CIMB FastSaver

[sglandscape]

There

For this promo, there are 6 interest-earning months - Aug, Sep, Oct, Nov, Dec and Jan2024. During this 6-mth period, you can transfer in and withdraw any time with no lock-in requirement. However, if your monthly ADB (Average Daily Balance) fall below the minimum ADB balance requirement ($1k for saving a/c, $5k for current a/c), then you get $0 interest for that particular month.

Example (FastSaver a/c) :
ADB for Aug = $998 - You get $0 interest for Aug
ADB for Sep = $18,000 - You get prevailing interest & bonus interest for Sep
ADB for Oct = $1,000 - You get prevailing interest & bonus interest for Oct
ADB for Nov = $45,000 - You get prevailing interest & bonus interest for Nov
ADB for Dec = $10 - You get $0 interest for Dec
ADB for Jan2024 = $1,000 - You get prevailing interest & bonus interest for Jan2024

How to calculate interest - refer to point#9 of T&Cs for existing customers (CIMB calculation example) :
T&Cs for Existing Customers: https://www.cimb.com.sg/content/dam...overning-casa-bonus-interest-promo-23-etb.pdf

How to calculate interest - refer to my Post#2356 https://forums.hardwarezone.com.sg/threads/cimb-fastsaver.5176026/page-118#post-148741340

There is no ADB concept for this account based on min balance. If you read the tnc, interest is accrued based on end of day balance, daily but paid once a month.

 

[ThreeSteps]

You should stop posting FALSEHOODS!

Just search the tnc, can you find the words ADB?

CIMB Fastsaver and Starsaver accrue/pay interest based on daily balance. Daily balance must be at least 1k/5k to earn interest. Daily basis, unlike other banks, similar to Multiplier too.

Thanks for the feedback. I have deleted my original posting. I will try to do a better posting after clarification with the bank.

 

[ThreeSteps]

This is incorrect. Because if this is true, existing customers whose account balance is below 1k/5k and did not start on the first day of August would get zero interest for the whole month.

The t&c states:

*Interest/profit accrued daily and credited monthly. Daily interest/profit will be paid on the entire daily balance, provided that the balance is at least S$1,000 in your savings and S$5,000 in current account on any given day. Indicated rates are based on prevailing base rates and correct as of 1 August '23. Other terms and conditions apply. Please refer to the individual product pages for details.*

So, only on days that you did not meet these conditions(for existing customers), you won't get paid interest for that day;

1. Above snapshot amount taken on 31 July(only prevailing interest given, if #2 is met)
2. Above $1000 or $5000, depending on savings/current account

Thanks for the feedback. I have deleted my original posting. I will try to do a better posting after clarification with the bank.

 

[ThreeSteps]

There

There is no ADB concept for this account based on min balance. If you read the tnc, interest is accrued based on end of day balance, daily but paid once a month.

Thanks for the feedback. I have deleted my original posting. I will try to do a better posting after clarification with the bank.

 

[Kayeesha]

Many thanks to all who have responded to my postings.

I’m just sharing some new information.

After failing to get the (second) callback from customer service yesterday, I made my way to the bank this morning to see my RM.

First, she didn’t know anything about the promo. Second, she had another appointment to go to so she just checked with the (sorry cannot remember the exact term used) team.

She came back saying that the entire sum brought in has to be locked in the bank for 6 months and the banks will claw back any interest that was paid earlier should the funds be removed mid-way.

To me, this completely throws out the current tnc. So, I insisted that she get confirmation because this is not how I understand the tnc to be.

She agreed that keeping the funds locked up for 6 months is too long and advised that I consider other banks instead.

Anyway, I persisted and requested for her to get someone else to look into it since she was busy.

She brought in her manager (a young-looking man, probably in his late-twenties), who insisted that the funds has to be locked in for 6 months. When asked to point out where in the tnc is such a condition stated. He made reference to paragraph 7. I responded that paragraph 7 is about the rates that were available to the customer and not about the requirement to place the deposits for 6 months to earn the bonus interests.

His reply was that was how they interpret the tncs.

 

[twosix]

There

There is no ADB concept for this account based on min balance. If you read the tnc, interest is accrued based on end of day balance, daily but paid once a month.

seems like the BI is not given if balance is less than the min. of $1K or $5k. Really a new way to play. haha.

$1k is not hard to maintain, just leave it there until the promo ends.

 

[royalmix]

Many thanks to all who have responded to my postings.

I’m just sharing some new information.

After failing to get the (second) callback from customer service yesterday, I made my way to the bank this morning to see my RM.

First, she didn’t know anything about the promo. Second, she had another appointment to go to so she just checked with the (sorry cannot remember the exact term used) team.

She came back saying that the entire sum brought in has to be locked in the bank for 6 months and the banks will claw back any interest that was paid earlier should the funds be removed mid-way.

To me, this completely throws out the current tnc. So, I insisted that she get confirmation because this is not how I understand the tnc to be.

She agreed that keeping the funds locked up for 6 months is too long and advised that I consider other banks instead.

Anyway, I persisted and requested for her to get someone else to look into it since she was busy.

She brought in her manager (a young-looking man, probably in his late-twenties), who insisted that the funds has to be locked in for 6 months. When asked to point out where in the tnc is such a condition stated. He made reference to paragraph 7. I responded that paragraph 7 is about the rates that were available to the customer and not about the requirement to place the deposits for 6 months to earn the bonus interests.

His reply was that was how they interpret the tncs.

You should show them the examples in the tnc which obviously show how ignorant they are!

Even as a potental new customer, I dun need to lock up the funds just to get bonus interest by having the mth end balance equal or higher than prior mth, I know how to hack

 

[twosix]

Many thanks to all who have responded to my postings.

I’m just sharing some new information.

