CIMB FastSaver

[DevilPlate]

cimb cs really confuse me. telling me different version

folks - what is your understanding of 1.5+2%?

is based on jul balance as a base or monthly incremental amount?

I was told every month either maintain or increase then eligible for interest

Inside their TnC got a table of illustration

 

[123kidy]

sorry but whats this 'hack' thing about?

i just sign up for the fast saver acct

 

[royalmix]

sorry but whats this 'hack' thing about?

i just sign up for the fast saver acct

Ok you ask, I explain but are you a new customer? It is only applicable to new customers.

Some people here post falsehoods (in other threads as well), tell new customers they must lock in your funds for 6 mths to get 3.5%!

 

[123kidy]

Ok you ask, I explain but are you a new customer? It is only applicable to new customers.

Some people here post falsehoods (in other threads as well), tell new customers they must lock in your funds for 6 mths to get 3.5%!

ya im new customer
transferred 1k yesterday and just now they send me a code for 1st time login.
all done already
so what's this hack thing ah?
thanks in advance

 

[PC-User]

ya im new customer
transferred 1k yesterday and just now they send me a code for 1st time login.
all done already
so what's this hack thing ah?
thanks in advance

At best you get 3.5% and liquidity. What else to 'hack'?

 

[twosix]

Wow 10k only and they start calling u?

At night some more.

 

[123kidy]

At best you get 3.5% and liquidity. What else to 'hack'?

I don’t know. Someone mention hack I’m wondering what it is lol

 

[123kidy]

4. To qualify for this Promotion,
a. a customer must open a Qualifying Account online within the Promotion Period;
b. deposit a minimum of $1,000 in fresh funds (for savings account) or $5,000 in fresh
funds (for current account); and
c. maintain or increase each month-end balance against the previous month-end
balance

Ok, new customers, if you can afford to wait till Sept to open, your 6 mths is from Sept to Feb 2024, now I am earning more than 4% pa with another bank, so I wait. Existing customers, promo is fixed Jan 2024.

To get bonus interest, you have to maintain/increase month end balance of Sept (each mth) as compare to Aug month end balance. Base and bonus is accrued daily on your daily balance but if you do not meet the criterion, ie at end of mth your balance is less than previous month, you don't get the bonus interest.

Say every day, daily balance is 200k, on 31 Aug I withdraw all and leave 1k in the account, I get base+bonus interest on 200k for 30days and 1k for 1 day.

Sept 1 I deposit 199k and withdraw 199+interest on 30 Sept leaving 1k in the account, I get based+bonus for 200x29 days and 1k for 1 day.

Repeat above process for the rest of the 4 mths. You are only locking in 1k!

For that 1 day, you park your monies in another bank, I can also earn at least 3.4%!

Got it!

Oh ok. Thanks

 

[Mickey01]

No need kancheong, there might be better offers next mth

Open sept, 6 mths from Sept is your bonus period, for new customers only!

I dont think the Tnc ever mentioned the bonus period is 6 months for new customers. It ijust mentioned bonus interest from Aug to end Jan 2024.

 

[royalmix]

I dont think the Tnc ever mentioned the bonus period is 6 months for new customers. It ijust mentioned bonus interest from Aug to end Jan 2024.

I am a new potential customer, I always research everything before I invest! Pls go read the tnc!

Edit: Ok I do you a favour!
8. If Customers meet the qualifying criteria stipulated in these terms, Customers will earn a flat
interest/profit rate of 3.50% p.a. (inclusive of prevailing rate) on their entire balance in the
Qualifying Account(s) for the first 6 calendar months after account opening.

 

[Mickey01]

I am a new potential customer, I always research everything before I invest! Pls go read the tnc!

Oh ... ya hor. Clause 8 for new customers.

anyways I'm existing customers, nothing to hack ... just plain 3.5% for 6 months "liquid" FD

 

[123kidy]

Assuming for new customer and have 1k in there, Does it mean on the last day of the month I put in 100k I will still get the 3.5% ?

anyone tried this?

