CIMB FastSaver

[F1ngolf2012]

CIMB halved their interest rate by halve next month onwards. but still better than the other 3 local banks.

To be exact, reduced interest rates for Fastsaver and Starsaver start from 15 July 2020.

 

[F1ngolf2012]

Ok thanks a lot guys! Most likely will go for both multiplier and fastsaver.

No worries, mate.

The incremental interest for $40k between Multiplier (2.4% for 3 CAT) and Fastsaver (0.5% starting 15 July) is 1.9% which translated to $760 per year or $63 per mth.

Depending on your age, CancerCare may cost up to $20 per mth to unlock Insurance category OR sign up for $100 RSP to unlock Investment category. I see Multiplier as a better option if you are not going to use large part of the $40k. You also get a chance to increase the interest on months where the total eligible transaction is higher.

 

[TiOnGSquare]

hi guys just a qns, i current have a star saver account, whats the diff between fastsaver and star saver? the key qns i have is do i receive interest paid out at the end of the month? just like my star saver?

 

[findinglaserprinter]

hi guys just a qns, i current have a star saver account, whats the diff between fastsaver and star saver? the key qns i have is do i receive interest paid out at the end of the month? just like my star saver?

Fastsaver no checkbook, no bank card, no overdraft facility. Minimum to earn interest $1000 instead of $5000. Twice the interest of starsaver. Yes you do receive interest the same way as you did with your starsaver account.

I keep my funds in fastsaver and transfer to starsaver when I need to write a check. Keep around $50 in there just in case. No fall below fee anyway, might as well earn more interest

 

[F1ngolf2012]

hi guys just a qns, i current have a star saver account, whats the diff between fastsaver and star saver? the key qns i have is do i receive interest paid out at the end of the month? just like my star saver?

FastSaver is an online saving account like SCB eSaver with no fall below fee. Current interest rates till 14 July 2020 are as below:

1.00% p.a. for the first S$50,000 balances; 1.50% p.a. for balances above S$50,000 to S$75,000; 1.80% p.a. for balances above S$75,000 to S$100,000 and 0.60% p.a. for balances above S$100,000 will apply accordingly.

Interest accrued daily and credited monthly. Daily interest will be paid on the entire daily balance, provided that the balance is at least S$1,000 in your CIMB FastSaver account on any given day.

https://www.cimbbank.com.sg/en/pers.../savings-accounts/cimb-fastsaver-account.html

 

[Davo23]

No worries, mate.

The incremental interest for $40k between Multiplier (2.4% for 3 CAT) and Fastsaver (0.5% starting 15 July) is 1.9% which translated to $760 per year or $63 per mth.

Depending on your age, CancerCare may cost up to $20 per mth to unlock Insurance category OR sign up for $100 RSP to unlock Investment category. I see Multiplier as a better option if you are not going to use large part of the $40k. You also get a chance to increase the interest on months where the total eligible transaction is higher.

Thanks again mate but sorry i have another question. For the monthly credit card spending category, is monthly giro deduction from my credit card considered?

 

[TiOnGSquare]

Fastsaver no checkbook, no bank card, no overdraft facility. Minimum to earn interest $1000 instead of $5000. Twice the interest of starsaver. Yes you do receive interest the same way as you did with your starsaver account.

I keep my funds in fastsaver and transfer to starsaver when I need to write a check. Keep around $50 in there just in case. No fall below fee anyway, might as well earn more interest

FastSaver is an online saving account like SCB eSaver with no fall below fee. Current interest rates till 14 July 2020 are as below:

1.00% p.a. for the first S$50,000 balances; 1.50% p.a. for balances above S$50,000 to S$75,000; 1.80% p.a. for balances above S$75,000 to S$100,000 and 0.60% p.a. for balances above S$100,000 will apply accordingly.

