CIMB FastSaver

[sibeiTrolled]

I see. Its for 3 months. Thanks!

Ya, they stealthily updated for Jun batch on 1st July.

Did you receive any notification on this update?

 

[V_for_Vanilla]

Ya, they stealthily updated for Jun batch on 1st July.

Did you receive any notification on this update?

Is there an updated TnC for this? Can't see one.

 

[sibeiTrolled]

Is there an updated TnC for this? Can't see one.

On mobile now, so can't easily highlight for you.

You can refer to the June TnC on their website. It has been updated on 3rd July 2024 with sentences referencing August 2024 although the first page still states till July 31

Refer to page 3 for the information

 

[bruiser69]

Each month is independent of each other in this 3 month promo

If you take out on 1st Aug, then you are still eligible for Jul bonus interest PROVIDED your month end has >5K SGD.


Since you are 'registered" as a Jul promo user, placing the money back into fast saver on 1st Sep won't change your registered promo regardless of any ongoing promo at that time unless CIMB specifically say that it stacks.

Yes, eligible. Do remember to maintain the money till Oct 2024
But for the sake of clarity, i would recommend hitting up CIMB support.


Any reason why you want to leave for 1 month then come back?

I think can take out the monies come 1st Oct 2024. The bonus payout is on 31st Oct. But the qualifying months are just July, Aug and Sep. So come 1st Oct 24 can take out.

At least I think logically it should be so

 

[EveMuffins]

I've cimb fixed deposit maturing next week. I cannot use this amount for the jul to sep promo right? cos it's not fresh funds.

 

[sibeiTrolled]

can take out the monies come 1st Oct 2024

Ya can. But if 1st Oct is weekend, better not. Just to be safe

I've cimb fixed deposit maturing next week. I cannot use this amount for the jul to sep promo right? cos it's not fresh funds.

For the purpose of these terms and conditions, “fresh funds” are funds that do not originate from
any existing account with CIMB Bank including without limitation the following:
a. funds in the form of non-CIMB cheques;
b. other funds that are not transferred from any existing CIMB current, savings or fixed
deposit account;
c. other funds that are not withdrawn from any existing CIMB current, savings or fixed
deposit account and re-deposited (whether partial or all of the amount withdrawn) into
the new account with CIMB within the Promotion Period

Should not be classified as fresh funds under point B

 

[bruiser69]

Ya can. But if 1st Oct is weekend, better not. Just to be safe

For the purpose of these terms and conditions, “fresh funds” are funds that do not originate from
any existing account with CIMB Bank including without limitation the following:
a. funds in the form of non-CIMB cheques;
b. other funds that are not transferred from any existing CIMB current, savings or fixed
deposit account;
c. other funds that are not withdrawn from any existing CIMB current, savings or fixed
deposit account and re-deposited (whether partial or all of the amount withdrawn) into
the new account with CIMB within the Promotion Period

Should not be classified as fresh funds under point B

I am curious about clause c. though. Suppose you have 2 accounts with CIMB Account A ($5k) and CIMB Account B ($75k) @ June end balance.

To enjoy this promo, you take out in entirety funds from CIMB Account B, transfer to say DBS. And then use DBS to transfer the $75k funds in again to CIMB Account A. CIMB will be able to check meh?

 

[sibeiTrolled]

CIMB will be able to check meh?

If they want to enforce, why not?
They already have the data; it just requires someone higher up the chain to order enforcement and that's it.

We can go what if this, what if that but there is really no point since all are hypothetical.
Personally, find no point in trying to find loopholes and then come back to the forum complaining if they clamp down (if that happens）

 

[MastersIT]

Based on my experience with account opening in foreign countries, usually ask for VISA and local contactable address; can't remember which country also asked for occupation and reason why want to open a local account.

Thing is if payslip and income tax doc are mandatory for CIMB MY account opening, logically whether applyng for account on this side or that side, such mandaotry docs must be provided as required.

But CIMB SG said just bring NRIC on appointment day, no other docs required.

Seems CIMB MY relies on SG side to verify the customer before sending over the application.
And how does CIMB SG verify the customer? With NRIC.

 

[jackiehuat]

Ya, they stealthily updated for Jun batch on 1st July.

Did you receive any notification on this update?

