Citibank Maxigain Savings Account

blengend

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Are we allowed to freely withdraw/deposit money as long as the balance doesn't fall below $10k?
 

icyflame

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Are we allowed to freely withdraw/deposit money as long as the balance doesn't fall below $10k?

Just don't let the lowest balance for the month fall below the lowest of the previous month. If not the counter will reset by 6
 

mdax23

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Just don't let the lowest balance for the month fall below the lowest of the previous month. If not the counter will reset by 6

Just don't let the lowest balance for the month fall below the lowest of the previous month.

what do you mean this? one month got how many balance? :s11:
 

Mad_Stranger

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Yes, the interface quite crappy. Mine also says "Checking Account". On the piece of paper given to me with account number, it does state Maxigain Savings Account.

under nickname account in internet banking, do u see it as "maxisave" instead of "maxigain" ?
 

direbmem

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And it stills qualify for the $200? Did some calculations based on BOC without salary component. Need the $200 to be on par with keeping money in BOC.

If not I am better off with just 10k in maxigain and transfer the 40k or more after 6 months
note that if u signed up for citi priority, you need to maintain at least 50k forever, else u will be charged S$20/tmh service fee...cannot withdraw 40k after getting 200 bucks after 6 mths..
 

cybercom8

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so conclusion no ipadpro?

maybe the guy was being creative with citi's fresh funds rewards...put in fresh funds get $1-2k so he take it as that can be used to buy ipad pro :s13:

but citi does not allow double dipping so the fresh funds will be earning peanuts for the 6 months which means effectively you will be buying the ipad pro using your own money
 

tmkedmw

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maybe the guy was being creative with citi's fresh funds rewards...put in fresh funds get $1-2k so he take it as that can be used to buy ipad pro :s13:

...

Fresh fund deposit of $1m needed to get $1500 cash gift. Maxigain capped at $150k.
For non-members, Citigold welcome program requires $500k deposit to get $1000 cash.

That's why I posted earlier my doubt that $250k deposit can get ipad pro.
 

SuperGreenHorn

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Their T&C say that Base Interest Rate will be paid on the first 150k, but did not mention any cap on the Bonus Interest Rate.

Does it mean that Bonus Interest Rate has no cap in the deposit amt.? anyone know more info?
 
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tmkedmw

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Their T&C say that Base Interest Rate will be paid on the first 150k, but did not mention any cap on the Bonus Interest Rate.

Does it mean that Bonus Interest Rate has no cap in the deposit amt.? anyone know more info?

Any amount above $150k only earns a token base of 0.05% + 1.2% Bonus Int Rate, and that's considerably lower than what you can get elsewhere. So even if Bonus interest rate has no cap, I won't go for it.
 

doody_

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When you first login, the screen shows a list of accounts you have.
Above that list of accounts, there should be a "Nickname your Account" option.

Thanks. Mine is MaxiSave as well. However I have 2 other letters from Citi stating it is a MaxiGain account.

I will have to call in to double check.
 

tmkedmw

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Thanks. Mine is MaxiSave as well. However I have 2 other letters from Citi stating it is a MaxiGain account.

I will have to call in to double check.

Ya, better double check. Maxisave is just a checking account with miserable interest rate.
 

jackieatbtu

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So, to maximise gains, I should do the following?

Open account now with 10k. On April 1st FAST 40k in order to open the Citi Priority and get the extra $200. April straight away earn 0.8+0.1% bonus on 50K. Keep until end September, the 6th month of Citi Priority

October 1st, which is the 7th month, FAST away the 40K and accumulated interests. Cancel Citi Priority and maintain 10K in account for 0.8+1.4% (since counter drop to 6). In November, start accumulating again in order to reach 0.8+2% in next April.
 

doody_

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So, to maximise gains, I should do the following?

Open account now with 10k. On April 1st FAST 40k in order to open the Citi Priority and get the extra $200. April straight away earn 0.8+0.1% bonus on 50K. Keep until end September, the 6th month of Citi Priority

October 1st, which is the 7th month, FAST away the 40K and accumulated interests. Cancel Citi Priority and maintain 10K in account for 0.8+1.4% (since counter drop to 6). In November, start accumulating again in order to reach 0.8+2% in next April.

In 7th month you only get 0.8 + 0.6%.
In 12th month you reach the max of 0.8 + 1.2%.
 

Mad_Stranger

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Thanks. Mine is MaxiSave as well. However I have 2 other letters from Citi stating it is a MaxiGain account.

I will have to call in to double check.


They couldn't give me a satisfactory answer when I called. One claimed that the MaxiGain is an enhanced version of MaxiSave. The rest don't even understand what I am asking.

Is your account opened for more than a month already? In terms of the interest, how much are you getting? Perhaps that is the best way to tell.
 

icyflame

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note that if u signed up for citi priority, you need to maintain at least 50k forever, else u will be charged S$20/tmh service fee...cannot withdraw 40k after getting 200 bucks after 6 mths..

Thanks. That made my decision easier. Will start off with 10k and transfer more money over when I hit more than 2% instead of transferring the 50k immediately. This way, I have more flexibility to withdraw everything less 10k without penalty, and just lose 6 counters
 

jackieatbtu

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In 7th month you only get 0.8 + 0.6%.
In 12th month you reach the max of 0.8 + 1.2%.

Ah yes, I made a mistake typing out the interest just now.

Just want to check that if I open the account today, I could technically only put in 10K on the last day of this month? There is no daily average balance for this right?
 

kitkat2

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So, to maximise gains, I should do the following?

Open account now with 10k. On April 1st FAST 40k in order to open the Citi Priority and get the extra $200. April straight away earn 0.8+0.1% bonus on 50K. Keep until end September, the 6th month of Citi Priority

October 1st, which is the 7th month, FAST away the 40K and accumulated interests. Cancel Citi Priority and maintain 10K in account for 0.8+1.4% (since counter drop to 6). In November, start accumulating again in order to reach 0.8+2% in next April.

yup, i was thinking of doing this too.

did some calculations. the $200 signup bonus for citi priority is equivalent to an interest rate of 0.8% pa for $50k for 6 months. am i correct?
 
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