CIMB FastSaver

[sohguanh]

The bank makes the call. HSBC even pay BI many months later.

Not happy just bank elsewhere. No need to feel frustrated for some money. Health is more important.

All along my motto is never all in to any single investment instrument. If you read my other threads I am into MMF, SGX ETF, US stock, mutual funds etc also. Those also need capital. My earlier post is just to vent out a bit haha since this is a Sunday

 

[alex22]

thanks, so that means if on the following dates:
1 - 29 Aug = $0 will earn $0 interest
30 Aug deposit $10,000 --> interest = 10000*3.5%/365 = $0.95
31 Aug deposit another $10,000 --> interest = 20000*3.5%/365 = $1.91
In total, I will receive interest of $2.86, is this correct?

So dropping in 50k at one time will not trigger the 3.5pa for the 3rd, 4th,Nth month?

 

[sohguanh]

So dropping in 50k at one time will not trigger the 3.5pa for the 3rd, 4th,Nth month?

Many readers have shared.

New customer. Current month compare with last day of last month balance to determine how much bonus interest

Existing customer. Current month compare with 31 July 2023 to determine how much bonus interest.

At all times maintain minimum 1k for savings and/or 5k for current account. Prevailing interest will give if it is satisfied.

 

[wutawa]

Shame on all these "existing FastSaver customers" who have no idea how the account works despite being "existing".

Cant blame them. This is a new type of promo for existing cust.

- an existing cust

 

[wutawa]

thanks, so that means if on the following dates:
1 - 29 Aug = $0 will earn $0 interest
30 Aug deposit $10,000 --> interest = 10000*3.5%/365 = $0.95
31 Aug deposit another $10,000 --> interest = 20000*3.5%/365 = $1.91
In total, I will receive interest of $2.86, is this correct?

yes, if you are "new customer" or existing customer with $19,999 or less balance on 31 jul.

the interest will be spilt in 2 payment 1 on last day of the month (31 aug) and BI on 20th sep

I am quite sure he wont earn as calc if he is existing cust with $19, 999 on 31 jul.

31 jul $19,999
30 aug $10k | int = $10k * 1.5%/365 = $0.41 | bi = 0 | total int = $0.41 instead of $0.95
31 aug $20k | int = $20k * 1.5%/365 = $0.82 | bi = $1 * 2%/365 = 0 | total int = $0.82 instead of $1.91

 

[demoforce1]

I am quite sure he wont earn as calc if he is existing cust with $19, 999 on 31 jul.

31 jul $19,999
30 aug $10k | int = $10k * 1.5%/365 = $0.41 | bi = 0 | total int = $0.41 instead of $0.95
31 aug $20k | int = $20k * 1.5%/365 = $0.82 | bi = $1 * 2%/365 = 0 | total int = $0.82 instead of $1.91

my 31 Jul balance is $0.50

 

[duhduhduh]

Correct me if I am wrong but (NEW CUSTOMER) here...

So we will just credit at least 1,000 in the first month. Ensure no withdrawls from the a/c, so as to earn the bonus interest for the subsequently months, tio bo?

 

[twosix]

Correct me if I am wrong but (NEW CUSTOMER) here...

So we will just credit at least 1,000 in the first month. Ensure no withdrawls from the a/c, so as to earn the bonus interest for the subsequently months, tio bo?

You can treat it like a fd to max the interests.

 

[vbhelper]

i'm confuse, as long u withdraw, u will not get interest for that mth?

 

[bargin]

i'm confuse, as long u withdraw, u will not get interest for that mth?

if amount is below $1k, will not earn any interest, there is no lock-in period

 

[luvpraline]

For existing customer, I have asked the CSO and remember to put in fresh fund in AUG so your registation is activated for this new promotion. Unfortunately the CSO not able to verify I am registrated or not in the system which makes no verification possible until 20 Sep when the interest came in. CSO is not knowlegable with this promtion and echo to some of the previous comments in this forum, when I pointed to the promotion details then they say yes yes.... difficult to tell if true or not...

