CIMB FastSaver

F1ngolf2012 · Jun 2, 2020

rkesin said:
“Islamic Financing avoids interest-based transactions (Riba), and instead introduces the concept of buying something on the borrower’s behalf, and selling it back to the borrower at profit. In place of interest, a profit rate is defined in the contract.”
From: https://www.comparehero.my/personal-loan/articles/difference-between-profit-rate-and-interest-rate

The practical effect on your account value is the same

Brilliant! Thanks for sharing. :flash:

F1ngolf2012 · Jun 2, 2020

F1ngolf2012 said:
Our CIMB StarSaver Account Has Undergone A Little Revamp!

Not only will you continue earning the base rate of 0.8% p.a. on your entire balance, you're now also given the opportunity to take your savings to up to 1.0%* p.a. by topping up min of $500 monthly!

Anyone know how is the $500 min monthy increment balance calculated? e.g. just comparing the month end closing of current and previous month or average daily balance for the current and previous month?

Just to update that the $500 min mthly increment is based on comparing month end closing balance of current and previous months. So even if the balance of current month falls below the previous month end closing on any day (other than month end date), you still qualify for the 0.2% bonus interest which I thought was quite generous.

peppermint7 · Jun 2, 2020

F1ngolf2012 said:
Just to update that the $500 min mthly increment is based on comparing month end closing balance of current and previous months. So even if the balance of current month falls below the previous month end closing on any day (other than month end date), you still qualify for the 0.2% bonus interest which I thought was quite generous.

Good discovery!

F1ngolf2012 · Jun 2, 2020

peppermint7 said:
Good discovery!

Yup! It is on the T&C and I called CSO to confirm. The Bonus interest promo started March and ends Dec 2020. So for Starsaver account opened before 2010, base interest is 0.9% (else 0.8%) and with Bonus interest, it will be 1.1%.

Do note that Bonus interest is paid on the following month i.e. June 0.2% Bonus interest will be paid in July.

Conor McGregor · Jun 2, 2020

When interest will be computed and credit inside account for CIMB FASTSAVER

I transferred 50k last night at 10pm till now never see any interest credited

P R N D · Jun 2, 2020

F1ngolf2012 said:
Just to update that the $500 min mthly increment is based on comparing month end closing balance of current and previous months. So even if the balance of current month falls below the previous month end closing on any day (other than month end date), you still qualify for the 0.2% bonus interest which I thought was quite generous.

Bro, if my balance is 50 for many year but on 2 Jun deposit 20k till end of June. Do l get the 0.2% in July?

Sent from Mercedes-Benz E250 using GAGT

Squaredot · Jun 2, 2020

F1ngolf2012 said:
Just to update that the $500 min mthly increment is based on comparing month end closing balance of current and previous months. So even if the balance of current month falls below the previous month end closing on any day (other than month end date), you still qualify for the 0.2% bonus interest which I thought was quite generous.

yes it is!
Think CIMB sent an SMS some time back on this promo. But didn't really read it till few days ago and I shared it here yesterday as it looks attractive suddenly :s13:

zack14 · Jun 2, 2020

Conor McGregor said:
When interest will be computed and credit inside account for CIMB FASTSAVER

I transferred 50k last night at 10pm till now never see any interest credited

interest is credited only once a month

F1ngolf2012 · Jun 2, 2020

P R N D said:
Bro, if my balance is 50 for many year but on 2 Jun deposit 20k till end of June. Do l get the 0.2% in July?

Sent from Mercedes-Benz E250 using GAGT

Yes according to CSO after I presented similar situation of May month end balance $1000 and I transferred $50k on 1st week June.

I also asked her what happen if the balance is below $1000 on 2nd week June and $51k end June, would I still get the Bonus interest? The answer is yes.

Note that Bonus interest for above will be for month of June deposit and paid in July.

However, knowing the varying standard of CSO and for the interest of all of us, it would be great if someone is kind enough to also call to re-confirm and post the update here.

F1ngolf2012 · Jun 2, 2020

Squaredot said:
yes it is!
Think CIMB sent an SMS some time back on this promo. But didn't really read it till few days ago and I shared it here yesterday as it looks attractive suddenly

No thanks to SCB eSaver!!

rkesin · Jun 2, 2020

Hi all. I applied for an account earlier today (still not deposited money yet). How do I log into ibanking? They have not sent me the 6 digit pin.

George Soros · Jun 2, 2020

I apply last nite until now haven't send me the pin by sms

Conor McGregor · Jun 2, 2020

George Soros said:
I apply last nite until now haven't send me the pin by sms

You got transfer 1k to activate the account ?

Conor McGregor · Jun 2, 2020

rkesin said:
Hi all. I applied for an account earlier today (still not deposited money yet). How do I log into ibanking? They have not sent me the 6 digit pin.

Must transfer 1k first before they send you the pin via sms 1 working day

George Soros · Jun 2, 2020

Wah muust transfer first ah...okok I scared I transfer wrong , must log in double check the account number..haha

F1ngolf2012 · Jun 2, 2020

George Soros said:
Wah muust transfer first ah...okok I scared I transfer wrong , must log in double check the account number..haha

For them to activate your new account, they need to see the money ($1k) first. :s13:

If everything is in proper order, then you would receive the PIN.

If you can consider transferring small amount like $10 first and call CSO to confirm the fund is in your new account before transferring the balance.

F1ngolf2012 · Jun 2, 2020

rkesin said:
Hi all. I applied for an account earlier today (still not deposited money yet). How do I log into ibanking? They have not sent me the 6 digit pin.

Your new account will not be activated until they see $1k in your new account.

peppermint7 · Jun 2, 2020

F1ngolf2012 said:
Yes according to CSO after I presented similar situation of May month end balance $1000 and I transferred $50k on 1st week June.

I also asked her what happen if the balance is below $1000 on 2nd week June and $51k end June, would I still get the Bonus interest? The answer is yes.

Note that Bonus interest for above will be for month of June deposit and paid in July.

However, knowing the varying standard of CSO and for the interest of all of us, it would be great if someone is kind enough to also call to re-confirm and post the update here.

Referring to STARsaver

U scroll down look at the illustration
It seems to say if they are only comparing the last day between both months? End of day = last day of month?

https://www.cimbbank.com.sg/en/personal/products/accounts/current-accounts/cimb-starsaver-account.html

peppermint7 · Jun 2, 2020

Referring to FASTsaver

It also says here this 1.8% for 75k to 100k is NOT a promotional rate..

https://www.cimbbank.com.sg/en/pers...saver-account/cimb-fastsaver-account-faq.html

So meaning it is on going until further changes

Squaredot · Jun 2, 2020

peppermint7 said:
U scroll down look at the illustration
It seems to say if they are only comparing the last day between both months? End of day = last day of month?

https://www.cimbbank.com.sg/en/personal/products/accounts/current-accounts/cimb-starsaver-account.html

yes
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