Citibank Maxigain Savings Account

jeremysv

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... your calculations are still incorrect; as you've failed to take into consideration the base interest for Oct (which will show up in the Nov balance)

(Your Nov balance should be 15,0010.19 and not 15,000)

I've already done the calculation in my edited post above. If you deposit 15k on 1 Oct 2018; with your assumptions above, 1 year later, on 1 Oct 2019, you'll have 15,203.75.

My bad, i thought bonus and base interest will start in tandem. And zero bonus in the faq example month 1 was due to sibor of less than 1%

Amended simplified calculations with the following assumptions
1) Account opened with 15K deposit on 1 Oct 2018
2) Sibor rate for the 12 mths is constant at 1.0% thus base interest is at 0.8%
noh3xu.jpg
 
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dreant

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My bad, i thought bonus and base will start in tandem:

a) :s22: Your bonus interest calculations are still incorrect. Bonus interest is based on counter * lowest balance of previous month; based on the number of days of that month. (you're using number of days in current month).
b) Most banks rounddown, rather than round.
c) Your final value ('After 12 months') is actually 13 months instead of 12. You should use the amount in the Oct 2019 column, instead of the Nov 2019 column.
 
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jeremysv

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Rather, the above calculation gives you the expected returns in the initial 12 months. What would be more meaningful is if you compared that, vs the next 12 months (where you already have 12 counters).

If you already have 12 counters, and the rest of your assumptions are as posted, you'd have $15,287.32 instead (effectively, 1.915%)

a) :s22: Your bonus interest calculations are still incorrect. Bonus interest is based on counter * lowest balance of previous month; based on the number of days of that month. (you're using number of days in current month).
b) Most banks rounddown, rather than round.
c) Your final value ('After 12 months') is actually 13 months instead of 12. You should use the amount in the Oct 2019 column, instead of the Nov 2019 column.

Ok just trying it out...might have misunderstood how the next 12 months with full 12 counters works....does it mean its 1.2% in the following 12 months? The amount in Nov 2019 column is because 1.2% interest on the bonus don't seem to have been computed if i stop at Oct 2019 column but i guess its close enough for me...

*first time use rounddown to 2 digits in excel too...lol

2ege1bb.jpg
 
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dreant

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Ok just trying it out...might have misunderstood how the next 12 months with full 12 counters works....does it mean its 1.2% in the following 12 months? *first time use rounddown to 2 digits in excel too...lol

*Sigh* This isn't rocket science... and there are 31 days in October.


Date, Days, Balance, Base, Counter, Bonus
1-Oct-18, 31 15,000.00, 10.19, 00, 00.00
1-Nov-18, 30 15,010.19, 09.86, 01, 01.27
1-Dec-18, 31 15,021.32, 10.20, 02, 02.46
1-Jan-19, 31 15,033.98, 10.21, 03, 03.82
1-Feb-19, 28 15,048.01, 09.23, 04, 05.10
1-Mar-19, 31 15,062.34, 10.23, 05, 05.77
1-Apr-19, 30 15,078.34, 09.91, 06, 07.67
1-May-19, 31 15,095.92, 10.25, 07, 08.67
1-Jun-19, 30 15,114.84, 09.93, 08, 10.25
1-Jul-19, 31 15,135.02, 10.28, 09, 11.18
1-Aug-19, 31 15,156.48, 10.29, 10, 12.85
1-Sep-19, 30 15,179.62, 09.98, 11, 14.15
1-Oct-19, 31 15,203.75 (effectively 1.358%)

Date, Days, Balance, Base, Counter, Bonus
1-Oct-18, 31, 15,000.00, 10.19, 12, 00.00
1-Nov-18, 30, 15,010.19, 09.86, 12, 15.28
1-Dec-18, 31, 15,035.33, 10.21, 12, 14.80
1-Jan-19, 31, 15,060.34, 10.23, 12, 15.32
1-Feb-19, 28, 15,085.89, 09.25, 12, 15.34
1-Mar-19, 31, 15,110.48, 10.26, 12, 13.88
1-Apr-19, 30, 15,134.62, 09.95, 12, 15.40
1-May-19, 31, 15,159.97, 10.30, 12, 14.92
1-Jun-19, 30, 15,185.19, 09.98, 12, 15.45
1-Jul-19, 31, 15,210.62, 10.33, 12, 14.97
1-Aug-19, 31, 15,235.92, 10.35, 12, 15.50
1-Sep-19, 30, 15,261.77, 10.03, 12, 15.52
1-Oct-19, 31, 15,287.32 (effectively 1.915%)
 

wira

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any special privileges for Citi Priority ? is there lower trading fees commision or no min charge or something /
 

InvincibleTofu

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Can I ask why they want to discourage people from setting up MaxiGain accounts then?

I really have no reason to lie.
 

foxer77

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meet their quota of head count & the soaring interest rate hike maybe ?

