Citibank Maxigain Savings Account

merlot6230

Senior Member
Joined
Jan 7, 2005
Messages
1,567
Reaction score
547
If there is any $15 deduction ever, then call in to waive and then request to remove your account from priority or else just enjoy while it last lah


lucky there were no deduction for last month,
accordingly to cso, there won't be any deduction as long as above $15k

but i ask abt the $70k , he say will revert to relationship mgr to call me - that is why i m abit upset about it.

anyone have a similar like me..i didn't recieved email or letter to inform i m upgrade to proity citi - all while i join as maxi gain to enjoy the bonus interest.
 

zeroX26

Supremacy Member
Joined
Aug 15, 2011
Messages
6,282
Reaction score
3,200
lucky there were no deduction for last month,
accordingly to cso, there won't be any deduction as long as above $15k

but i ask abt the $70k , he say will revert to relationship mgr to call me - that is why i m abit upset about it.

anyone have a similar like me..i didn't recieved email or letter to inform i m upgrade to proity citi - all while i join as maxi gain to enjoy the bonus interest.

Its just a trial to let users "enjoy" the priority services lah (which isn't much other than a faster queue). You will be auto enrolled into it for 3 mths & if you want to continue it, just top up to $70k, otherwise, the status will be dropped and life goes on lah.
 

maumu

Supremacy Member
Joined
Jun 22, 2000
Messages
9,023
Reaction score
1,357
lucky there were no deduction for last month,
accordingly to cso, there won't be any deduction as long as above $15k

but i ask abt the $70k , he say will revert to relationship mgr to call me - that is why i m abit upset about it.

anyone have a similar like me..i didn't recieved email or letter to inform i m upgrade to proity citi - all while i join as maxi gain to enjoy the bonus interest.

unless u go to the bank to do transactions often, I see no particular usefulness of priority banking.

I got an email saying "welcome to priority banking" but I never sign up or anything. it doesn't even show on my statement. so idk what the bank is trying to do. as long as i'm not expected to do anything, so be it.
 

artemov

Senior Member
Joined
Nov 14, 2003
Messages
1,824
Reaction score
42
A few years back they upgraded me to priorty without informing me. I only discovered when I moved a large sum out of my account and was charged a fall below fee. I gave them a call, chastised them and demanded a fee reversal. They did. I also instructed them not to upgrade me to priority even if I qualify again in the future. So up until now I'm not priority :D
 

cnotsniw

Senior Member
Joined
Sep 17, 2004
Messages
1,121
Reaction score
5
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".

Just did some calculations on breakeven point (compared to 1.5% of HSBC premier rate) if the rumored changes do go through:

1. Counter 6 (6th month) is where the returns exceed 1.5%
2. Counter 8 (assuming one top up to $150k) is where you breakeven (clawback the loss in ir difference); counter 9 if HSBC ir is 1.55% and counter 10 if HSBC ir is 1.6%
3. Counter 12 (max), one will get about $90 more per month compared to HSBC; $84 if HSBC ir is 1.55% and $78 if HSBC ir is 1.6%

So, if SIBOR goes south, or citi revises again to lower rates or HSBC increase the rate, then the movement of fresh cash to maxigain may be an administrative exercise.

So, can one wait for 8 months to breakeven? Afterall, a bird in hand is worth 2 in the bush :) :s13:
 

artemov

Senior Member
Joined
Nov 14, 2003
Messages
1,824
Reaction score
42
is it correct to say that any withdrawal (apart from interest) after month 12 will reset the counter back to 6?
If your lowest balance in the current month is lower than the lowest balance in the previous month, the Counter will reset as follows:
Counter in the Previous Month 0-5 reset to 0
Counter in the Previous Month 6-12 reset to 6
If the lowest balance is S$0 for 2 consecutive months, the Counter will reset to 0 in the 2nd Month.

Note that if you want to withdraw your interest, please withdraw the entire interest diligently every month. Dun suddenly withdraw all the accumulated interest in one month. You will have your counter reset!
 
Last edited:

luvpraline

Senior Member
Joined
Nov 21, 2005
Messages
799
Reaction score
55
If your lowest balance in the current month is lower than the lowest balance in the previous month, the Counter will reset as follows:
Counter in the Previous Month 0-5 reset to 0
Counter in the Previous Month 6-12 reset to 6
If the lowest balance is S$0 for 2 consecutive months, the Counter will reset to 0 in the 2nd Month.

Note that if you want to withdraw your interest, please withdraw the entire interest diligently every month. Dun suddenly withdraw all the accumulated interest in one month. You will have your counter reset!

Thanks for the reply. If at any time i need the funds, can i FAST transfer the entire sum out? Is there any penalty or restrictions involved, other than resetting the counter?
 

artemov

Senior Member
Joined
Nov 14, 2003
Messages
1,824
Reaction score
42
Thanks for the reply. If at any time i need the funds, can i FAST transfer the entire sum out? Is there any penalty or restrictions involved, other than resetting the counter?

Hmmm not that I know of ... I think max FAST is 50k?

Do be aware: If the lowest balance is S$0 for 2 consecutive months, the Counter will reset to 0 in the 2nd Month.
 

arishize

Member
Joined
Aug 28, 2014
Messages
314
Reaction score
5
heard that Citibank is amending from 0.8 to 0.7 of 1 mth sibor rate and min must maintain 70K instead of 15K. WEF 1July and deadline is 30Jun to top up to 70K. Citibank sending out letters soon.

where did you hear from? anyone receive letter yet?
 

luvpraline

Senior Member
Joined
Nov 21, 2005
Messages
799
Reaction score
55
Hmmm not that I know of ... I think max FAST is 50k?

Do be aware: If the lowest balance is S$0 for 2 consecutive months, the Counter will reset to 0 in the 2nd Month.

Hmm.. if i were to withdraw the balance at say month 13, and leave only $10 inside.. it would prevent the counter from resetting to 0 (i.e. it will reset to counter 6)?

all the banks i'm using have increased the FAST limit to 100k daily :)
 

artemov

Senior Member
Joined
Nov 14, 2003
Messages
1,824
Reaction score
42
Hmm.. if i were to withdraw the balance at say month 13, and leave only $10 inside.. it would prevent the counter from resetting to 0 (i.e. it will reset to counter6)?

Should be ... but u better verify it with the bank lol ...
 

yamakazi51

Master Member
Joined
Jan 19, 2003
Messages
4,896
Reaction score
1,240
Hmm.. if i were to withdraw the balance at say month 13, and leave only $10 inside.. it would prevent the counter from resetting to 0 (i.e. it will reset to counter 6)?

all the banks i'm using have increased the FAST limit to 100k daily :)

Charged by fall below fee, which reduce th balance more and finaly counter reset to 0
 
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Top