Citibank Maxigain Savings Account

Sinkie

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I think it's $12 ... for the 2nd mth, the Bonus Interest = 150k x Counter 0.1% x $0 (being the lowest balance in Mth 1)

so it's bcos the counter starts later, but bcos of the lowest balance in the first month.

So many here who got frustrated at the bank branch for not able and denied to do fast or cash on the spot for the minimum deposit of $15,000 on the day of account opening are actually being frustrated for $1.20 interest? Maybe the bank officer there also scratching head why so angry or impatient too?
 

maumu

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So many here who got frustrated at the bank branch for not able and denied to do fast or cash on the spot for the minimum deposit of $15,000 on the day of account opening are actually being frustrated for $1.20 interest? Maybe the bank officer there also scratching head why so angry or impatient too?

u sound rather condescending. why it bothers you if you don't care a bit about the interest? if it bothers others, there's no need to make a remark on that.

to some it can also be because of the counter (being pushed later by a month). it means that they could have waited a month later before opening the account, and use the month while waiting to use the money on something else (maybe another account which can fetch them 1% interest).

to each his own, there's no need to question why or how people use their money (including your own).
 

Sinkie

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u sound rather condescending. why it bothers you if you don't care a bit about the interest? if it bothers others, there's no need to make a remark on that.

to some it can also be because of the counter (being pushed later by a month). it means that they could have waited a month later before opening the account, and use the month while waiting to use the money on something else (maybe another account which can fetch them 1% interest).

to each his own, there's no need to question why or how people use their money (including your own).

Sorry, but It is already stated that you got up to 2 weeks to fund the maxigain account after opening it but I feel it is more like people here thinking they can beat the game by funding it on the very first day to start the step up counter earlier than the rest, and then going through all the hassle of bringing cash down, buying cashier order, and then become anxious or angry then posting here questioning the bank staff service level and level of product knowledge because they are denied in funding it on the first day

So I'm really very surprised why such urgency to fund on the first day? Or is it because many here are saying it is best to fund on the very first day and so many who read this thread before opening thought it's mandatory to fund on first day or it's better to fund on the first day to start the step up faster? Then without knowing by funding on first day with $15,000 you earn $1.20 more in interest then go through all the hassle of bringing token along to do fast, queuing at bank for hours just to withdraw $15,000 in cash etc

And I ever read someone bought a cashier order of $15,000 for $5 because he is afraid he get rob by bringing so much cash

Sorry again if it hit any nerve
 
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JuniorLion

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Sorry, but It is already stated that you got up to 2 weeks to fund the maxigain account after opening it but I feel it is more like people here thinking they can beat the game by funding it on the very first day to start the step up counter earlier than the rest, and then going through all the hassle of bringing cash down, buying cashier order, and then become anxious or angry then posting here questioning the bank staff service level and level of product knowledge because they are denied in funding it on the first day

So I'm really very surprised why such urgency to fund on the first day? Or is it because many here are saying it is best to fund on the very first day and so many who read this thread before opening thought it's mandatory to fund on first day or it's better to fund on the first day to start the step up faster? Then without knowing by funding on first day with $15,000 you earn $1.20 more in interest then go through all the hassle of bringing token along to do fast, queuing at bank for hours just to withdraw $15,000 in cash etc

And I ever read someone bought a cashier order of $15,000 for $5 because he is afraid he get rob by bringing so much cash

Sorry again if it hit any nerve

If you fund the first day (through FAST transfer, most likely), you will get the counter in the first month instead of the second.
 

maumu

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I guess it just boils down to how every person counts his dollars and cents...

I just read the FAQ again and it seems that actually the counter is not affected whether you fund on Day 1 or not. Only the bonus interest for the following month is affected.

So my advice for those trying to open the account but don't want to or cannot fund it on Day 1 (because you want to FAST - safe and secure) would be to open the account in the last two weeks of the month. Wait for the account number to be generated, then FAST in on the last working day of the month. That way, you get no bonus interest for the next month, but your counter will begin at 0. and you maximise your interest earned from the other bank which your money came from.

peace.

source: https://www.citibank.com.sg/gcb/deposits/mxgn-savacc.htm [see FAQ]
 

dreant

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Most people are kiasu, and so they want the best bang for their buck. Ultimately, if your account value is $0 on the day of account opening, your counter does not tick up at the end of the month; which is perhaps what people are most concerned about. Losing that 1 counter, or 0.1% interest as a result.

The calculation that the maximum interest at stake is only $1.20 or $12 is flawed, because bonus interest is not subject to any cap; only base interest. Hence, if I am able to fund my account with $100million, the interest at stake is $8.3k. Ultimately, it's about 0.1% interest; even if I pushed the funds in 5 months after opening, 1 counter late means that interest is lost.

Those who are concerned about FAST'ing their money in ASAP are also misguided. Simply deposit $1 when the account is opened, and your counter will tick up at the end of the month.

