CIMB FastSaver

[bumdssa]

Oh right, seems like they updated JUN TnC to be for 3 months on 1st July 2024, same day they released July promo.

Archived link -
https://web.archive.org/web/2024060...4/tnc_CASA_Bonus_Interest_Promo_ETB_Jun24.pdf


Bonus Interest/Profit (if any) will be accrued daily and credited into the Qualifying Account(s) on 2 September 2024 for May to July bonus interest/profit and on 30 September 2024 for August bonus interest/profit.

I know bonus interest will be later. Mine is base interest off.

 

[sibeiTrolled]

I know bonus interest will be later. Mine is base interest off.

How much did you put in?

Got account for the tiered interest?
Was there monies movement in and out at night?

Maybe wait a day or 2 then contact support? Probably some screw up like what happen during the weekends where people account become 0 or negative.

 

[bumdssa]

How much did you put in?

Got account for the tiered interest?
Was there monies movement in and out at night?

Maybe wait a day or 2 then contact support? Probably some screw up like what happen during the weekends where people account become 0 or negative.

Yeah got movement in and out. I calculated bss ADB tho which works last time. Shall go try calculate bss daily.

 

[Suprememan]

I received the interest credit today. But it seems only get 1.5%.

My deposit and maintain a minimum incremental balance of S$5,000 in fresh funds.

 

[sibeiTrolled]

I received the interest credit today. But it seems only get 1.5%.

My deposit and maintain a minimum incremental balance of S$5,000 in fresh funds.

Bonus Interest/Profit (if any) will be accrued daily and credited into the Qualifying Account(s) on 2 September 2024 for May to July bonus interest/profit and on 30 September 2024 for August bonus interest/profit.

 

[Suprememan]

Bonus Interest/Profit (if any) will be accrued daily and credited into the Qualifying Account(s) on 2 September 2024 for May to July bonus interest/profit and on 30 September 2024 for August bonus interest/profit.

Yes. This is what i know from the T&C too "Bonus Interest/Profit (if any) will be accrued daily and credited into the Qualifying Account(s) on 2 September 2024."

The interest credit on 01Juky24 if partial ?

 

[sibeiTrolled]

Yes. This is what i know from the T&C too "Bonus Interest/Profit (if any) will be accrued daily and credited into the Qualifying Account(s) on 2 September 2024."

The interest credit on 01Juky24 if partial ?

What you got probably is the base interest.
Then on 2nd sept, you get your bonus interest.

Combining both, you will then get 3.5%

 

[V_for_Vanilla]

I received the interest credit today. But it seems only get 1.5%.

My deposit and maintain a minimum incremental balance of S$5,000 in fresh funds.

From their TnC: 'Bonus Interest/Profit (if any) will be accrued daily and credited into the Qualifying Account(s) on 2 September 2024.'
Think I will move to eSaver whose bonus interest was credited yesterday month end.

 

[GrandJedi]

Yes. That is the killer point.

You can have less than 5K (for this promo) on any day EXCEPT for month end.
They are trying to deter people from "gaming" it and transferring funds out on the last day so as to lessen their previous month end balance

Let me make sure I understand this...

ADB May - $1k

During days in the month that is below $6k (you will get no bonus interest on those days).
On days above $6k, you get bonus interest on ($X - $1k).

In short, just make sure balance is either more than $6k or $0 for optimization.

Interest is calculated based on the account balance at the end of each day.

MAKE SURE you have an acount balance that is more than $6k on the last day of the month.

Correct?

 

[GrandJedi]

From their TnC: 'Bonus Interest/Profit (if any) will be accrued daily and credited into the Qualifying Account(s) on 2 September 2024.'
Think I will move to eSaver whose bonus interest was credited yesterday month end.

If I understand correctly, SCB eSaver is with the least terms and condition (just the comparison month ADB) and payout the bonus interest the fastest.

 

[DenOOO]

Do note that CIMB is new player into this merry go round and they may not have consistent promos like HSBC or SCB.

Your safest bet would still be rotating between HSBC / SCB or maybe MayBank(?)

