CIMB FastSaver

[DenOOO]

If we close the account on 15th July? do we still get the interest for the first 15days?

if close account should be forfeit entire accrued but not credited interest woah.

 

[vsvs24]

If we close the account on 15th July? do we still get the interest for the first 15days?

There is no fall below fee. Interest is credited on 31 Jul. Interest is computed based on daily balance. So you can transfer out on 16 Jul leaving $1 behind instead of closing account on 16 Jul. On 1 Aug, you can transfer everything out.

But since there is no fall below fee, why not just leave the account there with $1. You never know if later this becomes higher interest than others.

 

[F1ngolf2012]

There is no fall below fee. Interest is credited on 31 Jul. Interest is computed based on daily balance. So you can transfer out on 16 Jul leaving $1 behind instead of closing account on 16 Jul. On 1 Aug, you can transfer everything out.

But since there is no fall below fee, why not just leave the account there with $1. You never know if later this becomes higher interest than others.

Yup! This is what I would do if I'm planning to transfer fund after 15 July rather than closing the account.

 

[DenOOO]

Why $1 and not $0 ?

 

[vsvs24]

Why $1 and not $0 ?

I always prefer to keep $1 just in case the bank has some policy to close dormant accounts with zero balance.

 

[luvpraline]

There is no fall below fee. Interest is credited on 31 Jul. Interest is computed based on daily balance. So you can transfer out on 16 Jul leaving $1 behind instead of closing account on 16 Jul. On 1 Aug, you can transfer everything out.

But since there is no fall below fee, why not just leave the account there with $1. You never know if later this becomes higher interest than others.

They have this little clause: 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.

Does this mean that if there is $0 from 16 Jul, they will still pay interest for 1 to 15 Jul? Or interest will not be paid at all?

 

[wutawa]

I always prefer to keep $1 just in case the bank has some policy to close dormant accounts with zero balance.

Fastsaver & esaver dont have. Ocbc has. I had 2 360 accounts dormant then got warning letter and auto-closed. 3rd ocbc acct dormant, i put $0.10 because i cheapo. Isavvy said will auto-close if $0 for 1 mth.

 

[Hwsemb]

Fastsaver & esaver dont have. Ocbc has. I had 2 360 accounts dormant then got warning letter and auto-closed. 3rd ocbc acct dormant, i put $0.10 because i cheapo. Isavvy said will auto-close if $0 for 1 mth.

For your $0.10 OCBC account, so the bank will not deduct $2, making it zero or negative?

Am thinking of leaving $0.10 in iSavvy savings account too. Hope it will work? Assuming I leave it with $0.10 balance for 2 months, then I make a deposit of $500, will the bank "claw back" $4 accrued bank charge?


Few years back, I had the OCBC 360 account, balance zero (for about 3 weeks). Then went to the bank to request close acct, but the officer said there is an outstanding $2 bank chg, so unable to close the account unless I deposit $2 to offset the bank chg. End up deposited $2, and got back around $0.30 interest, closed the account. Perhaps I should have just left the account alone, let it auto-close.

 

[wutawa]

@Hwsemb,
For ocbc and posb, I had applied for fee waiver till 31 dec 2020. However, ocbc said the acct still will be closed if $0 for 6 mths.

For isavvy, u need to leave a min $10. So far no one can bypass this restriction.

 

[IronMan123]

Nowadays looking out for bank rate change is as nervous as watching stock market.

Wah so serious? U must be very rich!

Posted with iPhone HardwareZone Forums app

 

[Hwsemb]

@Hwsemb,
For isavvy, u need to leave a min $10. So far no one can bypass this restriction.

Looks like the only way to close Maybank savings account is to go there physically. Unless it implements online account closure (like POSB).

 

[wutawa]

Looks like the only way to close Maybank savings account is to go there physically. Unless it implements online account closure (like POSB).

I tink it will be auto-closed after 6 mths if u forgo the $10 (8, 6, 4, 2, 0, close).

 

[peppermint7]

I tink it will be auto-closed after 6 mths if u forgo the $10 (8, 6, 4, 2, 0, close).

Ocbc plus! Saving account has no fall below fee. Even if u leave 0 also will not close. But there's no ATM card or anything. Only an e account.

 

[wutawa]

Ocbc iplus account has no fall below fee. Even if u leave 0 also will not close. But there's no ATM card or anything. Only an e account.

Link pls.

 

[peppermint7]

Link pls.

https://www.ocbc.com/personal-banking/cards/cpa/plusdebit/

I have the black Plus! Visa debit card. This debit Visa comes with a plus! savings account. This debit Visa I am using it as my ATM card

After 1 year I will cancel the debit Visa card cos I don't intend to pay annual fee. (So I will "lost" my ATM card for good.) But the savings acc will be there for you with no annual fee minimum spend or whatever. It'll stay there but only can use as an e account for tranfer funds, etc

 

[Cumzilla]

https://www.ocbc.com/personal-banking/cards/cpa/plusdebit/

I have the black debit Visa. This debit Visa comes with a plus! savings account. This debit Visa I am using it as my ATM card

After 1 year I will cancel the debit Visa card cos I don't intend to pay annual fee. (So I will "lost" my ATM card for good.) But the savings acc will be there for you with no annual fee minimum spend or whatever. It'll stay there but only can use as an e account for tranfer funds, etc

debit card got annual fee?

 

[peppermint7]

They have this little clause: 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.

Does this mean that if there is $0 from 16 Jul, they will still pay interest for 1 to 15 Jul? Or interest will not be paid at all?

Yes they will still pay for 1st to 15th as the interest is accrued day by day though u can't see it

 

[peppermint7]

debit card got annual fee?

Yes have. That's why I'll cancel once they start charging it after 1 year.

But only the card will be cancelled. Account will still be there

 

[zoneguard]

I have the black Plus! Visa debit card. This debit Visa comes with a plus! savings account. This debit Visa I am using it as my ATM card

Your phone with the OCBC Pay Anyone app can be the virtual ATM card as OCBC ATMs support withdrawals with QR code - press the bottom left option at the ATM screen to select the Pay Anyone option.

So even when you cancel the debit card, you 'retain' the ATM function.

 

[wutawa]

Oh, plus!. Ya, the card annual fee put me off. That's why i closed my acct. Used to give 1% long ago.