That said, bonus interest is 0.1% p.a per counter; that means, if you opened your account with 100m on the 1st, $8.3k of interest is at stake; but if you opened the account on the 15th, only $4.15k of interest is due, since it's just there for half a month.

Ultimately, once the account is opened, the best time to fund it is the first of the month; but, sometimes (and it's happened to me), I FAST in on the first, the money shows up, but a few days later, the transaction was timestamped on the 2nd (even though the first was a weekday). Since then, I've made it a point to top up the account at the end of the month instead.

Finally, never keep this account at $0. Even with $1, the counter ticks up. Combined with (a) having multiple accounts, and (b) Citi uses a TRB system, instead of a 'per account' minimum balance, it's not difficult to figure out how to setup this account, with the ability to keep 12 counters on your balance, even with the ability to withdraw... how often you can withdraw 'without penalty' however depends on how many people you trust enough with all your money...
 
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oceanicmanta

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If not funded on Day 1 but funded on Day 2, the Counter will still increase.

The Counter remains ZERO only if account balance is $0 throughout the first month.

The "lost interest" is in the 2nd Month, where the Bonus Interest depends on LOWEST BALANCE in Month 1 (which is zero if unfunded on Day 1).
 

Sinkie

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Please read through this thread before asking? I think it has been explained over and over again.

Many new birds here are just taking the recommendation on the surface without really knowing what they are doing.

If many here say fund on account opening day, they will do it, if here also say withdraw interest on the last day or add fund on the first day of each month, they will just follow, but why last day why first day, I think nobody know
 

af7680

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Thank you . Its helpful


The calculation that the maximum interest at stake is only $1.20 or $12 is flawed, because bonus interest is not subject to any cap; only base interest. Hence, if I am able to fund my account with $100million, the interest at stake is $8.3k. Ultimately, it's about 0.1% interest; even if I pushed the funds in 5 months after opening, 1 counter late means that interest is lost.

Those who are concerned about FAST'ing their money in ASAP are also misguided. Simply deposit $1 when the account is opened, and your counter will tick up at the end of the month.

That said, bonus interest is 0.1% p.a per counter; that means, if you opened your account with 100m on the 1st, $8.3k of interest is at stake; but if you opened the account on the 15th, only $4.15k of interest is due, since it's just there for half a month.

Ultimately, once the account is opened, the best time to fund it is the first of the month; but, sometimes (and it's happened to me), I FAST in on the first, the money shows up, but a few days later, the transaction was timestamped on the 2nd (even though the first was a weekday). Since then, I've made it a point to top up the account at the end of the month instead.

Finally, never keep this account at $0. Even with $1, the counter ticks up. Combined with (a) having multiple accounts, and (b) Citi uses a TRB system, instead of a 'per account' minimum balance, it's not difficult to figure out how to setup this account, with the ability to keep 12 counters on your balance, even with the ability to withdraw... how often you can withdraw 'without penalty' however depends on how many people you trust enough with all your money...
 

JustDoLor

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So Simple or not.....
For act < $150k:

Put in on the 1st, the new fund earn base rate the next month, no bonus rate.

Put end of the mth, the new fund earn base rate + bonus rate at the following mth after next.

If your other fund is sitting somewhere earning < base rate,
put in $$ asap.

If you other fund is sitting somewhere earning > base rate, but < (base rate + bonus rate),
put in near end of mth.
 
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assiak71

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So many pages. First post not updated. Any summary or highlights of this account?

Have not read yet. But can i open acc with $1, then at the end of 12th month then transfer in the rest? Is there a cap for base and bonus interest?

Ok just saw need to have min 10k. So any cap?
 
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mdax23

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So many pages. First post not updated. Any summary or highlights of this account?

Have not read yet. But can i open acc with $1, then at the end of 12th month then transfer in the rest? Is there a cap for base and bonus interest?

Ok just saw need to have min 10k. So any cap?

Wa.. super ah u 👍
 

demoforce1

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So many pages. First post not updated. Any summary or highlights of this account?

Have not read yet. But can i open acc with $1, then at the end of 12th month then transfer in the rest? Is there a cap for base and bonus interest?

Ok just saw need to have min 10k. So any cap?

min 15k for citi acct..
 

Trazora

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So many pages. First post not updated. Any summary or highlights of this account?

Have not read yet. But can i open acc with $1, then at the end of 12th month then transfer in the rest? Is there a cap for base and bonus interest?

Ok just saw need to have min 10k. So any cap?

suggest to read the official citibank website
 

TehBeng

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Many new birds here are just taking the recommendation on the surface without really knowing what they are doing.

If many here say fund on account opening day, they will do it, if here also say withdraw interest on the last day or add fund on the first day of each month, they will just follow, but why last day why first day, I think nobody know

I think the interest for the 1st day deposit / last day withdraw is negligible. But then again, that's being me, just looking for an account to park funds which I can have access at any time.
 
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