CIMB FastSaver

[natas]

I’m interested in opening a CIMB FD account to put some SGD inside. While going through the online account opening process, it states that upon maturity, the principal plus interest will be credited into my CIMB FastSaver account.

Are there any fees incurred if I want to transfer everything (leave $0) from this FastSaver account through inter bank FAST transfer over to my original DBS account?

If I were to leave the principal and interest inside the FastSaver account, what sort interest rate does it earn? I was trying to understand all the online info about FastSaver but can’t figure out. Let’s say if I leave 100k inside FastSaver for 12 months, what would be the effective interest rate?

For CIMB FD, if I choose the allow the principal and interest earned after my first 6 month tenure matures, will it be subject to the prevailing FD rates (currently 3.35pa for 6 months) ?

I emptied fastsaver after 6 mths. Transferred all with interest to DBS with no fee and currently dump all to T-bill.

 

[iosnewbie]

I emptied fastsaver after 6 mths. Transferred all with interest to DBS with no fee and currently dump all to T-bill.

Other than T Bills having slightly better returns, is there a reason for you to not continue parking your money at CIMB FD?

 

[sibeiTrolled]

Are there any fees incurred if I want to transfer everything (leave $0) from this FastSaver account

Fastsaver has no minimum balance required but they might close your account if inactivity is too long

Let’s say if I leave 100k inside FastSaver for 12 months, what would be the effective interest rate

Fast saver is tiered
(1.5+2.5+3.5+0.8) /4
Eir of 2%

 

[iosnewbie]

Fastsaver has no minimum balance required but they might close your account if inactivity is too long

Fast saver is tiered
(1.5+2.5+3.5+0.8) /4
Eir of 2%

My brain not good with such things
Where did you get all those values to calculate the EIR, from CIMB website?

 

[natas]

Other than T Bills having slightly better returns, is there a reason for you to not continue parking your money at CIMB FD?

Mine was for 6 mths at 3.6% (cannot remember). After 6 mths interest is back to norm so withdrew all and move on

 

[wutawa]

Fastsaver has no minimum balance required but they might close your account if inactivity is too long

i have 3 fastsaver with $0 for 6 years without any issue.

 

[sibeiTrolled]

My brain not good with such things
Where did you get all those values to calculate the EIR, from CIMB website?

Sure, was at lunch so hence just posted some quick math. Yes got them from fast saver website which is correct based on my previous experience with them

Because your chosen value of 100K makes exactly 4 quadrants hence there was the divided by 4 after summing all the tiered %.

Below is the calculation

Assumption	100K
		Value	% PA	Int PA
25K	First 25K	25000​	1.5​	375​
50K	Next 25K	25000​	2.5​	625​
75K	Next 25K	25000​	3.5​	875​
100K	Above 75K	25000​	0.8​	200​
Total		100000​		2075​
EIR	2.075​

Finally EIR is based on total int PA divided by total value multiply by 100
= 2075 / 100k * 100

 

[Knightoftheblackrose]

Fastsaver has no minimum balance required but they might close your account if inactivity is too long

Fast saver is tiered
(1.5+2.5+3.5+0.8) /4
Eir of 2%

I keep my spare $75k in Fastsaver to hit an EIR of 2.5%

once you exceed $75k, the EIR will drop drastically.

for me, $75k is the magic number.
It earns 2.5% pa but I can withdraw it anytime, for emergencies.

 

[sibeiTrolled]

i have 3 fastsaver with $0 for 6 years without any issue.

Oh, guess i can just leave it 0 as well wthout activity then. Since i am not expecting them to come up with that 6 months promo again.

Oh ya right @Knightoftheblackrose thanks. Forgot to add in about the decrease % after 75K
@iosnewbie Please read through the table i posted. If you intend to leave money in fastsaver, just leave 75K since it aint worth leaving that extra 25k in it for 0.8%

 

[iosnewbie]

I keep my spare $75k in Fastsaver to hit an EIR of 2.5%

once you exceed $75k, the EIR will drop drastically.

for me, $75k is the magic number.
It earns 2.5% pa but I can withdraw it anytime, for emergencies.

So CIMB FastSaver is almost like a normal savings account with higher EIR (if we know how to maximize it) than prevailing banks’ meager interest rates, while not being tied down over a fixed period like FD.

