Citibank Maxigain Savings Account

[cscs3]

need example,

A)what most understand is if I got $24k in the account with 12 counter on jan, interest of say $40 come in on Jan 31, can take out the $40 on any day in Feb and still maintain the 12 counter for Feb.
So every month can take out $40 without affecting the 12 counters. Even if I take out on Jan 31, it also won't affect anything. The lowest for Feb is still higher or equal to lowest in Jan which is $24k.

B)What you are saying is, the counter will drop to 6 if you withdraw $40 on any day in Feb?

I don't think that's how it's worded. example A should be how it works.

"A" is not true, as it takes the lowest amount in that month. eg if you have $50K and assuming interest is $40 as you say. You withdrawn $40 and then interest get credit on the same month. The lowest amount in that month is still $50K vs $50K plus $40.
"B" so there is a drop in that month, so your counter will be rest. If you arleady reach counter 12, it will be reset to 6.

Since you have a Maxigain account, you should have a RM. Best way is to give your RM a call.
I am adviced if you need to touch the account, tranfer what you nee in one shoot when you reach 12. So the counter get drop once and start to build back from next month.

In theory, you can do that every 6 months after you have reach counter 12. Also take note $ amount above $150K is not applicable. Think most RM will recommend you to keep $149K in the account.

Also, take note one person can only have one Maxigain account.

This is no differnet from what other bank's "stepping account work. ie basically, it expact your account growth each month and not remain the same. Otherwise, they must well call it as fix deposit account.

 

[kehyi4]

"A" is not true, as it takes the lowest amount in that month. eg if you have $50K and assuming interest is $40 as you say. You withdrawn $40 and then interest get credit on the same month. The lowest amount in that month is still $50K vs $50K plus $40.
"B" so there is a drop in that month, so your counter will be rest. If you arleady reach counter 12, it will be reset to 6.

Since you have a Maxigain account, you should have a RM. Best way is to give your RM a call.
I am adviced if you need to touch the account, tranfer what you nee in one shoot when you reach 12. So the counter get drop once and start to build back from next month.

In theory, you can do that every 6 months after you have reach counter 12. Also take note $ amount above $150K is not applicable. Think most RM will recommend you to keep $149K in the account.

Also, take note one person can only have one Maxigain account.

This is no differnet from what other bank's "stepping account work. ie basically, it expact your account growth each month and not remain the same. Otherwise, they must well call it as fix deposit account.

erm, i've been withdrawing interest every month, and my counter never drop. I've been keeping it at exactly 150k for a while now, with no month-to-month growth, since I withdraw the interest every month

Month A: 150k from 1st to 30th, interest credited on 31st -> lowest balance = 150k
Month B: Mth A interest withdrawn on 1st, left 150k from 1st to 30th, interest credited on 31st -> lowest balance is still = 150k

how can the maths work out otherwise? If i'm wrong, pls enlighten me

seriously, is "lowest monthly balance" such a difficult concept to understand? Are people confusing it with "average monthly balance"? it's not the average, it works on lowest absolute balance, as far as i know ...

btw, the bit about "$ amount above $150K is not applicable" is also wrong / different from Maxigain TnC. I'm starting to think your RM may not know how the Maxigain account actually works...

btw2, if you had followed your RM advice and withdraw all the interest in 1 shot after 6 or 12 months, then your lowest monthly balance will definitely fall below the previous month. I think he/she has given you shitty advice that has cost you 6 step-up counters (0.6%) that you need not have lost...

 

[Perisher]

"A" is not true, as it takes the lowest amount in that month. eg if you have $50K and assuming interest is $40 as you say. You withdrawn $40 and then interest get credit on the same month. The lowest amount in that month is still $50K vs $50K plus $40.
"B" so there is a drop in that month, so your counter will be rest. If you arleady reach counter 12, it will be reset to 6.

Since you have a Maxigain account, you should have a RM. Best way is to give your RM a call.
I am adviced if you need to touch the account, tranfer what you nee in one shoot when you reach 12. So the counter get drop once and start to build back from next month.

