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sibeiTrolled

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ChrisL82 said:
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.
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I would suggest, as the other person has pointed out, waiting for a new promo for existing users as the TnC might change.

ChrisL82 said:
means Mar to May in this context right ?
Click to expand...
Yes, wait for June 1st or 2nd or 3rd.


I wont bother trying to understand the promo mechanics now since its already quite late in this promo and as i said previously, it may change.
Just like this ongoing promo for new users, there are some slight changes to it compared to the new promo last year.

You can treat promos from CIMB / SCB Esaver / HSBC EGA / Maybank Isavvy something like a flexible fixed deposit. You don't have to participate in every month of it.

Some key mechanics you have to take note
- Typically, when a new promo appears, it is compared with last month's ADB. Hence "almost" impossible to chain 2 promos in a row from the same bank
- Moving from Bank A to Bank B is coined here as "merry go round" or something similar.
- Typically, not locked in and you can move your funds as you deem fit, just expect lower overall interest unless you kept it to "maturity" similar to FD
 
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ChrisL82

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sibeiTrolled said:
I would suggest, as the other person has pointed out, waiting for a new promo for existing users as the TnC might change.


Yes, wait for June 1st or 2nd or 3rd.


I wont bother trying to understand the promo mechanics now since its already quite late in this promo and as i said previously, it may change.
Just like this ongoing promo for new users, there are some slight changes to it compared to the new promo last year.

You can treat promos from CIMB / SCB Esaver / HSBC EGA / Maybank Isavvy something like a flexible fixed deposit. You don't have to participate in every month of it.

Some key mechanics you have to take note
- Typically, when a new promo appears, it is compared with last month's ADB. Hence "almost" impossible to chain 2 promos in a row from the same bank
- Moving from Bank A to Bank B is coined here as "merry go round" or something similar.
- Typically, not locked in and you can move your funds as you deem fit, just expect lower overall interest unless you kept it to "maturity" similar to FD
Click to expand...
Thanks for the information.
One more question, As for the minimum balance to keep in the acct to qualify for the bonus interest, as per the existing promo works per below : if I trsf funds suffice to qualify for this promo in either Apr or May, the bonus interest will be credited on 1 Jul, and this is regardless the trsf of funds happening in Apr or May right ?
 
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sibeiTrolled

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ChrisL82 said:
Thanks for the information.
One more question, As for the minimum balance to keep in the acct to qualify for the bonus interest, as per the existing promo works per below : if I trsf funds suffice to qualify for this promo in either Apr or May, the bonus interest will be credited on 1 Jul, and this is regardless the trsf of funds happening in Apr or May right ?
Click to expand...
Assuming your account has 0 SGD after the calculation on 29th Feb.

You send in 50K SGD to play the existing user promo on 1st March then take out all on 1st April. You stopped this promo for one month and came back to CIMB on 1st May

For simplicity sake, we ignore the salary crediting and assume once you put in the money, you never touched it

In total, you will get the
- base interest for March and May
- bonus interest for March and May
- No interest for month of April since it's emptied out

Reasoning for this example.
You found something better on 1st april and emptied your account then came back on 1st May and that may simulate something like a better offer someone where else while you park in CIMB for the time being

And also, having a brain fart in the morning, not really understanding your questions properly. Hope it is what you are asking
 
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ChrisL82

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sibeiTrolled said:
Assuming your account has 0 SGD after the calculation on 29th Feb.

You send in 50K SGD to play the existing user promo on 1st March then take out all on 1st April. You stopped this promo for one month and came back to CIMB on 1st May

For simplicity sake, we ignore the salary crediting and assume once you put in the money, you never touched it

In total, you will get the
- base interest for March and May
- bonus interest for March and May
- No interest for month of April since it's emptied out

Reasoning for this example.
You found something better on 1st april and emptied your account then came back on 1st May and that may simulate something like a better offer someone where else while you park in CIMB for the time being

And also, having a brain fart in the morning, not really understanding your questions properly. Hope it is what you are asking
Click to expand...
:) Thanks and Morning !
So, based on ur above scenario, all bonus interest will be received on 1 Jul ?
Also, the minimum bal must be maintained till 1 Jul too ?
 
