CIMB FastSaver

[ericcsn]

why need to withdraw ?

i am under the impression that bonus interest is payable on incremental difference between present and previous month balances

 

[hwarzoner]

so if i put 800K into fastsaver today and leave it until 31 March i will earn 3.2% for the the 3 months?

will the interest earned for Jan be compounded into Feb 25 and so on?

 

[reflecx]

i am under the impression that bonus interest is payable on incremental difference between present and previous month balances

No, the reference comparison date is fixed at 31 Dec 2024.

 

[reflecx]

so if i put 800K into fastsaver today and leave it until 31 March i will earn 3.2% for the the 3 months?

will the interest earned for Jan be compounded into Feb 25 and so on?

If you have $800k, you should put into StarSaver instead as it pays much higher prevailing interest. Prevailing interest is paid at the end of each month. Only prevailing interest will be compounded, bonus interest is only given at one shot at the end of Apr

 

[vsvs24]

so if i put 800K into fastsaver today and leave it until 31 March i will earn 3.2% for the the 3 months?

will the interest earned for Jan be compounded into Feb 25 and so on?

Should divisify bro. Don't put all into one bank.

 

[BlackTortoise]

If you have $800k, you should put into StarSaver instead as it pays much higher prevailing interest. Prevailing interest is paid at the end of each month. Only prevailing interest will be compounded, bonus interest is only given at one shot at the end of Apr

Wow Shiok $800,000 can spend 4 days to do full transfer since daily limit transfer is $200,000.

 

[botak33]

Will I get the additional 0.5% if I withdraw the $1K Standing Instruction after it had been deposited into the account?

 

[sibeiTrolled]

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 ?

where is this link ?

https://www.cimb.com.sg/content/dam/cimbsg/personal/document/tnc/accounts/2025/casa-tnc-jan2025.pdf

Look at Point 10 of the TnC and slowly digest.

 

[Devilsire]

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

why need to withdraw ?

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?

actually i'm also prepared to moving my funds from cimb should there be better returns in feb/mar elsewhere
from what i read, just have to leave minimum 5k (increment compared to mth end balance of base month) in cimb fastsaver, or, optimally, 25k to enjoy the 3.7%.

just keeping the options open

 

[wutawa]

Will I get the additional 0.5% if I withdraw the $1K Standing Instruction after it had been deposited into the account?

i am doing it.

 

[ericcsn]

No, the reference comparison date is fixed at 31 Dec 2024.

https://www.cimb.com.sg/content/dam/cimbsg/personal/document/tnc/accounts/2025/casa-tnc-jan2025.pdf

Look at Point 10 of the TnC and slowly digest.

pt 5 To be entitled to Bonus Interest/Profit
for any day during the current month, the Daily Incremental Balance must be a minimum of S$5,000 in fresh funds in the Qualifying Account on the relevant day. “Daily Incremental CIMB Bank Berhad (197201001799 (13491-P)) Information is correct as at 1 January 2025 Balance” refers to comparing end-day balance on that day against that of 31 December 2024 (“Comparison Month End-day Balance”).

For the avoidance of doubt, customer will need to fulfil both end-of-month and end-of-day balance requirements above to be entitled to Bonus Interest/Profit on any day during the month.

i read it as:
Meaning if you didnt have the min $5K in the account on every single day of the month, the bonus interest is forfeited! Which means you open the account on any day but 1st of that month, there is no bonus interest since there are days the end of day balance was zero (since the account was not started with the required min amount on the 1st of the month)!

Very convoluted writing to me.

 

[ericcsn]

It is actually very simple if you look at yourself as new customer!

It starts from the day you open your account only. Deposit at least 5k, treat it like FD, hold it till end of 3 mths (31 Mar), guaranteed to get at least 3.2% on every single cent in the account!

meaning have I forfeited my bonus in this month of Jan since I put in the requisite $1K to submit the online application and I am still needing to wait for their verfication andapporval which i was told will take 3-5 working days?

 

[ericcsn]

Dun wait! I decided not to wait, take the risk worth taking and put 5k, and do the rest. 1k will not earn you BI only!

I think I may have messed up based on the initial application with $1K, wanted to top up to $100K later (which i have scattered among other banks to collect interest in the meantime to the date they give their approval to this account).

 

[eellee]

pt 5 To be entitled to Bonus Interest/Profit
for any day during the current month, the Daily Incremental Balance must be a minimum of S$5,000 in fresh funds in the Qualifying Account on the relevant day. “Daily Incremental CIMB Bank Berhad (197201001799 (13491-P)) Information is correct as at 1 January 2025 Balance” refers to comparing end-day balance on that day against that of 31 December 2024 (“Comparison Month End-day Balance”).

