CIMB FastSaver

[tiertime]

New customers a bit more restrictive compared to existing, need to maintain or increase MAB to get bonus interest.
Existing just counts incremental MAB vs EOD balance of 31 Jul which could be $0 so it's essential a no-frills no cap 3.5% account until 31 Jan 2024.

This is one of those rare instances where existing customers get better treatment than new customers...

Wat is MAB , is it monthly average balance ?
Wat is EOD ?

I am not fully understanding the explanation above, can explain in simpler words , gum xia !

 

[SantyBalls]

If you are happy to lockin 200k for 6mths, no need mafan!

I am an opportunist, if another bank offers better rate, I will quit cimb and run to the other bank! You lockin 200k, you cannot quit until first day of next mth, otherwise you lose all your bonus interest for the mth.

I mafan a bit, I can run anytime and still can earn bonus interest from CIMB. If I need emergency funds, I also need not worry as I can withdraw anytime. But you cannot without losing the whole mth's bonus interest.

Mine is emergency funds plus spare cash, dun play play!

Edit:

Ok another hack for you if you choose not to be mafan and lockin 100k (my last estimate): you get at least 2.5% based interest with Fastsaver, lose only 1% bonus interest if you quit during the mth.

Not average daily balance meh

 

[tiertime]

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!

So to put it simply am I correct to say this hack method is just to allow us no need to lock in our funds for 6 months and still able to get 3.5% (for the days we hv our funds in FastSaver) ? :

Put an amount you want frm 1st SEP to end FEB , ONLY on last day of each mth we withdraw the max AMT allowable for bank withdrawal , assuming CIMB max allow withdraw per day $200k(?)

We then put this 200k in (maybe) esavers 3.4% to earn the interest for 1 day (interest is $18.60/day)

Then beginning of next month just transfer back to FastSaver

Above is my understanding, correct bo ?

 

[mata_hippo]

jus got my account activated with the 1k

so i jus throw in the $ by end Aug and leave it there?

 

[tiertime]

jus got my account activated with the 1k

so i jus throw in the $ by end Aug and leave it there?i

Is it end Aug OR 1st SEP, can someone explain ?

Is it end Aug OR 1st SEP, can someone explain ?

 

[royalmix]

So to put it simply am I correct to say this hack method is just to allow us no need to lock in our funds for 6 months and still able to get 3.5% (for the days we hv our funds in FastSaver) ? :

Put an amount you want frm 1st SEP to end FEB , ONLY on last day of each mth we withdraw the max AMT allowable for bank withdrawal , assuming CIMB max allow withdraw per day $200k(?)

We then put this 200k in (maybe) esavers 3.4% to earn the interest for 1 day (interest is $18.60/day)

Then beginning of next month just transfer back to FastSaver

Above is my understanding, correct bo ?

If you put 500k, withdraw 200k, your 300k is locked and will lose bonus interest per the scenario I explained in another post. The rest is correct. Make your own decisions.

 

[royalmix]

jus got my account activated with the 1k

so i jus throw in the $ by end Aug and leave it there?

Interest (based and bonus) is accrued daily based on daily balance and credited next mth. Understand this most important point in the tnc

 

[mata_hippo]

Interest (based and bonus) is accrued daily based on daily balance and credited next mth. Understand this most important point in the tnc

so jus have to ensure $ is in from 1 sep, thats y jus throw it in by end aug

 

[tiertime]

If you put 500k, withdraw 200k, your 300k is locked and will lose bonus interest per the scenario I explained in another post. The rest is correct. Make your own decisions.

Oh, then my understanding of your hack is inaccurate ....
As Ur hack is only for no need lock in, BUT will lose bonus interest on the 300k ??

 

[royalmix]

Oh, then my understanding of your hack is inaccurate ....
As Ur hack is only for no need lock in, BUT will lose bonus interest on the 300k ??

I am also like the rm, no patience type. If you withdraw to 1k, lockin is 1k and will not lose bonus interest if you keep 1k end of mth. If you keep other amounts at mth end, that is your lockin amt and if your balance is below 300k lockin, you lose. No more patience! Good luck, I go make rewards!

