CIMB FastSaver

[tiertime]

c. other funds that are not withdrawn from any existing CIMB current, savings or fixed
deposit account and re-deposited (whether partial or all of the amount withdrawn) into
the new account with CIMB within the Promotion Period [clause 6c]

Can check

1) within the 3 month promotion period, if withdraw funds( still maintain incrementa l5k EOY and EOD) to other bank and then put back the same funds into the Qualifying account , this funds withdrawn and re-deposited still get the bonus interest ? I wonder how this is enforced if it is.

2) does this clause affect the toggling between fast saver, then fast saver I, then starsaver every one month ? Like every month take out incremental 5k from one qualifying account to other bank and re-deposit to another qualifying account ?

3) Anyone affected by this clause ?

Anyone can verify if this T&C is new or when was it updated ?

Yesterday I checked all the interest credited seemed to tallyI - If withdraw frm FastSaver to 3rd party then cnnot deposit back to StarSavers frm Dec/ Jan then GG Liao

 

[sibeiTrolled]

Anyone can verify if this T&C is new or when was it updated ?

This is a standard TnC across all banks relating to account promos.
Anyway, here goes.

CIMB Dec 23 - May 24 promo
https://www.cimb.com.sg/content/dam...cs-governing-casa-bonus-interest-promo-23.pdf

5. For the purpose of these terms and conditions, “fresh funds” are funds that do not originate from any existing account with CIMB Bank including without limitation the following: a. funds in the form of non-CIMB cheques; b. other funds that are not transferred from any existing CIMB current, savings or fixed deposit account; c. other funds that are not withdrawn from any existing CIMB current, savings or fixed deposit account and re-deposited (whether partial or all of the amount withdrawn) into the new account with CIMB within the Promotion Period.

CIMB Jun - Aug 24 promo
https://web.archive.org/web/2024090...4/tnc_CASA_Bonus_Interest_Promo_ETB_Jun24.pdf

6. For the purpose of these terms and conditions, “fresh funds” are funds that do not originate from any existing account with CIMB Bank including without limitation the following: a. funds in the form of non-CIMB cheques; b. other funds that are not transferred from any existing CIMB current, savings or fixed deposit account; c. other funds that are not withdrawn from any existing CIMB current, savings or fixed deposit account and re-deposited (whether partial or all of the amount withdrawn) into the new account with CIMB within the Promotion Period.

 

[sgdividends]

Anyone can verify if this T&C is new or when was it updated ?

Yesterday I checked all the interest credited seemed to tallyI - If withdraw frm FastSaver to 3rd party then cnnot deposit back to StarSavers frm Dec/ Jan then GG Liao

Actually it's states promotion period , and Dec, Jan, Feb cycle , the promotion period is Dec . So 5k incremental fresh funds from other bank put in fastsaver in Dec. Then the remaining bulk withdraw from starsaver to other bank and re deposit into fastsaver. Seems like not in contravention of clause 6C because promotion period is DEC only and 5k is pure fresh funds from other bank

 

[demoforce1]

I joined for the Dec-Feb 2025 period.
If I withdraw and leave only $5,000 until 28 Feb 2025, will my December 2024 deposit receive the interest?
Or what will happen if I withdraw for less than $5,000 in Jan and Feb?

 

[demoforce1]

Actually it's states promotion period , and Dec, Jan, Feb cycle , the promotion period is Dec . So 5k incremental fresh funds from other bank put in fastsaver in Dec. Then the remaining bulk withdraw from starsaver to other bank and re deposit into fastsaver. Seems like not in contravention of clause 6C because promotion period is DEC only and 5k is pure fresh funds from other bank

Yes, I moved $ from SS to another bank and partial $ to FS in Jan; looks like this will cause issue .

 

[sibeiTrolled]

I joined for the Dec-Feb 2025 period.
If I withdraw and leave only $5,000 until 28 Feb 2025, will my December 2024 deposit receive the interest?
Or what will happen if I withdraw for less than $5,000 in Jan and Feb?

Was your Nov 30th end of day balance 0 SGD?
If so then ya, you can just leave 5k SGD and empty out on 1st March.

No point asking why you want to leave bare minimum but just maybe leave a little bit more.
Just in case.

Or what will happen if I withdraw for less than $5,000 in Jan and Feb?

Then you forfeit Jan and Feb bonus interest.

 

[tiertime]

The interest calculation Jin horrible each tier hv to calculate 2 times due to prevailing and bonus interest are credited on 2 different days

Anyone managed to do your calculations in excel alr ? Does your interest tally ?