In theory, you can do that every 6 months after you have reach counter 12. Also take note $ amount above $150K is not applicable. Think most RM will recommend you to keep $149K in the account.

Also, take note one person can only have one Maxigain account.

This is no differnet from what other bank's "stepping account work. ie basically, it expact your account growth each month and not remain the same. Otherwise, they must well call it as fix deposit account.

How is it possible to be $50k+$40 as lowest? The lowest for that month is $50k as long as you took out the $40 interest of the previous month before the new $40 was deposited near end of month, give 1 day for it to be sitting at $50k just to be safe.

Not sure if you get what I mean.

Example, Jan 1 to 31, 24k.
Jan 31, 24k+$40.
Feb 1, took out $40. Left $24k.
Feb 2-27, $24k.
Feb 28, $24k+$40.
Mar 1, took out $40.

Counter won't drop, because lowest of Jan is $24k, lowest of Feb is also $24k. So on and so forth.

Only the lowest is counted when doing comparison between month. Not averaged monthly balance.

 

[Perisher]

erm, i've been withdrawing interest every month, and my counter never drop. I've been keeping it at exactly 150k for a while now, with no month-to-month growth, since I withdraw the interest every month

Month A: 150k from 1st to 30th, interest credited on 31st -> lowest balance = 150k
Month B: Mth A interest withdrawn on 1st, left 150k from 1st to 30th, interest credited on 31st -> lowest balance is still = 150k

how can the maths work out otherwise? If i'm wrong, pls enlighten me

seriously, is "lowest monthly balance" such a difficult concept to understand? Are people confusing it with "average monthly balance"? it's not the average, it works on lowest absolute balance, as far as i know ...

btw, the bit about "$ amount above $150K is not applicable" is also wrong / different from Maxigain TnC. I'm starting to think your RM may not know how the Maxigain account actually works...

Yah, or he don't understand what we are talking about.
It works purely on a lowest amount on any day basis.
So if your amount is lowest on any day, that will be the basis for the next month interest when doing a comparison.

 

[a4973]

Yah, or he don't understand what we are talking about.
It works purely on a lowest amount on any day basis.
So if your amount is lowest on any day, that will be the basis for the next month interest when doing a comparison.

what about if the amount in this month drops below the previous month's lowest but is made up via FAST in within the same day?

 

[Perisher]

what about if the amount in this month drops below the previous month's lowest but is made up via FAST in within the same day?

That... From what I heard only hor, they count end day, though dunno what time is the cut-off.
In other words, don't try.

 

[cscs3]

How is it possible to be $50k+$40 as lowest? The lowest for that month is $50k as long as you took out the $40 interest of the previous month before the new $40 was deposited near end of month, give 1 day for it to be sitting at $50k just to be safe.

Not sure if you get what I mean.

Example, Jan 1 to 31, 24k.
Jan 31, 24k+$40.
Feb 1, took out $40. Left $24k.
Feb 2-27, $24k.
Feb 28, $24k+$40.
Mar 1, took out $40.

Counter won't drop, because lowest of Jan is $24k, lowest of Feb is also $24k. So on and so forth.

Only the lowest is counted when doing comparison between month. Not averaged monthly balance.

Just a example.
Not sure why counter does not drop for your case. Guess is best to confirm with RM.

 

[Perisher]

Just a example.
Not sure why counter does not drop for your case. Guess is best to confirm with RM.

Hmm, it works as we understand it. The wordings on official black and white also states likewise.
So nothing to be unsure about. Unless you have a real life experience of otherwise?

 

[a4973]

That... From what I heard only hor, they count end day, though dunno what time is the cut-off.
In other words, don't try.

ok, ok, will not try

 

[Perisher]

https://www.citibank.com.sg/gcb/deposits/pdf/MaxiGainTnC.pdf

6. Additionally, your balances shall accrue bonus interest at a rate (“Bonus Interest Rate”) that steps up each month, from 0.10% p.a. to a maximum of 1.20% p.a., if the lowest balance in your MaxiGain account in a month is equal to or greater than the lowest balance in the previous month. The lowest amount of funds in your MaxiGain account at any point in time in a month (which includes, for the avoidance of doubt, the first day on which your MaxiGain account is opened) shall be the “lowest balance” of that month.

