CIMB FastSaver

[F1ngolf2012]

profit rate???

Had the same question on profit rate. Answer provided on below post:
https://forums.hardwarezone.com.sg/127500189-post898.html

 

[F1ngolf2012]

if CIMB remains unchanged and still with no hurdle, becoming better and better as an option with the low interest from other banks

Currently, CIMB has one of the better rates offering with no gimmicks.

 

[F1ngolf2012]

What’s the difference between fastsaver and fastsaver i? One person can have both?

Then the star saver? Any max limit?

Yes. You can open a Fastsaver(CA) and Fastsaver-i account. For Starsaver, did not seem to have limit on the tnc promo.

 

[sporeknight76]

Just open a new Fastsaver account. Not sure how this SDIC works.
Can I assume we are protected up to 75K regardless of the no. of account we have each bank?

Each bank protected up to max 75k regardless of hw many acc except for "trust" and "client" acc. Dono wat tat means. So below is extracted from SDIC website: -----

How am I insured if I have multiple accounts with the same bank? For example, I have a savings account and a fixed deposit account with Bank A.

A:*

The DI limit of S$75,000 is applied on a per depositor per Scheme member basis. The deposits in your savings account and fixed deposit account with Bank A will be aggregated and covered up to S$75,000. Only trust and client accounts are separately insured on a per account basis.

 

[maumu]

impending bad (but expected) news from CIMB?

https://www.straitstimes.com/busine...tgage-hike-plan-following-customers-push-back

"... factored in that the market's cost of deposits have fallen, hence allowing us to lower our deposit rates and cost of deposits..."

previously it was reported that they are able to maintain their current rates deposit rates because of their maintained loan rates. now under pressure to lower the loan rates and so they're going to lower their deposit rates.

not sure if this will impact accounts such as fast/star-savers

 

[P R N D]

If drop to 0.9%-0.8%, still win big bank std chrt eSaver 0.7%

Sent from Mercedes-Benz E250 using GAGT

 

[crystalnox]

If drop to 0.9%-0.8%, still win big bank std chrt eSaver 0.7%

Sent from Mercedes-Benz E250 using GAGT

My guess is they will half the current rate, no point dropping just 0.1% when other banks making huge moves.

impending bad (but expected) news from CIMB?

https://www.straitstimes.com/busine...tgage-hike-plan-following-customers-push-back

"... factored in that the market's cost of deposits have fallen, hence allowing us to lower our deposit rates and cost of deposits..."

previously it was reported that they are able to maintain their current rates deposit rates because of their maintained loan rates. now under pressure to lower the loan rates and so they're going to lower their deposit rates.

not sure if this will impact accounts such as fast/star-savers

With all the other banks lowering interest rates, I think it's only a matter of time with or without that mortgage incident.

 

[eAtNeAt]

When cimb drops the rates really no other places to park anymore.

 

[wwenze]

CIMB no need to feed all the "agents", easy to tank the crisis.

Anyway no gimmicks no fees, easy to put in and out. Good for such times.

 

[Shutterfly]

When cimb drops the rates really no other places to park anymore.

If rates going to be bad in the foreseeable future, the perhaps should consider fixed deposit if no urgent need for the money.

 

[P R N D]

CIMB no need to feed all the "agents", easy to tank the crisis.

Anyway no gimmicks no fees, easy to put in and out. Good for such times.

Yes, Cimb only got 2 branches in Singapore. Less overhead to pay salary and less rental fees for multiple branch.

Sent from Mercedes-Benz E250 using GAGT

 

[Dividends]

impending bad (but expected) news from CIMB?

https://www.straitstimes.com/busine...tgage-hike-plan-following-customers-push-back

"... factored in that the market's cost of deposits have fallen, hence allowing us to lower our deposit rates and cost of deposits..."

previously it was reported that they are able to maintain their current rates deposit rates because of their maintained loan rates. now under pressure to lower the loan rates and so they're going to lower their deposit rates.

not sure if this will impact accounts such as fast/star-savers

I think it's inevitable, just start planning on where to park our funds next.

 

[F1ngolf2012]

My guess is they will half the current rate, no point dropping just 0.1% when other banks making huge moves..

Cutting half? Starsaver@0.4%?
This is huge unless CIMB plans to downsize their business in Singapore.

Historically, banks like CIMB and MBB baseline deposit rates are not lower than the local big 3 banks due to their higher SGD cost of fund for SGD and other factors.

 

[leungchunghong]

CIMB my just dropped 2.4% per month to 1.9% per month...

 

[F1ngolf2012]

When cimb drops the rates really no other places to park anymore.

This would depend on how much they cut the current deposit rate. Let's see.

 

[F1ngolf2012]

CIMB my just dropped 2.4% per month to 1.9% per month...

Saving accounts or FD or ??

 

[wutawa]

Yes, Cimb only got 2 branches in Singapore. Less overhead to pay salary and less rental fees for multiple branch.

Their orbiang app/online platform also nvr improve for years (as compared to ocbc/posb). No fingerprint login for app. But they very fast to push out etoken. Lol

 

[fantastyy]

the app still cmi sia

 

[wutawa]

the app still cmi sia

No choice if u need etoken

 

[F1ngolf2012]

Their orbiang app/online platform also nvr improve for years (as compared to ocbc/posb). No fingerprint login for app. But they very fast to push out etoken. Lol

All good as long as it works and provide basic functions for depositors while keeping operation cost low and offering good deposit rates.

Really need the launching of digital banks in Singapore to see better deposit rates for savers.