CIMB FastSaver

[royalmix]

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)?

I am new to this bank, dunno how strict they are with their tnc, so I would prefer to play it safe!

Refer to this tnc, focus on c, the part I marked with **

5. 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c. other funds that are not withdrawn from any existing CIMB current, savings or fixed deposit account and re-deposited (whether partial or all of the amount withdrawn) into the new account with CIMB **within the Promotion Period**

Dun transfer from Fastsaver (with balance end July) out to another bank and back into StarSaver (0 end July) in Aug.
Transfer out in Sept and transfer in only in Sept. (show them you comply with 5c)

(dun make sense to transfer out in Aug so I amended). This is tricky!

Hopefully it qualifies from Sept onwards.

Remember to activate your StarSaver (0 end July) account in Aug per this tnc to qualify for 3.5% from August:

4. To qualify for this Promotion,
a. a customer must hold a Qualifying Account within the Promotion Period;
b. deposit incremental fresh funds into the Qualifying Account;
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 and
d. register for this Promotion within the Promotion Period through our official corporate website (www.cimb.com.sg) or CIMB Eva Chatbot

Just what I would do, your choice, depends how big is the amount too. Not easy tnc.

 

[Curiosity@]

I am new to this bank, dunno how strict they are with their tnc, so I would prefer to play it safe!

Refer to this tnc, focus on c, the part I marked with **

5. 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**

Dun transfer from Fastsaver (with balance end July) out to another bank and back into StarSaver (0 end July) in Aug.
Transfer out in Sept and transfer in only in Sept. (show them you comply with 5c)

(dun make sense to transfer out in Aug so I amended). This is tricky!

Hopefully it qualifies from Sept onwards.

Remember to activate your StarSaver (0 end July) account in Aug per this tnc to qualify for 3.5% from August:

4. To qualify for this Promotion,
a. a customer must hold a Qualifying Account within the Promotion Period;
b. deposit incremental fresh funds into the Qualifying Account;
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 and
d. register for this Promotion within the Promotion Period through our official corporate website (www.cimb.com.sg) or CIMB Eva Chatbot

Just what I would do, your choice, depends how big is the amount too. Not easy tnc.

For point 4d how do I register for the promotion via the website? I don't find any links on the main website. Also how do I check if my newly open account has already qualified for the promotion?

 

[ThreeSteps]

For point 4d how do I register for the promotion via the website? I don't find any links on the main website. Also how do I check if my newly open account has already qualified for the promotion?

Refer to the bank website: https://www.cimb.com.sg/en/personal...sa_b2:casapromo_b3:gws_b4:home_b5:hero_b6:def

For this 3.5% promo, there are some differences in T&Cs for New customer and Existing customer.
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

If your new a/c is opened in the period (1 Aug - 30 Sep), you should use the T&Cs for New Customers - read point#4 carefully - they did not mention the need to do registration.
(Read Point#2 : ‘……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.’)

If your ‘new’ a/c is opened before 1 Aug, you should use the T&Cs for Existing Customers - read point#4 carefully – registration is required & the registration instruction is provided. You can also go to the bank website and click on the big button 'Existing Customers' and scroll down to see : 'Click here to participate and top now or simply scan the QR code below' - a big QR code is shown.

 

[vsvs24]

https://www.businesstimes.com.sg/co...anks-used-suspects-s1-billion-laundering-raid
https://www.businesstimes.com.sg/si...institutions-breach-money-laundering-controls

 

[twosix]

https://www.businesstimes.com.sg/co...anks-used-suspects-s1-billion-laundering-raid
https://www.businesstimes.com.sg/si...institutions-breach-money-laundering-controls

That's why it needs incoming funds now? Haha.

 

[Mephist0pheLes]

recieved an email on fastsaver account activation.

but unable to sign up for cimb click and cant view my account now.

do i need to wait for a snail mail for setting up online account or something?

