CIMB FastSaver

[FD Trinitron]

ya i applied sunday. but earlier post also got one guy mentioned he applied 1st Oct and following day received sms liao.
me today 2nd business day. haven't received anything.

I also applied on 1st Oct (Sunday) and received email to transfer 1k to start the process, email stated will receive SMS activation code within 1 business day, so the next day I called to check and was told to wait up to 5 business days, so you need to wait and see how it goes?
Actually I called is to check if they have received my 1k....

 

[wira]

Did you contact the bank to confirm if you are really a New customer for the 3.5% promo ?
Which month promo are you supposed to be in ?
note: there are some differences in T&Cs for New customer and Existing customer.
Did you deposit at least $1k within Aug to test if you receive some bonus interest on 20Sep ?

i opened AC in July and deposited at least $1K. i received the 3.5% interest in Aug and Sep

 

[Joelleyuan]

I also applied on 1st Oct (Sunday) and received email to transfer 1k to start the process, email stated will receive SMS activation code within 1 business day, so the next day I called to check and was told to wait up to 5 business days, so you need to wait and see how it goes?
Actually I called is to check if they have received my 1k....

i lazy to call man.
just lan lan wait lor.

 

[vsvs24]

I applied ytd (Sunday), just now then realized I hv CIMB credit card, so I tried to login to CIMB online banking and found my FastSaver account with the $1k credit. Using the same login details, I'm able to login into their mobile apps too, heng ah, no need to wait for activation code.

Try to see if you can withdraw. Because others posted without activation cannot withdraw.

Generally, I won't deposit more to a bank account until I test that I can withdraw.

 

[FD Trinitron]

Try to see if you can withdraw. Because others posted without activation cannot withdraw.

Generally, I won't deposit more to a bank account until I test that I can withdraw.

Ytd night 7pm+ I received SMS as well as email that my FastSaver has been activated but i don't see any activation code, so I logon into CIMB Clicks SG (their online banking) and seems that my browser has the login & password (auto-filled), with sms otp I managed to login and under Fast Saver Account I can see the $1000, so I FAST few more $k and the amount was updated accordingly.
I cant even remember my login details as I owned CIMB Credit Card some yrs ago, never use before (applied becos there's no subscription fee ever), that's the reason why I no need activation code and the Fast Saver account get activated on the same day (Sunday no count).
So my case is different from new customer...

Edit: Forgot to reply your question, I PAYNOW to myself and there's no issue.

 

[FD Trinitron]

i lazy to call man.
just lan lan wait lor.

Can call to confirm if the $1000 got go into your account in case typo error and goes to someone else

 

[wongminmin]

i lazy to call man.
just lan lan wait lor.

no need to call.
u can email them to verify the 1k deposit, they take 3 hours to reply.

 

[ThreeSteps]

i opened AC in July and deposited at least $1K. i received the 3.5% interest in Aug and Sep

Just for general reference & illustration, below is the latest T&Cs (Oct promo) for both New customer & Existing customer. The T&Cs applicable and relevant to you should be the older versions.

T&Cs for New Customers (promo period Oct):
https://www.cimb.com.sg/content/dam...cs-governing-casa-bonus-interest-promo-23.pdf
refer to point#9 illustration table (each mth-end balance must be higher than the previous mth-end balance)

T&Cs for Existing Customers (promo period Oct):
https://www.cimb.com.sg/content/dam...overning-casa-bonus-interest-promo-23-etb.pdf
refer to point#11 illustration table (each mth-end balance must be higher than the comparison month’s mth-end balance (you need to know which is your comparison month’s mth-end balance since your T&Cs is the older versions)

note: I am still not clear whether you are New customer or Existing customer and for which month promo. Hope you have clarified this with the bank & previously downloaded the relevant T&Cs for the promo that you are supposed to be in.

 

[ekardo]

the term "month end balance" seems misleding that you need $X in the bank till the last day of the month.

It is actually calculated daily. (multiply by number of days instead of just looking at the month end balance)

correct hor ?