For the avoidance of doubt, customer will need to fulfil both end-of-month and end-of-day balance requirements above to be entitled to Bonus Interest/Profit on any day during the month.

i read it as:
Meaning if you didnt have the min $5K in the account on every single day of the month, the bonus interest is forfeited! Which means you open the account on any day but 1st of that month, there is no bonus interest since there are days the end of day balance was zero (since the account was not started with the required min amount on the 1st of the month)!

Very convoluted writing to me.

the tnc says "for any day" not "for everyday".... so it technically means, for any day in the month = for any 1 day in the month

 

[maumu]

pt 5 To be entitled to Bonus Interest/Profit
for any day during the current month, the Daily Incremental Balance must be a minimum of S$5,000 in fresh funds in the Qualifying Account on the relevant day. “Daily Incremental CIMB Bank Berhad (197201001799 (13491-P)) Information is correct as at 1 January 2025 Balance” refers to comparing end-day balance on that day against that of 31 December 2024 (“Comparison Month End-day Balance”).

For the avoidance of doubt, customer will need to fulfil both end-of-month and end-of-day balance requirements above to be entitled to Bonus Interest/Profit on any day during the month.

i read it as:
Meaning if you didnt have the min $5K in the account on every single day of the month, the bonus interest is forfeited! Which means you open the account on any day but 1st of that month, there is no bonus interest since there are days the end of day balance was zero (since the account was not started with the required min amount on the 1st of the month)!

Very convoluted writing to me.

it doesn't make sense if need to be for every day of the month lah.

lydat new customers must all join and create and pump in their monies on the first day of the month - how is it possible for January when 1 Jan is a public holiday?

the realistic interpretation is that it is for based on the individual days. hence the bonus interest is computed daily, and not based on monthly average.

 

[sglandscape]

it doesn't make sense if need to be for every day of the month lah.

lydat new customers must all join and create and pump in their monies on the first day of the month - how is it possible for January when 1 Jan is a public holiday?

the realistic interpretation is that it is for based on the individual days. hence the bonus interest is computed daily, and not based on monthly average.

CIMB seems to do value date on non banking days too.

 

[sglandscape]

pt 5 To be entitled to Bonus Interest/Profit
for any day during the current month, the Daily Incremental Balance must be a minimum of S$5,000 in fresh funds in the Qualifying Account on the relevant day. “Daily Incremental CIMB Bank Berhad (197201001799 (13491-P)) Information is correct as at 1 January 2025 Balance” refers to comparing end-day balance on that day against that of 31 December 2024 (“Comparison Month End-day Balance”).

For the avoidance of doubt, customer will need to fulfil both end-of-month and end-of-day balance requirements above to be entitled to Bonus Interest/Profit on any day during the month.

i read it as:
Meaning if you didnt have the min $5K in the account on every single day of the month, the bonus interest is forfeited! Which means you open the account on any day but 1st of that month, there is no bonus interest since there are days the end of day balance was zero (since the account was not started with the required min amount on the 1st of the month)!

Very convoluted writing to me.

Your comprehension of the tnc does not seem to be correct. Basically you do not earn bonus interest for the days you do not have at least 5k in the account.

The mandatory tnc to meet is the 5k balance at the month end, for the promo period you're taking part in.

 

[ericcsn]

the tnc says "for any day" not "for everyday".... so it technically means, for any day in the month = for any 1 day in the month

i was relying on the phrase used was:
For the avoidance of doubt, customer will need to fulfil both end-of-month and end-of-day balance requirements above to be entitled to Bonus Interest/Profit on any day during the month

Ok there is an illustration on 10, which appears to show how this works (only on those days not meeting, rest of days in that month are ok)

it doesn't make sense if need to be for every day of the month lah.

lydat new customers must all join and create and pump in their monies on the first day of the month - how is it possible for January when 1 Jan is a public holiday?

the realistic interpretation is that it is for based on the individual days. hence the bonus interest is computed daily, and not based on monthly average.

Sense not needed. What counts is how the bank will interpret it.
But after looking at the illustration in 10, it clarifies what they meant which is what is more aligned with your post

 

[tiertime]

Your comprehension of the tnc does not seem to be correct. Basically you do not earn bonus interest for the days you do not have at least 5k in the account.

I think till now nobody tested this, have you ?

 

[ericcsn]

the phrase used was:
For the avoidance of doubt, customer will need to fulfil both end-of-month and end-of-day balance requirements above to be entitled to Bonus Interest/Profit on any day during the month

Sense not needed. What counts is how the bank will interpret it

Your comprehension of the tnc does not seem to be correct. Basically you do not earn bonus interest for the days you do not have at least 5k in the account.

The mandatory tnc to meet is the 5k balance at the month end, for the promo period you're taking part in.

ok. i think you may be right from what I see in 10. Illustration on the calculation of the Bonus Interest/Profit. thank u and rest for chipping in.