Citibank Maxigain Savings Account

taotato

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What’s the requirements to open a joint maxigain account ? Only with spouse and family members? Thanks
 

assiak71

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... 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:

Just saw this

Bonus interest is computed based on the preceding month's lowest balance and number of calendar days in the preceding month. The lowest amount of funds in your MaxiGain account at any point in time in a month shall be the "lowest balance" of that month.

Leave 150k then
 

dreant

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Do i need to bring 15k to go down for the application?

Not necessary to, but you should deposit $1 into the account the moment (same day) it's opened. Failing to so, your counter increase will be delayed by one month.

You should also move in the $15k soon, so as to avoid the fall below fee, but it does not have to be on the same day.
 

celtosaxon

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Yes. I literally just opened Maxigain Account using this promo on Saturday. Promo is good through end of 2019.

The rep said normally the promo requires 2 credit lines, but my 1 existing credit card was enough.

If you are gonna open a new Citi account, try to get your friend a referral bonus as well.

is the promo to start at counter 3 for new account still valid?
 
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Jyvonchi

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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.
 
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fitzz82

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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.
Damn. whats good next?
 

Guojing88

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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.

Sigh, well it was good while it lasted
 

assiak71

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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 so
 

LouisSaha

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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.

If this is true, will withdraw 150k liao. :s22:
Citibank is in a deep ****, so many branches closed down.
If they do this stun, sure many ppl will withdraw from their maxigain acc.

I heard that Citibank at Macdonald house going to close down next year. :s22:
 

luvpraline

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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.

1.5% is really lousy. I will withdraw all out too if this is true.
 

Sinkie

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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.

Just 1 month notice?
 

Crimsom

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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.

Wts..

Time to park my money elsewhere.

Good while it lasted.
 
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