When bank meet the fund need normal will stop giving out good interest rate.
 

InvincibleTofu

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meet their quota of head count & the soaring interest rate hike maybe ?

When bank meet the fund need normal will stop giving out good interest rate.
That's quite terrible. Maybe I should record the conversation next time so that others will stop making accusations of me lying.
 

Flex11

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That's quite terrible. Maybe I should record the conversation next time so that others will stop making accusations of me lying.

Chill..

I'm sure you are not lying, like many others before you. Just that the infos given by the staffs are often misleading and such rumours have been around for a long long time.. So the veterans here will attempt to crush such rumours unless the official report / memo is out in black and white.
 

heng_ah

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That's quite terrible. Maybe I should record the conversation next time so that others will stop making accusations of me lying.

Bro, I believe you are NOT lying.
But remember the image below before spreading news that can NOT be confirmed... .

05134e337e6645851845d425b6aa28cac129a0-wm.jpg
 

kehyi4

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Bro, I believe you are NOT lying.
But remember the image below before spreading news that can NOT be confirmed... .
aiyoh, go easy on him/her lah, he/she doesn't know that the Citi-rumour cannot be trusted
 

havetheveryfun

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Can I ask why they want to discourage people from setting up MaxiGain accounts then?

I really have no reason to lie.

hi, basically most of the bankers are just lazy ass shitters or that the company impose a very high quota on other types of sales for them so they can't be bothered to waste their time opening accounts when their time can be better spent doing something else. they are not discouraging ppl from opening maxigain, they just want to siam opening accounts if they are able to.

i went to 2-3 branches before managing to open one account with $0 balance. i shared my experience here : https://forums.hardwarezone.com.sg/116959300-post3767.html

after my experience i understood why some of the bankers/staff are like that. its just the nature of the bank for some reason. it took me close to 45 mins to open one account having to fill in a lot of details(still ask about employment details, company name, annual income, etc etc) for the banker/form when i only need 15 mins or less opening a savings account in another bank (other banks - ic/address/set up ibanking acc- thats it). as someone mentioned before to me, if they 45 mins to open an account which doesn't contribute to quota, what if someone else walks in during that 45 mins and want to sign up a credit card account or other type of banking products that contribute to their quota? thats the problem
 

InvincibleTofu

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hi, basically most of the bankers are just lazy ass shitters or that the company impose a very high quota on other types of sales for them so they can't be bothered to waste their time opening accounts when their time can be better spent doing something else. they are not discouraging ppl from opening maxigain, they just want to siam opening accounts if they are able to.

i went to 2-3 branches before managing to open one account with $0 balance. i shared my experience here : https://forums.hardwarezone.com.sg/116959300-post3767.html

after my experience i understood why some of the bankers/staff are like that. its just the nature of the bank for some reason. it took me close to 45 mins to open one account having to fill in a lot of details(still ask about employment details, company name, annual income, etc etc) for the banker/form when i only need 15 mins or less opening a savings account in another bank (other banks - ic/address/set up ibanking acc- thats it). as someone mentioned before to me, if they 45 mins to open an account which doesn't contribute to quota, what if someone else walks in during that 45 mins and want to sign up a credit card account or other type of banking products that contribute to their quota? thats the problem
I see. Thanks for that explanation.
 

TehBeng

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Can someone who opened maxigain account recently recommend me a Citibank officer who opened the account for you and does not tell some bs about upcoming changes etc. i'm so fed up with some guys at the branches i went to who keep telling about those rumor things and asked me to deposit 70k instead of 15k which does not sound right to me. Any recommendation of a good one is appreciated. Thanks!

Just tell them you intend to fund the minimum sum within 2 months. Then you fund the account by either fast-ing in $15k or bring a cashier order.

They are trying to deter more people from opening the accounts, I think.

All else fails, just go to MacDonald's house?
 

demoforce1

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hi, basically most of the bankers are just lazy ass shitters or that the company impose a very high quota on other types of sales for them so they can't be bothered to waste their time opening accounts when their time can be better spent doing something else. they are not discouraging ppl from opening maxigain, they just want to siam opening accounts if they are able to.

i went to 2-3 branches before managing to open one account with $0 balance. i shared my experience here : https://forums.hardwarezone.com.sg/116959300-post3767.html

after my experience i understood why some of the bankers/staff are like that. its just the nature of the bank for some reason. it took me close to 45 mins to open one account having to fill in a lot of details(still ask about employment details, company name, annual income, etc etc) for the banker/form when i only need 15 mins or less opening a savings account in another bank (other banks - ic/address/set up ibanking acc- thats it). as someone mentioned before to me, if they 45 mins to open an account which doesn't contribute to quota, what if someone else walks in during that 45 mins and want to sign up a credit card account or other type of banking products that contribute to their quota? thats the problem

actually, I am thinking if they are really Citi employee, probably just contractor that needs to meet their quota, their attitude will make Citi brand bad!
 
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