Citibank Maxigain Savings Account

s0lidus1980

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HSBC since when got 3.88%
What terms and conditions?

Can be more specific? google hsbc never say leh.
thinking of switching to MayBank too 1.88% or CIMB
 

luvpraline

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Google hsbc ...their gimmick is 6% but actually is 1.88%+2%=3.88% only ...someone mention slow in reimbursement credit to account.

Hi, where did you get the 1.88% from? i saw only 2% base + 1% if u can convert $5,000 in FX + 2% if spend $800 every month on their card

promotion for 3 months only
 

Han Shot First

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So withdraw everything except 15k in Dec 2nd, and close the account after the end of Dec?

I think the best optimization would be to withdraw everything except the minimum on 1 Dec 2019. If you withdraw on 2 Dec 2019, you would lose 1 day of interest if you deposit the withdrawn money elsewhere on 1 Dec 2019 to earn interest.

If you decide to close the account, close it on 2 Jan 2020 because 1 Jan 2020 is a public holiday.
 

vsvs24

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I think the best optimization would be to withdraw everything except the minimum on 1 Dec 2019. If you withdraw on 2 Dec 2019, you would lose 1 day of interest if you deposit the withdrawn money elsewhere on 1 Dec 2019 to earn interest.

If you decide to close the account, close it on 2 Jan 2020 because 1 Jan 2020 is a public holiday.

1 Dec is a Sunday.
 

Han Shot First

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1 Dec is a Sunday.

I think you are refering to depositing cash into Citibank on a Sunday could be a problem e.g. not getting interest (from Citibank) for Sunday.

However, the situation is withdrawing cash from Citibank. If the receiving financial institution does pay interest for cash deposited on Sunday, then who cares about Citibank? Afterall, Citibank is screwing all their MaxiGain customers with their new changes to the MaxiGain Account.
 

vsvs24

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I think you are refering to depositing cash into Citibank on a Sunday could be a problem e.g. not getting interest (from Citibank) for Sunday.

However, the situation is withdrawing cash from Citibank. If the receiving financial institution does pay interest for cash deposited on Sunday, then who cares about Citibank? Afterall, Citibank is screwing all their MaxiGain customers with their new changes to the MaxiGain Account.

Fast transfer out from Citibank to another bank on 1 Dec will have value date 2 Dec since 1 Dec is Sunday. So will earn interest in new bank on 2 Dec. You expect people to withdraw in cash instead of doing Fast transfer ?
 

heng_ah

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Fast transfer out from Citibank to another bank on 1 Dec will have value date 2 Dec since 1 Dec is Sunday. So will earn interest in new bank on 2 Dec. You expect people to withdraw in cash instead of doing Fast transfer ?

Fast transfer out from Citibank on 1 Dec. Nevermind if the amount will only earn interest in new bank on 2 Dec.

Don't give chance for Citibank to 'eat' the interest anyway since they won't pay pro-rated interest
 

testingabc

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Fast transfer out from Citibank on 1 Dec. Nevermind if the amount will only earn interest in new bank on 2 Dec.

Don't give chance for Citibank to 'eat' the interest anyway since they won't pay pro-rated interest

Best way just empty the account on Dec 1 ? Cause I’m only on counter 6 in few days time. Thanks in advance.
 

ciscube1

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Why do we close the account in Jan? To get the bonus interest for Nov on the last day of Dec?

I think the best optimization would be to withdraw everything except the minimum on 1 Dec 2019. If you withdraw on 2 Dec 2019, you would lose 1 day of interest if you deposit the withdrawn money elsewhere on 1 Dec 2019 to earn interest.

If you decide to close the account, close it on 2 Jan 2020 because 1 Jan 2020 is a public holiday.
 

Jazzbie

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I have 2 accounts. One single, one joint. So if I leave $15K in the joint account, I will not have to pay any fall below fee right?

Plan to only close on 2 Jan 2020.
 

ekardo

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oh..I saw already...wow!

Changes to MaxiGain Account features
With effect from 2 December 2019, the base interest rate for the Citi MaxiGain Savings Account will be revised to 50% of the 1-month Singapore Dollar Interbank Offer Rate (1-month SIBOR). The bonus interest rate will also be revised to step up monthly from 0.05% p.a. to a maximum of 0.60% p.a
 
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luvpraline

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Fast transfer out from Citibank on 1 Dec. Nevermind if the amount will only earn interest in new bank on 2 Dec.

Don't give chance for Citibank to 'eat' the interest anyway since they won't pay pro-rated interest

hi, what do you mean by citi "won't pay pro-rated interest"?

assuming you have 100k and only fast transfer out on 2 dec, the 100k will still continue to earn base interest for 1 dec right? And it's base interest of 70% sibor since the new changes only take effect on 2 dec. so citi will still have to pay the 1 day of base interest based on 70% sibor to you on 31 dec. I estimated about $3 :s13:

the gurus here, is this correct?
 
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