Citibank Maxigain Savings Account

[JuniorLion]

End of month top up is always the best

Always is wrong.

End-of-month top-up is for the purpose of 'optimizing' your bonus interest.

Your base interest accrues daily, so if you top up on 1st of the month, you will get 30 days of base interest.

 

[nana91]

I am currently on counter 4 with $15k. Have $75k with UOB one (2.43%) so I do not think it is worth-it to top up CitiMaxi to $70k now. But I still see some value in this account if I reach counter 12 (assuming they dont change their terms next year again)

To maximise my interest of the $15k, I was thinking of just leaving $100 in the account when I reach counter 7 (will reset to counter 6 for that month), and then move the $15k to my DBS multiplier account which I can earn 2% ($25 interest/month) which is still higher than the account service fee of $15.

By the time i reach counter 12, i should have enough funds to top up till 70k.

Does my plan makes sense? Would appreciate any advice. Thanks!

 

[compro_1975]

Always is wrong.

End-of-month top-up is for the purpose of 'optimizing' your bonus interest.

Your base interest accrues daily, so if you top up on 1st of the month, you will get 30 days of base interest.

Hanor i also get 30days of base too

 

[mikezuper]

I am currently on counter 4 with $15k. Have $75k with UOB one (2.43%) so I do not think it is worth-it to top up CitiMaxi to $70k now. But I still see some value in this account if I reach counter 12 (assuming they dont change their terms next year again)

To maximise my interest of the $15k, I was thinking of just leaving $100 in the account when I reach counter 7 (will reset to counter 6 for that month), and then move the $15k to my DBS multiplier account which I can earn 2% ($25 interest/month) which is still higher than the account service fee of $15.

By the time i reach counter 12, i should have enough funds to top up till 70k.

Does my plan makes sense? Would appreciate any advice. Thanks!

Then on counter 7 you will be hit by fall below charge fee?

 

[kelvinloh]

If I understand correctly, the based and bonus interest earned can be withdraw any day of the month, before the last day of the month, will NOT affect the lowest balance of the month, which will result the counter to be reset? = Is this correct understanding?

 

[Trazora]

If I understand correctly, the based and bonus interest earned can be withdraw any day of the month, before the last day of the month, will NOT affect the lowest balance of the month, which will result the counter to be reset? = Is this correct understanding?

Can only withdraw after credited to the account

 

[kelvinloh]

Can only withdraw after credited to the account

Ok, thanks. What if there was a top up (e.g. $10) to the account for the current month and withdraw $10 at any day of the month. As long as my current month lowest balance is equal or greater than the previous month lowest, this will NOT reset the counter too. = Is the understanding correct. Thank you .

 

[harky]

not too bad tooo if there is not other bank got this amount 70K below.. or 15K.

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

 

[Trazora]

Ok, thanks. What if there was a top up (e.g. $10) to the account for the current month and withdraw $10 at any day of the month. As long as my current month lowest balance is equal or greater than the previous month lowest, this will NOT reset the counter too. = Is the understanding correct. Thank you .

Yes so long current month lowest balance is equal or greater than that of previous month. Ie spend/withdraw after top up/credited and do not spend/withdraw more than what was top up/credited

 

[bbbbbw]

So the minimum amount to open is still 15k?
70k to earn base interest
Anything lower earns bonus interest only

 

[compro_1975]

Ya..........

 

[demoforce1]

If I understand correctly, the based and bonus interest earned can be withdraw any day of the month, before the last day of the month, will NOT affect the lowest balance of the month, which will result the counter to be reset? = Is this correct understanding?

My understanding, it is not the last day of the month, but lowest daily within the month

 

[kyiori]

in order to earn sibor base interest + bonus interest 1.2% assuming with max counter, customers need at least 70k in maxigain account now?

 

[Globe]

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

yes yes, i already max counter at 1.2% already ....

so in effect i am losing the 0.8% base interest if i don't have 70k by 2 Jan .....

even though 1.2% is still good .... but for that 0.2% i can't "touch" the 50k there ....

might as well put in CIMB for that 1% fuss free and I can freely move the money would worrying for the counter drop

 

[Perisher]

yes yes, i already max counter at 1.2% already ....

so in effect i am losing the 0.8% base interest if i don't have 70k by 2 Jan .....

even though 1.2% is still good .... but for that 0.2% i can't "touch" the 50k there ....

might as well put in CIMB for that 1% fuss free and I can freely move the money would worrying for the counter drop

Might as well put SSB, can freely move every month... prorated interest and near 2% first year.

 

[Globe]

Might as well put SSB, can freely move every month... prorated interest and near 2% first year.

i already got $45k in SSB .... eh, they up to $100k per person liao ah

well , in terms of speed .... having it in CIMB is still faster then redeeming SSB

time to move on i guess .... too much effort for the 1.2%

 

[havetheveryfun]

i already got $45k in SSB .... eh, they up to $100k per person liao ah

well , in terms of speed .... having it in CIMB is still faster then redeeming SSB

time to move on i guess .... too much effort for the 1.2%

seems like u are able to meet the 70k requirement. if so u should consider again if u are able to not touch that 70k for a long time.

 

[Globe]

seems like u are able to meet the 70k requirement. if so u should consider again if u are able to not touch that 70k for a long time.

haven really took a deep look at it yet, but not so sure if i want to take out $20k from ssb to top up into the maxi.

but, i would need cash lying around ... baby coming soon.

The thing with citi is that the max counter will drop if i take out money to use ... takes a damn long time to rebuilt after that.

end of the day, i might just take out half of what is in citibank to buy another trench of SSB .... maybe ....

 

[vsvs24]

haven really took a deep look at it yet, but not so sure if i want to take out $20k from ssb to top up into the maxi.

but, i would need cash lying around ... baby coming soon.

The thing with citi is that the max counter will drop if i take out money to use ... takes a damn long time to rebuilt after that.

end of the day, i might just take out half of what is in citibank to buy another trench of SSB .... maybe ....

Wait till later today to see next mth's SSB. Should be better than this mth. Then nearer last 2 days of application close check the estimate for next next SSB. Based on the rate decide whether to top up maxigain or go for SSB.

Citigain is no good for those who need to withdraw. Having a baby cost a bomb. BTW, congrats.

 

[maple96]

this is a variation of a structured deposit, undelying is sibor, the peg (%) is controlled by the bank and not fixed forever, so if u dun have the cash and holding power (fixed deposit equivalent), u cannot win. U lose at the beginning, hoping to win over long period, especially if sibor moves up. then when u win, the bank tries to win back by changing the peg and other terms.