Citibank Maxigain Savings Account

[Globe]

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.

thanks for advice adn congrats ...

 

[Perisher]

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.

True... if it goes below 2%, might switch out the funds, max out DBS/UOB one and SSB instead.

 

[bladez87]

If withdraw at counter 7, the counter will drop to 6 right? Then if nothing is inside the account, will it drop to 0 on the 3rd month?

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[oceanicmanta]

If withdraw at counter 7, the counter will drop to 6 right? Then if nothing is inside the account, will it drop to 0 on the 3rd month?

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withdraw at Counter 6 (no need 7) ... in the month that statement shows 6, can withdraw in the same month ... Counter will remain at 6

dont leave ZERO balance, bcos counter dont clock & 2 consecutive months at ZERO will reset the counter

 

[Smokey.B]

if I fund $50k on 31st Dec which is new year's eve monday

my ADB for jan will contain this full amount i presume?

i recall citi value date not so fast on weekend etc

 

[oceanicmanta]

if I fund $50k on 31st Dec which is new year's eve monday

my ADB for jan will contain this full amount i presume?

i recall citi value date not so fast on weekend etc

do u mean ADB for Dec instead ?

if u FAST on 31 Dec (Mon), it shld be value on same day.

 

[Smokey.B]

do u mean ADB for Dec instead ?

if u FAST on 31 Dec (Mon), it shld be value on same day.

thanks!

think i used the wrong term,

i just wanted my jan lowest balance to reflect the new $50k, but was afraid citi will value my transfer done on the eve of holiday on the next working day

 

[compro_1975]

thanks!

think i used the wrong term,

i just wanted my jan lowest balance to reflect the new $50k, but was afraid citi will value my transfer done on the eve of holiday on the next working day

Reason so being? Anw fast is immediate, if you are worried do at 12pm, money sure cross one...

 

[RangerSnake]

Hi, with the revised terms, if I leave $500 in the maxigain account, will the bonus interest counter clock?

 

[bladez87]

withdraw at Counter 6 (no need 7) ... in the month that statement shows 6, can withdraw in the same month ... Counter will remain at 6

dont leave ZERO balance, bcos counter dont clock & 2 consecutive months at ZERO will reset the counter

so in order to Maintain counter 6. Just keep donating $1 as fall below fee...

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[eD1s0n]

Anybody close their maxigain account liao? Must go down to the bank?

 

[luvpraline]

so in order to Maintain counter 6. Just keep donating $1 as fall below fee...

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by this token, $0.01 works too right?

 

[vogriphach]

Wrote a short summary about the upcoming Maxigain revisions here and the implications. Hope I covered the main points.

https://iwandered.net/citi-maxigain-savings-revision-2019/

 

[havetheveryfun]

Wrote a short summary about the upcoming Maxigain revisions here and the implications. Hope I covered the main points.

https://iwandered.net/citi-maxigain-savings-revision-2019/

u dont need to park 70k to accumulate the counters. can do it for less.

 

[K_E_N_L_A_W]

u dont need to park 70k to accumulate the counters. can do it for less.

It's a new t&c that will take effect in 2019.

Important Announcement
With effect from 2 January 2019, please note that the following changes will be made to your Citi MaxiGain Savings Account.
A base interest rate equivalent to 70% of the 1-month Singapore Interbank Offer Rate will be paid on the first S$150,000 of your MaxiGain account
A daily end of day balance of at least S$70,000 must be maintained to earn base interest
Bonus interest rate will be paid on the first S$150,000 of your MaxiGain account
Please click for the revised Terms and Conditions and FAQ.

 

[willdan]

Have to go to the main bank to close account right? Those citi under the mrt say cannot close.

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[toaddd]

Regarding the new changes.. Is this a good account to save up if I have 70000 and don’t need to withdraw? Compared to SSB? Thanks!

 

[oceanicmanta]

Regarding the new changes.. Is this a good account to save up if I have 70000 and don’t need to withdraw? Compared to SSB? Thanks!

under the new terms & assuming sibor remains at 1.63%, very roughly the interest rates are :

1st year 1.691%
2nd year 2.341%
3rd year 2.341%

Average over 2 years would be 2.016% pa
Average over 3 years would be 2.124% pa

 

[Trazora]

Wrote a short summary about the upcoming Maxigain revisions here and the implications. Hope I covered the main points.

https://iwandered.net/citi-maxigain-savings-revision-2019/

Thought the $150k cap has always been there?

 

[a4973]

For those that have more than 150k will really lose out as the amount in excess of 150k gets 0.05% & if withdraw to come down to 150k will lose counters.

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