CIMB FastSaver

[joesph]

i could transfer money

 

[ChrisL82]

Can I check for a zero bal (prior mth) to a 72K+ (this mth) based on prevailing interest rate and bonus interest rate, is an effective interest rate of approximately 2.91% p/a ?

 

[sibeiTrolled]

Can I check for a zero bal (prior mth) to a 72K+ (this mth) based on prevailing interest rate and bonus interest rate, is an effective interest rate of approximately 2.91% p/a ?

Assuming Fast Saver account
Assuming Incremental Promo is counted till 31 May 24
Assuming 1 Month = 30 Days
Assuming 1 Year = 365 Days

	Int	amount / yr	amount / day	amount / mth
First 25K	2%​	500​	1.369863014​	41.09589041​
Next 25K	3%​	750​	2.054794521​	61.64383562​
Last 22K	4%​	880​	2.410958904​	72.32876712​
SUM		2130​	5.835616438​	175.0684932​
EIR		2.958333333​

With rounding error and some assumption changes, yes, it is about 2.9%

 

[ChrisL82]

Assuming Fast Saver account
Assuming Incremental Promo is counted till 31 May 24
Assuming 1 Month = 30 Days
Assuming 1 Year = 365 Days

	Int	amount / yr	amount / day	amount / mth
First 25K	2%​	500​	1.369863014​	41.09589041​
Next 25K	3%​	750​	2.054794521​	61.64383562​
Last 22K	4%​	880​	2.410958904​	72.32876712​
SUM		2130​	5.835616438​	175.0684932​
EIR		2.958333333​

With rounding error and some assumption changes, yes, it is about 2.9%

Excellent! Thanks for confirming

 

[ThreeSteps]

New Customer Promotion​

Sign up for any eligible savings account below and enjoy 3.50%* p.a. interest/profit rate from your 1st dollar with NO cap on interest earned and NO lock-in period!
https://www.cimb.com.sg/en/personal/promotions/latest-promotions/accounts/casa-ntb-35.html

To qualify for this promotion,
Open any eligible savings account from 7 May to 31 July '24.
Deposit and maintain a minimum of S$5,000 in fresh funds#.

t&cs: https://www.cimb.com.sg/content/dam...ccounts/TnC_CASA_Bonus_Interest_NTB_May24.pdf

 

[whatheheck]

terminating moi account nao....

 

[oceanicmanta]

bonus interests is only from May to Jul

and

"Bonus Interest/Profit (if any) will be accrued daily and credited into the Qualifying Account(s) on 2 September 2024"

 

[reflecx]

bonus interests is only from May to Jul

and

"Bonus Interest/Profit (if any) will be accrued daily and credited into the Qualifying Account(s) on 2 September 2024"

Existing +0.5% promotion that ends in May also paying bonus 1 July, so it's not new. Still better than HSBC

 

[ontodhcp]

New Customer Promotion​

Sign up for any eligible savings account below and enjoy 3.50%* p.a. interest/profit rate from your 1st dollar with NO cap on interest earned and NO lock-in period!
https://www.cimb.com.sg/en/personal/promotions/latest-promotions/accounts/casa-ntb-35.html

To qualify for this promotion,
Open any eligible savings account from 7 May to 31 July '24.
Deposit and maintain a minimum of S$5,000 in fresh funds#.

t&cs: https://www.cimb.com.sg/content/dam...ccounts/TnC_CASA_Bonus_Interest_NTB_May24.pdf

Only for new customers, existing customers can't benefit from this promotion.

 

[ThreeSteps]

Only for new customers, existing customers can't benefit from this promotion.

there is a current promo for existing customers 01Mar - 31May:
https://www.cimb.com.sg/en/personal...ccounts/cimb-casa-bonus-interest-promo24.html
maybe they will have a new promo for existing customers from 01June.

 

[yslvlys]

there is a current promo for existing customers 01Mar - 31May:
https://www.cimb.com.sg/en/personal...ccounts/cimb-casa-bonus-interest-promo24.html
maybe they will have a new promo for existing customers from 01June.

Wth up to 4%pa, not EIR 4% pa

 

[CrashWire]

terminating moi account nao....

Tempted to close my accounts as well. CIMB starting to play such games too.

