I have $100k and plan to put into CIMB FastSaver Acc which gives 1.80% P.A.? - Seedly
 

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Asked by Anonymous

Asked on 10 Dec 2019

I have $100k and plan to put into CIMB FastSaver Acc which gives 1.80% P.A.?

From seedly saving calculator, when I input $100k in the Bank Balance fill, it only generate as $1,330(1.33%). Correct me if I'm wrong, Shouldn't it be $1,800?

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Joanne Ong
Level 4. Prodigy
Answered on 11 Dec 2019

1.8% interest only applies to the 75k to 100k segment.

However if you want to get 1.8% pa interest, you may want to sign up for elastiq by etiqa only if you are absolutely sure that you do not need this sum of money in the next 3 months. Reason being you only can withdraw on day 91.

You may refer to the link for now details https://www.tiq.com.sg/product/universal-life-insurance-elastiq/

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峻豪
峻豪
Level 3. Wonderkid
Updated on 10 Dec 2019

Hi sir, you are wrong while seedly saving calculator is correct. CIMB Fastsaver does not give you 1.80% for all your 100K, it only gives you 1.8% for the tier 75K-100K. Good thing it is flexible unlike fixed deposit. If you want flexible savings rate, do consider Maybank iSavvy / iSavvyi or SCB Esaver, but do take note you have to change location every few months. If you are lazy, HL iSavings and RHB High Yield has similar tiered interest rates while CIMB and ICBC offer good fixed deposit rates for short and long term if you want your cash locked.​​​

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Junus Eu
Junus Eu
Top Contributor

Top Contributor (Dec)

Level 9. God of Wisdom
Answered on 10 Dec 2019

Out of curiosity, why not put it in Citi Maxigain for step up interest?

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Kelly Trinh
Kelly Trinh

10 Dec 2019

Citibank nerfed the Maxigain from Dec - it starts at 0.8% and maxes out at only ~1.4% after 1 year
峻豪
峻豪

10 Dec 2019

Citibank changed the TOC for Maxigain, unless you are at counter 12 or else I don't find it worthy as the sibor rates seems to be dropping and you cannot withdraw beyond the interest or counters will drop. Furthermore it takes 12 months to get to counter 12 which might be long for TS. Left Citibank Maxigain for Maybank iSavvy, which is more flexible but you have to rotate it every few months.

The seedly calculator is accurate.

The first 50k gets 1% = 500.

Next 25k gets 1.25% = 375.

Next 25k gets 1.8% = 450.

Total 1325 from 100k. Thus, 1.325% p.a.

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