CIMB FastSaver

[sohguanh]

No cap. That's why so weird. Millionaires will dump their money with them. Wow...

It seems CIMB is the first time doing such kind of promo which has been done by SCB and Maybank and RHB for quite a while. They maybe new to this game and no cap limit wow think later they will amend the TnC?

Below clause save their back a lot I think. But this is normal in other banks promo too.

17. CIMB Bank reserves the right to amend, revoke, vary or add to the terms and conditions of the Promotion or suspend or terminate this Promotion and/or any of its governing terms in its absolute discretion at any time without any liability and such changes shall be binding on customers with effect from the earliest of the following:

20. In case of dispute (including any dispute as to CIMB Bank’s determination of the eligibility of customers to the Promotion), CIMB Bank’s decision on all matters relating to this Promotion is final and binding and no further correspondence or claims will be entertained.

 

[PC-User]

No cap. That's why so weird. Millionaires will dump their money with them. Wow...

Their criteria is weird. Other fresh fund (musical chair) accounts compared to ADB of reference month or previous month to determine BI eligibility. They compare to a single specific day. Really one of its kind.

 

[magicming]

No cap. That's why so weird. Millionaires will dump their money with them. Wow...

Currently, can use UOB High yield account at 3.55%. 3 months. $200k to $3m. But good idea to open CIMB Fastsaver. Just in case. For the following 3 months.

UOB High Yield is also based on a daily system.

 

[a4973]

Currently, can use UOB High yield account at 3.55%. 3 months. $200k to $3m. But good idea to open CIMB Fastsaver. Just in case. For the following 3 months.

UOB High Yield is also based on a daily system.

Hi the UOB high yield probably can only close after 6 months with no early closure fee? Thanks

 

[magicming]

Hi the UOB high yield probably can only close after 6 months with no early closure fee? Thanks

This account is also called Privilege Banking account. I’ve had it for years. Sometimes just $4 in account. But UOB never charge anything. So I don’t know about early closure fee. So sorry. U must check with UOB.

 

[twosix]

if really millionaires they probably use their money for higher yield someplace else
these people most likely have higher risk appetite

But they will not put everything to investments. Clever people will balance their funds. So for their cash, they will put in in a high interest savings account.

 

[twosix]

Their criteria is weird. Other fresh fund (musical chair) accounts compared to ADB of reference month or previous month to determine BI eligibility. They compare to a single specific day. Really one of its kind.

They still calculate BI daily, so kinda same like adb, except they r more lax on the BI earning requirement.

 

[royalmix]

RHB uses daily balance to calculate base interest and use ADB for bonus interest.
If I remember correctly, Maybank is not using ADB as well. Had a call with their agent as I find anomalies in the interest I received and the interest I calculated. I was using ADB to calculate the interest and the result doesn't match. But that was many many years ago.

That's why I said he was posting falsehood! Most banks pay BI based on ADB, UOB ONE included! Only Multiplier and CIMB accounts have BI on daily!

We are not talking about base interest which is most of the time daily interest.

 

[SantyBalls]

sad. my 31jul balance is $2.01, which is interest i didnt know i gotten for xferring money when opening FD earlier this year.

 

[MastersIT]

Maunal Registration for the Elevate Your Savings Promotion

Yes, I requested.
CIMB confirmed manual registeration for my account this afternoon.
Will sent e-mail or letter confirmation.

@sglandscape, think saw your asking, hope this helps if not yet registered.


Start to earn BI AFTER registration

Saw some posts asking, so soon-bian enquire. CIMB said (example)
1 Aug deposit 1k
10 Aug Register for promotion
10 Aug Bonus interest start calculate from this date ... (if 1k is more than 31 Jul deposit value)

Before registration, deposit value does not earn BI.
Suggest to verify directly with CIMB hotline, just in case.

 

[luvpraline]

Maunal Registration for the Elevate Your Savings Promotion

Yes, I requested.
CIMB confirmed manual registeration for my account this afternoon.
Will sent e-mail or letter confirmation.

@sglandscape, think saw your asking, hope this helps if not yet registered.


Start to earn BI AFTER registration

Saw some posts asking, so soon-bian enquire. CIMB said (example)
1 Aug deposit 1k
10 Aug Register for promotion
10 Aug Bonus interest start calculate from this date ... (if 1k is more than 31 Jul deposit value)

Before registration, deposit value does not earn BI.
Suggest to verify directly with CIMB hotline, just in case.

U didn't register via WhatsApp?

Also encountered a weird exception error when trying to add a dbs account as favourite payee. Just keep getting the same error from ytd. Anyone else?

 

[wira]

just to confirm for cimb fastsaver if you withdraw the $ and balance is lower than prev month, you will lose the 3.5% promo rate ?

 

[twosix]

just to confirm for cimb fastsaver if you withdraw the $ and balance is lower than prev month, you will lose the 3.5% promo rate ?

Pls state new or existing customers.

 

[wutawa]

sad. my 31jul balance is $2.01, which is interest i didnt know i gotten for xferring money when opening FD earlier this year.

Dont be sad. The $2.01 will only let u earn 0.58 cents less per mth.

 

[SantyBalls]

Dont be sad. The $2.01 will only let u earn 0.58 cents less per mth.

did the math, seems new or old user, both also need to forgo interest from $1000 that is left in the acct at the end of the mth?
thats nearly $3 a month hahaha

 

[wutawa]

did the math, seems new or old user, both also need to forgo interest from $1000 that is left in the acct at the end of the mth?
thats nearly $3 a month hahaha

The 3.5% is based on the incremental with reference to 31 jul. U dont really have to leave any amount of each mth end.

Eg.
31 jul bal $2.01
1 to 31 aug bal $1k: int = ($1k - $2.01) × 3.5% ÷ 365 × 31 = $2.96 (to register on 1 aug)

31 jul bal $0
1 to 31 aug bal $1k: int = ($1k - $0) × 3.5% ÷ 365 × 31 = $2.97 (to register on 1 aug)

 

[wira]

Pls state new or existing customers.

consider New to bank. i just opened 2 weeks ago

 

[SantyBalls]

The 3.5% is based on the incremental with reference to 31 jul. U dont really have to leave any amount of each mth end.

now i also sibeh confused. i hear from ppl, and read on their website, the interest is current day closing balance - 31july balance.

i hear from many ppl here is, end of month need keep at least 1k to earn bonus interest

 

[royalmix]

just to confirm for cimb fastsaver if you withdraw the $ and balance is lower than prev month, you will lose the 3.5% promo rate ?

If New Customer per TNC definition:

Both base and bonus interest is accrued daily, if your mth end balance is < previous mth end balance, bonus interest for the whole mth is forfeited. So make sure you fund your mth end balance to =/> previous mth end balance. You still get base interest. Do the hack if you want!

For eg. for 75k, base interest is 2.5%, bonus is 1%, you lose 1%. Depends on your daily balance because it is tiered basis. Daily min 1k to earn both base and bonus interest

 

[wutawa]

now i also sibeh confused. i hear from ppl, and read on their website, the interest is current day closing balance - 31july balance.

i hear from many ppl here is, end of month need keep at least 1k to earn bonus interest

since your 31 jul bal is $2.01, end of month $1k also can earn the $3 int ar. how come will forgo?