Citibank Maxigain Savings Account

di_andrei

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Would be nice if someone could do the math for amounts exceeding $150k - some people will now have higher balances due to interest added each month. At what point does it make sense to withdraw the excess (and lose 6 counters)?
 

maumu

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it doesn't make sense to keep more than 150k because the base interest is only up to 150k.

anything above 150k only gets the basic interest (0.05%?) something lydat.

the bonus interest, on the other hand, is capped at 1.2%. this has no limit on amount. you may as well move the interest out and parked at elsewhere with higher interest FD or TD... or SSB.

anyway, to each his own. depends how much time you have to move funds around too. if u lazy, and don't mind 1.2% then keep snowballing lor. but note that you cannot withdraw else the counter will drop to 6 (0.6%) instead of 12. so the money is locked in a sense. do u want that? u decide...
 

jnashville

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Would be nice if someone could do the math for amounts exceeding $150k - some people will now have higher balances due to interest added each month. At what point does it make sense to withdraw the excess (and lose 6 counters)?

some people mention in this thread that u can actually with draw the excess interest, and it wont affect the counters.
 

jnashville

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if i may ask, currently for those who already has this maxigain account for more than 12 months with counter already full, what was the average maximum interest rate for the past months?

just a rough estimate reply. 2.1 to 2.4 percent?
 

TabascoSauce

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if i may ask, currently for those who already has this maxigain account for more than 12 months with counter already full, what was the average maximum interest rate for the past months?

just a rough estimate reply. 2.1 to 2.4 percent?

Jus go to maxigain website, see their sibor rate as a gauge
 

maumu

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some people mention in this thread that u can actually with draw the excess interest, and it wont affect the counters.

if u have the time and discipline, u can withdraw the whole monthly interest so as to keep the minimum daily balance at exactly $150k each month to max the base interest and also the bonus interest without locking up anything more than $150k.

just use FAST transfer.
 

jnashville

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if u have the time and discipline, u can withdraw the whole monthly interest so as to keep the minimum daily balance at exactly $150k each month to max the base interest and also the bonus interest without locking up anything more than $150k.

just use FAST transfer.

so bottom line is, once the interest comes in, right away transfer it out. that will be safe right?
 

a4973

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interest is usually updated late on the last day of the month.
pertaining to withdrawing interest without drop in counter, does it make a difference whether the interest is withdrawn exactly on the day that interest is credited or the next day?
thanks
 

swordsly

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For those who are using this account to park your money, how do you keep it active?
 

tmkedmw

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Interest even for $150k max out is about $280 per month.
No point drawing out on the last day of the month in the late night hours.

Just make it a habit to withdraw interest on the 1st of the following month, and if it is a Sunday or public holiday, the following business day.

interest is usually updated late on the last day of the month.
pertaining to withdrawing interest without drop in counter, does it make a difference whether the interest is withdrawn exactly on the day that interest is credited or the next day?
thanks
 

tmkedmw

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For those who are using this account to park your money, how do you keep it active?

If u had already max out at $150k and earning max interest, withdrawing interest every month makes the account active.

If u haven't and are waiting for counter to accumulate, then just FAST in $1 every 3 months will keep the account active.
 

foxer77

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what would be the minimum holding year to end this Maxi gain account therefore will not be accountable for any maint acc charges ? 1 year ? 2 year?
 
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