Same as when i called to verify this promo details. The cso didn't even know that this is open to existing customers. So after i pointed out it is written in the website, he told me oh yes, but the promotional interest is only until 31 Aug. So for existing customers, he also told me need to fund in within 31 aug. And that even though my balance for the first half of aug is 0, i will still get the promotional interest if i fund it now but only until 31 aug Hahaha

 

[vsvs24]

Same as when i called to verify this promo details. The cso didn't even know that this is open to existing customers. So after i pointed out it is written in the website, he told me oh yes, but the promotional interest is only until 31 Aug. So for existing customers, he also told me need to fund in within 31 aug. And that even though my balance for the first half of aug is 0, i will still get the promotional interest if i fund it now but only until 31 aug Hahaha

Aiyoh. Each CSO invent their own tnc.

 

[CaptainWu]

Same as when i called to verify this promo details. The cso didn't even know that this is open to existing customers. So after i pointed out it is written in the website, he told me oh yes, but the promotional interest is only until 31 Aug. So for existing customers, he also told me need to fund in within 31 aug. And that even though my balance for the first half of aug is 0, i will still get the promotional interest if i fund it now but only until 31 aug Hahaha

The illustration already with example of new deposit even after Aug so there is no way special interest not given. The Aug fund is only to activate the plan only as per my understanding.

 

[luvpraline]

Aiyoh. Each CSO invent their own tnc.

Exactly. Their CS is a joke. When I said "but the promotional rate is until Jan isnt it?" He said it's 31 Aug & depends on whether the bank continues the promo after Aug.

The illustration already with example of new deposit even after Aug so there is no way special interest not given. The Aug fund is only to activate the plan only as per my understanding.

Did u keep at least 1k in your fastsaver from 1 Aug?

 

[CaptainWu]

Exactly. Their CS is a joke. When I said "but the promotional rate is until Jan isnt it?" He said it's 31 Aug & depends on whether the bank continues the promo after Aug.

Did u keep at least 1k in your fastsaver from 1 Aug?

I put in 10k so the ADB for Aug surely more than 1k.

 

[luvpraline]

I put in 10k so the ADB for Aug surely more than 1k.

But was your daily balance at least 1k from 1 Aug?

U see under their t&c:

*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.

 

[royalmix]

I put in 10k so the ADB for Aug surely more than 1k.

This bank never use ADB!

 

[sohguanh]

Aiyoh. Each CSO invent their own tnc.

And the best part is speak already no need take responsibility so just speak lor. It is your monies not their monies so don't hurt them at all. They are just doing a job to get a monthly salary. But this is not unique to CIMB previous RHB promo also same same lar all CS birds of same feather flock together.

 

[duhduhduh]

TNC is your most trusted source of info! Read this for NEW CUSTOMERS:

To qualify for this Promotion,
a. a customer must open a Qualifying Account online within the Promotion Period;
b. deposit a minimum of $1,000 in fresh funds (for savings account) or $5,000 in fresh
funds (for current account); and
c. maintain or increase each month-end balance against the previous month-end
balance.

Always confirm you are a New Customer per tnc:

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. A “New Customer” is
defined as an individual who does not have any existing single or joint CIMB Fixed Deposit,
Current or Savings Account(s), or has not terminated or closed any CIMB Fixed Deposit,
Current or Savings Account(s) in his/her own name or jointly with another person with the
Bank within the past twelve (12) months immediately prior to the Promotion Period.

Below appeared in Existing Customer's tnc but is also applicable to New 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

New customer's promo period tnc:

8. If Customers meet the qualifying criteria stipulated in these terms, Customers will earn a flat
interest/profit rate of 3.50% p.a. (inclusive of prevailing rate) on their entire balance in the
Qualifying Account(s) for the first 6 calendar months after account opening.

Yes I think new customer more simple.

 

[CaptainWu]

This bank never use ADB!

That's what I am really confused. The example simply use month end-day balance but no way one can just deposit at the month end-day and get the interest? I noted the below from T&C refer to daily end-of-day balance, does it sounds a daily comparison and make it more like ADB?

10. Incremental Fresh Funds Balance refers to comparing end-day-balance on that day against that of 31 July 2023. For example: the daily end-of-day balance is compared against the Comparison Month End-Day Balance until the end of the Bonus Interest/Profit Earning Period.