CIMB FastSaver

[BlackTortoise]

I interpret same as you. I go extract the important clause from Aug and now Sep. Think CIMB become "smarter"

Existing User Aug register.
Clause 10
10. Incremental Fresh Funds Balance refers to comparing end-day-balance on that day against that of 31 July 2023 (“Comparison Month End-Day Balance”). For example: the daily end-of-day balance is compared against the Comparison Month End-Day Balance until the end of the Bonus Interest/Profit Earning Period.

Existing User Sep register.
Clause 9 below is NOT in Existing User Aug register pdf
9. Month-end Incremental Balance refers to comparing end-day-balance on last day of the month against the end-day-balance on the last day of the comparison month (i.e. 31 August 2023). For example, 30 September 2023 end-of-day balance is compared against 31 August 2023 endof-day balance.

Clause 10 is similar to Existing User Aug Clause 10
10. Incremental Fresh Funds Balance refers to comparing end-day-balance on that day against that
of 31 August 2023 (“Comparison Month End-Day Balance”). For example: the daily end-of-day balance is compared against the Comparison Month End-Day Balance until the end of the Bonus Interest/Profit Earning Period.

So existing customer no more using July as reference month? I had Cimb account before August.

 

[~sabaisabai~]

So existing customer no more using July as reference month? I had Cimb account before August.

yes, based on jul bal for exist client

 

[sohguanh]

So existing customer no more using July as reference month? I had Cimb account before August.

The more accurate is not you have before Aug or not it is WHEN did you register? I think CIMB use that to determine you are under which promo cycle. If you register in Aug then you will be based on the Aug New and Existing User TnC pdf.

Register in Aug -> Based on Aug New User, Existing User TnC
Register in Sep -> Based on Sep New User, Existing User TnC

 

[BlackTortoise]

The more accurate is not you have before Aug or not it is WHEN did you register? I think CIMB use that to determine you are under which promo cycle. If you register in Aug then you will be based on the Aug New and Existing User TnC pdf.

Register in Aug -> Based on Aug New User, Existing User TnC
Register in Sep -> Based on Sep New User, Existing User TnC

I registered in August so my reference month is July for my August interest. But Cimb website put existing customer as August as reference month for Sep interest. So quite confusing moving toward my reference month is August not July anymore?

 

[peppermint7]

Just a reminder if anyone CIMB FD mature and the proceeds go into the FastSaver don't think that amount will qualify for the bonus interest. So need to transfer that matured FD out to other bank go one round and then back into FastSaver to qualify as fresh funds to satisfy condition to qualify for bonus interest.

CR VIA FAST - monies come into fastsaver
TRF VIA FAST - monies go out of fastsaver

Let's say u originally have 10k in Fast saver and FD auto credit the sum eg another 10k from FD back to your Fastsaver. Then u transfer 10k out of Fastsaver. How would the system know the 10k u transfered out originate from your FD or from your own saving? I have previously selected the choice to auto transfer my matured FD back to Fastsaver. Luckily it matures on 30th Jan. Close to the end of my cycle. So even if the interest is lost it isn't so much.

 

[~sabaisabai~]

I registered in August so my reference month is July for my August interest. But Cimb website put existing customer as August as reference month for Sep interest. So quite confusing moving toward my reference month is August not July anymore?

i called up CS just now, and was told is based on jul balance for exist client

 

[~sabaisabai~]

Let's say u originally have 10k in Fast saver and FD auto credit the sum eg another 10k from FD back to your Fastsaver. Then u transfer 10k out of Fastsaver. How would the system know the 10k u transfered out originate from your FD or from your own saving? I have previously selected the choice to auto transfer my matured FD back to Fastsaver. Luckily it matures on 30th Jan. Close to the end of my cycle. So even if the interest is lost it isn't so much.

system will have the record
and the interest is based on daily calculation too
i have fund moving in and out, so some days could be low, some days high

 

[twosix]

I registered in August so my reference month is July for my August interest. But Cimb website put existing customer as August as reference month for Sep interest. So quite confusing moving toward my reference month is August not July anymore?

Why r u referring to the new tnc and not the old tnc that u signed up for? Did u sign up for this month’s promo? If not then why r u referring to it?

 

[BlackTortoise]

i called up CS just now, and was told is based on jul balance for exist client

Heng I have not emptied out today since august my balance is too high to earning any interest for Sep. since July I zero balance then just leave it there and do nothing for next 6 months to earn 3.5%. No need musical chair so troublesome. Huat ahh!