 

[royalmix]

Assuming for new customer and have 1k in there, Does it mean on the last day of the month I put in 100k I will still get the 3.5% ?

anyone tried this?

You get daily interest, so 100k last day is 1 day's interest at 3.5%, the rest is 1k balance only. But you are putting yourself at risk, next 5 mths, you must have at least 100k month end balance (during the mth you can move out) and cannot exit anytime during the mth!

So you still dun understand the hack I explained ?

 

[direbmem]

Per tnc:
maintain or increase each month-end balance against the previous month-end
balance

Now do you (new customers only) know how to hack?

Last day of each month ensure at least S$1 more (eg. $501) than previous month last day balance (eg. $500)? Other days don't care?

 

[royalmix]

Last day of each month ensure at least S$1 more (eg. $501) than previous month last day balance (eg. $500)? Other days don't care?

4. To qualify for this Promotion,
a. a customer must open a Qualifying Account online within the Promotion Period;
b. deposit a minimum of $1,000 in fresh funds (for savings account) or $5,000 in fresh
funds (for current account); and
c. maintain or increase each month-end balance against the previous month-end
balance

Ok, new customers, if you can afford to wait till Sept to open, your 6 mths is from Sept to Feb 2024, now I am earning more than 4% pa with another bank, so I wait. Existing customers, promo is fixed Jan 2024.

To get bonus interest, you have to maintain/increase month end balance of Sept (each mth) as compared to Aug month end balance. Base and bonus interest is accrued daily on your daily balance but if you do not meet the criterion, ie at end of mth your balance is less than previous month, you don't get the bonus interest.

Say, every day, daily balance is 200k, on 31 Aug I withdraw all and leave 1k in the account, I get base+bonus interest on 200k for 30days and 1k for 1 day.

Sept 1 I deposit 199k and withdraw 199+interest on 30 Sept leaving 1k in the account, I get based+bonus for 200x29 days and 1k for 1 day.

Repeat above process for the rest of the 4 mths. You are only locking in 1k!

For that 1 day, you park your monies in another bank, I can also earn at least 3.4%!

Got it! How much you want to play is up to you, above is just example to explain. You can easily exit without worrying you will lose your bonus interest if another bank offers a better rate! Huat ah!

Play safe, 1k! New customers only!

 

[Agate8]

My dear, your hubby emailed on 24 Jul and CIMB replied on 27 Jul pertaining to July promo for new customers.

We are now all talking about the Aug promo which has different tnc for new customers signing up in Aug and Sep and existing customers signing up in Aug.

Ahhh... Thank you. I was just looking at the 3.5% interest and thought it was the same promo.

Thank you.

Refer to my Post#2333 (It contain the current information you need) :
https://forums.hardwarezone.com.sg/threads/cimb-fastsaver.5176026/page-117#post-148733538

Thank you!

 

[bombshell]

For existing customers, if I have $0 in my FastSaver today and I deposit $75k now and park it there, I will get 3.5% interest for next 6 mths?

 

[Devilsire]

For existing customers, if I have $0 in my FastSaver today and I deposit $75k now and park it there, I will get 3.5% interest for next 6 mths?

based on 31 July's balance.
assuming yours is $0 on 31/07, yep 3.5% for any balance as long maintain above 1k/5k

 

[royalmix]

I forgot to research on cutoff times, does CIMB have daily and weekend cutoff times?

New customers will need to take note.

 

[tinsel77]

I am a new potential customer, I always research everything before I invest! Pls go read the tnc!

Edit: Ok I do you a favour!
8. If Customers meet the qualifying criteria stipulated in these terms, Customers will earn a flat
interest/profit rate of 3.50% p.a. (inclusive of prevailing rate) on their entire balance in the
Qualifying Account(s) for the first 6 calendar months after account opening.

thanks for sharing the hack. But why so ma fan to withdraw and deposit when they give u 3.5% pa for your 200K for the 6 mths?

enlighten me pls. Thank you