CIMB FastSaver

[sibeiTrolled]

very confused

This is the problem for all the banks.
Head and backside don't match at all.

But in both cases, both support is correct abeit the first one might have misunderstood what you meant.

if I don’t put the $5500 in Nov
I will not be eligible for December and Jan bonus interest

Yes this is correct.
But so is you putting in 250,000!
Both of you are correct!!!

to only put in December 1
there might be a better promotion
next month

this 2nd support person is also correct since you only have 5 or 6 days left, and personally i would also just wait for Dec promo.

Edit -
Maybe also take the chance to remove the remaining balance in your account (the 7000) if you intend to wait for Dec 2024 promo as CIMB (fastsaver, not sure about the rest) allows you to have ZERO in your bank account without any penalty

 

[thretiredDad]

This is the problem for all the banks.
Head and backside don't match at all.

But in both cases, both support is correct abeit the first one might have misunderstood what you meant.


Yes this is correct.
But so is you putting in 250,000!
Both of you are correct!!!


this 2nd support person is also correct since you only have 5 or 6 days left, and personally i would also just wait for Dec promo.

Edit -
Maybe also take the chance to remove the remaining balance in your account (the 7000) if you intend to wait for Dec 2024 promo as CIMB (fastsaver, not sure about the rest) allows you to have ZERO in your bank account without any penalty

Problem is
I got a monthly saving fast
$5000 into my cimb bank
i was thinking
should i just fast another $500 now
or take the risk to wait for
December promotion

did not know about this promotion
until last night

 

[sibeiTrolled]

Problem is
I got a monthly saving fast
$5000 into my cimb bank

Ah, then i think you got a much worst problem now that you mentioned you have a monthly fast into your bank account.

Look at Point 4 in TnC -
Not have previously deposited any minimum incremental balance of S$5,000 in fresh funds in the Qualifying Account from 1 to 31 October 2024 or 1 to 30 September 2024.

Assuming your monthly fast has been ongoing since June/July, your cycle is screwed up already.
I would suggest checking with CIMB support on your eligibility for Nov 2024 promo first.

You can refer to the old TnC i have bookmarked here and lookout for the similar clause in Point 4
https://forums.hardwarezone.com.sg/threads/cimb-fastsaver.5176026/page-240#post-154265716

 

[sibeiTrolled]

If sep 30 top up 50k, then oct 31 top up 20k, then nov 10 take out 100k, then nov 20 top up 150k, and hold until dec 1, how much interest will get in dec?

This will just be a one off and calculation mistake can occur
1) you did not provide information about your starting amount on 31st Aug 2024
2) nor your promo month
3) Napkin maths on Nov 10 dosen't make sense since you will be negative 30K if starting amount is zero
But i will just assume

Assumption -
Fastsaver account
Promo batch - Sep 2024
Comparison Date - 31st Aug 2024
Comparison amount on comparison date - 30K
No top of from 1st Sep to 29 Sept so no bonus for this period.


Sept bonus -
Sep 30 = 25K * 1.8% / 365 * 1 + 25k * 0.8% / 365 *1

Oct bonus -
Oct 1 to Oct 30 = 25K * 1.8% / 365 * 30 + 25k * 0.8% / 365 * 30
Oct 31 top up 20K = 25K * 1.8% / 365 * 1 + 25k * 0.8% / 365 *1 + 20K * 0% / 365 *1

Nov bonus -
Nov 1 to Nov 9 = 25K * 1.8% / 365 * 9+ 25k * 0.8% / 365 * 9
Nov 10 to Nov 19 = ZERO
Nov 20 to Nov 30 = 25K * 1.8% / 365 * 10 + 25k * 0.8% / 365 * 10 + 25K * 0% / 365 * 10 + 75K * 2.5% / 365 * 10

 

[thretiredDad]

Ah, then i think you got a much worst problem now that you mentioned you have a monthly fast into your bank account.

