Citibank Maxigain Savings Account

dreant

Arch-Supremacy Member
Joined
Sep 23, 2001
Messages
10,020
Reaction score
72
can I confirm, if I have 78k inside, even if I withdraw 1k and left 77k, I will drop to counter 6 ?

Your counter will drop, if on *any* day this month, your balance is $0.01 or lower than the lowest balance of the previous month.

So, whether or not you can withdraw 1k without the counter dropping, will depend on what was your lowest balance last month.

eg1:
01 Jan: $70k
10 Jan: $72k (you deposit $2k)
20 Jan: $74k (you deposit $2k)
30 Jan: $76k (you deposit $2k)
15 Feb: $78k (you deposit $2k)
25 Feb: $80k (you deposit $2k)
28 Feb: $70k (you withdraw 10k)

Your counter will still +1 (or remain at 12) at the end of Feb; because the lowest balance in Feb is >= lowest balance in Jan.

In the above example, bonus interest will be based on $70k in Jan, and $70k in Feb; because that is the lowest balance for each of those months.

Yes if you have counter 7-12,
counter will drop to 6 if current month is less than previous month
Unless you top up back before the last day of the current month

PS: This is totally incorrect.
 
Last edited:

greythorne

Senior Member
Joined
Oct 25, 2006
Messages
1,194
Reaction score
25
Possible to start with counter 6? Just asking.

Anyway let’s say got $100k, deposit from the first will still earn the bonus interest while the counter builds up right?
 

testingabc

Arch-Supremacy Member
Joined
Sep 10, 2013
Messages
10,680
Reaction score
539
Possible to start with counter 6? Just asking.

Anyway let’s say got $100k, deposit from the first will still earn the bonus interest while the counter builds up right?

Not possible to start with counter 6. If you deposit $100K, you will get the base interest which is 70% of Sibor rate and counter 1 which is 0.1%. I will only recommend people to use 15K to gain counters unless your 100K don’t have other place to gain better interest. Do note that money into Maxigain you have to try to avoid withdrawal except for monthly interest.
 

dreant

Arch-Supremacy Member
Joined
Sep 23, 2001
Messages
10,020
Reaction score
72
Possible to start with counter 6? Just asking.

Anyway let’s say got $100k, deposit from the first will still earn the bonus interest while the counter builds up right?

There were some earlier posts in this thread, about a promotion (citi credit card related) that would allow some to start their Maxigain accounts from counter 3, but I'm not 100% sure of the details.

Probably best to check with the bank about it.

For those who already have existing Citibank accounts, they can open a maxigain with $1 and start to accumulate counters (as long as they currently have $15k in their other accounts to avoid the fall below fee); others also open a joint account at the same time (and keep themselves as the principal), with $1 to start accumulating counters, so they can move funds between the accounts, while being able to continue receiving maximum bonus interest should they need to withdraw some funds, or if they think they will exceed the $150k limit.
 

Trazora

Arch-Supremacy Member
Joined
Apr 19, 2015
Messages
22,828
Reaction score
1,030
There were some earlier posts in this thread, about a promotion (citi credit card related) that would allow some to start their Maxigain accounts from counter 3, but I'm not 100% sure of the details.

Probably best to check with the bank about it.

For those who already have existing Citibank accounts, they can open a maxigain with $1 and start to accumulate counters (as long as they currently have $15k in their other accounts to avoid the fall below fee); others also open a joint account at the same time (and keep themselves as the principal), with $1 to start accumulating counters, so they can move funds between the accounts, while being able to continue receiving maximum bonus interest should they need to withdraw some funds, or if they think they will exceed the $150k limit.

Not sure what you mean by move funds between account. Once the money go into maxigain then can only withdraw interest if not drop in counter.
 

dreant

Arch-Supremacy Member
Joined
Sep 23, 2001
Messages
10,020
Reaction score
72
Not sure what you mean by move funds between account. Once the money go into maxigain then can only withdraw interest if not drop in counter.

You have 2 maxigain accounts.

1 personal
1 joint, where you are principal.

Personal account has $90k inside.
Joint account has $1 inside.

Both accounts have 12 counters now.

Use your imagination.
 

