Citibank Maxigain Savings Account

Alex_Chua

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Hi just to ask about this account...

The different counters mean different months?

And why is it good to invest more after the first year?

You can just dump 150k into it when you open, if you don't have any other places which'll get more than 1% or so. Cos starting interest will be about 0.8%, and it'll reach about 2% only after 12 months.

So most people only put the minimum ($15k) inside first, until the interest is higher than elsewhere, then put the max ($150k) inside.

Say you have $100k now, earning 1.2% somewhere. If you open this acc, first put $15k inside. After about 4~5 months, interest for this acc will now be 1.2 or 1.3%, higher than your other account liao. Then you can now put the rest of your $ ($85k) in the citi account.

Just take note that you can't treat this as an everyday-expenses account. The quick summary is, just don't withdraw/transfer money out. To be more detailed, make sure the lowest daily balance in one month is at least as high as the lowest daily balance in the previous month.
 

Perisher

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Can combo with SSB, so any amount above 15k, put in SSB first, which in it's first year, currently yielding 1.55%, not sure what's the % for the new one yet.

So 15k in maxigain earning 0.8%+counter.
The rest in SSB earning 1.55% tentatively.

After 1 year, switch out whatever amount in SSB into maxigain up to 150k to earn full interest. 0.8%+12counter /1.2%. Or just take out anytime it is above 1.55%.
 

cokezero

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Does one keep taking out interest past 150k every month? Or is it not worth the hassle?
 

jnashville

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Does one keep taking out interest past 150k every month? Or is it not worth the hassle?

i would actually if the money is just extra money to save.

take the extra interest and place it somewhere. maybe cimb fast saver if u already max out other savings account plans like dbs multiplier etc
 

Perisher

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Does one keep taking out interest past 150k every month? Or is it not worth the hassle?

That's a good $250/month...
Can put it into investment to earn higher yield. So you have a safe returns of $250/mth and higher yielding investment combo.
 

naro

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Just checking, if i already have a Citibank account, can i apply for maxigain via internet banking or i still have to go to Citibank branch to open?
 

Ginnylim07

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Went to open maxigain account at Woodlands. Very slow and attended by credit card sales. Use cashier order and asked me to take a queue number to bank in. Then after 30 to 40 mins for my turn and then the person at the counter said no need to queue up if it is cashier's order. This salesperson doesn't have the adequate knowledge. Is it the same in all Citibank branches?
 

a4973

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luckily Maxigain is a pretty much hands off type of account once you get thru the initial account opening phase.
 

luvalist

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Went to open maxigain account at Woodlands. Very slow and attended by credit card sales. Use cashier order and asked me to take a queue number to bank in. Then after 30 to 40 mins for my turn and then the person at the counter said no need to queue up if it is cashier's order. This salesperson doesn't have the adequate knowledge. Is it the same in all Citibank branches?

I think it's the same everywhere - this salesperson doesn't have the adequate knowledge.

If u can, go to the macdonald branch one. May not be better in terms of knowledge but people and service are nicer I feel ;)
 

Globe

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$30k? All of it in Maxigain can liao, why need 2?

the multiplier effect will be gone once u withdraw from the account right ?

maybe need two , one to maintain the interest , the other use as normal account for the 0.8% ?
 

Alex_Chua

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Can combo with SSB, so any amount above 15k, put in SSB first, which in it's first year, currently yielding 1.55%, not sure what's the % for the new one yet.

So 15k in maxigain earning 0.8%+counter.
The rest in SSB earning 1.55% tentatively.

After 1 year, switch out whatever amount in SSB into maxigain up to 150k to earn full interest. 0.8%+12counter /1.2%. Or just take out anytime it is above 1.55%.

I thought for ssb have to keep in there at least a few years to be worthwhile? If you take out after 1 year, you earn 1.55%?
Did some research into it but in the end I didn't go buy ssb (^^)
 

Alex_Chua

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the multiplier effect will be gone once u withdraw from the account right ?

maybe need two , one to maintain the interest , the other use as normal account for the 0.8% ?

If it's to use as normal account, might as well go for cimb fastsaver or starsaver. Interest slightly higher.
 

heng_ah

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I thought for ssb have to keep in there at least a few years to be worthwhile? If you take out after 1 year, you earn 1.55%?
Did some research into it but in the end I didn't go buy ssb (^^)

If put 10k for one year with 1.45%, your net interest is actually 1.41% only.
Coz you need to deduct $2 for buying and $2 for early redemption.
 

Perisher

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I thought for ssb have to keep in there at least a few years to be worthwhile? If you take out after 1 year, you earn 1.55%?
Did some research into it but in the end I didn't go buy ssb (^^)

Yes you ain't wrong, I'm talking about maximizing gains. If you keep 1 year inside SSB, 2nd year also won't jump to 2% whereas Maxigain already 2%. So it pays to switch.
More for those who wish to optimize the near-mid term gains.
If you look at the table in SSB, you would take until the 10th year to have 2% interest averaged out. Whereas you can hit 2% in maxigain by 2nd year.

In other words, if Maxigain doesn't change rules for 5-6 years, you will be vastly ahead of those keeping $$ in SSB for 5-6 years earning less than 2% averaged.
 

Perisher

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the multiplier effect will be gone once u withdraw from the account right ?

maybe need two , one to maintain the interest , the other use as normal account for the 0.8% ?

Thought it's for putting in 300k. :s13:
 

jayz89

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Which branch open till late ah? Or their timig die die zhun zhun close as per the operating hours in their website
 

lindseymin

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How to avoid those sales pple at citibank if I just want to open account and not apply for credit card?


Walk in, get queue number wait for turn, can the bank teller behind the counter open account for me?
 
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