Citibank Maxigain Savings Account

wharzhee

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Hi guys. Hope someone can help.
I have 70k in this bank account since 28jan.
I was wondering, I just saw the feb interest, for the interest component
bonus interest earned: about $22, and
interest earned- about $68.

Is there something wrong with the bonus interest earned component?
(Btw, on my 11th step)
 
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mdax23

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Hi guys. Hope someone can help.
I have 70k in this bank account since 28jan.
I was wondering, I just saw the feb interest, for the interest component
bonus interest earned: about $22, and
interest earned- about $68.

Is there something wrong with the bonus interest earned component?
(Btw, on my 11th step)

How much before 28 Jan?
 

Squaredot

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Hi guys. Hope someone can help.
I have 70k in this bank account since 28jan.
I was wondering, I just saw the feb interest, for the interest component
bonus interest earned: about $22, and
interest earned- about $68.

Is there something wrong with the bonus interest earned component?
(Btw, on my 11th step)
Base interest $68ish for 70k is right.
Bonus interest (steps) is based on your lowest balance in Jan.
 

Linguist

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What is the purpose of doing this?

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

You guys need to check with the man himself. :s13:

I used to do such way cuz I don't want my savings to get locked (no other spare cash lying around) while still enjoys the higher interest (@ around 1.2% which is > than CIMB FastSaver).

Else, the lowest balance will be fixed @ 140k and if I need to withdraw money, the bonus counter will be reset back to 6. I also wished I am a millionaire like some bros here, then can parked 150k into the account and not touch for another few years.

Sadly I don't have the luck to strike ToTo. :(
 

ixora2007

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i dont calculate the interest every month, but realised that my total interest has been decreasing for the past 3 times. I'm aware of the 0.7 rate and did not do any withdrawal, is this correct?
 

Linguist

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Based on the interest I got for this month with 28 days.. I leave 150K inside with counter at 12.

The interest calculation here is complicated for the maxigain account.

You need to note that the bonus interest amount is at the account value and rate as at Jan 2019 (interest payout in 28 Feb/01 Mar 19.

Bonus interest always delay by 1 month.
The annual interest rate calculated is fixed, and the rate itself does not change whether its 31/28 calendar days.

Only when you calculate the interest itself, the amount will change (due to lesser/more days in a month).
 
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Trazora

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The interest calculation here is complicated for the maxigain account.

You need to note that the bonus interest amount is at the account value and rate as at Jan 2019 (interest payout in 28 Feb/01 Mar 19.

Bonus interest always delay by 1 month.
The annual interest rate calculated is fixed, and the rate itself does not change whether its 31/28 calendar days.

Only when you calculate the interest itself, the amount will change (due to lesser/more days in a month).

Interest rate for the base interest vary with Sibor. Bonus interest may vary depending on the step counter.
 

Linguist

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i dont calculate the interest every month, but realised that my total interest has been decreasing for the past 3 times. I'm aware of the 0.7 rate and did not do any withdrawal, is this correct?

if your account value has been fixed at a certain amount for the past 3-4 months, check see which interest amount is fluctuating a lot.

Base Interest? or Bonus Interest.

Bonus Interest - should not differ much in each month (except 28/30/31 calendar days calculation)
Base Interest - change from 0.8% of SIBOR to 0.7% of SIBOR. Thus you will notice some drop.
 

Mickey01

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You forgot Feb only 28 days.

Interest is 2.59% for me.

based on my calculation using excel, average one month SIBOR is 1.80% and maxigain base interest is 1.26% p.a. (70% of SIBOR). If your counter is at 12, the total interest is ~ 2.46%.
I cannot understand why the interest becomes 2.59% just because Feb is 28 days.
 

ixora2007

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if your account value has been fixed at a certain amount for the past 3-4 months, check see which interest amount is fluctuating a lot.

Base Interest? or Bonus Interest.

Bonus Interest - should not differ much in each month (except 28/30/31 calendar days calculation)
Base Interest - change from 0.8% of SIBOR to 0.7% of SIBOR. Thus you will notice some drop.

thanks...now i get it.
 

Jazzbie

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The interest calculation here is complicated for the maxigain account.

You need to note that the bonus interest amount is at the account value and rate as at Jan 2019 (interest payout in 28 Feb/01 Mar 19.

Bonus interest always delay by 1 month.
The annual interest rate calculated is fixed, and the rate itself does not change whether its 31/28 calendar days.

Only when you calculate the interest itself, the amount will change (due to lesser/more days in a month).
Yes forgot its based on previous month. U are right. My 2.59% is not correct.
 

JadenQ

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How does this compare to SSBs in terms of effective interest rates over an extended number of years?
 

compro_1975

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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.

True... see how sibor performs, my lowest interest is 1.3% now....
 
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