 

[magicming]

the term "month end balance" seems misleding that you need $X in the bank till the last day of the month.

It is actually calculated daily. (multiply by number of days instead of just looking at the month end balance)

correct hor ?

In English it means u need $x at the end of the month when they close the accounts for the month. Just AT that moment. Perhaps 2359. Not till. Calculated daily type they call ADB.

 

[twosix]

What's the use of meeting the month end close while the interest are validated daily?

 

[ekardo]

What's the use of meeting the month end close while the interest are validated daily?

Exactly. Even the table illustrations show it is using adb and not month end balance.

 

[1l92041H]

What's the use of meeting the month end close while the interest are validated daily?

Got some dreamers think that they deposit 1 day at the end of month and will be entitled to full month interest.

no wonder so many Singaporeans get scammed

 

[iduncheckmail]

Got some dreamers think that they deposit 1 day at the end of month and will be entitled to full month interest.

no wonder so many Singaporeans get scammed

No ….. u pple really don’t get it
It’s actually means ……..

k too lazy explain . U r right.

 

[twosix]

Exactly. Even the table illustrations show it is using adb and not month end balance.

I am puzzled so I'm asking. MEC or QEC are financial terms, mostly to report how the month or quarter financials performed. How does this ensure one is earning interests?

 

[iLuvDoggies]

You can log in already ?

Yep I login yesterday liao

 

[Mickey01]

What's the use of meeting the month end close while the interest are validated daily?

you get base interest but not the bonus interest 20th of the following month if you dont meet the end month comparison.

 

[Mickey01]

the term "month end balance" seems misleding that you need $X in the bank till the last day of the month.

It is actually calculated daily. (multiply by number of days instead of just looking at the month end balance)

correct hor ?

please hor .... there is difference

1. To estimate the interest savers are supposed to receive, savers can use ADB multiply by number of days multiply by 3.5%. As long as Base int end month + BI 20th of following month = the estimated numbers, we are good.

2. To the bank, it is different. CIMB base interest are tiered (for FastSaver and StarSaver), so they have to take the end day balance, multiply by int % of that tier for that day, acrued daily and then pay you the base interest end of month. Because the int % is tiered, you cannot use ADB. And then CIMB calculate the BI and pay you 20th of the following month.

 

[Imhthc]

please hor .... there is difference

1. To estimate the interest savers are supposed to receive, savers can use ADB multiply by number of days multiply by 3.5%. As long as Base int end month + BI 20th of following month = the estimated numbers, we are good.

2. To the bank, it is different. CIMB base interest are tiered (for FastSaver and StarSaver), so they have to take the end day balance, multiply by int % of that tier for that day, acrued daily and then pay you the base interest end of month. Because the int % is tiered, you cannot use ADB. And then CIMB calculate the BI and pay you 20th of the following month.

They can make it simpler by either removing all the tiers n make it one tier for base or/and paying all (base + BI) on the same day.

 

[ekardo]

Just for general reference & illustration, below is the latest T&Cs (Oct promo) for both New customer & Existing customer. The T&Cs applicable and relevant to you should be the older versions.

T&Cs for New Customers (promo period Oct):
https://www.cimb.com.sg/content/dam...cs-governing-casa-bonus-interest-promo-23.pdf
refer to point#9 illustration table (each mth-end balance must be higher than the previous mth-end balance)

T&Cs for Existing Customers (promo period Oct):
https://www.cimb.com.sg/content/dam...overning-casa-bonus-interest-promo-23-etb.pdf
refer to point#11 illustration table (each mth-end balance must be higher than the comparison month’s mth-end balance (you need to know which is your comparison month’s mth-end balance since your T&Cs is the older versions)

note: I am still not clear whether you are New customer or Existing customer and for which month promo. Hope you have clarified this with the bank & previously downloaded the relevant T&Cs for the promo that you are supposed to be in.

ah, I get what you mean now.

“

NA (since month-end balance of $4,500 is lower than comparison month-end balance of $5,000)

Thanks for the clarification!