... 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).
How is that in any way optimum?
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...
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).
this maxigain account can open online??
Do i need to bring 15k to go down for the application?
is the promo to start at counter 3 for new account still valid?
Damn. whats good next?Received a call from my RM that as of 1st Dec 2019, the base interest will be reduced to 50% of SIBOR & the bonus interest also reduced to max at 0.6%. (ie. every counter will be 0.5% instead of 1%)
Time to jump ship as this work out to be around 1.5% per annual.
Received a call from my RM that as of 1st Dec 2019, the base interest will be reduced to 50% of SIBOR & the bonus interest also reduced to max at 0.6%. (ie. every counter will be 0.5% instead of 1%)
Time to jump ship as this work out to be around 1.5% per annual.
Time to jump ship if soReceived a call from my RM that as of 1st Dec 2019, the base interest will be reduced to 50% of SIBOR & the bonus interest also reduced to max at 0.6%. (ie. every counter will be 0.5% instead of 1%)
Time to jump ship as this work out to be around 1.5% per annual.
Received a call from my RM that as of 1st Dec 2019, the base interest will be reduced to 50% of SIBOR & the bonus interest also reduced to max at 0.6%. (ie. every counter will be 0.5% instead of 1%)
Time to jump ship as this work out to be around 1.5% per annual.
Received a call from my RM that as of 1st Dec 2019, the base interest will be reduced to 50% of SIBOR & the bonus interest also reduced to max at 0.6%. (ie. every counter will be 0.5% instead of 1%)
Time to jump ship as this work out to be around 1.5% per annual.
Received a call from my RM that as of 1st Dec 2019, the base interest will be reduced to 50% of SIBOR & the bonus interest also reduced to max at 0.6%. (ie. every counter will be 0.5% instead of 1%)
Time to jump ship as this work out to be around 1.5% per annual.
Received a call from my RM that as of 1st Dec 2019, the base interest will be reduced to 50% of SIBOR & the bonus interest also reduced to max at 0.6%. (ie. every counter will be 0.5% instead of 1%)
Time to jump ship as this work out to be around 1.5% per annual.