Citibank Maxigain Savings Account

Clone_

Senior Member
Joined
Oct 6, 2008
Messages
901
Reaction score
0
I think the branch stuff is trying to "take precautions".

Correct me if I'm wrong, I believe theres a early account closure fee $50 (closed in less than 6 mths). Thus they need to inform customer first beforehand so if TnC change you cannot go back and cancel the account. This means that your 15k is trapped inside for 6 months with lesser interest

https://www.citibank.com.sg/gcb/landing_page/deposits/pdf/MaxiGainTnC.pdf

12. The Bank is entitled, at any time and from time to time, in its reasonable discretion with reasonable notice, to amend, vary or modify any terms and conditions pertaining to the MaxiGain account with effect from such date as the Bank may determine.
:(
 

harky

Great Supremacy Member
Deluxe Member
Joined
Jan 20, 2002
Messages
57,618
Reaction score
2,312
If is the interest is still better than other than is OK to put there.. Unless you find a better one.
 

FuzzyLop

Senior Member
Joined
Jan 22, 2007
Messages
668
Reaction score
13
1OyCT1I.jpg


Has anyone tried topping up on the 1st of the month? Did you get the bonus interest at the end of next month?
 

S1mpleGuy

Master Member
Joined
Jan 11, 2015
Messages
3,634
Reaction score
11
actually still good la.. even with 0.7 and assuming sibor 1.6 and max counters still 2.32%. i doubt can find any better replacement excluding those with alot conditions attached such as saveup etc
 

vsvs24

Arch-Supremacy Member
Joined
Feb 3, 2018
Messages
10,032
Reaction score
2,767
actually still good la.. even with 0.7 and assuming sibor 1.6 and max counters still 2.32%. i doubt can find any better replacement excluding those with alot conditions attached such as saveup etc

Only if at counter 12 or close to it. No point opening new Maxigain. I have a single at counter 11 in Jan. Will keep it. Have a joint at counter 4 in Jan. Will probably close that.
 

havetheveryfun

High Supremacy Member
Joined
Jul 16, 2010
Messages
26,294
Reaction score
3,421
Hmm i guess this came true...

For those that just opened the account less than 6 months i think its not worth to continue anymore...

I suggest to call in and ask if its possible to cancel the account without penalty because of the change in TnCs.

still worth. why not worth. unless u are very confident other options like fixed deposits will reach more than 2.3% in 12 months time

and if fixed deposits manage to reach 2.3% ... it would also highly likely means the SIBOR rate would also have increased.. so....

only not worth if u dont have at least 70k to put in.
 

vsvs24

Arch-Supremacy Member
Joined
Feb 3, 2018
Messages
10,032
Reaction score
2,767
:look: Need to seek the advice of experts. Given the coming change wef 2 Jan, if I have enough to top up immediately to 70k, should I do it today, 31 Dec or 2 Jan ?

Dec is counter 10. My funds in Maybank earning 1.9% if I don't move immediately.
 
Last edited:

sgdividends

Senior Member
Joined
Oct 11, 2008
Messages
2,372
Reaction score
12
:look: Need to seek the advice of experts. Given the coming change wef 2 Jan, if I have enough to top up immediately to 70k, should I do it today, 31 Dec or 2 Jan ?

Dec is counter 10. My funds in Maybank earning 1.9% if I don't move immediately.

End of month top up is always the best
 

xXxJavierxXx

Senior Member
Joined
Aug 23, 2004
Messages
1,227
Reaction score
16
I'm at counter 2 with only 15k in the account. Does that means i can continue to keep the 15k in the account to earn the counters with no base interest?
 

Globe

Arch-Supremacy Member
Joined
Aug 13, 2001
Messages
10,950
Reaction score
978
i have bout $52k in the account now, at max counter... so come Jan 2019 and i dun maintain $70k , it will drop to 0.8% instead of 2% ?
 

eD1s0n

Member
Joined
Apr 14, 2008
Messages
326
Reaction score
0
i have bout $52k in the account now, at max counter... so come Jan 2019 and i dun maintain $70k , it will drop to 0.8% instead of 2% ?

for max counters you should be getting 1.2%
70k is to qualify for the base interest of 70% of SIBOR
 

JustDoLor

Senior Member
Joined
Dec 6, 2016
Messages
1,478
Reaction score
51
I think the main issue is whether the bonus is paid or not on the following month. Based on the stated condition:

“The lowest balance of that month will be the lowest amount of funds in your MaxiGain account at any point in time in the month”

For example on 1-Dec at 0 Hr, my balance is $50k. Then on 1-Dec at 0:0:01 hr I deposited new fund of $50k. And I am not withdrawing any $$ this Dec. What will be my lowest balance in Dec, $50k or $100k?

Strictly speaking, it should be $50k as it stated “any point in time”. I don’t have an official answer to my own question, maybe this has been answered or asked before, anyone has any knowledge or experience, please share. Thanks.

How so? Mind explaining?
 
Last edited:

tmkedmw

Arch-Supremacy Member
Joined
Feb 16, 2013
Messages
21,349
Reaction score
10,997
Your daily balance can fluctuate throughout the day, but it is end of day balance that is used for computation. End of day (the exact hour:mins) will depend on the bank's cut off time for the day, which is typically late night hours.
 
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