Citibank Maxigain Savings Account

[compro_1975]

I already arrange with the Citibank guy to open at the end of the month.

how much is he giving you to open the account?

 

[vsvs24]

Citibank calculate the average sibor. See the second tab. https://www.citibank.com.sg/gcb/deposits/mxgn-savacc.htm

Earlier post Ocean say it is not average of the month but the 1 mth rate for the date shown.

 

[oceanicmanta]

where to get the avg SIBOR ah, MAS website got?
or must really go search daily SIBOR then compute ourselves?

The daily rates (1 week lag) can be found here https://sibor.sg/history.html.

Feb19 rates are all in now to compute the average .. for weekends & PH, the previous business day's sibor is taken.

For me, I just work backwards from the interest received to derive the average 1mth sibor

 

[Sinkie]

today i went to citi branch.. they say in order to increase the counter i need put 70K, i called the hotline they say 15k enough to increase counter... wtf man

In fact you dont even need to have $15,000 in maxigain to grow the counter lol.

You just need to make sure u have total relationships balance more than $15,000 so that no fall below fee is charged, so therefore you put $1 inside maxigain also can step up every month

 

[Mickey01]

I already arrange with the Citibank guy to open at the end of the month.

any specific reasons why end of the month only?

 

[maple96]

In fact you dont even need to have $15,000 in maxigain to grow the counter lol.

You just need to make sure u have total relationships balance more than $15,000 so that no fall below fee is charged, so therefore you put $1 inside maxigain also can step up every month

Good point. If u only have maxigain, then just put 15k until your counter increase to 1% or counter+sibor0.7 = 2%, then put in 70k or 150k, your opportunity cost will be lower, about 150 loss for 12 mths only.

 

[maple96]

any specific reasons why end of the month only?

First mth bonus interest = zero, so loss is less if open near end of mth.

If u can deposit funds on first day of account opening, u will get bonus interest in second mth. If u cannot deposit funds on first day of acct opening, then zero. Maybe that's why bank chut pattern as some were complaining.

now website has very clear explanations and egs

 

[Mickey01]

First mth bonus interest = zero, so loss is less if open near end of mth.

If u can deposit funds on first day of account opening, u will get bonus interest in second mth. If u cannot deposit funds on first day of acct opening, then zero. Maybe that's why bank chut pattern as some were complaining.

now website has very clear explanations and egs

I see ... but no bonus interest in first month is given since the counter is zero.

The maxigain account number is given to you on the spot when you open the account at the branch. Once you get hold of the account number, FAST funds transfer over to the Maxigain Account before 10.30pm on the same day. This was what the Citibanker informed me when I open the account. I did as instructed. On Month 2, i was given Bonus Int because my counter was 1 and the lowest balance for Month 1 was what I deposited on the same day my account was opened (and not zero).

 

[Sinkie]

I see ... but no bonus interest in first month is given since the counter is zero.

The maxigain account number is given to you on the spot when you open the account at the branch. Once you get hold of the account number, FAST funds transfer over to the Maxigain Account before 10.30pm on the same day. This was what the Citibanker informed me when I open the account. I did as instructed. On Month 2, i was given Bonus Int because my counter was 1 and the lowest balance for Month 1 was what I deposited on the same day my account was opened (and not zero).

How much more interest you gain for depositing on the day of opening? 0.1% pa more? Assuming $70,000 was deposited

 

[hwmook]

how much is he giving you to open the account?

Nothing, should I ask for money? :lol:

 

[Sinkie]

Nothing, should I ask for money? :lol:

Maybe will ask u to open a credit card with him

 

[Trazora]

How much more interest you gain for depositing on the day of opening? 0.1% pa more? Assuming $70,000 was deposited

You gain bonus interest from the first day you open the account. If deposit just 1 day later then you lose bonus interest for the whole calendar month, not much though just 0.1%

 

[computers70]

I signed up an account in Jan 2019.
A lady assisted me over. She told me I have allocated a RM to assist you, till today, I have never heard anything.

Maybe, i thought may get a priority banking services, but seems like no difference to other services.

 

[havetheveryfun]

I signed up an account in Jan 2019.
A lady assisted me over. She told me I have allocated a RM to assist you, till today, I have never heard anything.

Maybe, i thought may get a priority banking services, but seems like no difference to other services.

err... what kind of service you need ?

when you need service, then contact her and see whether got use or not

but if you don't need any service, what for she contact you for ? just to ask you how are you meh ?

 

[Sinkie]

err... what kind of service you need ?

when you need service, then contact her and see whether got use or not

but if you don't need any service, what for she contact you for ? just to ask you how are you meh ?

Maybe can get free lunch or coffee out of nothing

 

[Toni90]

I signed up an account in Jan 2019.
A lady assisted me over. She told me I have allocated a RM to assist you, till today, I have never heard anything.

Maybe, i thought may get a priority banking services, but seems like no difference to other services.

U put very little money in the account, right? Just put in 1M then sure contact u lah.

 

[Mickey01]

How much more interest you gain for depositing on the day of opening? 0.1% pa more? Assuming $70,000 was deposited

In many of the earlier posts, there were quite a number of forumers asking if they should open the account first day of the month or towards end of the month and how to fund the account the first day.

I am just providing information that the account can be funded on account opening day whether you fund it with $1 or $150,000.

 

[Sinkie]

In many of the earlier posts, there were quite a number of forumers asking if they should open the account first day of the month or towards end of the month and how to fund the account the first day.

I am just providing information that the account can be funded on account opening day whether you fund it with $1 or $150,000.

Yes, I also read how much frustration and also inconvenience they have when they try to fund on the day of account opening. From buying cashier order, to even lodging complaint against Citibank staff for not allowing them to fund on the first day etc.

So best is also to add funding on first day means they get 0.1% pa more nia lol

 

[bbbbbw]

U put very little money in the account, right? Just put in 1M then sure contact u lah.

Haha. The RM also realistic

 

[computers70]

Haha. The RM also realistic

put 120k, still never call me and ask me want to buy anything