each day-end balance for each month divided by the number of calendar days for that month. We will determine the amount of monthly average balance which will earn Bonus Interest."

So majority of the bank's pay BI based on MAB/ADB, only 2 banks do not (DBS Multiplier and CIMB), the cause for confusion of many forumers here!

RHB uses daily balance to calculate base interest and use ADB for bonus interest.
If I remember correctly, Maybank is not using ADB as well. Had a call with their agent as I find anomalies in the interest I received and the interest I calculated. I was using ADB to calculate the interest and the result doesn't match. But that was many many years ago.

 

[123kidy]

if really millionaires they probably use their money for higher yield someplace else
these people most likely have higher risk appetite