LouisSaha

Arch-Supremacy Member
Deluxe Member
Joined
Apr 8, 2004
Messages
14,193
Reaction score
1,892
Very confusing. So to say,

1st Jan, my account got 70k and at counter 12. Assuming i opened the account for 1 year.
I qualified for the sibor rate + 1.2% base interest.
Then feb they credit my interest in, so i have 70,150.
So within the feb month, i can withdraw that interest $150 right? So rinse and repeat for the rest of the months?
 

luvpraline

Senior Member
Joined
Nov 21, 2005
Messages
799
Reaction score
55
You have 2 maxigain accounts.

1 personal
1 joint, where you are principal.

Personal account has $90k inside.
Joint account has $1 inside.

Both accounts have 12 counters now.

Use your imagination.

Clever :s13: Can we open 2 individual maxigain accounts for this purpose?
 

dreant

Arch-Supremacy Member
Joined
Sep 23, 2001
Messages
10,020
Reaction score
72
Clever :s13: Can we open 2 individual maxigain accounts for this purpose?

In your own name? No.

Joint accounts? It's possible to have multiple accounts with different people

(Eg: Maxigain A; Maxigain A+B, Maxigain A+C... A+Z)

However, before everyone jumps into doing so, you should be aware there are substaintial risks with having a joint account, so you should only establish one with someone you 100% trust unconditionally with your money.

Upon the death of one person, all the funds in that account will automatically belong to the survivor.

With a joint-alternate account,
The other person has full access to all the funds in the account, and you have no way to stop them from withdrawing everything from the account, if they decide to.
The other person gains the ability to encash crossed cheques that are written to your name only (by depositing it though the joint account)
If the other person has any debt, the account can be accessed to settle it.

Just to name a few...
 
Last edited:

Trazora

Arch-Supremacy Member
Joined
Apr 19, 2015
Messages
22,828
Reaction score
1,030
You have 2 maxigain accounts.

1 personal
1 joint, where you are principal.

Personal account has $90k inside.
Joint account has $1 inside.

Both accounts have 12 counters now.

Use your imagination.

Yah but if money go into the joint account it will more or less be stuck inside, if not drop in counter. So what u mean by moving fund between the accounts and yet keep the maximum interest?
 
Last edited:

dreant

Arch-Supremacy Member
Joined
Sep 23, 2001
Messages
10,020
Reaction score
72
Yah but if money go into the joint account it will more or less be stuck inside, if not drop in counter. So what u mean by moving fund between the accounts and yet keep the maximum interest?

i-can-explain-it-to-youbut-i-cant-understand-it-for-you-b0b7d.png


please-use-your-brain_o_570768.jpg
 
Last edited:

mdax23

Senior Member
Joined
Dec 31, 2013
Messages
1,657
Reaction score
30
Yah but if money go into the joint account it will more or less be stuck inside, if not drop in counter. So what u mean by moving fund between the accounts and yet keep the maximum interest?
No point moving since its not those interest on incremental balance type of account.
 

tweeety

Senior Member
Joined
Oct 21, 2019
Messages
1,308
Reaction score
14
You have 2 maxigain accounts.

1 personal
1 joint, where you are principal.

Personal account has $90k inside.
Joint account has $1 inside.

Both accounts have 12 counters now.

Use your imagination.

means your counter just keep growing for both single and joint tgt?

:eek:
 

luvpraline

Senior Member
Joined
Nov 21, 2005
Messages
799
Reaction score
55
In your own name? No.

Joint accounts? It's possible to have multiple accounts with different people

(Eg: Maxigain A; Maxigain A+B, Maxigain A+C... A+Z)

However, before everyone jumps into doing so, you should be aware there are substaintial risks with having a joint account, so you should only establish one with someone you 100% trust unconditionally with your money.

Upon the death of one person, all the funds in that account will automatically belong to the survivor.

With a joint-alternate account,
The other person has full access to all the funds in the account, and you have no way to stop them from withdrawing everything from the account, if they decide to.
The other person gains the ability to encash crossed cheques that are written to your name only (by depositing it though the joint account)
If the other person has any debt, the account can be accessed to settle it.

Just to name a few...

