Citibank Maxigain Savings Account

lovemyself123

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My Jan 2019 Interest earned is shown as 73.91 and bonus interest 15.98 when my balance is sgd 70k. Is there something wrong here? The interest does not seem to tally with 1.2% + 0.7*1month SIBOR. I should have 12 counters, the only difference is i only topped up from 15k to 70k in December 2018.
 

SKenny

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My Jan 2019 Interest earned is shown as 73.91 and bonus interest 15.98 when my balance is sgd 70k. Is there something wrong here? The interest does not seem to tally with 1.2% + 0.7*1month SIBOR. I should have 12 counters, the only difference is i only topped up from 15k to 70k in December 2018.

Looks like your topup was only effective in Jan. Hence the lowest amount in Jan was $15k and the bonus interest in based on the lowest balance of the month.
 

lovemyself123

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Looks like your topup was only effective in Jan. Hence the lowest amount in Jan was $15k and the bonus interest in based on the lowest balance of the month.

Thanks for your reply. Is that right though, on my statement the last top up that makes up 70k is on 22nd Dec 2018.. is this the experience of everyone else for Jan 2019?
 

SKenny

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Thanks for your reply. Is that right though, on my statement the last top up that makes up 70k is on 22nd Dec 2018.. is this the experience of everyone else for Jan 2019?

I just realise that your Jan bonus interest is meant for Dec balance.

Hence the lowest amount in Dec for you is $15k. You should get the full bonus interest next month.
 

hypertrophy

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My Jan 2019 Interest earned is shown as 73.91 and bonus interest 15.98 when my balance is sgd 70k. Is there something wrong here? The interest does not seem to tally with 1.2% + 0.7*1month SIBOR. I should have 12 counters, the only difference is i only topped up from 15k to 70k in December 2018.

I also thought smth was wrong with my calculation till I read the faq.

Bonus interest is computed based on the preceding month's lowest balance and number of calendar days in the preceding month.

So ur $15.98 is 1.2% of yr lowest previous month balance.
 

SKenny

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For those who want to top up, you need to do it today!

The look at the day-end balance.
 

SKenny

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Hmm just contacted my banker and he said interest also cannot lei, cannot move funds within the 3 mths :s12:

Meeting him in mid Feb to sign the document.

So can we transfer the interest out after the initial 3 months?

I assumed the 3 months is from opening account?
 

DenOOO

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So can we transfer the interest out after the initial 3 months?

I assumed the 3 months is from opening account?

I don't think that can be done, as the balance will be lower than previous month and hence counter will be dropped to 6.

3 months is from the cny topup promo enrollment month.

however, another guy's banker said can withdraw interest monthly and doesn't affect the topup promo.

Do correct me if i am wrong.:s12:
 

Newmaxi

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Oh Citibank removes the paper statement and we need to opt in. Any idea how to see the counters now ? Seems unable to find it even if I use website to log in.
 

DenOOO

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Oh Citibank removes the paper statement and we need to opt in. Any idea how to see the counters now ? Seems unable to find it even if I use website to log in.

E-Statement can see in ibanking.:s12:

After login, right panel > download recent statements
 

ekardo

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I read the news too late and top up to 70k only in mid jan..but why I am not getting the 1.2 sibor interest??

Dec balance : $67,679.10
top up on 14Jan : $70,000.00
Feb interest : $56.53(1%) $45.32 (0.80%)
 

JuniorLion

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I read the news too late and top up to 70k only in mid jan..but why I am not getting the 1.2 sibor interest??

Dec balance : $67,679.10
top up on 14Jan : $70,000.00
Feb interest : $56.53(1%) $45.32 (0.80%)

From this website:

"You need to maintain a daily end of day balance of at least $70,000 in your MaxiGain account to earn interest. Interest at the Base Interest Rate will accrue daily, if you maintain at least S$70,000 in your MaxiGain account, based on the daily end of day balance and will be paid on the last day of the month."

A daily end-to-end balance means from 2 Jan 2019 to 31 Jan 2019, not from 14 Jan 2019 to 31 Jan 2019.

Easy to understand, I think.
 

Squaredot

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I read the news too late and top up to 70k only in mid jan..but why I am not getting the 1.2 sibor interest??

Dec balance : $67,679.10
top up on 14Jan : $70,000.00
Feb interest : $56.53(1%) $45.32 (0.80%)
How much interest is credited?
As above, $56.53 and $45.32?
 

ekardo

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From this website:

"You need to maintain a daily end of day balance of at least $70,000 in your MaxiGain account to earn interest. Interest at the Base Interest Rate will accrue daily, if you maintain at least S$70,000 in your MaxiGain account, based on the daily end of day balance and will be paid on the last day of the month."

A daily end-to-end balance means from 2 Jan 2019 to 31 Jan 2019, not from 14 Jan 2019 to 31 Jan 2019.

Easy to understand, I think.

easy to understand, but I dun understand how much interest was credited to me..
why 1% and 0.8% when my sibor interest should be 1.2%. (or was there a drop in sibor interest?

How much interest is credited?
As above, $56.53 and $45.32?

yes..that's the amount credited..works out to be 1% and 0.8% which doesnt make sense to me.
 

stamploversg

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Need to withdraw from this account, expecting a drop of counter from 12 to 6. Question: How much do I need to maintain so that I could let the counter to increase again without having my fund tied with only very little interest?
 
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