Citibank Maxigain Savings Account

Alex_Chua

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Actually if one don't pump in max $150k too early in the step up cycle (as effective interest rate is still relatively low), one can actually earn an effective return of >$3.6k interest for 18 months for a principal of $150k.

There were some other bank then that provide better interest rate. eg i choose to park just $10k in maxigain and keep $140k elsewhere to earn better interest.
Only when maxigain step up counter reaches about 10, I then topup maxigain from $10k to $150k.

Found one of my old post dated 1st Jun 2017 on this topic, link below:
http://forums.hardwarezone.com.sg/108366262-post845.html

That's true, but I've already maxed out my other higher interest accounts (uob and boc) then, and while I guess I could open a cimb something (1% or 1.2%?) for a few months, in the end it was too much work since citi will reach 1% in just a couple of months...
 

Alex_Chua

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I opened a Maxigain account in Dec with a cashier’s order before 3pm.
When I check the account in Jan, I did gain a few dollars as interest .
That means you don’t have to start with zero dollars in the first month

The interest is probably from the base interest? You'll need to check your statement, they state your lowest balance for current month vs lowest balance for previous month in it. From there, you can see what your lowest balance was for Dec.
 

Perisher

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So no matter What,first month lowest balance will definitely be zero?

No leh, I open with 15k, immediately funded on first day.

Let's get this clear, application day and account opening day is 2 different day.
I applied on Sunday IIRC, Monday the account was opened and funded.
Received my interest of $7.85. About 21 days of interest.
 

Perisher

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Have to see what next month's interest is then determine how it works.
Anyone with consecutive months of interest can post?
Mine just started.
 

shpesft

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Have to see what next month's interest is then determine how it works.
Anyone with consecutive months of interest can post?
Mine just started.

The interest you received will be in 2 amounts:

Base Interest received at end of month:
- 0.8 x (one month Sibor rate)/365 x days of maintaining account

Bonus Interest received end of next month:
- Least amount of money in previous month x no of Step-Up counter x 0.1%/365 x days of maintaining account
 
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tmkedmw

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Does the base rate change when SIBOR goes up or it is fixed upon time of signing up?

yes it changes daily.
the 1mth SIBOR rate changes daily, every business day.
your base interest is computed daily using the 1mth SIBOR rate for that day and paid out monthly.
 

luvalist

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So no matter What,first month lowest balance will definitely be zero?

I fund it immediately when my account was opened and I did get some interest. So first month lowest balance need to be more than $10k, fund to be in on the same day of account opening.

not sure about 3pm cut-off. But go earlier? I did it before 12 noon and I brought cash and bank in over counter once I gotten the slip with my account number.
 

Perisher

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I fund it immediately when my account was opened and I did get some interest. So first month lowest balance need to be more than $10k, fund to be in on the same day of account opening.

not sure about 3pm cut-off. But go earlier? I did it before 12 noon and I brought cash and bank in over counter once I gotten the slip with my account number.

Hmm, did you check your account and see if the date your account was funded is the date you open the account?

I applied mine on Sunday and the account was only live on Monday and funded on Monday.
 

Perisher

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The interest you received will be in 2 amounts:

Base Interest received at end of month:
- 0.8 x (one month Sibor rate)/365 x days of maintaining account

Bonus Interest received end of next month:
- Least amount of money in previous month x no of Step-Up counter x 0.1%/365 x days of maintaining account

Let's say I have $15k since day 1, funded on December 11, how to get $7.85? :s11:
 

kehyi4

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Let's say I have $15k since day 1, funded on December 11, how to get $7.85? :s11:
Base interest rate for you in Dec would have been around 0.91% (based on average SIBOR from 11 Dec to 31 Dec)

15k x 0.91% x 21/365 days will give you a number reasonably close to $7.85
 

Perisher

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Base interest rate for you in Dec would have been around 0.91% (based on average SIBOR from 11 Dec to 31 Dec)

15k x 0.91% x 21/365 days will give you a number reasonably close to $7.85

Ah, I see... No wonder I keep thinking there shouldn't be any counter interest yet but why it's close to 0.9%. So it's purely Sibor interest. Thanks.
 

luvalist

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Hmm, did you check your account and see if the date your account was funded is the date you open the account?

I applied mine on Sunday and the account was only live on Monday and funded on Monday.

u done online right?

I went to the bank. and yes, the date of fund was the same date I open the account coz I use cash to bank in :) they could only process cash if the account is active, that's what they said la.

hmmm i calculate the interest but couldn't get the amt. Interest received $0.85 on a $10K deposit, on 28 Dec. It's strange. does it mean I don't get 1 day of interest? That's the closest I get to if I don't count one day.
 

Perisher

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u done online right?

I went to the bank. and yes, the date of fund was the same date I open the account coz I use cash to bank in :) they could only process cash if the account is active, that's what they said la.

hmmm i calculate the interest but couldn't get the amt. Interest received $0.85 on a $10K deposit, on 28 Dec. It's strange. does it mean I don't get 1 day of interest? That's the closest I get to if I don't count one day.

You better put in 15k. There is a fall below fee for under 15k.
Nope, I went to the bank direct. Perhaps it's because it's a Sunday when I went. :zotto:
Mine is cheque.
 

tmkedmw

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u done online right?

I went to the bank. and yes, the date of fund was the same date I open the account coz I use cash to bank in :) they could only process cash if the account is active, that's what they said la.

hmmm i calculate the interest but couldn't get the amt. Interest received $0.85 on a $10K deposit, on 28 Dec. It's strange. does it mean I don't get 1 day of interest? That's the closest I get to if I don't count one day.

If u fund the account with $10k cash on 28 Dec, your interest for the 4 days (28Dec - 31Dec) is simply :

(4/365 ) x (0.8 x average of the 1mth SIBOR rate for that 4 days)

Late Dec, 1mth SIBOR is around 1.3% so you should get $1.14 as interest, kind of short of one day interest of $0.285.

u might want to call CSO and ask.

Did someone posted that Citi actually paid interest on 30Dec for the month of Dec, maybe they pay until 30Dec, then that will be 3 days and calculation will be spot on.
 

a4973

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If u fund the account with $10k cash on 28 Dec, your interest for the 4 days (28Dec - 31Dec) is simply :

(4/365 ) x (0.8 x average of the 1mth SIBOR rate for that 4 days)

Late Dec, 1mth SIBOR is around 1.3% so you should get $1.14 as interest, kind of short of one day interest of $0.285.

u might want to call CSO and ask.

Did someone posted that Citi actually paid interest on 30Dec for the month of Dec, maybe they pay until 30Dec, then that will be 3 days and calculation will be spot on.

is it even rightful to only pay 30 days of interest if the interest is paid on 30th instead of 31st?
 

tmkedmw

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is it even rightful to only pay 30 days of interest if the interest is paid on 30th instead of 31st?

i don't really know. maybe citi pay the 31st interest as part of Jan's interest.
don't know whether banking rules allow though.

i am just merely thinking of a possible reason why interest rec'd is short of 1 day, that's all.

call citi and ask is the best way forward.
 
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