Interest accrued daily and credited monthly. Daily interest will be paid on the entire daily balance, provided that the balance is at least S$1,000 in your CIMB FastSaver account on any given day.

https://www.cimbbank.com.sg/en/pers.../savings-accounts/cimb-fastsaver-account.html

Thanks alot guys!!!

 

[F1ngolf2012]

Thanks again mate but sorry i have another question. For the monthly credit card spending category, is monthly giro deduction from my credit card considered?

No worries. Just sharing what I'm doing on Multipler to get more mileage. As I know, most charges to DBS/POSB credit card are counted and I don't see why not giro. However, I don't have Giro on credit card. To be doubly sure, you may want to either check with DBS CSO or post your question on the HWZ DBS Multiplier thread.

 

[PongRareRare]

Thanks alot guys!!!

Note that it’s till mid of next month

 

[Davo23]

No worries. Just sharing what I'm doing on Multipler to get more mileage. As I know, most charges to DBS/POSB credit card are counted and I don't see why not giro. However, I don't have Giro on credit card. To be doubly sure, you may want to either check with DBS CSO or post your question on the HWZ DBS Multiplier thread.

Ok thanks again mate!

 

[ekardo]

what is the minimum to keep in this fastsaver ? time to move out but dun wanna close the account..

 

[FlyGuardX]

minimum is 0. no penalty. at least that's how i remember it a few years back

 

[Utonian]

what is the minimum to keep in this fastsaver ? time to move out but dun wanna close the account..

there is no fall below, so you can keep 1 dollar if you want for it to be active.
but to get the interest, need keep at least 1k.

 

[ekardo]

oh ya...just saw on the website..

-----
No Fall-Below Fees
A savings account should earn you and not cost you money. Which is why we believe in no fall-below fees.
-----



0.5% is still better than any local bank...now I think BOC, Maybank should follow in lowering the interest..

 

[len555]

How about fixed deposit accounts rate these days? Anyone looking into moving into it instead.

 

[havetheveryfun]

How about fixed deposit accounts rate these days? Anyone looking into moving into it instead.

dbs got fixeddeposit for 10 months for $49k at 1.1% p.a

 

[semiret]

Just checked RHB's High-yield Saving account seems offer better interest than CIMB. It's web stated interest rates with effect from 1st of July 2020.

1st 10000 interest 0.08%
Next 90000 interest 1%
Above 100000 interest 0.08%

Attached the links below.

https://rhbgroup.com.sg/personal/deposits/high-yield-savings-account

Anyone want to confirm is it better than Fastsaver?

 

[Stallone]

Just checked RHB's High-yield Saving account seems offer better interest than CIMB. It's web stated interest rates with effect from 1st of July 2020.

1st 10000 interest 0.08%
Next 90000 interest 1%
Above 100000 interest 0.08%

Attached the links below.

https://rhbgroup.com.sg/personal/deposits/high-yield-savings-account

Anyone want to confirm is it better than Fastsaver?

RHB 100k = 0.908%

CIMB 100k = 0.825%

 

[Cumzilla]

Just checked RHB's High-yield Saving account seems offer better interest than CIMB. It's web stated interest rates with effect from 1st of July 2020.

1st 10000 interest 0.08%
Next 90000 interest 1%
Above 100000 interest 0.08%

Attached the links below.

https://rhbgroup.com.sg/personal/deposits/high-yield-savings-account

Anyone want to confirm is it better than Fastsaver?

I registered my interest after I saw the rate of up to 1.85% for 100K. Yesterday, a RHB FC called me and told me that it is still available. I then asked him why not on the website anymore and he told me maybe not updated yet by their marketing side. Did not really trust his words, so decided not to open the account...

 

[wutawa]

I registered my interest after I saw the rate of up to 1.85% for 100K. Yesterday, a RHB FC called me and told me that it is still available. I then asked him why not on the website anymore and he told me maybe not updated yet by their marketing side. Did not really trust his words, so decided not to open the account...

The 1.85% is until 30 jun, my fren.