Thanks for sharing a balanced view. Indeed, there are important implications for joint account. Since I haven't reached 150k, i don't need the joint account but it seems putting in $1 to accumulate 12 counters is a smart way (and no loss keeping that $1 inside), just in case i ever need to withdraw from my individual account, i won't have to lose the max interest for 6 months.
 

testingabc

Arch-Supremacy Member
Joined
Sep 10, 2013
Messages
10,680
Reaction score
539
Thanks for sharing a balanced view. Indeed, there are important implications for joint account. Since I haven't reached 150k, i don't need the joint account but it seems putting in $1 to accumulate 12 counters is a smart way (and no loss keeping that $1 inside), just in case i ever need to withdraw from my individual account, i won't have to lose the max interest for 6 months.

I don't think you can put $1 to gain counters unless you have at least $15K with other Citibank accounts. Correct me if I'm wrong?
 

luvpraline

Senior Member
Joined
Nov 21, 2005
Messages
799
Reaction score
55
I don't think you can put $1 to gain counters unless you have at least $15K with other Citibank accounts. Correct me if I'm wrong?

this is correct. i was referring to putting the $1 in the joint account, aside from my individual account
 

dreant

Arch-Supremacy Member
Joined
Sep 23, 2001
Messages
10,020
Reaction score
72
Yah but if money go into the joint account it will more or less be stuck inside, if not drop in counter. So what u mean by moving fund between the accounts and yet keep the maximum interest?

Lol. Think I understand it better than you. Just hope you are not misleading people.

I'm not sure how you can conclude that you understand anything 'better than' someone else, especially when it seems you're not able to see or understand what was being suggested above.

It's basically a workaround on the main drawback of the maxigain account; allowing a person a way to access his maxigain funds if he needs to, without being impacted by the drop in counters from the withdrawal and continuing to earn maximum bonus interest on his remaining balance.

It's already been explained in full above, and I don't see how it can be further explained. If you get it, you do, and if you don't, don't worry yourself about it.
 
Last edited:

assiak71

Master Member
Joined
May 3, 2018
Messages
4,643
Reaction score
43
Since theres a post above i can post this already.

I have been doing this since i opened maxigain.

Just ensure your monthly min balance is 70k on 1 day of the month. The rest of the days 150k.

So only 70k is stuck and 80k is liquid.

I dont know if there is further optimisation but this is good enough for me
 

dreant

Arch-Supremacy Member
Joined
Sep 23, 2001
Messages
10,020
Reaction score
72
Since theres a post above i can post this already.

I have been doing this since i opened maxigain.

Just ensure your monthly min balance is 70k on 1 day of the month. The rest of the days 150k.

So only 70k is stuck and 80k is liquid.

I dont know if there is further optimisation but this is good enough for me

... You do realize that doing this gives you bonus interest (12 counters, or 1.2%) on $70k only, and no bonus interest (0%) on the $80k that you keep moving in/out of your account each month, right?

Assuming base interest is ~1.3% and you have 12 counters, it would mean your effective interest rate (EIR) is only about ~1.837%p.a (*) on your balance of $150k (whereas, the rest of us are getting about ~2.5%p.a instead)

(*) After also taking into consideration, the $80k that you move in/out does not get base interest for 12 days each year...

In real numbers, by doing this, you're getting ~$82.87 less in interest every month (~$994.50 less each year). :eek:

How is that in any way optimum? :s11:

Especially when considering, if you left all $150k inside and...
a) If you draw down the account only once in a year, allowing your counter to drop to 6, and rebuild, the EIR would be ~2.325%p.a.; or
b) If you draw down the account *every* month, your counter will never fall below 6 (as long as you do not let the balance fall to $0), and the EIR on your minimum balance would be ~1.9%p.a.

Where either way, the overall return would still be *higher* (by approximately $94.40 to $731.90 more each year) compared to what you currently get from what you're doing... :s22:

tldr - to further optimize your returns, just leave your $150k in the account, and freely use the funds in the account. Is doing this a good way to use this account? Nope, not at all. Probably one of the worst - but it is still better than what you're currently doing (as long as you do not let the balance ever fall to $0). :s39:
 
Last edited:
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Top