 

[hyperbole]

no point to put here when maribank is giving 2.5% daily compounded even without their 'promo rate' or gxs 2.68%

 

[saintgtril]

there is a current promo for existing customers 01Mar - 31May:
https://www.cimb.com.sg/en/personal...ccounts/cimb-casa-bonus-interest-promo24.html
maybe they will have a new promo for existing customers from 01June.

Wth up to 4%pa, not EIR 4% pa

Thanks for sharing. Hi all, anyone knows the EIR then? Thanks!

 

[sohguanh]

no point to put here when maribank is giving 2.5% daily compounded even without their 'promo rate' or gxs 2.68%

2.88% until 30 Jun 2024

 

[ChrisL82]

Assuming Fast Saver account
Assuming Incremental Promo is counted till 31 May 24
Assuming 1 Month = 30 Days
Assuming 1 Year = 365 Days

	Int	amount / yr	amount / day	amount / mth
First 25K	2%​	500​	1.369863014​	41.09589041​
Next 25K	3%​	750​	2.054794521​	61.64383562​
Last 22K	4%​	880​	2.410958904​	72.32876712​
SUM		2130​	5.835616438​	175.0684932​
EIR		2.958333333​

With rounding error and some assumption changes, yes, it is about 2.9%

Hi,
The t&c states one needs to maintain minimum deposit of 1K for savings or 5K for current acct to qualify for prevailing interest/ profit in order to qualify for bonus interest profit. Bonus interest is only credited on 1 Jul. Does this mean that the minimum bal will need to be maintained till the 1 Jul in order to qualify for the bonus interest? Also, can one partake for only 1 out of the 3 mths? Meaning deposit funds in May and not Mar to May to qualify for the bonus interest ? Am foreseeing this promo will happen for the subsequent 3 mths, Jun to Aug, and am partaking in Jun.

 

[sibeiTrolled]

Does this mean that the minimum bal will need to be maintained till the 1 Jul in order to qualify for the bonus interest?

CIMB interest is calculated daily, given monthly

On the days where you do not hit the requirement for basic interest, you do not get the bonus interest as well.

On the days where you hit the requirements for basic interest, but not the bonus interest (if any), you only get basic interest

To get full basic and bonus, please keep the money inside and treat it like a "movable" fixed deposit. Only using the money in emergencies

As for the rest of your question, I can't give a definite answer as I have not been following CIMB promotion. Can you tell me which one are you referring to?

 

[ChrisL82]

CIMB interest is calculated daily, given monthly

On the days where you do not hit the requirement for basic interest, you do not get the bonus interest as well.

On the days where you hit the requirements for basic interest, but not the bonus interest (if any), you only get basic interest

To get full basic and bonus, please keep the money inside and treat it like a "movable" fixed deposit. Only using the money in emergencies

As for the rest of your question, I can't give a definite answer as I have not been following CIMB promotion. Can you tell me which one are you referring to?

CIMB interest is calculated daily, given monthly

On the days where you do not hit the requirement for basic interest, you do not get the bonus interest as well.

On the days where you hit the requirements for basic interest, but not the bonus interest (if any), you only get basic interest

To get full basic and bonus, please keep the money inside and treat it like a "movable" fixed deposit. Only using the money in emergencies

As for the rest of your question, I can't give a definite answer as I have not been following CIMB promotion. Can you tell me which one are you referring to?

this one for existing customer
https://www.cimb.com.sg/en/personal...imb-fastsaver-account.html#existing-customers

Read the t&c but am really not sure how long I will need to keep the minimum balance so to qualify for the bonus interest ? And I only want to do it for the Jun.

Thanks

 

[reflecx]

this one for existing customer
https://www.cimb.com.sg/en/personal...imb-fastsaver-account.html#existing-customers

Read the t&c but am really not sure how long I will need to keep the minimum balance so to qualify for the bonus interest ? And I only want to do it for the Jun.

Thanks

You will have to wait for the new promotion (if any) for existing customers to be released.

But to answer your questions, yes, you can just take part in 1 month out of the 3. You don't need to maintain the minimum sum after the promotion in order to get your bonus.

 

[ChrisL82]

You will have to wait for the new promotion (if any) for existing customers to be released.

But to answer your questions, yes, you can just take part in 1 month out of the 3. You don't need to maintain the minimum sum after the promotion in order to get your bonus.

I see, thanks
After the promotion, means Mar to May in this context right ?