:ow safe is CIMB?

[prtscn]

Just how safe is CIMB if it were to be the main savings account of let's say 7k? And 3k would be placed in a posb account for day to day expenses and for the convenience of their ATM machines.

Would this be a viable choice?
On top of thay I know that the first 50k is insured by MAS. But even so, is it safe to plonk majority, if not all of my savings into CIMB?

 

[bastogne]

very safe as many salaried employees have their salaries credited to them by using a cimb account.

 

[lzydata]

Just how safe is CIMB if it were to be the main savings account of let's say 7k? And 3k would be placed in a posb account for day to day expenses and for the convenience of their ATM machines.

Would this be a viable choice?
On top of thay I know that the first 50k is insured by MAS. But even so, is it safe to plonk majority, if not all of my savings into CIMB?

Although CIMB is a small bank here it is a big bank in Malaysia and as you yourself said your money is entirely covered by deposit insurance. Nothing to worry about.

 

[bastogne]

Although CIMB is a small bank here it is a big bank in Malaysia and as you yourself said your money is entirely covered by deposit insurance. Nothing to worry about.

its ceo is malaysia's prime minister's brother.

 

[lousylah]

Although CIMB is a small bank here it is a big bank in Malaysia and as you yourself said your money is entirely covered by deposit insurance. Nothing to worry about.

CIMB has quite a wide presence in SEA, travel to Thailand and Indonesia and you will know what I mean.

they have ATM, branches and advertising everywhere - more than say UOB or DBS who have been trying to acquire their way into these markets.

 

[hiton]

i recall ur 1st 20k is protected if any banks in sg falls.
some measures by MAS

 

[TiOnGSquare]

most of my savings in cimb =O

 

[suangern]

CIMB has quite a wide presence in SEA, travel to Thailand and Indonesia and you will know what I mean.

they have ATM, branches and advertising everywhere - more than say UOB or DBS who have been trying to acquire their way into these markets.

CIMB is also available in Cambodia

 

[Dividends Warrior]

Power of Octopus!!!

 

[prtscn]

Wow my trust towards CIMB sure doubled in one night after hearing the advice from u guys!
However after seeking the advice from a few of my friends, a second option came to mind.

Would it be better if i were to save up for the next few years and put my money into fixed deposit instead?

 

[ramlee]

Wow my trust towards CIMB sure doubled in one night after hearing the advice from u guys!
However after seeking the advice from a few of my friends, a second option came to mind.

Would it be better if i were to save up for the next few years and put my money into fixed deposit instead?

No. Do not lock your money in FD when interest rates may go up. CIMB starsaver is good enough as a ridk free holding area with interest 0.8%

 

[ramlee]

i recall ur 1st 20k is protected if any banks in sg falls.
some measures by MAS

Increased to 50k now

 

[reflush]

if ur work/ home near 2 only cimb branch, than can consider cimb.
if iam not wrong they only have atm, but not cash deposit

 

[henrylbh]

most of my savings in cimb =O

Same here. Most of my fund is with CIMB. But I owe them more than 4x what I have with them.

 

[prtscn]

Oic, alright thank you very much for all of ur valuable inputs!
For those who are interested, CIMB has set up a booth at WhiteSands shopping centre, just outside Pasir Ris MRT.

 

[kaisin82]

that booth is for credit cards i believe and not for their starsavers

 

[prtscn]

that booth is for credit cards i believe and not for their starsavers

Thanks for the clarification bud

 

[tomicaguy]

Do note they are not part of the ATM5 network.

You can only draw money at their 2 branches currently.

 

[Carnesir]

Do note they are not part of the ATM5 network.

You can only draw money at their 2 branches currently.

not required if this is a salary account.

not like any emergencies cant wait for 2 days via interbank transfer.. there is always credit cards to save the day.

 

[tronicle]

very safe as many salaried employees have their salaries credited to them by using a cimb account.

Completely honest... until now I have never ever met or heard anyone with a CIMB savings account. Atleast heard before is RHB.