 

[~sabaisabai~]

Heng I have not emptied out today since august my balance is too high to earning any interest for Sep. since July I zero balance then just leave it there and do nothing for next 6 months to earn 3.5%. No need musical chair so troublesome. Huat ahh!

you will get the other bonus interest 2% in this 20th sep lah

 

[sohguanh]

Let's say u originally have 10k in Fast saver and FD auto credit the sum eg another 10k from FD back to your Fastsaver. Then u transfer 10k out of Fastsaver. How would the system know the 10k u transfered out originate from your FD or from your own saving? I have previously selected the choice to auto transfer my matured FD back to Fastsaver. Luckily it matures on 30th Jan. Close to the end of my cycle. So even if the interest is lost it isn't so much.

This is the same question I have asked in other similar promo like eSaver for e.g before. And it seem no reader can give a concrete answer. So to play safe transfer out of cimb to other bank go one round then back into cimb as though it is a fresh funds transfer in lor. Why go one round is becuz for every transfer txn there are details you can see. E.g you transfer out, the details show the bank acct you transfer out. same for transfer in.

So I imagine I am a software developer building the checking logic this is how I determine if it is 10k out to bank A and then back in again. But if it is cimb -> bank B -> bank A -> cimb then from cimb perspective the program I would treat the funds as coming from bank A which is new. I am a software developer by profession btw.

To use the round about means you need to add more than one payee out to go one round and back again,

 

[BlackTortoise]

Why r u referring to the new tnc and not the old tnc that u signed up for? Did u sign up for this month’s promo? If not then why r u referring to it?

Some of u said got new tc so I thought must follow new tc ma. Also Cimb website today no more put July as reference month but august instead so I thought Cimb changed the promo.

My fastsaver opened years ago and I registered the promo in Aug.

 

[peppermint7]

But my issue is. The money will land on my Fastsaver before i can do anything. So once it lands there, it is considered from CIMB to CIMB. And that FD 10k will not be given interest.

I think at the end of the day unless one go monitor closely for that 1 day interest then will know.

 

[addict951]

i called up CS just now, and was told is based on jul balance for exist client

Ya, this is my understanding too
I just checked the t&c pdf for my Aug registration. The reference month given in the example is July.
Aiya, those of us who registered in August just treat this as a 6-month 3.5% FD can alrdy. No need stressed by so much ‘noise’.

 

[twosix]

Ya, this is my understanding too
I just checked the t&c pdf for my Aug registration. The reference month given in the example is July.
Aiya, those of us who registered in August just treat this as a 6-month 3.5% FD can alrdy. No need stressed by so much ‘noise’.

This is call nothing to do, go and find trouble.

 

[findingEva]

lol from some of the replies. Some ppl actually think u just need to fund on last day of the month and u earn interest for that entire month.

Maybe if next time they ownself open bank they really do that kind of business leh? In this world anything goes actually haha

If we check the terms and condtions, their illustion in Page 2 REALLY uses month-end balance to calculate daily interest, then multipled by 30 or 31 days.....can't be like that, right?

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

 

[sohguanh]

If we check the terms and condtions, their illustion in Page 2 REALLY uses month-end balance to calculate daily interest, then multipled by 30 or 31 days.....can't be like that, right?

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

Ooh you interpret that way I see. I interpret as x 30 days is put full 30 days. So if I only put 1 day then is x 1 day lor. CIMB really customer put 1 day give 30 days interest? If you CIMB owner you will do such business really?

 

[SantyBalls]

My cimb acct is 0 now.

Got a low 5digit sum dunno out where. Just put in cimb? Or gxs still better?

 

[findingEva]

Ooh you interpret that way I see. I interpret as x 30 days is put full 30 days. So if I only put 1 day then is x 1 day lor. CIMB really customer put 1 day give 30 days interest? If you CIMB owner you will do such business really?

No, I mean most people won't put the same balance for all 30 days, otherwise no difference from FD. I thought calculation is to accumulate 30 days of daily interest, rather than multiplied by 30.

 

[sglandscape]

No, I mean most people won't put the same balance for all 30 days, otherwise no difference from FD. I thought calculation is to accumulate 30 days of daily interest, rather than multiplied by 30.

Same effect as average daily balance. Accrue interest based on end of day balance, but pay only end of month / bonus part pay 20th of next month.