Citibank Maxigain Savings Account

MrHighlander

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Yes that’s right by my understanding

I have been trying to figure out the MaxiGain account (which is like a complex puzzle), here is my first attempt.

Base interest rate is 70% of SIBOR on balances between $70-150k. For the interest rate to tick up (gain counters), the lowest balance at any point in time in a month should not go below your lowest balance in the previous month. Balances below $70,000 won’t earn interest, but can collect counters (+1/10th percent bonus interest per counter, maximum 12). Assuming you have no other Citi accounts, the minimum balance is $15,000 (not just average monthly balance) to avoid the $15/mo. fall below fee. Any balances beyond $150,000 only earns interest of .05%. Any month you don’t earn a counter you still keep your existing ones, and once you earn all 12 you keep those indefinitely.

Did I get it right?
 

zumaba

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Currently my balance is $70K with counter 12, but I need to transfer out part of balance by early Sep.

So it only makes sense that I shall withdraw all my $70k together and to close the account, right?

What is best time to withdrawal, Sep.1? But I can't close the account on Sep.1 as there is still intereste to be credit on 7th day, right?


BTW, to close the account, can I do online or only at brance office?
 
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Buzy_bee

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Currently my balance is $70K with counter 12, but I need to transfer out part of balance by early Sep.

So it only makes sense that I shall withdraw all my $70k together and to close the account, right?

What is best time to withdrawal, Sep.1? But I can't close the account on Sep.1 as there is still intereste to be credit on 7th day, right?


BTW, to close the account, can I do online or only at brance office?


I think depends on whether you want to maintain the counter and if in near future you will have lump sum to meet 70k balance requirement to enjoy the max interest.

For citibank maxi gain, the interest is credited on the first day of the month. I think you got it mixed up with other higher interest account such as dbs multiplier or ocbc 360 which credit bonus interest on 7th day of the month.

Not sure on account closing.
 

zumaba

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But to maintain, I have to leave at least $15 with starting 0.6% only, and taking 6 months to step up to 1.2%, right?

Yep, mixed with DBS Multiplxer. Thanks.

I think depends on whether you want to maintain the counter and if in near future you will have lump sum to meet 70k balance requirement to enjoy the max interest.

For citibank maxi gain, the interest is credited on the first day of the month. I think you got it mixed up with other higher interest account such as dbs multiplier or ocbc 360 which credit bonus interest on 7th day of the month.

Not sure on account closing.
 

Buzy_bee

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But to maintain, I have to leave at least $15 with starting 0.6% only, and taking 6 months to step up to 1.2%, right?

Yep, mixed with DBS Multiplxer. Thanks.

Yep, that's my understanding. It should still give you 1.9% based on current interest.
 

Trazora

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I have been trying to figure out the MaxiGain account (which is like a complex puzzle), here is my first attempt.

Base interest rate is 70% of SIBOR on balances between $70-150k. For the interest rate to tick up (gain counters), the lowest balance at any point in time in a month should not go below your lowest balance in the previous month. Balances below $70,000 won’t earn interest, but can collect counters (+1/10th percent bonus interest per counter, maximum 12). Assuming you have no other Citi accounts, the minimum balance is $15,000 (not just average monthly balance) to avoid the $15/mo. fall below fee. Any balances beyond $150,000 only earns interest of .05%. Any month you don’t earn a counter you still keep your existing ones, and once you earn all 12 you keep those indefinitely.

Did I get it right?

Balance below $70k esrn bonus interest. Counter drops once u dun maintain it.
 
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celtosaxon

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Thanks. I had the feeling I was missing something.

Don’t maintain it means lowest balance each month is not greater than prior month?

Balance below $70k esrn bonus interest. Counter drops once u dun maintain it.
 

CoolJ

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if time are bad all rate will fall. it only u had to decide which fall is not the lowest.
All good will come with an ending.

Yes, that's quite true. The citibank banker is proposing another programme for higher interest but am sure it will either affect liquidity and have higher risks.
 

missbllu

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dear experts out there,

I have a simple question. THe bonus interest counter will increase by 1 every month till it hits 12. what happens the month after it hits 12? will it remain at 12, or reset back to 1?

i have gone more than 10 pages in this thread but still did not find the answer. this thread is 300+ pages long

It remains at 12 interest counter.
 

LouisSaha

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Since this is saving account, at least they credit the interest every month.

FDs are quite pathetic now.
Thought of waiting my FDs matured, put 150k into maxigain account since the max is until 150k. At least mth they credit in $270 based on 150k.

Is it worth it? :s11:
 

havetheveryfun

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Since this is saving account, at least they credit the interest every month.

FDs are quite pathetic now.
Thought of waiting my FDs matured, put 150k into maxigain account since the max is until 150k. At least mth they credit in $270 based on 150k.

Is it worth it? :s11:

only if u are alrady at counter 12
 

testingabc

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Since this is saving account, at least they credit the interest every month.

FDs are quite pathetic now.
Thought of waiting my FDs matured, put 150k into maxigain account since the max is until 150k. At least mth they credit in $270 based on 150k.

Is it worth it? :s11:

I think worth it or not depends on your counters, currently fixed deposit max is 1.9% while on current sibor rate at counter 6 is above most fixed deposit. for me i personally on counter 3 so probably will put at cimb 3month 1.7% fixed deposit before making decision whether to top up on citibank maxigain depends on the sibor rates in 3 months time
 

heroking

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so now if put 70k 1 year can get 2.2%?
dun know should open or not
seems like interest going to drop
 

zumaba

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Yep, that's my understanding. It should still give you 1.9% based on current interest.

But my current balance is $70K only. So once I took out any amount, the interest will fall to 6*0.1%=0.6% and with no base interest, not 1.9%. You need at least $70K to earn base rate, right?
 
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DontTouchMe

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so now if put 70k 1 year can get 2.2%?
dun know should open or not
seems like interest going to drop

i have the same issue here. i not sure if i should just put 15k for the counter to go up for one year or just park 70k in it.

currently only have uob stash account, however it is not maxed out. so i still can put it in there
 
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