CIMB FastSaver

[wira]

If New Customer per TNC definition:

Both base and bonus interest is accrued daily, if your mth end balance is < previous mth end balance, bonus interest for the whole mth is forfeited. So make sure you fund your mth end balance to =/> previous mth end balance. You still get base interest. Do the hack if you want!

For eg. for 75k, base interest is 2.5%, bonus is 1%, you lose 1%. Depends on your daily balance because it is tiered basis. Daily min 1k to earn both base and bonus interest

oh its based on month end balance ?
so means if mid month i take out the $, as long as i put it back before month end, i am safe and can still get the bonus % ?

 

[ThreeSteps]

now i also sibeh confused. i hear from ppl, and read on their website, the interest is current day closing balance - 31july balance.

i hear from many ppl here is, end of month need keep at least 1k to earn bonus interest

There are some differences in T&Cs for New customer and Existing customer.

If you are Existing customer, can refer to my post#2568 which contain T&Cs for Existing Customers & also mention some key points for Existing customer.
Post#2568 : https://forums.hardwarezone.com.sg/threads/cimb-fastsaver.5176026/page-129#post-148772002

 

[royalmix]

oh its based on month end balance ?
so means if mid month i take out the $, as long as i put it back before month end, i am safe and can still get the bonus % ?

Yes, make sure you fund your account on the last day to make the balance > previous mth end balance.
The bank wants to trick you, hope you forget so they dun have to pay BI

Just be careful if month end falls on Sunday or Holiday, cos I dunno if the bank have cutoff times.

Next mth, come here ask those who moved funds yesterday if they get Interest!

 

[twosix]

oh its based on month end balance ?
so means if mid month i take out the $, as long as i put it back before month end, i am safe and can still get the bonus % ?

Bonus are earned each day. You take out the sum on those days will not earn bonus interests. you put back the money on the last day then only last day earn interest.

Logical?

 

[MastersIT]

now i also sibeh confused. i hear from ppl, and read on their website, the interest is current day closing balance - 31july balance.

i hear from many ppl here is, end of month need keep at least 1k to earn bonus interest

@SantyBalls, can understand why you confused

But You right about 1000$ left in account , just refresh yourself $1000 can earn prevailing interest
AND STOP SAYING FORGO INTEREST !!!

For bonus interest, whether need to maintain 1000$ everyday, see if new or existing customer

 

[MastersIT]

Must maintain 1000$ in account, Y or N?

CIMB website states for earning prevailing interest:

Daily interest/profit will be paid on the entire daily balance, provided that the balance is at least S$1,000 in your CIMB FastSaver/FastSaver-i Account on any given day.


For bonus interest,

CIMB CSO says : Less than $1000 in your account on any given day at end of day, no bonus interest on that given day. It is not only incremental to 31 Jul.

Para 4c + Para 10, to be jointly considered to understand the qualifying criteria for 3.5%.

Above info clarified with CIMB, would be helpful if anyone can also confirm to compare notes, just in case.

 

[crystalnox]

Must maintain 1000$ in account, Y or N?

CIMB website states for earning prevailing interest:

Daily interest/profit will be paid on the entire daily balance, provided that the balance is at least S$1,000 in your CIMB FastSaver/FastSaver-i Account on any given day.


For bonus interest,

CIMB CSO says : Less than $1000 in your account on any given day at end of day, no bonus interest on that given day. It is not only incremental to 31 Jul.

Para 4c + Para 10, to be jointly considered to understand the qualifying criteria for 3.5%.

Above info clarified with CIMB, would be helpful if anyone can also confirm to compare notes, just in case.

Don't say bonus interest, base interest also don't have for the day if you are under $1,000. Has always been this way for FastSaver.

 

[BaDBoI]

https://ibb.co/zrC8nHL

 

[jeffong]

If I only have their credit card but never opened a savings account with them, is that considered new or existing?

 

[BaDBoI]

If I only have their credit card but never opened a savings account with them, is that considered new or existing?

new

 

[vsvs24]

consider New to bank. i just opened 2 weeks ago

2 weeks ago means you open account in Jul, not Aug.

Think you better check with CIMB hotline. Vaguely remember someone mention there is an earlier promo last mth for new customers. You should confirm which promo you are under and the tnc.

 

[DenOOO]

consider New to bank. i just opened 2 weeks ago

According to the current T&Cs, your account which is opened before 1 August should be no longer new to bank.

