CIMB FastSaver

[wutawa]

Oh..for me I'm definitely looking beyond month of June as long as CIMB rates remain competitive.

PRND is worried that cimb may revise the int rate next mth, like what maybank, hong leong and rhb will be doing.

 

[P R N D]

PRND is worried that cimb may revise the int rate next mth, like what maybank, hong leong and rhb will be doing.

Will start transfer fund out on 29 & 30 june since limit 50k per day.

Waiting to see Maybank new isavvy offer rate for the month of July & August offer.

If no better offer, will transfer back to cimb.

Sent from Mercedes-Benz E250 using GAGT

 

[Evolver]

https://www.straitstimes.com/business/banking/cimb-scraps-mortgage-hike-plans-after-clients-pushback

He added: "We factored in that the market's cost of deposits has fallen, hence allowing us to lower our deposit rates and cost of deposits so that we can maintain our floor rate at 0.1 per cent."

Cimb wanted to raise the floor rate for their mortgage to pay the high deposit rates. After the pushback from the group of mortgage customers, can they still afford to pay such high deposit rates?

 

[F1ngolf2012]

https://www.straitstimes.com/business/banking/cimb-scraps-mortgage-hike-plans-after-clients-pushback

He added: "We factored in that the market's cost of deposits has fallen, hence allowing us to lower our deposit rates and cost of deposits so that we can maintain our floor rate at 0.1 per cent."

Cimb wanted to raise the floor rate for their mortgage to pay the high deposit rates. After the pushback from the group of mortgage customers, can they still afford to pay such high deposit rates?

Considering other banks esp. SCB eSaver have reduced their rates, the possibility that CIMB reducing the rate is definitely high regardless of affordability. With their no hassle tnc, CIMB's promo rates just need to be marginally better than the other banks like SCB and MBB will do. So I see the key would be MBB's decision on iSavvy and Prestige promo rates end of June.

 

[Evolver]

Considering other banks esp. SCB eSaver have reduced their rates, the possibility that CIMB reducing the rate is definitely high regardless of affordability. With their no hassle tnc, CIMB's promo rates just need to be marginally better than the other banks like SCB and MBB will do. So I see the key would be MBB's decision on iSavvy and Prestige promo rates end of June.

Just a wild thought..
Since all it takes is 25 mortgage clients for Cimb to reverse it's stance of raising it's mortgage floor rates, deposit clients can also band together to pushback if Cimb decides to proceed to drop rates for deposits. Haha

 

[vsvs24]

Just a wild thought..
Since all it takes is 25 mortgage clients for Cimb to reverse it's stance of raising it's mortgage floor rates, deposit clients can also band together to pushback if Cimb decides to proceed to drop rates for deposits. Haha

We should appreciate CIMB for not immediately cutting rates like other banks. Don't make things difficult for them.

 

[Evolver]

We should appreciate CIMB for not immediately cutting rates like other banks. Don't make things difficult for them.

End of the day, their Management has to decide their corporate strategy game.
Between deposits and loans - which is a risk-free product and which carries higher capital costs? If they want to lower mortgage rates at the expense of deposits rates and the deposit rates cannot match that of similar competitors' offerings, deposits will outflow. And Cimb will end up carrying the loans on their books. Believed most deposit clients are just depositing their CASA AUM for yield and not using them as operating accounts.

 

[F1ngolf2012]

End of the day, their Management has to decide their corporate strategy game.
Between deposits and loans - which is a risk-free product and which carries higher capital costs? If they want to lower mortgage rates at the expense of deposits rates and the deposit rates cannot match that of similar competitors' offerings, deposits will outflow. And Cimb will end up carrying the loans on their books. Believed most deposit clients are just depositing their CASA AUM for yield and not using them as operating accounts.

Yup! This is a free market and there is no reward for loyalty in consumer banking.

Based on past practices, CIMB rates usually are competitive compared to SCB and MBB. Hope that it would be no different this time too.

 

[bonjour_mian_bao]

bookmark for later

 

[Sausage]

Can I open 2 fast saver accounts (1 fast saver i), and keep $99000 in each one, to get the maximum interest?

Sent from Xiaomi REDMI NOTE 7 using GAGT

 

[Utonian]

Can I open 2 fast saver accounts (1 fast saver i), and keep $99000 in each one, to get the maximum interest?

Sent from Xiaomi REDMI NOTE 7 using GAGT

you can have 2 accounts each at 100k for max interest

 

[sporeknight76]

you can have 2 accounts each at 100k for max interest

But do take note if something happen CIMB, SDIC only protect 75k hor.

 

[ChinTuaKi]

Can I open 2 fast saver accounts (1 fast saver i), and keep $99000 in each one, to get the maximum interest?

Sent from Xiaomi REDMI NOTE 7 using GAGT

why $99000????

Just out 100k in each.

 

[Squaredot]

But do take note if something happen CIMB, SDIC only protect 75k hor.

3 joint names will cover 75k*3 =225k

 

[maple96]

3 joint names will cover 75k*3 =225k

A+B = 37.5+37.5 =75
A+C = 37.5+37.5 = 75
A+D =0+ 37.5 = 75

= 225 less 37.5, u lose 37.5

Make sure to create joint names correctly to get 225

 

[Squaredot]

A+B = 37.5+37.5 =75
A+C = 37.5+37.5 = 75
A+D =0+ 37.5 = 75

= 225 less 37.5, u lose 37.5

Make sure to create joint names correctly to get 225

No need D.

Open 1st Joint account A+B+C, deposit $100k
Open 2nd joint account A+B+C, deposit $100k

Settle!

 

[brianlee_73]

A+B = 37.5+37.5 =75
A+C = 37.5+37.5 = 75
A+D =0+ 37.5 = 75

= 225 less 37.5, u lose 37.5

Make sure to create joint names correctly to get 225

Correct SDIC is per person per bank.
Joint account so mafan, mind as well each person open an account.

 

[maple96]

No need D.

Open 1st Joint account A+B+C, deposit $100k
Open 2nd joint account A+B+C, deposit $100k

Settle!

ok

Correct SDIC is per person per bank.
Joint account so mafan, mind as well each person open an account.

Sometimes there is a need to open joint account, eg to avoid having a Will.

 

[Enz*kel]

CIMB Current/Savings Accounts Referral Programme

{CLOSED - thanks for your help! Nice people here } Anyone keen to share your ID via PM? $10 for you by referring me.

Have been asking around my friends and relatives but none has relationship with CIMB.

I don't have enough post to include the url... pls google.

Thanks in advance!

 

[chia0127]

A concise summary of the various savings account rates in the market now:


https://therantingpanda.com/2020/06...020-get-the-highest-interest-on-your-savings/