After failing to get the (second) callback from customer service yesterday, I made my way to the bank this morning to see my RM.

First, she didn’t know anything about the promo. Second, she had another appointment to go to so she just checked with the (sorry cannot remember the exact term used) team.

She came back saying that the entire sum brought in has to be locked in the bank for 6 months and the banks will claw back any interest that was paid earlier should the funds be removed mid-way.

To me, this completely throws out the current tnc. So, I insisted that she get confirmation because this is not how I understand the tnc to be.

She agreed that keeping the funds locked up for 6 months is too long and advised that I consider other banks instead.

Anyway, I persisted and requested for her to get someone else to look into it since she was busy.

She brought in her manager (a young-looking man, probably in his late-twenties), who insisted that the funds has to be locked in for 6 months. When asked to point out where in the tnc is such a condition stated. He made reference to paragraph 7. I responded that paragraph 7 is about the rates that were available to the customer and not about the requirement to place the deposits for 6 months to earn the bonus interests.

His reply was that was how they interpret the tncs.

Show them the examples in the t&c. The examples have different balances at end of each month, and if the most of those months got the BI except one that has less than the 31 July balance. If the money is to be locked-in for the 6 months, they will not have come up with the examples in the t&c.

 

[vsvs24]

seems like the BI is not given if balance is less than the min. of $1K or $5k. Really a new way to play. haha.

$1k is not hard to maintain, just leave it there until the promo ends.

This is not new. All along if less than $1k or 5k no interest.

 

[Squaredot]

Many thanks to all who have responded to my postings.

I’m just sharing some new information.

After failing to get the (second) callback from customer service yesterday, I made my way to the bank this morning to see my RM.

First, she didn’t know anything about the promo. Second, she had another appointment to go to so she just checked with the (sorry cannot remember the exact term used) team.

She came back saying that the entire sum brought in has to be locked in the bank for 6 months and the banks will claw back any interest that was paid earlier should the funds be removed mid-way.

To me, this completely throws out the current tnc. So, I insisted that she get confirmation because this is not how I understand the tnc to be.

She agreed that keeping the funds locked up for 6 months is too long and advised that I consider other banks instead.

Anyway, I persisted and requested for her to get someone else to look into it since she was busy.

She brought in her manager (a young-looking man, probably in his late-twenties), who insisted that the funds has to be locked in for 6 months. When asked to point out where in the tnc is such a condition stated. He made reference to paragraph 7. I responded that paragraph 7 is about the rates that were available to the customer and not about the requirement to place the deposits for 6 months to earn the bonus interests.

His reply was that was how they interpret the tncs.

I think your RM and whoever may be confused with another whatsapp invite promotion last month
That promotion needs to lock in deposit$ 6months for x% interest and get $100 taka vouchers. That promotion has ended on 31July.

 

[Kayeesha]

You should show them the examples in the tnc which obviously show how ignorant they are!

Even as a potental new customer, I dun need to lock up the funds just to get bonus interest by having the mth end balance equal or higher than prior mth, I know how to hack

Show them the examples in the t&c. The examples have different balances at end of each month, and if the most of those months got the BI except one that has less than the 31 July balance. If the money is to be locked-in for the 6 months, they will not have come up with the examples in the t&c.

Yes, I should have (shown them the example on the tnc). Unfortunately, I only thought about it when I arrived home!

Moreover, both of them were already showing impatience that I kept on at them to get confirmation on this matter.

 

[Kayeesha]

I think your RM and whoever may be confused with another whatsapp invite promotion last month
That promotion needs to lock in deposit$ 6months for x% interest and get $100 taka vouchers. That promotion has ended on 31July.

Thanks, Squaredot.

My RM did initially think I was referring to the last month’s promotion. However, she soon realised I was referring to a different promotion. Besides she printed out the tncs and we (together with her boss later) used it as basis for our discussion.

 

[twosix]

Yes, I should have (shown them the example on the tnc). Unfortunately, I only thought about it when I arrived home!

Moreover, both of them were already showing impatience that I kept on at them to get confirmation on this matter.

As RM, their focus should be helping their clients. If they show impatience, u should raise ur unhappiness or even go to their higher bosses and log ur unhappiness.

Why do a client want to park or invest their money with them when they are treated badly?

 

[twosix]

This is not new. All along if less than $1k or 5k no interest.

Even for IR? I've not have any money with them for quite some time already. haha.

 

[royalmix]

As RM, their focus should be helping their clients. If they show impatience, u should raise ur unhappiness or even go to their higher bosses and log ur unhappiness.

Why do a client want to park or invest their money with them when they are treated badly?

RM inpatient I understand cos she got another appointment need to run! Plus help clients to help them make money is the objective, this query dun help her make money!

 

[sglandscape]

As RM, their focus should be helping their clients. If they show impatience, u should raise ur unhappiness or even go to their higher bosses and log ur unhappiness.

Why do a client want to park or invest their money with them when they are treated badly?

Easy to be idealistic, but if they're paying the best rate in town people would still be happy to place their funds there even if service is bad. Who wants to leave money on the table especially if the difference is not trivial.

 

[vsvs24]

Even for IR? I've not have any money with them for quite some time already. haha.

Yah. Without promo also like this

 

[twosix]

Des

Easy to be idealistic, but if they're paying the best rate in town people would still be happy to place their funds there even if service is bad. Who wants to leave money on the table especially of the difference is not trivial.

Doesn't matter. The attitude is important. How do they know how much money a customer has? They should treat all their clients with respects.

The bank employs them to grow their businesses, but such attitude only deter potential clients from investing in the bank.

 

[Squaredot]

Yah. Without promo also like this

I second you. It has been like this from day 1.

 

[BaDBoI]

I am new applicant. Do I need to register or chat with bot to get the 3.5% interest ?

not required