Citibank Maxigain Savings Account

laurent_rio

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that's according to the Live Chat agent ... it's a current account and account can go negative and over-drafted



I presume overdraft will attract interest ... did not ask.

again, dont know how true ... but I will just leave $15.00 on 31 Dec :(

hope those meeting RMs next week can update ... TIA

so you will not take everything early dec ?
 

Han Shot First

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If one FAST transfers $X on 1 Dec 2019 to Maybank iSAVvy account (i.e. withdraws $X from Citibank MaxiGain account and deposits the $X into Maybank iSAVvy account), does Maybank give (pay) interest for the $X deposited for 1 day (despite the fact that 1 Dec 2019 is a Sunday)?

If one examines the Transaction History of one's iSAVvy account, the history shows only Transaction Dates (even for Sundays). There are no Value Dates shown (for transactions occurring on Sundays).

Does Maybank iSAVvy account give (pay) interest (for Sunday) for money FAST transferred into the account on Sunday, 1 Dec 2019 (from MaxiGain account)?
 

bryan76

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Does Maybank iSAVvy account give (pay) interest (for Sunday) for money FAST transferred into the account on Sunday, 1 Dec 2019 (from MaxiGain account)?

It did not say it's working day so I assume counted. Will transfer all over to Maybank with 2.1% at least for Dec... Hopefully they continue next year
 

luvpraline

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Does Maybank iSAVvy account give (pay) interest (for Sunday) for money FAST transferred into the account on Sunday, 1 Dec 2019 (from MaxiGain account)?

not sure about this. but i'd rather take the chance maybank might pay the interest on 1 Dec, instead of leaving it for one more day in citi because that is 0% chance of getting any interest.
 

testingabc

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I will probably zero out MaxiGain account and close it a few days time as my counter is 6 only. Either going with iSavvy or Esaver I suppose
 

swathe

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Rethnk about it,
1 Dec - Withdraw all
31 Dec - Interest comes in
31 Dec - Withdraw all except $15
2 Jan - Close account hopefully with $15 still intact
 

foxer77

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Hello,

In case anyone needs a summary of the upcoming changes to the Maxigain account, other alternatives that are available at this stage and what to take note of when closing the account, I have written a little post on it. Hopefully it will be helpful to anyone.

https://theboywhoprocrastinates.blogspot.com/2019/11/revision-of-terms-and-conditions-for.html
Great summaries 1.47% that the max it shall go

Most bank fd also start to decline in intrest
 

SKenny

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I stand corrected on this ...

... Citi Live Chat informs me that

"solo account and joint account are considered separate relationship thus each needs to maintain average daily balance of 15K to avoid service fee."

Also, in order to get Bonus interest, need to keep $1 balance

MaxiGain can go into negative balance

I am not totally sure if the above is really the case ...

Thanks. :D
 

Han Shot First

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The Citibank daily limit for FAST transfer out is $100,000. If one has balance of $150,000 in MaxiGain account, which option is the optimum amount to transfer out and the balance to maintain on 1 Dec 2019?
(a) On 1 Dec, transfer out $80,000. Leave a balance of $70,000; or
(b) On 1 Dec, transfer out $100,000. Leave a balance of $50,000.

I was thinking should do (a) because the $70,000 could earn base interest for 1 day or am I incorrect (because there is absolutely no way to earn any base interest even for a day)?
 

1scape

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Am i correct to say?

For existing counter 6 and above, counter will drop to 6 with new revised rate of 0.3%:

with 75k, you should expect an bonus interest of 75k x 0.3/100 x 30/365 = 18.49 sgd
with 150k, you should expect an bonus interest of 150k x 0.3/100 x 30/365 = 36.99 sgd

>60,833, can consider keeping 1 sgd throughout Dec and pay off $15 on 2 Jan
<= 60,833, withdraw everything

For counter 5 and below, you have to decide if you want to pay the early account closure
 

Lex1989

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The Citibank daily limit for FAST transfer out is $100,000. If one has balance of $150,000 in MaxiGain account, which option is the optimum amount to transfer out and the balance to maintain on 1 Dec 2019?
(a) On 1 Dec, transfer out $80,000. Leave a balance of $70,000; or
(b) On 1 Dec, transfer out $100,000. Leave a balance of $50,000.

I was thinking should do (a) because the $70,000 could earn base interest for 1 day or am I incorrect (because there is absolutely no way to earn any base interest even for a day)?

Go down to branch to close account on 2 Dec take full cash and dump into another bank.
 

Lex1989

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Am i correct to say?

For existing counter 6 and above, counter will drop to 6 with new revised rate of 0.3%:

with 75k, you should expect an bonus interest of 75k x 0.3/100 x 30/365 = 18.49 sgd
with 150k, you should expect an bonus interest of 150k x 0.3/100 x 30/365 = 36.99 sgd

>60,833, can consider keeping 1 sgd throughout Dec and pay off $15 on 2 Jan
<= 60,833, withdraw everything

For counter 5 and below, you have to decide if you want to pay the early account closure

Tl;dr just jump to maybank ;)
 
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