Citibank Maxigain Savings Account

Shutterfly

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I believe you can withdraw the interest the moment it is credited.

Should ask him to come here and read the right stuff. :s13:

So basically it is any day on the following month, the interest can be withdrawn without resetting the counter? I will try to ask again when I open my account at the MacDonald House Branch this week.
 

Trazora

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So basically it is any day on the following month, the interest can be withdrawn without resetting the counter? I will try to ask again when I open my account at the MacDonald House Branch this week.

Interest can be withdrawn once it is credited. You dun need to ask, you can go read the TnC yourself, counter will not reset so long the lowest end of day balance in the month is not lower than that in previous month.
 

LexusIS

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So basically it is any day on the following month, the interest can be withdrawn without resetting the counter? I will try to ask again when I open my account at the MacDonald House Branch this week.

Yeah don’t need to ask. Everyone will give you differing answers. Lol
 

compro_1975

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Thanks for the input, guys. I actually went to MRT branch last week and was told that the monthly interest gained cannot be withdrawn at all else counter will be reset. He even told me not to read the wrong stuff online. Haha.

ask him for f a spider... i withdraw monthly with increment of 0.01$ and at counter 12 now... citi really horrible
 

K_E_N_L_A_W

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ask him for f a spider... i withdraw monthly with increment of 0.01$ and at counter 12 now... citi really horrible

Withdrawing interest will still continue to gain counter till it is maxed at 12. No point keep asking the bank staff when we have confirmed.
 

Shutterfly

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ask him for f a spider... i withdraw monthly with increment of 0.01$ and at counter 12 now... citi really horrible

Yes, I even tried to tell him about the terms that I read but he insisted many people mistaken and went to withdraw the interest and ended up having the counter reset.
 

TehBeng

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TL;DR

MaxiGain is an instrument whereby you just park S$150k inside and every month just withdraw interest portion.

The rest you don't need to know.
 

Shutterfly

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Yes, for months. Some early birds here had been enjoying for almost two years I think

Wow. I am late but late is still better than never. Haha.

Btw since bank is insured to only 50k, do you guys still put up to 150k with Citibank?
 

TehBeng

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Wow. I am late but late is still better than never. Haha.

Btw since bank is insured to only 50k, do you guys still put up to 150k with Citibank?

To clarify, it's SDIC who insure up to S$50k, and it will revise upwards to S$70k from 1 April 2019 onwards.

And the risk of bank run happening here is low, that's my opinion.

Edit: Paiseh it's S$75k
 

Shutterfly

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To clarify, it's SDIC who insure up to S$50k, and it will revise upwards to S$70k from 1 April 2019 onwards.

And the risk of bank run happening here is low, that's my opinion.

Edit: Paiseh it's S$75k

Thank you for the information.
 

mangomilkshake

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Deposit $150,000
No withdrawal at all during the 12 months
SIBOR set at 1.7%
Interest $2909
From Citibank MaxiGain Interest Calculator
Effective interest rate 1.93%

How can 2.2% or more be achieved?

Thanks in advance.
 

mangomilkshake

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Don't open account in mrt branch. Heard McDonald House branch is recommended. Interest comes in on first day of the month. I withdraw on the same day.

No need to apologize, the thread is so long, impossible to read through all pages.

This is useful!

Btw, there is referral reward for those who are interested.
You (existing citibank maxigain) receive $100
Your friend joins maxigain by depositing $100,000 or more receives $300

Call to verify.
 
Last edited:

oceanicmanta

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Deposit $150,000
No withdrawal at all during the 12 months
SIBOR set at 1.7%
Interest $2909
From Citibank MaxiGain Interest Calculator
Effective interest rate 1.93%

How can 2.2% or more be achieved?

Thanks in advance.

that's for the first 12 months = 1.93% pa as shown in the website (not including top up awards, welcome gifts, referral fees if any)

... thereafter, it wld be 1.7%x70% + 1.2% = 2.39%pa
 
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