CIMB FastSaver

[tiertime]

Transfer in or out?

I transfer frm another bank to CIMB , today ard 3-5pm, the CIMB date was reflected as 30th June , so I still dun get my interest mah ?

 

[reflecx]

Today is not a banking day for cimb. Won't be valued today.

CIMB does value on Sun and public holidays

 

[sibeiTrolled]

Maybank got wat good interest rate ??

Their iSavvy account got promo time to time.

Looks like july is a new batch but probably lower than existing HSBC / CIMB / SCB

https://www.maybank2u.com.sg/en/promotions/deposits/fresh-funds-topup.page?

https://forums.hardwarezone.com.sg/threads/maybank-isavvy-promo.5203792/

 

[tiertime]

Actually is want to put CIMB BI hv to set a reminder on calender, coz the last time they didnt give me my BI and I half to call them several times to chase for my interest

 

[sglandscape]

CIMB does value on Sun and public holidays

Did not know that. Would need to test it and calculate the interest. Don't recall transfer in on Sunday would count. Thanks.

 

[GrandJedi]

Read the tnc for yourself for avoidance of doubt.

Important Note:

1. Comparison month refers to end-of-day balance on 31 May 2024.
2. To qualify for bonus interest / profit for the current month, month-end incremental balance for the current month needs to be more than S$5,000 in fresh funds# compared against the comparison month end-of-day balance.

*** Daily Incremental Balance must be minimally S$5,000.

**** Month-end Incremental Balance must be minimally S$5,000.

CIMB promotion is quite confusing.. they just came out with a new promotion that overlaps the June promotion.

(https://www.cimb.com.sg/content/dam...4/tnc_CASA_Bonus_Interest_Promo_ETB_Jun24.pdf)

Note the month end balance is so critical! If it falls below the incremental $5k, all your bonus for the interest is gone!

In my opinion, placing funds in banks that use only ADB to calculate bonus interest is easier to keep track and chances of one making a mistake is less.

 

[sibeiTrolled]

CIMB promotion is quite confusing.. they just came out with a new promotion that overlaps the Jun promotion. This June TnC does not even state the bonus interest period clearly.

Your link is for JUN JULY AUG and is for the existing user as they have 2 sets of TnC

1 for new and 1 for existing.

You can refer to this post by me.
https://forums.hardwarezone.com.sg/threads/cimb-fastsaver.5176026/page-209#post-152590643

Note that if your balance falls below $5k for even 1 day, you lose the bonus interest for the entire month! And,the balance on the last day of the month is crucial!

This is not the way fastsaver interest is calculated.

If you fall below 5K for that 1day, you lose bonus interest for that day. But you will retain the standard interest of 1.5%

Just treat it as a fixed deposit then? why game it



EDIT - Found the new posting for 1st to 31st July 2024.

https://www.cimb.com.sg/content/dam...024/TnC_CASA_Bonus_Interest_NTB_ETB_Jul24.pdf

 

[lzydata]

CIMB promotion is quite confusing.. they just came out with a new promotion that overlaps the June promotion.

(https://www.cimb.com.sg/content/dam...4/tnc_CASA_Bonus_Interest_Promo_ETB_Jun24.pdf)

Note that if your balance falls below $5k for even 1 day, you lose the bonus interest for the entire month! And,the balance on the last day of the month is crucial!

In my opinion, placing funds in banks that use only ADB to calculate bonus interest is easier to keep track and chances of one making a mistake is less.

I think that link is for the June promo, the T&Cs for the July promo should be here.

https://www.cimb.com.sg/content/dam...024/TnC_CASA_Bonus_Interest_NTB_ETB_Jul24.pdf

 

[GrandJedi]

Your link is for JUN JULY AUG and is for the existing user as they have 2 sets of TnC

1 for new and 1 for existing.

You can refer to this post by me.
https://forums.hardwarezone.com.sg/threads/cimb-fastsaver.5176026/page-209#post-152590643


This is not the way fastsaver interest is calculated.

If you fall below 5K for that 1day, you lose bonus interest for that day. But you will retain the standard interest of 1.5%

Just treat it as a fixed deposit then? why game it



EDIT - Found the new posting for 1st to 31st July 2024.

https://www.cimb.com.sg/content/dam...024/TnC_CASA_Bonus_Interest_NTB_ETB_Jul24.pdf

Thanks for the clarification.

However, it is important to note that if you do not meet the incremental $5k on the last day of the month (June 30), you forfeit bonus interest for the entire month of June?

 

[sibeiTrolled]

Seems like CIMB is going with the overlapping promos like what they did for that 6 month long promo.

Hopefully they can keep it going till august so that i can move over from SCB

Anyways,

ALL (EXISTING AND NEW) USER - Promo signup from 1st till 31st Jul 2024. Runs from Jul till Sept 2024

Archived link - https://web.archive.org/web/2024070...024/TnC_CASA_Bonus_Interest_NTB_ETB_Jul24.pdf

CIMB Link - https://www.cimb.com.sg/content/dam...024/TnC_CASA_Bonus_Interest_NTB_ETB_Jul24.pdf

 

[sibeiTrolled]

Thanks for the clarification.

However, it is important to note that if you do not meet the incremental $5k on the last day of the month (June 30), you forfeit bonus interest for the entire month of June?

Yes. That is the killer point.