7. The lowest balance of the month that your Maxigain account is opened will be the lowest amount of funds in your MaxiGain account at any point in time in that month. The lowest balance for the first month will be zero if the MaxiGain account is not funded on the day it is opened.

If a cheque is deposited on the day of account opening and valued only the next working day, and no other cash amount has been deposited into the Maxigain account on the day the account was opened, the lowest amount of funds for that month is zero and will not accrue any Bonus Interest.

 

[savinmax]

I think almost everyone got it,even the person who asked the question in the first place.NO point giving so many calculated scenarios explaining the same fact.

csc3 either probably misunderstood or had a bad RM explanation.

as long as lowest day balance of the month is not lower than the month before, no adverse effect on the counter.

 

[Perisher]

Don't be so serious. Good to clarify.

 

[juanism]

I think almost everyone got it,even the person who asked the question in the first place.NO point giving so many calculated scenarios explaining the same fact.

csc3 either probably misunderstood or had a bad RM explanation.

as long as lowest day balance of the month is not lower than the month before, no adverse effect on the counter.

I think Perisher's reply below clears the confusion

Only the lowest is counted when doing comparison between month. Not averaged monthly balance.

 

[MikeDirnt78]

I thought the English in the FAQ is quite clear.

How is bonus interest calculated?

Your account balance shall accrue bonus interest at a rate ("Bonus Interest Rate") that steps up each month, from 0.10% p.a. to a maximum of 1.20% p.a. A bonus counter ("Counter") is a numerical representation of your "bonus level" on the MaxiGain account. The Counter ranges from "0" to "12", representing the corresponding Bonus Interest Rate from 0.00% p.a. to 1.20% p.a.

The Counter increases by 1 each time the Bonus Interest Rate steps up. The Bonus Interest Rate steps up in a month if the lowest balance in that month is equal to or greater than the lowest balance in the preceding month. Bonus interest is computed based on the preceding month's lowest balance and number of calendar days in the preceding month. The lowest amount of funds in your MaxiGain account at any point in time in a month shall be the "lowest balance" of that month.

 

[jnashville]

I thought the English in the FAQ is quite clear.

So bottomline question is if I have 150k in the account, and the interest comes in, can I withdraw that interest and leave the 150k in it and my counter still remain 12?

 

[MikeDirnt78]

So bottomline question is if I have 150k in the account, and the interest comes in, can I withdraw that interest and leave the 150k in it and my counter still remain 12?

Yes.

But I always recommend to withdraw the interests rounded down to the nearest dollar.

Interests = $100.42
Withdraw = $100

You can choose to withdraw the full interests but make sure the amount is correct.

 

[kehyi4]

Yes.

But I always recommend to withdraw the interests rounded down to the nearest dollar.

Interests = $100.42
Withdraw = $100

You can choose to withdraw the full interests but make sure the amount is correct.

There's no point leaving the cents in lah. surely you know how to read numbers to two decimal places

I've been withdrawing interest every month, leaving 150k inside. No adverse effects so far

 

[jnashville]

There's no point leaving the cents in lah. surely you know how to read numbers to two decimal places

I've been withdrawing interest every month, leaving 150k inside. No adverse effects so far

Okay thanks for the clarification bro. what's your interest rate now after the 1.2 bonus interest? I just open early Jan. Still long way lol to hit 1.2 percent. Lol.

 

[mdax23]

Just remember to withdraw out ur interest on the 1st of each month to maintain it as $150K.

But if 1st is weekend or holiday, then I don't know

 

[Perisher]

Just remember to withdraw out ur interest on the 1st of each month to maintain it as $150K.

But if 1st is weekend or holiday, then I don't know

Any day can lar, as long as you maintain it as the same as lowest of last month.
Key thing is every month lowest is the same.
So you just need 1 day of $150k for every month, that’s all. Other days can be higher, no issue. Cannot be lower.