Received 2.4% (max counters) interest this round! Thank you citibank!
Thought someone mentioned 2.6%?
Dropped?
Based on my calculations, the base interest fell a little for 2019-09 when compared to 2019-08. See below.
if i put in 70K today, will the interest be 2.4% this month?
im on counter 12 for ard afew months with 15K inside.
I just want to check can I place in the additional funds to 70k to get the 2.4 to 2.6% interest.
No, you won't (*); but it would be good to transfer in the additional funds *today* (1 Oct)
There are 2 components to the interest in this account.
a) Bonus interest, based on counters and the
lowest balance in your account
*last* month (Sep 2019), which will be SGD15k
b) Base interest, based on 70% of Sibor, on your daily balances of SGD70k or more.
So, if you top up your account to SGD70k this month, at the end of this month, you'll get bonus interest (your counters, 1.2%) on SGD15k (your lowest balance last month, Sep 2019) + base (currently ~1.3%) on SGD70k (your daily balance this month, Oct 2019).
If you top up your account to SGD70k *today*, at the end of *next* month (Nov 2019), you will get bonus + base on SGD70k.
However, if you top-up your account (2 Oct), then the lowest balance for Oct 2019 would be the value today (1 Oct), which will only be SGD15k; and your bonus interest next month will be based on that instead.
For reference, based on my calculations, base interest paid out for this year has been approximately the following:
2019-09 1.312%
2019-08 1.315%
2019-07 1.318%
2019-06 1.320%
2019-05 1.302%
2019-04 1.279%
2019-03 1.289%
2019-02 1.260%
2019-01 1.242%
(*) Edited to add: But, actually, you will. It depends on how you look at it. See
this later post.