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ThreeSteps

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ChrisL82 said:
Thanks for the information.
One more question, As for the minimum balance to keep in the acct to qualify for the bonus interest, as per the existing promo works per below : if I trsf funds suffice to qualify for this promo in either Apr or May, the bonus interest will be credited on 1 Jul, and this is regardless the trsf of funds happening in Apr or May right ?
Click to expand...
Are you refering to this promo t&cs (from 1 March to 31 May 2024, for existing customer) ? https://www.cimb.com.sg/content/dam...unts/2024/tnc_CASA_Bonus_Interest_wef7May.pdf
Read point#8 Prevailing Interest & Bonus Interest
For banks, the prevailing interest is credited monthly, usually at each month-end. Prevailing interest payout date is not governed by the promo’s t&cs. This means that the prevailing interests you earn for Mar will be credited on 31Mar, for April will be credited on 30Apr and for May will be credited on 31May.

Bonus interest payout date is governed by the promo’s t&cs. For this particular promo, it is mentioned in point#13
“13. Bonus Interest/Profit (if any) will be accrued daily and credited into the Qualifying Account(s) on 1 July 2024. If the day of crediting falls on a weekend or public holiday, it will be credited on the next working day.”
This means that the bonus interests you earn for the month of Mar and/or Apr and/or May will all be credited at the same time on 1 July.

Note: you can participate in the promo during the period from 1 March to 31 May 2024, for any 1 month or any 2 months or full 3 months.
 
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sibeiTrolled

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ChrisL82 said:
So, based on ur above scenario, all bonus interest will be received on 1 Jul
Click to expand...
Yes
ChrisL82 said:
Also, the minimum bal must be maintained till 1 Jul too ?
Click to expand...
Now, this is a question I can't answer with a yes or no

Logically speaking, shouldn't required. As there is no explicit requirements to do that

Previous bonus, most of us also emptied the account once the promo has ended but still received the bonus interest later in the month.

If you are worried then just leave that 1K SGD inside if you are fastsaver or starsaver (savings), which also will keep your account active.
 
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ChrisL82

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ThreeSteps said:
Are you refering to this promo t&cs (from 1 March to 31 May 2024, for existing customer) ? https://www.cimb.com.sg/content/dam...unts/2024/tnc_CASA_Bonus_Interest_wef7May.pdf
Read point#8 Prevailing Interest & Bonus Interest
For banks, the prevailing interest is credited monthly, usually at each month-end. Prevailing interest payout date is not governed by the promo’s t&cs. This means that the prevailing interests you earn for Mar will be credited on 31Mar, for April will be credited on 30Apr and for May will be credited on 31May.

Bonus interest payout date is governed by the promo’s t&cs. For this particular promo, it is mentioned in point#13
“13. Bonus Interest/Profit (if any) will be accrued daily and credited into the Qualifying Account(s) on 1 July 2024. If the day of crediting falls on a weekend or public holiday, it will be credited on the next working day.”
This means that the bonus interests you earn for the month of Mar and/or Apr and/or May will all be credited at the same time on 1 July.

Note: you can participate in the promo during the period from 1 March to 31 May 2024, for any 1 month or any 2 months or full 3 months.
Click to expand...
Yep okay, thank u :)
 
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ChrisL82

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sibeiTrolled said:
Yes

Now, this is a question I can't answer with a yes or no

Logically speaking, shouldn't required. As there is no explicit requirements to do that

Previous bonus, most of us also emptied the account once the promo has ended but still received the bonus interest later in the month.

If you are worried then just leave that 1K SGD inside if you are fastsaver or starsaver (savings), which also will keep your account active.
Click to expand...
Thank you :)
 
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sohguanh

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duhduhduh said:
Oh

Seems like gotta apply for CIMB malaysia account too. And there after use the cimb malaysia atm card to withdraw?
Click to expand...
If you got CIMB SG already go Msia CIMB branch can open need just provide passport NRIC and payslip. If do in CIMB SG think wait until cow come home.
 
tiertime

tiertime

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sohguanh said:
If you got CIMB SG already go Msia CIMB branch can open need just provide passport NRIC and payslip. If do in CIMB SG think wait until cow come home.
Click to expand...
I waited from Jan to Apr 2024 to get the SG CIMB apply for me the MY CIMB 😂
 
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going to close this account soon. Can I check if my account was open on Dec 7th last year in order to avoid any penalty the best date to close to be on 6th June ?
 
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reflecx

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Cloudi said:
going to close this account soon. Can I check if my account was open on Dec 7th last year in order to avoid any penalty the best date to close to be on 6th June ?
Click to expand...
Why need to close? Fast/Starsaver have no minimum balance.
 
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sibeiTrolled

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Hwsemb

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The last column of the CIMB interest rates table stated: "Additional Interest / Profit Rate (p.a.)^ (0.50％)
when you credit your salary or schedule a recurring transfer (Standing Instruction via GIRO) of min. S$1,000 "

Will the DBS's standing order/instruction set-up form qualify as "Standing instruction via GIRO" ?
 
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