 

[demoforce1]

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

Is this above 1k/5k the monthly average balance? or they do daily interest?

 

[sohguanh]

Sometimes too wordy ppl don't get it. In point form for new customer
1-30 Aug 100K
31 Aug txfr out left 1K (to fulfill the requirement of min 1K for savings account)
Sep month will compare to 31 Aug 1K and you either maintain or increase

Good about this strategy is you are not locking so much monies in order to continue this promo for 6 months. Bad is you lose 1 day prevail,bonus interest of 99K lor.

Above is based on TnC interpretation it is always compare to previous month last day balance. If later CIMB say what they meant is compare to previous month average balance then GG liao lor game over.

 

[pratik28]

If you are happy to lockin 200k for 6mths, no need mafan!

I am an opportunist, if another bank offers better rate, I will quit cimb and run to the other bank! You lockin 200k, you cannot quit until first day of next mth, otherwise you lose all your bonus interest for the mth.

I mafan a bit, I can run anytime and still can earn bonus interest from CIMB. If I need emergency funds, I also need not worry as I can withdraw anytime. But you cannot without losing the whole mth's bonus interest.

Mine is emergency funds plus spare cash, dun play play!

Edit:

Ok another hack for you if you choose not to be mafan and lockin 75k (my last estimate): you get at least 2.5% based interest with Fastsaver, lose only 1% bonus interest if you quit during the mth. For other amts, you calculate yourself.

Will loose bonus int for the mnth if withdraw??
This apply to only new user rght as they need to maintain or increase compared to last month bal.

But for existing users if hav $0 in July comparison month, we can withdraw anytime any amt will still get bonus int for the days funds are kept with cimb?

 

[~sabaisabai~]

Wat is MAB , is it monthly average balance ?
Wat is EOD ?
I am not fully understanding the explanation above, can explain in simpler words , gum xia !

I wanted to ask also. the abbreviation lol

 

[PC-User]

...

Above is based on TnC interpretation it is always compare to previous month last day balance. If later CIMB say what they meant is compare to previous month average balance then GG liao lor game over.

That's what I've been thinking too. People play smart but hope CIMB is equally smart i.e. execute according to the T&C word by word exactly. Pray their back end understand the T&C better than their CSOs.

 

[sohguanh]

That's what I've been thinking too. People play smart but hope CIMB is equally smart i.e. execute according to the T&C word by word exactly. Pray their back end understand the T&C better than their CSOs.

If you read all the promo TnC, there is always a clause that allow the bank to have final say over any dispute. It is always in their favor. So I don't always all in my monies into any single investment instrument and this promo included too.

 

[royalmix]

Sometimes too wordy ppl don't get it. In point form for new customer
1-30 Aug 100K
31 Aug txfr out left 1K (to fulfill the requirement of min 1K for savings account)
Sep month will compare to 31 Aug 1K and you either maintain or increase

Good about this strategy is you are not locking so much monies in order to continue this promo for 6 months. Bad is you lose 1 day prevail,bonus interest of 99K lor.

Above is based on TnC interpretation it is always compare to previous month last day balance. If later CIMB say what they meant is compare to previous month average balance then GG liao lor game over.

You are a sourgrape or fearmongering everywhere you go! UOB salary also want to report to bank!

Just look at the tnc, everywhere is stated month end balance!
Another sourgrape spotted!

 

[sohguanh]

You are a sourgrape or fearmongering everywhere you go! UOB salary also want to report to bank!

Just look at the tnc, everywhere is stated month end balance!

If it is above board why scare to report to bank? Unless you do something on the grey area and dun wanna alert the bank?

 

[royalmix]

If it is above board why scare to report to bank? Unless you do something on the grey area and dun wanna alert the bank?

TNC allows, go read it! No fear!

 

[pratik28]

I wanted to ask also. the abbreviation lol

should be monthly average bal and end of day bal