All the more should go for CIMB when they have promos, to leave other alternatives at $0 for more choices afterwards.

 

[sibeiTrolled]

Let me make sure I understand this...

ADB May - $1k

During days in the month that is below $6k (you will get no bonus interest on those days).
On days above $6k, you get bonus interest on ($X - $1k).

In short, just make sure balance is either more than $6k or $0 for optimization.

Interest is calculated based on the account balance at the end of each day.

MAKE SURE you have an acount balance that is more than $6k on the last day of the month.

Correct?

Sorry, maybe I will get back to you at night.

I think the page 3 of the TNC already illustrated all the conditions. There is a table with the months and months with conditions like not maintaining month end .. something like that.

Maybe read through it first as it may answer your question

 

[sibeiTrolled]

During days in the month that is below $6k (you will get no bonus interest on those days).

Yes, you get base interest which is 1.5%

On days above $6k, you get bonus interest on ($X - $1k).

Yes, you get the BI on ($X - $May Month End) for each day that are above the requirement.

In short, just make sure balance is either more than $6k or $0 for optimization.

Yes, since fastsaver can be left at 0 SGD

Interest is calculated based on the account balance at the end of each day.

Yes, CIMB explicitly say they does this
"will be accrued daily"

MAKE SURE you have an acount balance that is more than $6k on the last day of the month.

Yes, for this June July Aug Promo that you are in.

In CIMB case, they offer a consolidated view of their offerings in a image form. Just refer to that if you are unsure of the requirements

 

[laeticia]

I am getting confused with this promo.

I joined in June, and I know that the month end balance must be 5k above my May balance. Therefore in order to qualify for July 3.5%, is it compared against 31 May end of month balance as per the table above?

 

[lzydata]

I am getting confused with this promo.

I joined in June, and I know that the month end balance must be 5k above my May balance. Therefore in order to qualify for July 3.5%, is it compared against 31 May end of month balance as per the table above?

Yes, if you joined in June, it's always compared to the 31 May end of month balance.

 

[Sambuca78]

Yes, if you joined in June, it's always compared to the 31 May end of month balance.

I also confused now, so now the promo extended to 31 Aug? Thanks

 

[MastersIT]

I joined in JUNE.
Had called CIMB then to seek confirmation 31 Jul is compared against 31 May.

CSO clarified joined in June is June-Jul cycle.
End-of-month comparison is
30 Jun vs 31 May
31 Jul vs 31 May

To get bonus interest, MUST FULFILL TWO conditions:
1) must meet end-of-day balance requirement in TnCs
2) must meet end-of-month balance requirement in TnCs

If meet only 1 condition, no bonus interest.

Looks like tomorrow have to call and check if new TnCs will override the one below. You know lah ... banks can amend coniditons without any notificaiton blah blah blah ...

 

[lzydata]

I also confused now, so now the promo extended to 31 Aug? Thanks

Yes! In the old version, the promo was to run from 1 Jun to 31 Jul, comparing against 31 May end-of-day balance. There was no mention of Aug. However, the bonus interest was also going to be credited only on 2 Sep.

https://web.archive.org/web/2024060...4/tnc_CASA_Bonus_Interest_Promo_ETB_Jun24.pdf

Thanks to @sibeiTrolled for archiving the T&Cs on 1 June

 

[MastersIT]

Spoke to 2 CIMB CSOs, both confirmed existing customers who joined in June, the BI 3.5% is extended to Aug 2024, i.e. 3.5% for Jun Jul Aug.

Comparison end-of-month is 31 May 2024, refer to illustation Para 10.
For Existing Customers who participated in June 2024, please click here for the full terms and conditions.

Would rather have black and white than verbal, in any case, the illustration is example only, let's see if CIMB will amend Para 1 to state from 1 Jun to 31 Aug 2024.

 

[tytyty333]

I transferred in and immediately transferred out some funds in June. And the everyday end-day balance is $0. And I transferred in the funds on July 1st and will maintain them. Am I eligible for Jun 24 (compared with May) promotion or Jul 24 (compared with June)?