Citibank Maxigain Savings Account

Localborn

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How do you guys withdraw your interest without incurring a drop of the counter?

My problem is interest is credited on the last day of the month, ie today but interest as of now - 10.17pm - still not credited yet. How to know how much to withdraw? Or you just do an aggaration?
 

oceanicmanta

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How do you guys withdraw your interest without incurring a drop of the counter?

My problem is interest is credited on the last day of the month, ie today but interest as of now - 10.17pm - still not credited yet. How to know how much to withdraw? Or you just do an aggaration?

withdraw the interest tomorrow
 

Localborn

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withdraw the interest tomorrow


Won't that cause a drop in the counter?

My understanding is that each time an account reflects a lower balance at the end of the day compared to the start of the day, the counter drops to Level 0 or 6.

Or did I get it wrong?
 

Trazora

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Won't that cause a drop in the counter?

My understanding is that each time an account reflects a lower balance at the end of the day compared to the start of the day, the counter drops to Level 0 or 6.

Or did I get it wrong?

Wrong. Counter drop only if lowest end-of-day balance in the month is lower than that of the previous month.

Can withdraw interest anytime after it is credited but before the next interest is credited.
 

Localborn

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Wrong. Counter drop only if lowest end-of-day balance in the month is lower than that of the previous month.

Can withdraw interest anytime after it is credited but before the next interest is credited.
Got it. Thanks!
 

compro_1975

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anyone tried this before? to pump and dump?

start
1 Jan - 80,000.00
5 Jan - 140,000.00
31 Jan - 80,000.01

1 Feb - 80,000.02
4 Feb - 140,000.00
28 Feb - 80,000.02


This way works just need to remember the dates correctly right?
 

Linguist

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anyone tried this before? to pump and dump?

start
1 Jan - 80,000.00
5 Jan - 140,000.00
31 Jan - 80,000.01

1 Feb - 80,000.02
4 Feb - 140,000.00
28 Feb - 80,000.02


This way works just need to remember the dates correctly right?

No need so complicated.

Start
1 Jan (weekday) - 80,000
5 Jan (weekday) - 140,000

28 Feb (weekday) - 80,000 (make sure you transfer out the money before 7pm, and make sure the day is not on a weekend, or public holiday, or eve of public holiday*),

So in Jan, your lowest balance of the month is 80,000.
in Feb, your lowest balance of the month is 80,000 too.

*Eve of certain major holidays bank works half day. So your transfer might not be effected if you did it very late at night/evening.

--------------------------
What you will get
Jan, (1-4 Jan) 80k : int @70% of SIBOR
(5-31 Jan) 140k : int @70% of SIBOR
(bonus int) @ 80k to be paid in March (bonus interest always delay by 1 month).

Feb, (1-27 Feb) 140k : int @70% of SIBOR
(28 Feb) 80k : int @70% of SIBOR
(bonus int) @ 80k to be paid in April (bonus interest always delay by 1 month).
 

Trazora

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anyone tried this before? to pump and dump?

start
1 Jan - 80,000.00
5 Jan - 140,000.00
31 Jan - 80,000.01

1 Feb - 80,000.02
4 Feb - 140,000.00
28 Feb - 80,000.02


This way works just need to remember the dates correctly right?

No bonus interest for the $60k. Quite pointless to do so
 

Trazora

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Base interest around 1.2+%.

Better than CIMB.

Lol. Dun think he pump and dump just for 1.2% on the days that 60k is in the account. Can easily earn more than 1.2% on say dbs multiplier/maybank saveup/boc smartsaver.
 

Squaredot

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No need so complicated.

Start
1 Jan (weekday) - 80,000
5 Jan (weekday) - 140,000

28 Feb (weekday) - 80,000 (make sure you transfer out the money before 7pm, and make sure the day is not on a weekend, or public holiday, or eve of public holiday*),

So in Jan, your lowest balance of the month is 80,000.
in Feb, your lowest balance of the month is 80,000 too.

*Eve of certain major holidays bank works half day. So your transfer might not be effected if you did it very late at night/evening.

--------------------------
What you will get
Jan, (1-4 Jan) 80k : int @70% of SIBOR
(5-31 Jan) 140k : int @70% of SIBOR
(bonus int) @ 80k to be paid in March (bonus interest always delay by 1 month).

Feb, (1-27 Feb) 140k : int @70% of SIBOR
(28 Feb) 80k : int @70% of SIBOR
(bonus int) @ 80k to be paid in April (bonus interest always delay by 1 month).

what is the purpose of doing this in out in out thingy?:s11:
 
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