Citibank Maxigain Savings Account

tesarise

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I read more than 10 pg of this forum today and don't understand why some people still wish to keep money in MaxiGain after 2 Dec (when can get better interest rates elsewhere).



Huh why keep one more day when any interest earned for this month will only be credited at end of the month? No diff if close account today or tmr right?

---

To the many ppl who wrote abt withdrawing balance and keeping like $15k in Dec to earn Nov's bonus interest credited in end Dec, then close acct in Jan 2020:

WHY???!??


6. Additionally, your balances capped at S$150,000 shall accrue bonus interest at a rate (“Bonus Interest Rate”) that steps up each month, from 0.10% p.a. to a maximum of 1.20% p.a., if the lowest balance in your MaxiGain account in a month is equal to or greater than the lowest balance in the previous month. The lowest amount of funds in your MaxiGain account at any point in time in a month (which includes, for the avoidance of doubt, the first day on which your MaxiGain account is opened) shall be the “lowest balance” of that month.​


See bolded above. If you are withdrawing so much money out in Dec, surely your lowest balance would be lesser than Nov's right? So you won't be receiving any bonus interest in end Dec, isn't it?

read carefully. the bolded part is for increasing bonus counter. will still get the bonus interest
 

kikomi

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read carefully. the bolded part is for increasing bonus counter. will still get the bonus interest

Oops, my bad I confused myself.

My point should be that the counter will drop to 6 (assuming you're 6-12 now) in Dec [see T&C point #9]. So why is it still worth it to wait for Nov bonus interest? Even if assuming we'll get the old T&C bonus interest of 0.6% (instead of revised 0.3%), isn't that a very lousy interest rate still?
 

tesarise

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Oops, my bad I confused myself.

My point should be that the counter will drop to 6 (assuming you're 6-12 now) in Dec [see T&C point #9]. So why is it still worth it to wait for Nov bonus interest? Even if assuming we'll get the old T&C bonus interest of 0.6% (instead of revised 0.3%), isn't that a very lousy interest rate still?

i believe because it is still based on the lowest balance last month, even if you only have 15k left this month. so its 0.3% on the 150k
 

havetheveryfun

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Oops, my bad I confused myself.

My point should be that the counter will drop to 6 (assuming you're 6-12 now) in Dec [see T&C point #9]. So why is it still worth it to wait for Nov bonus interest? Even if assuming we'll get the old T&C bonus interest of 0.6% (instead of revised 0.3%), isn't that a very lousy interest rate still?

cos u read wrongly, i didnt really see anyone saying keep 15k, most are saying $15 or $1 , if keep $15 or $1 why not, no loss to them anyway no matter how much the interest will be
 

foxer77

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Interest Rates
Account Balance Interest Rates*
First S$50,000 1.00% p.a.
Next S$25,000. 1.50% p.a.
Next S$25,000 1.80% p.a.
Above S$100,000 0.60% p.a.

will this meet the same faith as Maxigain in 2020??
 

doody_

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Got scammed by them... Transfers above 50k on mobile app automatically get converted into GIRO and will take 3 working days to transfer. Now my money is stuck in nowhere.

Should have done 10k transfers instead.
 

trinitygoh

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Managed to transfer $70k out. In transactions of 1k, 2k, 3k, 5k and 10k. Kena a lot of reversals. Will continue to try my luck.
 

Linkenmort

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That's what I think happened to me too. I transferred 100K using the app and the money was debited from Maxigain but not credited to my other bank account. It seems to have disappeared.

How do you know it's converted to Giro? It says "same day external transfer" for me.

This is seriously messed up.
 

Panerex

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That's what I think happened to me too. I transferred 100K using the app and the money was debited from Maxigain but not credited to my other bank account. It seems to have disappeared.

How do you know it's converted to Giro? It says "same day external transfer" for me.

This is seriously messed up.

Same for me
 

arctician

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From Citi pricing guide:

Citi MaxiGain Account (S$)
Minimum initial deposit*
S$15,000
#

Minimum balance to earn base interest
S$70,000

Minimum balance to earn bonus interest
S$1

Thx mate. Now waiting for 12am, one last round and i can end this drama. Damn tedious
 

doody_

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That's what I think happened to me too. I transferred 100K using the app and the money was debited from Maxigain but not credited to my other bank account. It seems to have disappeared.

How do you know it's converted to Giro? It says "same day external transfer" for me.

This is seriously messed up.

Same for me


That's what happened to me. I did a test transaction first to make sure my payee was setup correctly, and it appeared as FAST. But my next big transaction disappeared into the void, and appeared as "Same day external transfer". Called up Citi and was told it's automatically converted to GIRO and I need to wait for 3 working days.

So PSA: Don't transfer more than 50k in 1 transaction.
 
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