Citibank Maxigain Savings Account

smileyquek

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Serious???

Sent from Samsung SM-A520F using GAGT

wait for official letter for more details. I got to know as a friend open account today and was told by Citibank on the changes wef 1July.
if no top up to 70k by 30jun, then earn 0 interest. The fine details I am not so sure too. not sure if really 0 interest or only affect base interest or step up bonus interest.
 

foxer77

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might be too many subcribler to this gain acc causing them to rising the mini sum in order to give intrest to those that can keep up. letvwaitvfor the letter to confrim
 

mikezuper

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might be too many subcribler to this gain acc causing them to rising the mini sum in order to give intrest to those that can keep up. letvwaitvfor the letter to confrim
They hit the quota needed already.
 

tmkedmw

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The maxigain product had been there for more than 2 years liao... so if revision is coming in Jul 2018...

For those who sign up early, had been enjoying >2% effective interest rate for many months liao. The revision from 0.8(1mth sibor) to 0.7(1mth sibor) is not really a deal breaker.

For those who sign up recently and not having enough cash to make good the $70k rumoured to be required in Jul, perhaps have to take your money elsewhere.

Anyway, await confirmation letter to see revised terms.
 

maple96

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U just need to read the promo or advert at their website, it says 2% pa, now with sibor up it exceeded 2% , they are losing , error in forecasting sibor, of course they have to tweak tnc to bring it back to 2% :s13:
 

tmkedmw

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U just need to read the promo or advert at their website, it says 2% pa, now with sibor up it exceeded 2% , they are losing , error in forecasting sibor, of course they have to tweak tnc to bring it back to 2% :s13:

Tweaking from 0.8 of 1mth sibor to 0.7 of 1mth sibor does not bring the effective interest rate to 2%. With the current 1 mth sibor at about 1.37+%, one should still get about 2.15% EIR with the revision.
 

maple96

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Do nott forget your opportunity cost in the first 10 to 12 mths where they made money from u
 

tmkedmw

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Do nott forget your opportunity cost in the first 10 to 12 mths where they made money from u

True there is opportunity cost in the early days... but one just need to put in 15k only, and not $150k at the start. Only when EIR is high then plonk in the max of $150k to enjoy the high EIR. 150k is about 10x of $15k, so whatever u lose in lower interest rate for the first 9 months or so is well offset by the high EIR that u get with $150k in a month or two. Lazy to do the detail maths, so just give a rough qualitative "calculation".
 

Sinkie

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wait for official letter for more details. I got to know as a friend open account today and was told by Citibank on the changes wef 1July.
if no top up to 70k by 30jun, then earn 0 interest. The fine details I am not so sure too. not sure if really 0 interest or only affect base interest or step up bonus interest.

Even if u have less than $15,000 balance now, u still earn the 0.05%
 

oceanicmanta

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for those who joined for a while already, this reduction is not a deal breaker but it would certainly raise the hurdle for those considering to sign up.

it's rather unfair though, for someone to join with 15k min, then sudden change to 70k minimum. Hope they dont make it retrospective.
 

foxer77

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for those who joined for a while already, this reduction is not a deal breaker but it would certainly raise the hurdle for those considering to sign up.

it's rather unfair though, for someone to join with 15k min, then sudden change to 70k minimum. Hope they dont make it retrospective.
I receive my month statement that the letter header there state I’m a priority acc so there a need to maintain at 70 k reading from the term state in the letter , funny part is I only had a maxi gain in it why now become priority?
 
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swordsly

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I receive my month statement that the letter header there state I’m a priority acc so there a need to maintain at 70 k reading from the term state in the letter , funny part is I only had a maxi gain in it why now become priority?

Wait is there such a rule that priority account needs to maintain 70k minimum? :eek:
 
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