Tuesday, September 29, 2015

CIMB FastSaver: Account Opened


Wow, I applied for the FastSaver account online on the 24th and it was opened on the 28th! I did everything from the comfort of my computer!

I am really loving CIMB! I have 2 accounts with them (FastSaver and my previous StarSaver) and I have never ever been down to any of their branches yet!

Now I have the following decent yielding cash accounts:
OCBC 360 @ 2.25% (up to $60,000)
CIMB FastSaver @ 1.0% (up to $50,000)
CIMB StarSaver @ 0.8% (up to $1,000,000? not sure!)

Along with these 2 basket case accounts:
DBS Remix @ 0.05% (screw you DBS!)
SCB e$aver @ 0.10% (screw you too SCB, but not as much!)

I wish I had enough cash to reach all those limits, but unfortunately I do not. I have only maxed out my OCBC 360 account and that is becomes I am holding onto other people's money on top of mine. To be honest, the difference between 0.8% and 1.0% is pretty paltry, but I like it that these accounts are actually hard to access. Since they only have 2 branches, I can only access these funds through the online banking. Keeping my money squirreled away in separate accounts keeps me from suffering from God complex and spending money just because I have it.

I quite enjoy online banking. Although I have bank accounts with 4 banks now (OCBC, DBS, CIMB, SCB), I have only ever withdrawn cash from DBS just due to the convenience of the ATM network. I keep a tiny amount of cash in DBS earning nonsense interest rate just so that I can withdraw money from an ATM easily if I needed to.

I know cash and cash alternatives are shit "investment" vehicles in the long run, but I don't plan to keep my cash in there forever. Most assets look like shit to me right now given my investment goals and the ones that I am bullish on, I already have a healthy allocation to them. With Singapore in deflation (-0.8% yoy in Aug 2015), there is very low reason to be scared that "my purchasing power is being eroded by inflation".

When the time is right, I'm going to open up my warchest and become a legend. But no, I don't think that it is time yet.

4 comments:

  1. Ocbc atms have shorter queues. Also, their cards can be used to withdraw cash from Uob atms as well

    ReplyDelete
    Replies
    1. Hi unluckid,

      Actually, since I started having my multiple bank accounts, I have found myself at an ATM only twice in the last 2 years!

      Usually I end up signing for meals with friends on my credit card and I collect back some of the money immediately as cash, and the rest comes in through ibanking. Much more convenient than going to an ATM, plus it helps me hit my monthly credit card spending targets :P

      Delete
  2. Currently exploring if I can combine the uob one account (2.4x%) with ocbc 365 (2.25%). Many hoops to jump through every month to achieve the interest though!

    ReplyDelete
    Replies
    1. Hi Lyn,

      I think the UOB One and OCBC 360 are the 2 best accounts!

      I find it hard to hit my $500 credit card spending requirement, so I gave up on trying to also get interest from UOB. If your spending is consistently more than $1000 a month, go maximize the interest on those 2 accounts!

      All the best!

      Delete

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