Look at Point 4 in TnC -
Not have previously deposited any minimum incremental balance of S$5,000 in fresh funds in the Qualifying Account from 1 to 31 October 2024 or 1 to 30 September 2024.

Assuming your monthly fast has been ongoing since June/July, your cycle is screwed up already.
I would suggest checking with CIMB support on your eligibility for Nov 2024 promo first.

You can refer to the old TnC i have bookmarked here and lookout for the similar clause in Point 4
https://forums.hardwarezone.com.sg/threads/cimb-fastsaver.5176026/page-240#post-154265716

Means I’m out

 

[danedane79]

This promo only for fast saver and not star saver?

 

[thretiredDad]

Ah, then i think you got a much worst problem now that you mentioned you have a monthly fast into your bank account.

Look at Point 4 in TnC -
Not have previously deposited any minimum incremental balance of S$5,000 in fresh funds in the Qualifying Account from 1 to 31 October 2024 or 1 to 30 September 2024.

Assuming your monthly fast has been ongoing since June/July, your cycle is screwed up already.
I would suggest checking with CIMB support on your eligibility for Nov 2024 promo first.

You can refer to the old TnC i have bookmarked here and lookout for the similar clause in Point 4
https://forums.hardwarezone.com.sg/threads/cimb-fastsaver.5176026/page-240#post-154265716

Oh I noticed the $5,500
is into my star saver account

so now question is
do I top up $5,000 my fast saver tomorrow
or
wait for December promotion
and top up on December 1st

If there is no December promotion
i will just top up my star saver for December and January

 

[sibeiTrolled]

This promo only for fast saver and not star saver?

Starsaver also applicable

 

[thretiredDad]

Means I’m out

Ah, then i think you got a much worst problem now that you mentioned you have a monthly fast into your bank account.

Look at Point 4 in TnC -
Not have previously deposited any minimum incremental balance of S$5,000 in fresh funds in the Qualifying Account from 1 to 31 October 2024 or 1 to 30 September 2024.

Assuming your monthly fast has been ongoing since June/July, your cycle is screwed up already.
I would suggest checking with CIMB support on your eligibility for Nov 2024 promo first.

You can refer to the old TnC i have bookmarked here and lookout for the similar clause in Point 4
https://forums.hardwarezone.com.sg/threads/cimb-fastsaver.5176026/page-240#post-154265716

i just looked through my aug, sept, oct, nov fastsaver and starsaver statement

each month the [total deposit - total withdrawal]
is less than $5,000
for example - total deposit $6,000, total withdrawal $5,000 = $1,000

does that mean the incremental top up amount for each month
is less than $5,000?

i am still good for Dec promotion?

 

[sibeiTrolled]

for example - total deposit $6,000, total withdrawal $5,000 = $1,000

The moment you deposit said 5k, their system will flag you as joining the promo.

Question now is, was your withdrawal on the same day?

I am not sure what is the exact mechanics of the 5k and if it requires it to be kept throughout the night for it to be registered

does that mean the incremental top up amount for each month
is less than $5,000?

No. It is calculated daily
Any day more than 5k likely be counted as you joining the promo

am still good for Dec promotion?

Which promo you have accidentally join, CIMB would know. Just check with them

 

[thretiredDad]

The moment you deposit said 5k, their system will flag you as joining the promo.

Question now is, was your withdrawal on the same day?

I am not sure what is the exact mechanics of the 5k and if it requires it to be kept throughout the night for it to be registered


No. It is calculated daily
Any day more than 5k likely be counted as you joining the promo

Which promo you have accidentally join, CIMB would know. Just check with them

means i am out

 

[reflecx]

means i am out

Each promotion runs for 3 months. If you started in Aug, your promotion would have ended Oct and restarted in Nov. It's best to call them to find out exact which promotion each of your accounts is on.

 

[thretiredDad]

The moment you deposit said 5k, their system will flag you as joining the promo.