I spent almost one whole afternoon to figure it out coz I had to extract out every single day deposit & withdrawal transactions and end of day balance for the whole of last year

STILL , it dun tally !
some prevailing and bonus are more, sometimes less,
Every tier is always difference by a few dollars to maybe ard $20 or so...

When I called to ask CSO on why it dun tally , he said CIMB bank used robot to calculate and credit for us , NOT Manual calculation,

ANYWAY there is no way he can help customers if the results do not tally !

 

[tiertime]

Then you forfeit Jan and Feb bonus interest.

So far it seems nobody is brave enough to test this yet...

Most ppl just leave >5k incremental THROUGHOUT the 3 full mths to be safe

 

[sibeiTrolled]

Anyone managed to do your calculations in excel alr ? Does your interest tally ?

Not anymore since the rates dropped compared to 2023 promo

BUT.. if i dropped the 3.X% interest to (3.X - 0.1)% for the "Next 25K" after the 50K mark, then my calculations tally.

Example

So far it seems nobody is brave enough to test this yet...

No one sane would do that

Unless of course, the money is needed elsewhere.
And in this case, these type of flexible short term "FD" is preceisly why it is popular

 

[Goodintentions]

Curious to find out from those who tried, if I have star saver account and now I open a new fastsaver account, am I considered New Customer or Old customer?

Or old customer with new fastsaver account so my month end balance for Dec is considered ZERO for that account only?

 

[Mickey01]

Curious to find out from those who tried, if I have star saver account and now I open a new fastsaver account, am I considered New Customer or Old customer?

Or old customer with new fastsaver account so my month end balance for Dec is considered ZERO for that account only?

The promo T&Cs clarified these 2 questions.

 

[kyiori]

Just to confirm.. if I deposit 10k into CIMB FastSaver on 6 Jan, withdraw 5k on 1 Feb, and keep the remaining 5k until 31 Mar, I am still eligible for the 3.2% interest based on the T&C, right?

 

[sglandscape]

Just to confirm.. if I deposit 10k into CIMB FastSaver on 6 Jan, withdraw 5k on 1 Feb, and keep the remaining 5k until 31 Mar, I am still eligible for the 3.2% interest based on the T&C, right?

Yes can

 

[ericcsn]

what is the best strategy for depositing $100K? would it be:
1. put in 7 Jan 25.
2. withdraw $95K on 1 Feb 25? pump it somewhere else .
3. Come back on 1 March 25?

 

[tiertime]

what is the best strategy for depositing $100K? would it be:
1. put in 7 Jan 25.
2. withdraw $95K on 1 Feb 25? pump it somewhere else .
3. Come back on 1 March 25?

I put it all the way leh ... What is the reason you want to withdraw the 95k on 1st Feb ?

 

[demoforce1]

what is the best strategy for depositing $100K? would it be:
1. put in 7 Jan 25.
2. withdraw $95K on 1 Feb 25? pump it somewhere else .
3. Come back on 1 March 25?

why need to withdraw ?

 

[heng_ah]

what is the best strategy for depositing $100K? would it be:
1. put in 7 Jan 25.
2. withdraw $95K on 1 Feb 25? pump it somewhere else .
3. Come back on 1 March 25?

January promo is valid for 3 months (Jan, Feb, Mar 2025)
Why need to pump somewhere while you can have 3.2% for the whole 3 months?

 

[heng_ah]

Curious to find out from those who tried, if I have star saver account and now I open a new fastsaver account, am I considered New Customer or Old customer?

Or old customer with new fastsaver account so my month end balance for Dec is considered ZERO for that account only?

Read clause 3 in TnC:
By way of example, for Existing Customer who currently holds a Fastsaver account before 1 Jan 2025, and opens a new Starsaver account on 1 Jan 2025, Qualifying Account(s) refers to the Fastsaver account only, and does not include the Starsaver account under this Promotion.

For your case: currently holds a Starsaver account before 1 Jan 2025, and opens a new Fastsaver account on or after 1 Jan 2025, Qualifying Account(s) refers to the Starsaver account only,

So if you want to play with multiple accounts, you can open new account (StarSaver-i, FastSaver-i, etc ) now in preparation for future promo since CIMB refers "Qualifying Accounts" as accounts opened BEFORE promo starts.

 

[ericcsn]

I put it all the way leh ... What is the reason you want to withdraw the 95k on 1st Feb ?

this illustration is confusing to me.

https://www.cimb.com.sg/en/personal/promotions/latest-promotions/accounts/casa-ntb-35.html
bonus interest seems to be dependent on previous month amount and applies to its incremental amount vs last month ?

 

[ericcsn]

January promo is valid for 3 months (Jan, Feb, Mar 2025)
Why need to pump somewhere while you can have 3.2% for the whole 3 months?

where is this link ?