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.
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?
- GSave
- UpSave
- Fast and Fast Plus account
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?