Citibank Maxigain Savings Account

[Panerex]

Come to think of it, the effective interest rate after 1 year, will it be better than just directly pump into a FD at 1.84%?

 

[Tay Wen Hao]

Depends on your situation. If you are already on counter 12, the interest you'll be getting is 2.4+ which means its definitely better then FD at 1.84. Somemore theres is no lock in period for this as compared to FD

Come to think of it, the effective interest rate after 1 year, will it be better than just directly pump into a FD at 1.84%?

 

[Tay Wen Hao]

It seems that theres no mail or updates about the min 70k rumour alr? Its alr half way thru the month so most likely it wont be changed for Nov since they need to inform us in advance?

 

[JuniorLion]

It seems that theres no mail or updates about the min 70k rumour alr? Its alr half way thru the month so most likely it wont be changed for Nov since they need to inform us in advance?

This is a rumour. Started by some people at the branches, and effectively propagated by some forummers.

 

[Tay Wen Hao]

Hahas I hope it will never come true. Just let this "rumor" keep pushing back infinitely. Enjoying my 2.4% every month...

This is a rumour. Started by some people at the branches, and effectively propagated by some forummers.

 

[Tay Wen Hao]

Some extra perks from Citibank. Just make sure you "topup" your bank account first before spending to maintain the minimum balance.

 

[Panerex]

for new accounts and top-ups, open & fund towards month end better than 1st day

Thanks for advice

 

[htngwilliam]

if I deposit my $ on 18 Oct, when will I get my first interest? Is it 17 Nov? Or they only compute at month end?

 

[Tay Wen Hao]

Month end 30th oct

if I deposit my $ on 18 Oct, when will I get my first interest? Is it 17 Nov? Or they only compute at month end?

 

[vsvs24]

Some extra perks from Citibank. Just make sure you "topup" your bank account first before spending to maintain the minimum balance.

TnC says only targeted cardholders are eligible for this promo. So if no sms receive, I suppose I am not eligible.

 

[Tay Wen Hao]

Oh i didnt notice in the tnc. Sorry for the false alarm

TnC says only targeted cardholders are eligible for this promo. So if no sms receive, I suppose I am not eligible.

 

[jackieatbtu]

I just did that. I spent on Sunday and forgot to fast transfer till this morning. Now ibanking show those debit transactions as pending. Would I be losing my counters? The daily balance follow transaction date or posting date?

Some extra perks from Citibank. Just make sure you "topup" your bank account first before spending to maintain the minimum balance.

 

[Ginnylim07]

Sorry I think this question has been asked a lot of times. Please bear with me.

I just want to ask if we withdraw the interest every month, will the counter be reset?

 

[kehyi4]

Sorry I think this question has been asked a lot of times. Please bear with me.

I just want to ask if we withdraw the interest every month, will the counter be reset?

It's also been answered many times: no reset if you withdraw interest only

 

[Sauzan]

Any personal banker approach you all?
What do they usually sell and is it even worth listening?

 

[demoforce1]

Any personal banker approach you all?
What do they usually sell and is it even worth listening?

insurance, not really worthed

 

[compro_1975]

this year no top up some money and get 3 counter jump?

 

[jeremysv]

Will like to seek help from the kind souls here... i am new to this thread and am in the midst of digesting from 1st page onwards.

But it would helped greatly if someone got summarized the steps to maximise setting up maxigain account, i was reading something like put in 10K first then wait until rise above 1% then put in more from CIMB then etc... then some mention take out and reset counters etc... still trying to digest it all...

Cheers

 

[oceanicmanta]

Will like to seek help from the kind souls here... i am new to this thread and am in the midst of digesting from 1st page onwards.

But it would helped greatly if someone got summarized the steps to maximise setting up maxigain account, i was reading something like put in 10K first then wait until rise above 1% then put in more from CIMB then etc... then some mention take out and reset counters etc... still trying to digest it all...

Cheers

Read the Citi MaxiGain T&C & FAQ online.

Try to Open account in last week of the month, or whenever convenient (to minimise opportunity cost of funds)

Try to fund on same day of account opening with 15k via FAST, or whichever way convenient (to ensure Bonus Counter starts clocking at the earliest, else it will start a month later)

note: 10k is min to earn interest, but will kena fall below fee ... so 15k if u dont hv other AUM with Citi

After opening, for next 6 months ... dont do anything with the account, dont think about withdrawing anything ... by then, u shld be getting around 1.7% to 1.8% (if SIBOR remains at present level)

... then, think about whether 1.7/1.8% is attractive to pump more money in ... or wait longer

the key is to open an account to start the clock ticking

 

[jeremysv]

Read the Citi MaxiGain T&C & FAQ online.

Try to Open account in last week of the month, or whenever convenient (to minimise opportunity cost of funds)

Try to fund on same day of account opening with 15k via FAST, or whichever way convenient (to ensure Bonus Counter starts clocking at the earliest, else it will start a month later)

note: 10k is min to earn interest, but will kena fall below fee ... so 15k if u dont hv other AUM with Citi

After opening, for next 6 months ... dont do anything with the account, dont think about withdrawing anything ... by then, u shld be getting around 1.7% to 1.8% (if SIBOR remains at present level)

... then, think about whether 1.7/1.8% is attractive to pump more money in ... or wait longer

the key is to open an account to start the clock ticking

Thanks for the sharing!

Looking at the sibor chart for past 2 years: http://sibor.sg/history.html

It's an upwards trend with the only major drop during Jan 2018