CIMB FastSaver

[sglandscape]

I read the T&Cs for existing customers and don't see any purpose for musical chair. See the illustration table, increment is still based on the balance of 31st July for every months til 31st Jan 24.

Your understanding is consistent with what I understand it to be and how others have interpreted it.

 

[sylves]

I read the T&Cs for existing customers and don't see any purpose for musical chair. See the illustration table, increment is still based on the balance of 31st July for every months til 31st Jan 24.

thanks for the clarifications. I relook at the illustration table again and manage to figure it out now.

 

[Cumzilla]

thanks for the clarifications. I relook at the illustration table again and manage to figure it out now.

I know your concerns that the interest for the increment amount is only 2% and not the full 3.5%, but I guess most will have near to zero or low balance as at 31st July, so if u add in an increment of 75k for example, if the balance at 31st July is only $1, so 2% on 75K and 1.5% for $75001, still 3.5% for the amount transferred in.

 

[luvpraline]

Anyone wrote in to cimb to get an official confirmation of their promotion mechanics n got a reply?

After getting inconsistent n inaccurate answers on the hotline, i wrote in hoping to get a better official answer. Their automatic reply said will respond within 2 business days. But it's been more than 7, and totally no response.

Their standards have really slid these days..

 

[wutawa]

Anyone wrote in to cimb to get an official confirmation of their promotion mechanics n got a reply?

After getting inconsistent n inaccurate answers on the hotline, i wrote in hoping to get a better official answer. Their automatic reply said will respond within 2 business days. But it's been more than 7, and totally no response.

Their standards have really slid these days..

U mean the reply from their official whatsapp acct isnt official?

 

[compro_1975]

1 more month to confirm all our guess

 

[JivBunny]

Just a quick question after reading all these posts.

for new account, I suppose all I need to do is to

1. start account(which i already did)
2. Transfer in money (which I also did)
3. Wait for end of the money to get the basic interest.
4. Wait for 20th of every month which they will give the bonus interest.

 

[jseyong]

Opened account in July, bonus interest for July not in yet..

 

[Ismo__]

Opened account in July, bonus interest for July not in yet..

Wow takes so long? Now already 21st August. When is July’s interest supposed to come in?

 

[Mickey01]

Just a quick question after reading all these posts.

for new account, I suppose all I need to do is to

1. start account(which i already did)
2. Transfer in money (which I also did)
3. Wait for end of the money to get the basic interest.
4. Wait for 20th of every month which they will give the bonus interest.

#3 and #4 correct
1. If you open Savings Account, make sure your daily balance is at least $1,000 to earn base interest and BI
2. If you open Current Account, make sure your daily balance is at least $5,000 to earm base interesr and BI

Any day you did not meet the min balance, you will not earn base and bonus int. Interest is accured daily but credited end of month and 20th of the following month

 

[Mickey01]

Opened account in July, bonus interest for July not in yet..

which bonus interest promotion are you referring to?

 

[jseyong]

Wow takes so long? Now already 21st August. When is July’s interest supposed to come in?

By today

"Bonus Interest/Profit (if any) will be accrued daily and credited into the Qualifying Account(s) on the 20th day of the following month. If the 20th day of that month falls on a weekend or public holiday, it will be credited on the next working day."

 

[jseyong]

which bonus interest promotion are you referring to?

July version of the below. Looks like no longer available already.

https://www.cimb.com.sg/content/dam...cs-governing-casa-bonus-interest-promo-23.pdf

 

[Mickey01]

By today

"Bonus Interest/Profit (if any) will be accrued daily and credited into the Qualifying Account(s) on the 20th day of the following month. If the 20th day of that month falls on a weekend or public holiday, it will be credited on the next working day."

today is still "young" .... they have up to 2359 hrs to do the credit. Some banks do credit late afternoon. So perhaps you can check after 6pm today.

 

[JivBunny]

#3 and #4 correct
1. If you open Savings Account, make sure your daily balance is at least $1,000 to earn base interest and BI
2. If you open Current Account, make sure your daily balance is at least $5,000 to earm base interesr and BI

Any day you did not meet the min balance, you will not earn base and bonus int. Interest is accured daily but credited end of month and 20th of the following month

thanks for the reminder.

as I have opened a savings account. I do have more than 1k inside.

so now waiting to see when they start to credit the interest.

 

[ThreeSteps]

July version of the below. Looks like no longer available already.

https://www.cimb.com.sg/content/dam...cs-governing-casa-bonus-interest-promo-23.pdf

I am not aware that there is a similar promo for July. Is it also 3%plus bonus interest ?
Going forward, if they have a new round of promo at the beginning of each month by updating the promo period of the previous similar promo (similar T&Cs), there is certainly something we can think about, especially if the bonus interest rate increase.

 

[jseyong]

I am not aware that there is a similar promo for July. Is it also 3%plus bonus interest ?
Going forward, if they have a new round of promo at the beginning of each month by updating the promo period of the previous similar promo (similar T&Cs), there is certainly something we can think about, especially if the bonus interest rate increase.

Yes similar promo mechanics, started around mid to late July.

 

[sellbuyboy]

actually can do a musical chair with another acct, if we are unsure in the criteria of "maintaining and increase" month end balance? right?

 

[tiertime]

Why do ppl choose to use FastSaver instead of StarSaver (Savings) Account ?

For placements above $175k ,
The interest rate given by
StarSaver (Savings) Account after this 6 months Promo interest is more straight forward and higher

 

[sglandscape]

Why do ppl choose to use FastSaver instead of StarSaver (Savings) Account ?

For placements above $175k ,
The interest rate given by
StarSaver (Savings) Account after this 6 months Promo interest is more straight forward and higher

It depends on the size of your wallet. If you've got 75k only the fastsaver offers a better EIR. If you have 1 million the StarSaver is a better account.

Having said that, no harm having both