Question now is, was your withdrawal on the same day?

I am not sure what is the exact mechanics of the 5k and if it requires it to be kept throughout the night for it to be registered


No. It is calculated daily
Any day more than 5k likely be counted as you joining the promo

Which promo you have accidentally join, CIMB would know. Just check with them

i called their hotline
incremental balance refers to
this month ending balance - last month ending balance

so in this case
I’m eligible for both starsaver and fastsaver account

but now the decision is
do I take risk and wait for December promotion

Or lock the 2 months and put the $5000 now

 

[Krabs.]

want to play these merry go round better keep the account clean without regular incoming transfer ..... move your real savings or expenses outside of these merry go round accounts

 

[sibeiTrolled]

called their hotline
incremental balance refers to
this month ending balance - last month ending balance

The 5k deposit is the one first step in ensuring that you have joined the promo

Then the balance determines if you are eligible for the bonus interest and how much interest.

If your 5k already going into starsaver then use your fast saver for the promo.

but now the decision is
do I take risk and wait for December promotion

Just wait for next month, don't overthink.
If you have nowhere to hold it for the time being, park at maribank or gxs

 

[thretiredDad]

The 5k deposit is the one first step in ensuring that you have joined the promo

Then the balance determines if you are eligible for the bonus interest and how much interest.

If your 5k already going into starsaver then use your fast saver for the promo.


Just wait for next month, don't overthink.
If you have nowhere to hold it for the time being, park at maribank or gxs

The call center
Looked through the 2 accounts
last 3 months transactions
and confirmed both accounts
are still eligible to Join the promo

so the guy from the call Center
is wrong?

 

[~sabaisabai~]

The call center
Looked through the 2 accounts
last 3 months transactions
and confirmed both accounts
are still eligible to Join the promo

so the guy from the call Center
is wrong?

yes, sometimes they can be wrong
best is to call few times, different CSO and you see if they are sharing the correct information

 

[thretiredDad]

yes, sometimes they can be wrong
best is to call few times, different CSO and you see if they are sharing the correct information

i am existing customer
for both fast and star saver

To qualify for this promotion, top up a minimum of S$5,000 incremental fresh funds (compared against the end-of-day 31 October 2024 balance) into your account from 1 to 30 November 2024.

 

[Krabs.]

the promo doesn't let us play consecutively over 6-12 months like FD ... it goes in batches ... play a batch of 1-3 months will be disqualified subsequently in the next promo ... that why they have requirement of not have 5k incremental deposit in X month & X month prior , plus not taking part in prior promo campaign


technically , the day you accumulated 5k incremental , you joined that month's promo campaign , provided you fulfill all conditions and disqualifiers
holding that amount until next month 1st day entitles you to bonus interest
when you withdraw lower before month end , you are disqualified to bonus interest
whether this disqualification is total erase you from namelist is up to bank's interpretation ............... but our laymen interpretation is you joined and disqualified yourself in next promo , whether you complete the holding task is secondary

 

[thretiredDad]

the promo doesn't let us play consecutively over 6-12 months like FD ... it goes in batches ... play a batch of 1-3 months will be disqualified subsequently in the next promo ... that why they have requirement of not have 5k incremental deposit in X month & X month prior , plus not taking part in prior promo campaign


technically , the day you accumulated 5k incremental , you joined that month's promo campaign , provided you fulfill all conditions and disqualifiers
holding that amount until next month 1st day entitles you to bonus interest
when you withdraw lower before month end , you are disqualified to bonus interest
whether this disqualification is total erase you from namelist is up to bank's interpretation ............... but our laymen interpretation is you joined and disqualified yourself in next promo , whether you complete the holding task is secondary

Then it is a big trap
on the website
It clearly stated the incremental is when compared
against the end of the dat
of 31 oct

but from the interpretation
of the bro here
under term and condition
it seems is compared to the previous day

heng i consulted here