You can have less than 5K (for this promo) on any day EXCEPT for month end.
They are trying to deter people from "gaming" it and transferring funds out on the last day so as to lessen their previous month end balance

 

[GrandJedi]

Yes. That is the killer point.

You can have less than 5K (for this promo) on any day EXCEPT for month end.
They are trying to deter people from "gaming" it and transferring funds out on the last day so as to lessen their previous month end balance

Must make a BIG note that CIMB can only transfer on the 1st! (never the end of the month!) for CIMB.

Maybank iSavvy and SCB eSaver is easier without this one "KILLER DAY" to make a mistake.

 

[sibeiTrolled]

Must make a BIG note that CIMB can only transfer on the 1st! (never the end of the month!) for CIMB.

Maybank iSavvy and SCB eSaver is easier without this one "KILLER DAY" to make a mistake.

Haha.

Ya, it will be a headache for those who transfer in and out with those other banks promo, and CIMB knows this.

It has been practiced since their first promo

You can refer to this august 2023 promo when they also started joining this party
https://web.archive.org/web/2023080...overning-casa-bonus-interest-promo-23-etb.pdf

In the end, i guess to quote a certain someone.

Got to understand the TnC to "hack" it

 

[pantss]

CIMB salary crediting…. FAST SAL accepted?

 

[sibeiTrolled]

CIMB salary crediting…. FAST SAL accepted?

https://www.cimb.com.sg/content/dam...024/apr1/tnc_FSA_Salary_Crediting_wef1Apr.pdf

Point 6a -

Only salary credited through GIRO/PayNow with transaction description of “SALA” or containing “SALA” in your statement by a company, organization, business entity or such other entity acceptable to CIMB Bank at its discretion will qualify;

Salary must be successfully credited in the given calendar month within the Promotion Period and reflected in your statement; and

The following transactions are excluded from salary crediting: 
- Any transaction from an individual’s account (including PayNow);
- Any cash deposit;
- Any cheque or demand draft payment;
- Any fund transfer transaction;
- Any FAST transaction;
- Any inward remittance transaction;
- Salary credit transactions NOT made within the CALENDAR month;
- Any other transactions we may exclude from time to time without prior notice.

 

[GrandJedi]

Haha.

Ya, it will be a headache for those who transfer in and out with those other banks promo, and CIMB knows this.

It has been practiced since their first promo

You can refer to this august 2023 promo when they also started joining this party
https://web.archive.org/web/2023080...overning-casa-bonus-interest-promo-23-etb.pdf

In the end, i guess to quote a certain someone.

Got to understand the TnC to "hack" it

If I moved $50k into my CIMB Fast saver on 12 Jun, what happens in September? I need to put in another $5k to earn bonus interest for September, since the "Jun Promo" ended and "Jul Promo" is for Jul/Aug/Sep?

 

[sibeiTrolled]

If I moved $50k into my CIMB Fast saver on 12 Jun, what happens in September? I need to put in another $5k to earn bonus interest for September, since the "Jun Promo" ended and "Jul Promo" is for Jul/Aug/Sep?

Since you have moved 50K into fastsaver on 12 June, you are considered their JUN promo user.
But i would suggest you to also contact their support JUST to make sure.
Are you a new or existing user? That's also the crucial question.

Either way, the Jun Promo lasts till 31st August 2024. Look at the illustration on page 3
https://www.cimb.com.sg/content/dam...4/tnc_CASA_Bonus_Interest_Promo_ETB_Jun24.pdf
You can just focus on the Jun TnC and ignore all the upcoming ones and YES, make a note for yourself.

The previous 6 months promo that CIMB had, people were confused which batches they were in.

what happens in September

If there happens to be a new promo on 1st sept, then it will be against Aug 2024 month end balance.

There are still so many months till then, no point worrying right now. Maybe you already jumped to SCB

 

[bumdssa]

My base interest for June is off by quite a bit. It's calculated daily or using mth end ADB?

 

[bumdssa]

Since you have moved 50K into fastsaver on 12 June, you are considered their JUN promo user.
But i would suggest you to also contact their support JUST to make sure.
Are you a new or existing user? That's also the crucial question.

Either way, the Jun Promo lasts till 31st August 2024. Look at the illustration on page 3
https://www.cimb.com.sg/content/dam...4/tnc_CASA_Bonus_Interest_Promo_ETB_Jun24.pdf
You can just focus on the Jun TnC and ignore all the upcoming ones and YES, make a note for yourself.

The previous 6 months promo that CIMB had, people were confused which batches they were in.


If there happens to be a new promo on 1st sept, then it will be against Aug 2024 month end balance.

There are still so many months till then, no point worrying right now. Maybe you already jumped to SCB

The t&c for Jun got updated? It was only until July previously?

 

[sibeiTrolled]

The t&c for Jun got updated? It was only until July previously?

Oh right, seems like they updated JUN TnC to be for 3 months on 1st July 2024, same day they released July promo.

Archived link -
https://web.archive.org/web/2024060...4/tnc_CASA_Bonus_Interest_Promo_ETB_Jun24.pdf

My base interest for June is off by quite a bit. It's calculated daily or using mth end ADB?

Bonus Interest/Profit (if any) will be accrued daily and credited into the Qualifying Account(s) on 2 September 2024 for May to July bonus interest/profit and on 30 September 2024 for August bonus interest/profit.