Citibank Maxigain Savings Account

demoforce1

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I have participated in the previous promotion. This is what happened based on my calculation. You may want to clarify with UOB at the branch

For existing Account before the promotion (1st Mar to 30th Apr).
for example, fresh funds top up on 5th Mar 2019.
Comparison month will be Feb 2019.
Your fresh funds will be earmarked for 2 months (5th Mar to 5th May 2019).
Do note that the bonus rates apply to fresh funds from 5th Mar to 30th Apr 2019 only. For days from 1 May to 5th May, the fresh funds will get normal interest rates

UOB is very tricky, try to stay away when possible
 

chopra

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U r not comparing Apple with Apple, where u can withdraw money anytime with maxi gain savings account, n will earn the interests.

FD, withdraw or terminate n interests supposedly to be earned is gone or lowered.
SSB, good but must wait for like a month then money deposited back to ur account. + interests paid on half a year basis (to be confirm), n not monthly basis.

Best advice to those looking to open maxigqin account.
Put 15k into account n earn the counter increase.
After 8 months - 1 year later can consider top up to 70k (check got top up promotion not)

If not looking at maxigain,
Look at iSavvy (Maybank), passbook savings (UOB), or esaver (Standard Chartered),
These accounts have periodic bonus interests given on incremental balance amount usually compared against previous month.
wld b apple 2 apple if user v sure of not using the $
 

Mickey01

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Isn't Maybank isavvy better abd less complicated ?

at that point when i participated in the UOB promo, the interest offered by UOB promo is higher than iSavvy with the "early bird" gift taken into consideration.
 

maple96

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U r not comparing Apple with Apple, where u can withdraw money anytime with maxi gain savings account, n will earn the interests.

FD, withdraw or terminate n interests supposedly to be earned is gone or lowered.
SSB, good but must wait for like a month then money deposited back to ur account. + interests paid on half a year basis (to be confirm), n not monthly basis.

Best advice to those looking to open maxigqin account.
Put 15k into account n earn the counter increase.
After 8 months - 1 year later can consider top up to 70k (check got top up promotion not)

If not looking at maxigain,
Look at iSavvy (Maybank), passbook savings (UOB), or esaver (Standard Chartered),
These accounts have periodic bonus interests given on incremental balance amount usually compared against previous month.

First year opportunity cost at lower rate, interest rates for FD catching up, 6 mth FD at 1.95%, why waste time on this product?
 

K_E_N_L_A_W

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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).

still blur about how citibank calculates the maxigain interest.

I maintain consistent deposit in maxigain account.

I did some reverse engineering.
For > 70k,

Feb - SIBOR is 1.6902%
Jan - SIBOR is 1.6112%
Dec - SIBOR is 1.6865%
Nov - SIBOR is 1.6272%

Figures do not look quite right to me.
 
Last edited:

tmkedmw

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Feb has less days compared to other months, therefore earning less interest in absolute dollars.

still blur about how citibank calculates the maxigain interest.

I maintain consistent deposit in maxigain account.

I did some reverse engineering.
For > 70k,

Mar - SIBOR is 1.6902%
Feb - SIBOR is 1.6112%
Jan - SIBOR is 1.6865%
Dec - SIBOR is 1.6272%

Figures do not look quite right to me.
 

oceanicmanta

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still blur about how citibank calculates the maxigain interest.

I maintain consistent deposit in maxigain account.

I did some reverse engineering.
For > 70k,

Mar - SIBOR is 1.6902%
Feb - SIBOR is 1.6112%
Jan - SIBOR is 1.6865%
Dec - SIBOR is 1.6272%

Figures do not look quite right to me.

how u get Mar 2019 ?

i think u r one month ahead ?
 

Mickey01

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still blur about how citibank calculates the maxigain interest.

I maintain consistent deposit in maxigain account.

I did some reverse engineering.
For > 70k,

Mar - SIBOR is 1.6902%
Feb - SIBOR is 1.6112%
Jan - SIBOR is 1.6865%
Dec - SIBOR is 1.6272%

Figures do not look quite right to me.

Base Int
Mar - 70% of SIBOR
Feb - 70% of SIBOR
Jan - 70% of SIBOR
Dec - 80% of SIBOR

Bonus Int
Mar - credit bonus interest based on Feb balance
Feb - credit bonus int based on Jan bal
Jan - credit bonus int based on Dec bal
Dec - credit bonus int based on Nov bal
 

K_E_N_L_A_W

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Base Int
Feb - 70% of SIBOR
Jan - 70% of SIBOR
Dec - 70% of SIBOR
Nov - 80% of SIBOR

Bonus Int
Mar - credit bonus interest based on Feb balance
Feb - credit bonus int based on Jan bal
Jan - credit bonus int based on Dec bal
Dec - credit bonus int based on Nov bal

Based on your information.
Feb - 1.6902%
Jan - 1.8414%
Dec - 1.9274%
Nov - 1.6272%

still dun look quite right. probably the days makes sense.
 

oceanicmanta

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Based on your information.
Feb - 1.6902%
Jan - 1.8414%
Dec - 1.9274%
Nov - 1.6272%

still dun look quite right. probably the days makes sense.

from my calc :

Feb - 1.8003%
Jan - 1.77445%
Dec - 1.67488%
Noc - 1.6206%
 
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Mickey01

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Based on your information.
Feb - 1.6902%
Jan - 1.8414%
Dec - 1.9274%
Nov - 1.6272%

still dun look quite right. probably the days makes sense.

Based on my excel calculation, assuming no int compounding, Feb 2018 average SIBOR is 1.8%, Maxigain at 70% is 1.26%. my calculated int for my bal slightly above $70k is $67.71. Citibank credit $67.72.
 

DenOOO

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still blur about how citibank calculates the maxigain interest.

I maintain consistent deposit in maxigain account.

I did some reverse engineering.
For > 70k,

Feb - SIBOR is 1.6902%
Jan - SIBOR is 1.6112%
Dec - SIBOR is 1.6865%
Nov - SIBOR is 1.6272%

Figures do not look quite right to me.


I thought the website already shows the SIBOR ? :s12:

Dec 2018 - 1.64%
Jan 2019 - 1.76%
Feb 2019 - 1.77%
Mar 2019 - 1.83%
 
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