This CIMB CASA Bonus Interest/Profit Promotion 2023 (“Promotion”) is available from 1
August to 30 September 2023 ("Promotion Period"), both dates inclusive.

This Promotion is open to New Customer(s) of CIMB Bank Berhad, Singapore Branch (“CIMB”,
“CIMB Bank” or “the Bank”) who successfully opens any of the Qualifying Accounts stated in
clause 3 as the main account holder, during the Promotion Period.

 

[MastersIT]

Don't say bonus interest, base interest also don't have for the day if you are under $1,000. Has always been this way for FastSaver.

Uhh .,,, strange you reply to me. As if I was the confused one?

edit: okay, I see now you are just confirming, and that is your writing style ... paiseh paiseh

 

[crystalnox]

Uhh .,,, strange you reply to me. As if I was the confused one?

edit: okay, I see now you are just confirming, and that is your writing style ... paiseh paiseh

Sorry for the singlish/Chinese derived sentence structure.

 

[ThreeSteps]

https://www.cimb.com.sg/en/personal...d-deposit/cimb-sgd-fixed-deposit-account.htmlCIMB FD - From 1 August 2023 to 31 August 2023, get up to 3.60% p.a. on your 9-month placement.

 

[saintgtril]

Hi all,

Scenario: existing customer with multiple accounts.
StarSaver: $0.
FastSaver (SA): $X

Note: not register yet.

Suggestion to optimise this promotion is welcome please:
Should I FAST from FastSaver to bank A then FAST back to StarSaver? By doing so qualifies for this promotion (under StarSaver account)?

If not, please suggest alternative. Appreciated!

 

[sohguanh]

Hi all,

Scenario: existing customer with multiple accounts.
StarSaver: $0.
FastSaver (SA): $X

Note: not register yet.

Suggestion to optimise this promotion is welcome please:
Should I FAST from FastSaver to bank A then FAST back to StarSaver? By doing so qualifies for this promotion (under StarSaver account)?

If not, please suggest alternative. Appreciated!

This should be ok but if you really worry then FastSaver -> bank A -> bank B -> StarSaver. This mean from the CIMB app txn history it will show you never txfr out and then txfr back in again using same bank. But some readers say no need so troublesome then your proposed route ok.

 

[royalmix]

Hi all,

Scenario: existing customer with multiple accounts.
StarSaver: $0.
FastSaver (SA): $X

Note: not register yet.

Suggestion to optimise this promotion is welcome please:
Should I FAST from FastSaver to bank A then FAST back to StarSaver? By doing so qualifies for this promotion (under StarSaver account)?

If not, please suggest alternative. Appreciated!

You have to ask old birds how AI and Ngeow is this bank with their tnc, see the bold portion:

For the purpose of these terms and conditions, “fresh funds” are funds that do not originate from any existing account with CIMB Bank including without limitation the following: a. funds in the form of non-CIMB cheques; b. other funds that are not transferred from any existing CIMB current, savings or fixed deposit account;
c. other funds that are not withdrawn from any existing CIMB current, savings or fixed deposit account and re-deposited (whether partial or all of the amount withdrawn) into the new account with CIMB within the Promotion Period.

1x only?

 

[luvpraline]

Just to confirm, according to this clause in the t&c 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 and

If my FastSaver has been 0 all this while before today, i will not get the bonus interest even if I transfer in > $1000 for the rest of the month?

Means people like me should wait till 1 Sep to transfer in for the promo?

Edit: Their CSO absolutely cannot make it! To my question, he said this promo is only for new customers. When I pointed out that their website says otherwise, he then said oh ya I didnt know about this new promo............. how to believe their answers?!

 

[crystalnox]

Just to confirm, according to this clause in the t&c for existing customers:


If my FastSaver has been 0 all this while before today, i will not get the bonus interest even if I transfer in > $1000 for the rest of the month?

Means people like me should wait till 1 Sep to transfer in for the promo?

Edit: Their CSO absolutely cannot make it! To my question, he said this promo is only for new customers. When I pointed out that their website says otherwise, he then said oh ya I didnt know about this new promo............. how to believe their answers?!

It has always been the case that if your FastSaver account has <$1000, you do not get any interest what so ever. Since before this promo, during this promo, and will be after this promo. This line is just a repetition of that standard FastSaver mechanic that applies on a day by day basis since the founding of FastSaver.

tl;dr - read this: