Citibank Maxigain Savings Account

hmyoth

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Existing account holder can get $100 if he refer a new customer to open Citi maxigain account.
 

testerjp

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Is this still the best deal? Need to do any transaction or can just dump the money in?

Any comparable ones out there for me to diversify? :o
 

havetheveryfun

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Is this still the best deal? Need to do any transaction or can just dump the money in?

Any comparable ones out there for me to diversify? :o

just dump but u cant withdraw and u need 1 year to build up the counters (where there is a risk once you built up the counters they change the way the account works again)
 

K_E_N_L_A_W

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just dump but u cant withdraw and u need 1 year to build up the counters (where there is a risk once you built up the counters they change the way the account works again)

Account holder for 23 mths, 3 changes made. 1) total banking relationship from 10k to 15k 2) need 70k in maxigain to gain base interest (70% of sibor) 3) the terms of base interest has reduced from 80% of sibor to 70% of sibor.

Citibank made the barrier higher and reduced the interest of customer.
 

havetheveryfun

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Account holder for 23 mths, 3 changes made. 1) total banking relationship from 10k to 15k 2) need 70k in maxigain to gain base interest (70% of sibor) 3) the terms of base interest has reduced from 80% of sibor to 70% of sibor.

Citibank made the barrier higher and reduced the interest of customer.

well 2 of the changes were only made just few months ago..
 

silverbomb

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what happens if the account is low bal (e.g $0.01/$0.10/$1), does it goes into negative balance each month after deducting fall below fee? Or it will be zerorised?
 

touchring1

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I may have a spare citibank maxigain account (joint) so thinking of using it as an account to park temporary funds or as an expenditure account. The interest rate of 70% of SIBOR is much higher than my POSB ATM card account. Anyone here also using Maxigain for this purpose?
 

NTTDoCoMo

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I may have a spare citibank maxigain account (joint) so thinking of using it as an account to park temporary funds or as an expenditure account. The interest rate of 70% of SIBOR is much higher than my POSB ATM card account. Anyone here also using Maxigain for this purpose?

Might be better to park your fund in eSaver for the 2 Months Promotion to earn higher interest.

When you need fund just use SC Mobile Banking or Internet Banking to FAST the amount you needed to POSB.
 

vsvs24

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I may have a spare citibank maxigain account (joint) so thinking of using it as an account to park temporary funds or as an expenditure account. The interest rate of 70% of SIBOR is much higher than my POSB ATM card account. Anyone here also using Maxigain for this purpose?

MaxiGain is not suitable for funds that you know you need to withdraw. Once you withdraw more than interest earned, the counter will drop and interest for next few mths will be lower.

Unless you have spare money above 70k which you know don't need to touch.
 

touchring1

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MaxiGain is not suitable for funds that you know you need to withdraw. Once you withdraw more than interest earned, the counter will drop and interest for next few mths will be lower.

Unless you have spare money above 70k which you know don't need to touch.

You're right, need to maintain the $70k to earn the 1% but makes no sense because I might as well put it into FD. Looks like maxigain actually no different from FD.

Might be better to park your fund in eSaver for the 2 Months Promotion to earn higher interest.

When you need fund just use SC Mobile Banking or Internet Banking to FAST the amount you needed to POSB.

Thanks. I used to have a stock account with SC, don't have good impression as the rs manager keeps on trying to sell investments. SC also don't give me an impression that it is a solid bank. How about CIMB, have you considered that?
 
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NTTDoCoMo

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You're right, need to maintain the $70k to earn the 1% but makes no sense because I might as well put it into FD. Looks like maxigain actually no different from FD.



Thanks. I used to have a stock account with SC, don't have good impression as the rs manager keeps on trying to sell investments. SC also don't give me an impression that it is a solid bank. How about CIMB, have you considered that?

eSaver has higher interest as compared to CIMB.

If you are worried, then just limit your funds below SDIC Limit - 75K?

Just tell the RM, you currently has no plans for investments and will contact her when you are interested.

The only troublesome thing is that you need to shuffle funds after 2 months.

I have a CIMB FASTSaver that I use for CIMB Credit Card Payment only.
 
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Lex1989

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Might be better to park your fund in eSaver for the 2 Months Promotion to earn higher interest.

When you need fund just use SC Mobile Banking or Internet Banking to FAST the amount you needed to POSB.

Today is the 7 Apr. So if i open and put money tomorrow. When will I receive the interest? The promotion is 2 months. Which means. There will only be a month you get the 2%?

If that's the case I get interest from other bank first. Then 1 of May I transfer. End of May I get interest. I move away again?
 

vsvs24

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Today is the 7 Apr. So if i open and put money tomorrow. When will I receive the interest? The promotion is 2 months. Which means. There will only be a month you get the 2%?

If that's the case I get interest from other bank first. Then 1 of May I transfer. End of May I get interest. I move away again?

Suggest you indicate the amount. Easier for people to give advice.
 

havetheveryfun

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Today is the 7 Apr. So if i open and put money tomorrow. When will I receive the interest? The promotion is 2 months. Which means. There will only be a month you get the 2%?

If that's the case I get interest from other bank first. Then 1 of May I transfer. End of May I get interest. I move away again?

post in eSaver thread better also, more eSaver sexperts there who may not come into this thread
 
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