 

[reflecx]

You guys don't know about SIF GoSavers?

https://www.singfinance.com.sg/gosavers-account/

First $100,000	2.50% p.a.
Next $150,000	3.00% p.a.
Above $250,000	3.50% p.a.

 

[sibeiTrolled]

So CIMB FastSaver is almost like a normal savings account with higher EIR (if we know how to maximize it) than prevailing banks’ meager interest rates, while not being tied down over a fixed period like FD.

You can say it's a no fuss high yield savings account (HYSA) but there are others that provide slightly higher % PA as well if you are willing to spread it out or create accounts for it.

If you can meet conditions for example UOB ONE,
its EIR is 5% for 100K

 

[Knightoftheblackrose]

So CIMB FastSaver is almost like a normal savings account with higher EIR (if we know how to maximize it) than prevailing banks’ meager interest rates, while not being tied down over a fixed period like FD.

correct.

that’s how I am using it at the moment.

$75k is the sweet spot to hit EIR 2.5% for a savings account in which you basically don’t have to do anything else.

 

[iosnewbie]

You can say it's a no fuss high yield savings account (HYSA) but there are others that provide slightly higher % PA as well if you are willing to spread it out or create accounts for it.

If you can meet conditions for example UOB ONE,
its EIR is 5% for 100K

I’ve heard of UOB One before but never really looked into it.

just checked their website and it would seem that if I were to reorganize my monthly recurring payments to use the UOB One CC to pay, hitting that basic $500 min spend won’t be a problem.

One thing I wish to find is the petrol discounts for UOB. I fill up using Shell and with my current Citibank CC, I get an upfront discount of 14% discount (5% from Shell, 9% from Citi). Does anyone know how much upfront discount with UOB One CC?

 

[sglandscape]

I’ve heard of UOB One before but never really looked into it.

just checked their website and it would seem that if I were to reorganize my monthly recurring payments to use the UOB One CC to pay, hitting that basic $500 min spend won’t be a problem.

One thing I wish to find is the petrol discounts for UOB. I fill up using Shell and with my current Citibank CC, I get an upfront discount of 14% discount (5% from Shell, 9% from Citi). Does anyone know how much upfront discount with UOB One CC?

You're quite late to the game but better late than never. UOB may cut their rates soon, so manage your expectations if they do cut given how good it is despite rates dropping.

https://www.uob.com.sg/personal/cards/card-privileges/fuel-power-shell.page

Get the UOB One card, up to 21.15% savings for UOB One Credit Card is calculated based on 5% upfront Shell station discount, 5% upfront Shell GO+ membership discount, 7% UOB One Card instant discount, and, if applicable, up to 5% UOB One Credit Card cashback.

Upfront discount would 5%+5%+7%

 

[iosnewbie]

You're quite late to the game but better late than never. UOB may cut their rates soon, so manage your expectations if they do cut given how good it is despite rates dropping.

https://www.uob.com.sg/personal/cards/card-privileges/fuel-power-shell.page

Get the UOB One card, up to 21.15% savings for UOB One Credit Card is calculated based on 5% upfront Shell station discount, 5% upfront Shell GO+ membership discount, 7% UOB One Card instant discount, and, if applicable, up to 5% UOB One Credit Card cashback.

Upfront discount would 5%+5%+7%

My spending habits would only get me that upfront 17% discount at Shell, nothing more.
I hesitant about the UOB One CC annual fees. Whatever extras in terms of better interest earned has to more than offset the annual fees compared to me just using only one CC from Citi.

 

[sglandscape]

My spending habits would only get me that upfront 17% discount at Shell, nothing more.
I hesitant about the UOB One CC annual fees. Whatever extras in terms of better interest earned has to more than offset the annual fees compared to me just using only one CC from Citi.

At 100k balance, interest each money is close to 400 which can more than offset the annual fee of the CC, assuming it is not waived. Don't think anyone pays for the annual fee though.

 

[sibeiTrolled]

hesitant about the UOB One CC annual fees. Whatever extras in terms of better interest earned has to more than offset the annual fees

It's simple, you can choose not to pay the annual fee and cancel it. Then move your monies somewhere else. That's what I would do. Brand loyalty is bad

I think perhaps it would be better if you head towards the respective threads for more information or ask there

 

[compro_1975]

really no voucher sia

 

[world weary]

Same here, no vouchers.