CIMB FastSaver

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V_for_Vanilla

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xRenol said:
I feel your spreadsheet may not be applicable to all people because the 2% bonus interest is on incremental fresh funds only.
Click to expand...

My calculation using this method comes very very close to actual interest received. Actual received being higher than calculated. So I am satisfied.
 
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xRenol

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ThreeSteps said:
If you are existing customer for Aug promo, maybe refer to my previous posting which I mention 2 points:
https://forums.hardwarezone.com.sg/threads/cimb-fastsaver.5176026/page-154#post-149391702
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Thanks but the Prevailing Interest is incorrect already for my case.

V_for_Vanilla said:
My calculation using this method comes very very close to actual interest received. Actual received being higher than calculated. So I am satisfied.
Click to expand...
Yes, that is for my case as well but I am trying to understand how the interest is being commuted.
 
ekardo

ekardo

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just to confirm, for CASA promo, can put $ in fastsaver right ?

currently still $0 in my bank account
 
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DenOOO

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bombshell said:
I still haven't gotten any bonus interest for as an existing Fastsaver acct.
Started 1 Aug with <$10 in the acct.
Deposited $65K into it between 5-10 Aug.
Received month end interest @ 31 Aug, $91
Till now still no additional bonus.

Something wrong? For $65k@3.5%, I should be getting around $180+/mth interest correct? even pro-rated should be $91 so low.
Click to expand...
Bonus only starts accumulating after you register for the promo via whatsapp.

And it need to be sent from your registered mobile number with CIMB.

When did you registered ?
 
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sohguanh

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bombshell said:
Its ok, I give up. Never experienced such a complicated deposit promo before.
Gonna dump the money into T-bills.
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It is ok. If you think CIMB CASA is complicated than eSaver, RHB, Maybank will be also complicated as well. T-bill is quite straight-forward just monies is locked for 6 months like FD. Heard can redeem T-bill early but I not sure the procedure though.
 
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ThreeSteps

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xRenol said:
Ok. My base and bonus interests do not tally with my calculation for August which I am still checking.
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It is the easier path to calculate the total daily interest (3.5%) and sum them up for the month, and then check (prevailing interest credited on 31/8 + bonus interest credited on 20/9) = total interest (3.5%) for Aug

However, if you need to calculate the specific prevailing interest credited on 31/8, there are 2 things to note (for existing customer) :
1) if any of the end-of-day balance from 01Aug to 31Aug is less than $1k (Fastsaver a/c), daily interest = $0 for that day (no need to calculate)
2) for end-of-day balance higher than $1k, then calculate the daily interest for that day using the different tiers (example t&cs: First $25k: 1.50% p.a. Next $25k: 2.50% p.a. Next $25k: 3.50% p.a. Above $75k: 0.80% p.a)
Example: If you have end-of-day balance of $60k on 16 Aug
Daily prevailing interest for 16 Aug = 1.5%/365*$25k + 2.5%/365*$25k + 3.5%/365*$10k
Note: for daily prevailing interest calculation, just use the end-of-day balance for calculation - no need to use incremental balance over the 31July balance (for existing customer). For total (3.5%) daily interest calculation, need to use the incremental balance method.
 
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vsvs24

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If existing customer with bal as at 31 Jul not so straight forward. Because base int is for full amount. Bonus int is for incremental balance.
 
twosix

twosix

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vsvs24 said:
If existing customer with bal as at 31 Jul not so straight forward. Because base int is for full amount. Bonus int is for incremental balance.
Click to expand...
If cannot build the table then have to trust the bank is correct. Banks are rarely wrong. They cannot afford to be wrong.
 
~sabaisabai~

~sabaisabai~

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twosix said:
If cannot build the table then have to trust the bank is correct. Banks are rarely wrong. They cannot afford to be wrong.
Click to expand...

yes. agreed. banks cannot afford to be wrong.

you provided the table. very useful. thanks much
 
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vsvs24

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Sambuca78 said:
Hmmm.... I am existing customer with $0 on 31 July and have 142500 on 31 Aug but I only got $81.14 Prevailing Interest on 31 Aug 2359.


But based on the table shown here, i should get $181.54, right? Thanks.

https://www.cimb.com.sg/en/personal/promotions/latest-promotions/accounts/casa-sep22-promo.html#Existing Customers

$142500*1.5% / 365*31=181.54
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1. Did you register before depositing ?

2. Is your bal from 1 to 31 Aug $142500 ?

3. $84.14 is bonus interest ? How much did you get for base interest?
 
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