Citibank Maxigain Savings Account

touchring1

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Lazy people can start with 70k and nua till step 12 and top it up to 140k. You can then wait till it reaches 150k before you have to be very "on" to withdraw interest every month. So you basically can be nua for a few years before you need to login once a month when deposit has reached 150k.

Wouldn't it be better to place just $15k and wait for bonus interest counter to rise to 1.2%?

hopefully by then you are looking forward to withdraw the interest every month.

Can just setup scheduled transaction to agar agar withdraw the interest amount every month?
 

PC-User

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Can just setup scheduled transaction to agar agar withdraw the interest amount every month?
I think login once a month to withdraw the interest is more simple and straightforward than calculate for the estimation. You have to consider the counter, SIBOR and days of months...
 

K_E_N_L_A_W

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Wouldn't it be better to place just $15k and wait for bonus interest counter to rise to 1.2%?



Can just setup scheduled transaction to agar agar withdraw the interest amount every month?

Based on current sibor 1.82%

With 15k, you earn steps + 0.70 * sibor = 1.2%

With 70k, you earn steps + 0.70 * sibor + steps * 0.1% = 1.2% to 2.4%

It really depends which works for you.

I started early on this so I maintain the minimum (10k - 15k) till I clock 12 steps. But I enjoyed the full benefit of getting the base interest + sibor throughout.
 

JustDoLor

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At counter 0.3, if u put your $ and kept it for the next 12 mth, the effective rate already hit 2%/yr leh....so why wait..
(Of course estimation assume SIBOR stays constant lah)
 

havetheveryfun

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At counter 0.3, if u put your $ and kept it for the next 12 mth, the effective rate already hit 2%/yr leh....so why wait..
(Of course estimation assume SIBOR stays constant lah)

cos some ppl may be able to park in other places which are giving 1.9%-2% while waiting. ssb, maybank isavvy, sc esaver all can get 1.9% now.
 

havetheveryfun

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I was wondering how to get 2% at counter 3

he meant effective interest rate. which is the avg if you add up the the rates over 12 months while building up the counters.. it will be around 2%.

(1.26 [70% of 1.8%)+ 1.36 + 1.46 + 1.56... + 2.46) /12 = 2.015%
 
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Based on current sibor 1.82%

With 15k, you earn steps + 0.70 * sibor = 1.2%

With 70k, you earn steps + 0.70 * sibor + steps * 0.1% = 1.2% to 2.4%

It really depends which works for you.

I started early on this so I maintain the minimum (10k - 15k) till I clock 12 steps. But I enjoyed the full benefit of getting the base interest + sibor throughout.

below 70k won't get sibor. my account statement only has bonus interest (1.2% @ 12 step) while I do not earn any base interest (70% sibor) at all.
 

lancer6238

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My Maxigain account is indicated as inactive on my Citibank Online, probably because I haven't touched it since I opened the account last Sep. Will this affect the monthly interest credit into the account?
 

Perisher

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My Maxigain account is indicated as inactive on my Citibank Online, probably because I haven't touched it since I opened the account last Sep. Will this affect the monthly interest credit into the account?

Just transfer $0.01 in if you are worried.
 
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