CIMB account types

[steve2010]

I have CIMB and ING accounts but ING is still in the verification process so I would like to put my funds first in CIMB but I’m quite confused sa 3 types of accounts.

1. GSave
2. UpSave
3. Fast and Fast Plus account

I’ll type here the pros and cons of each based on my understanding and will put my questions afterwards.

I. GSave

PROS
1. Interest rate is 4% until July 31, 2020 and will go back to 3.1% PA afterwards
2. Interest credited per month (so parang compounding din sya? Tama ba?)
3. 0 opening, minimum, and maintaining balance
4. Life insurance max of 1M
5. PDIC insured
6. FREE physical and virtual DEBIT CARD once you deposited at least 5k in your account

CONS (not really sure if these are cons)
1. Max validity: 12 mos (after that it will be converted to GSave Full account after KYC process)
2. Max aggregated deposit for 12 mos: 100k (will be converted to GSave Full after KYC process)

Q:
1. Do you have an idea about the interest rates of GSave Full account?
2. How to deposit and withdraw using GSave Full account?
3. Service charge, dormancy fees, maintenance fees are not stated in the T&C and they said na they can deduct these fees without prior notice. Anyone know how much are the corresponding fees?
4. Has anyone used the debit card for their purchases both in a physical store and online? How is it different with the Visa Debit Card of CIMB Fast account?
5. Do they impose charges if you use the debit card for withdrawals?

II. UpSave

PROS
1. Interest rate is 4% until July 31, 2020 and will go back to 3% PA afterwards (less 0.1% in GSave tho)
2. Interest credited per month
3. 0 opening, minimum, and maintaining balance
4. Life insurance max of 1M
5. PDIC insured
6. MULTIPLE UPSAVE ACCOUNTS can be made to compartmentalize savings (parang money envelope)

CONS
1. Cash in options via 7/11, dragonpay, malls, LBC, Cebuana, banks. (However I think there’s a feature in the app where you can transfer funds to your diff accounts to ease the process of cashing in and out)

Q:
1. I haven’t done an UpSave account but has anyone here maximized the feature of multiple UpSave accounts?

III. Fast and Fast Plus

PROS
1. With VISA debit card upon cash in of 1k for ATM withdrawals, and POS and E-commerce transactions
2. You can set debit card usage at home (Philippines) or overseas which can be configured in the CIMB Bank PH app
3. Daily ATM withdrawal limit of 50k
4. Daily card payment limit of 100k
5. SMS will be sent whenever a transaction is made
6. May disable contactless transaction feature in the app as well
7. Waived charges for both cash withdrawal and balance inquiry here and abroad at CIMB Bank PH ATM, and ATM under Visa and BancNet network.
8. Interest credited per month
9. 0 opening, minimum, and maintaining balance (however with dormancy fee see below)
10. PDIC insured
11. Easy to open

CONS
1. Lower interest rate of 0.5% PA for Fast account and 0.75% for Fast Plus account
2. Cash in options via 7/11, dragonpay, malls, LBC, Cebuana, banks. (However I think there’s a feature in the app where you can transfer funds to your diff accounts to ease the process of cashing in and out)
3. Dormancy fee of 30 pesos/mo starting 61st month of inactivity
4. Debit card replacement fee of 150 pesos
5. Max validity: 12 mos (after that it will be converted to Fast Plus account)
6. Max aggregated deposit for 12 mos: 100k (will be converted to Fast Plus account)

Q:
1. The main advantage here is having a Visa Debit card where you can use abroad to withdraw without bank charges. However, how is it beneficial over the usual GSave account where you can also get a debit card?

 

[sisbygrace]

@steve2010 "Interest credited per month (so parang compounding din sya? Tama ba?)"

- Yes .

"FREE physical and virtual DEBIT CARD once you deposited at least 5k in your account"

- FastPlus account lang ang may debit card.

"Do you have an idea about the interest rates of GSave Full account?"

3.1% base interest parin

"How to deposit and withdraw using GSave Full account?"

Same sa UpSave. GSave is accessible sa GCash so yeah pwede mo idaan sa GCash. For Upsave, kailangan mo itransfer yung fund sa GSave para mailabas mo sa GCash or transfer mo sa FastPlus para mailabas mo through ATM.

"Service charge, dormancy fees, maintenance fees are not stated in the..."

So far wala pang deductions na nangyari. Free parin.

"Do they impose charges if you use the debit card for withdrawals?"

No they don't.Pero ang mag-iimpose ng charges yung receiving entity. For example, if cash-in ka sa GCash using any debit card may charge na 2.58%

"Life insurance max of 1M"

From what I remember 2M sa UpSave and 1M sa GSave.

"Cash in options via 7/11, dragonpay, malls, LBC, Cebuana, banks."

- This is not a cons, this is a pro. The more options the better.

"The main advantage here is having a Visa Debit card where you can use abroad to withdraw without bank charges."

- Sa Philippines libre ang pag-gamit, pero sa abroad I doubt it's not because of different policies.

"how is it beneficial over the usual GSave account where you can also get a debit card?"

- Walang debit card si GSave, baka yung sinasabi mo yung debit card ni GCash. Yung debit card ni GCash may fees pag-gagamitin mo sa ATM. GCash and GSave are not the same. GCash is a mobile wallet, GSave is a bank acount.

 

[steve2010]

@sisbygrace Woooowwww! Thank you po sa pag clarify. Litong lito kasi ako sa difference nilang lahat.

So if gusto ko pong mag earn ng interest na malaki, either I’ll put my money sa GSave or UpSave muna. Then if I need to withdraw, tsaka ko na lang sya itransfer sa Fast account? Kasi mas maliit interest rate ni Fast account eh. Hehe. Pwede po ba yun na papaikutin ko lang money sa different CIMB accounts ko?

 

[sisbygrace]

@steve2010 Pwede. Ganun din naman ginagawa ko. FastPlus pang withdraw lang. Kung kailangan ko ng pera sa GCash, idadaan ko sa GSave. Tapos GSave to Gash.

 

[sisbygrace]

@steve2010 Update: Just received an Email from CIMB... 1M na lang pala ang life insurance UpSave.

 

[steve2010]

@sisbygrace If insurance ang habol I think better po yung terms ni BPI save-up and Panama. Tho lower interest rates.

 

[steve2010]

@sisbygrace Aaaanndd, yung sa pag cash in po, even sa other modes of cashing in like 7/11, malls, LBC, and banks, may 2.58% na fee? Huhu. Ang laki.

 

[sisbygrace]

@steve2010 Yung fee na yan sa GCash lang applicable. Pwede mag-direct deposit sa FastPlus, GSave and UPSave through 7/11 and the like without charges pero yung ibang over the counter deposit ang mag-iimpose ng fee is yung nasa counter... So far 7/11 and SM Bills payment lang ginagamit ko and walang fee... pero parang may nabasa ako noon na kapag sa over the counter like BDO/BPI may fee daw eh.. di ko sure.. pero ang sure hindi magiimpose ng fee si CIMB kapag papasok na ang funds.