 

[royalmix]

https://www.businesstimes.com.sg/co...anks-used-suspects-s1-billion-laundering-raid
https://www.businesstimes.com.sg/si...institutions-breach-money-laundering-controls

I am not starting any banking relationship for now.

 

[oceanicmanta]

it seems the FIs may have reported suspicious activities in the first place

if that's the case, then they may not be implicated or affected much

 

[royalmix]

it seems the FIs may have reported suspicious activities in the first place

if that's the case, then they may not be implicated or affected much

I prefer to reserve comments and take my own risk management measures.

"The two lenders were used in 2020 and 2021"

"prompted unnamed banks to file suspicious transaction reports to authorities."

"The regulator added it will take firm action against financial institutions if there are breaches of anti-money laundering rules."

"In Singapore, money laundering offences carry jail terms of up to 10 years, or a fine of up to S$500,000 or both. "

"The Monetary Authority of Singapore said on Wednesday that it will take “firm action” against financial institutions found to have breached its requirements on anti-money laundering and countering the financing of terrorism."

 

[acetylcholine]

Registration is at the individual level and not specific to any account so if one has both StarSaver and FastSaver, the promo rate will apply to both accounts? Based on the advice here, seems like it makes more sense to use StarSaver if one has both accounts?

 

[Kcusts]

Registration is at the individual level and not specific to any account so if one has both StarSaver and FastSaver, the promo rate will apply to both accounts? Based on the advice here, seems like it makes more sense to use StarSaver if one has both accounts?

Why is Starsaver better?

 

[hyperbole]

Existing customers who left their account at zero balance for years better try transferring some funds out. I tried to do paynow transfer today and was notified my account was dormant. Can transfer in cannot transfer out. Had to call and get it fixed.

 

[Thai_Rak_Thai]

recieved an email on fastsaver account activation.

but unable to sign up for cimb click and cant view my account now.

do i need to wait for a snail mail for setting up online account or something?

Do you previously have a cimb credit card or other account? If yes then maybe you have a cimb click account already.

 

[sylves]

Do I need to do musical chair transfer to enjoy the 3.5% every alternate month ?

 

[iceblendedchoc]

Do I need to do musical chair transfer to enjoy the 3.5% every alternate month ?

if you are existing customer no need.

 

[ThreeSteps]

Do I need to do musical chair transfer to enjoy the 3.5% every alternate month ?

It is advisable to always read the relevant T&Cs to understand that few key points.

Refer to the bank website:
https://www.cimb.com.sg/en/personal...sa_b2:casapromo_b3:gws_b4:home_b5:hero_b6:def
For this 3.5% promo, there are some differences in T&Cs for New customer and Existing customer.
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

 

[Mephist0pheLes]

Do you previously have a cimb credit card or other account? If yes then maybe you have a cimb click account already.

Thanks, u r rite, i have a credit card with them from years ago. It dosnt have annual fee so i jus keep it n totally forgot about it.

 

[sylves]

It is advisable to always read the relevant T&Cs to understand that few key points.

Refer to the bank website:
https://www.cimb.com.sg/en/personal...sa_b2:casapromo_b3:gws_b4:home_b5:hero_b6:def
For this 3.5% promo, there are some differences in T&Cs for New customer and Existing customer.
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

Yea I read the tnc and find out that they only give bonus interest on incremental balance. Not the full3.5% on full balance. Thus, asking if it will be better to do musical chair transfer across different banks

 

[Thai_Rak_Thai]

Thanks, u r rite, i have a credit card with them from years ago. It dosnt have annual fee so i jus keep it n totally forgot about it.

I also had the same issue. Wait wait wait. Then I call. They said you have it liao. My infinite card never touch for 5 years and got positive overpaid balance

 

[Cumzilla]

Yea I read the tnc and find out that they only give bonus interest on incremental balance. Not the full3.5% on full balance. Thus, asking if it will be better to do musical chair transfer across different banks

I read the T&Cs for existing customers and don't see any purpose for musical chair. See the illustration table, increment is still based on the balance of 31st July for every months til 31st Jan 24.