If I never come here, I did not even realise haha

 

[~sabaisabai~]

I've cimb fixed deposit maturing next week. I cannot use this amount for the jul to sep promo right? cos it's not fresh funds.

yeah, so transfer out and transfer in again lor...

 

[~sabaisabai~]

Ya can. But if 1st Oct is weekend, better not. Just to be safe

For the purpose of these terms and conditions, “fresh funds” are funds that do not originate from
any existing account with CIMB Bank including without limitation the following:
a. funds in the form of non-CIMB cheques;
b. other funds that are not transferred from any existing CIMB current, savings or fixed
deposit account;
c. other funds that are not withdrawn from any existing CIMB current, savings or fixed
deposit account and re-deposited (whether partial or all of the amount withdrawn) into
the new account with CIMB within the Promotion Period

Should not be classified as fresh funds under point B

when is bonus interest payout usually?

 

[sibeiTrolled]

when is bonus interest payout usually?

Cimb changed tactics compare to last year promo which was instantly given

Jun 2024 promo BI date
- 2 September 24
- 30 September 24 (for August BI)

July 2024 promo BI date
- 31 October 24

 

[Zazazas]

sorry a bit blur, last time i remember having to sign up on the website but i think this time don't need to? i put fresh funds in jun, so if i understand correctly the bonus will only be credited in sep?

 

[mata_hippo]

found out late about the 3.5% promo so i jus transferred $ over

so i will be eligible for interest for a few days in July, then the full mth interest for Aug and Sep?

 

[sibeiTrolled]

so i will be eligible for interest for a few days in July, then the full mth interest for Aug and Sep?

Yes

Somethings to take note
1) Keep more than 5K SGD incremental compared against JUN ADB EVERY DAY
2) Avoid withdrawal on last day of month or withdraw but keep it above the 5K Incremental as you will lose out on the entire month bonus interest if you do not hit the requirement on the last day.
3) Bonus interest credited on 31st Oct

I still recommend reading the TnC just to make sure you are not missing anything important - https://www.cimb.com.sg/content/dam...024/TnC_CASA_Bonus_Interest_NTB_ETB_Jul24.pdf

You can refer to the table on page 3 of the TnC for basically the TnC summary and how the calculation works.

 

[mata_hippo]

Yes
Somethings to take note
1) Keep more than 5K SGD incremental compared against JUN ADB EVERY DAY
2) Avoid withdrawal on last day of month or withdraw but keep it above the 5K Incremental as you will lose out on the entire month bonus interest if you do not hit the requirement on the last day.
3) Bonus interest credited on 31st Oct
I still recommend reading the TnC just to make sure you are not missing anything important -
https://www.cimb.com.sg/content/dam...024/TnC_CASA_Bonus_Interest_NTB_ETB_Jul24.pdf
You can refer to the table on page 3 of the TnC for basically the TnC summary and how the calculation works.

ok this is aligned with my understanding


Read HWZ Forum Rules!

 

[sibeiTrolled]

last time i remember having to sign up on the website but i think this time don't need to?

Are you referring to last year promo?
If so, then likely it was because it was the first time they are doing such promos and maybe to gauge interest?

i put fresh funds in jun, so if i understand correctly the bonus will only be credited in sep?

Yes, please read through the JUN TnC for more details as there are different batches now.
https://www.cimb.com.sg/content/dam...4/tnc_CASA_Bonus_Interest_Promo_ETB_Jun24.pdf

If you are unsure if you are registered to the Jun promo or not, hit up CIMB support. Better to get a direct answer from them.

The JUN promo has also been extended till 31st Aug so you can keep it there till 1st Sept, due to this, there are 2 different dates for your bonus interest.

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

 

[CrashWire]

2) Avoid withdrawal on last day of month or withdraw but keep it above the 5K Incremental as you will lose out on the entire month bonus interest if you do not hit the requirement on the last day.

Wow I just saw the month-end balance requirement too. Thanks for highlighting it.

 

[~sabaisabai~]

found out late about the 3.5% promo so i jus transferred $ over

so i will be eligible for interest for a few days in July, then the full mth interest for Aug and Sep?

same i just found out this end july, abit late but still better than nothing
yes you will be entitled for the interest, as long min 5k above and comparison the reference month in june if i remember correctly.