Citibank Maxigain Savings Account

bryan76

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i dun geddit
even interest goes down why is there a need to immediately trf out the money?

if didnt trf by X date means ur money will get lock down or what???

Sent from LGE LG-H990 using GAGT

Because there are better interest around unless u don't mind getting less
 

ashethen

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CSO on chat told me wont get any bonus interest for november if close today. if want the bonus interest then have to keep it open till end of the month, otherwise the interest is only $5 or so

so those who already close lost hundreds in interest
 

Han Shot First

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The call centre wants to sleep. And sleep early somemore. Goes to bed at 8pm.

Doing this sents me jitters.

Citibank is running out of money. Citibank cannot afford to operate a call center 24/7 anymore. May have laid off call center staff to save money.

If you own stock of Citibank, consider selling soon before the stock price goes down further.
 

battledome64

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The guys don’t know what they are doing. I signed up a promo for funds transfer and the previous manager left and didn’t pass my file to next person

Took 3-4 months to resolve where CSO provides template replies

Also the Citi priority thing is so called a gimmick. They said they will auto send replacement cards however what they sent is a replacement of the same MRT card

Their focus isn’t on consumer in the first place
 

kurtgoh

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actually, it drop a little, like $5?

30/11/2019 BONUS INTEREST EARNED 4908 SGD 83.95
30/11/2019 INTEREST EARNED 4900 SGD 83.29

31/10/2019 BONUS INTEREST EARNED 4908 SGD 80.09
31/10/2019 INTEREST EARNED 4900 SGD 90.78
 

ashethen

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actually, it drop a little, like $5?

30/11/2019 BONUS INTEREST EARNED 4908 SGD 83.95
30/11/2019 INTEREST EARNED 4900 SGD 83.29

31/10/2019 BONUS INTEREST EARNED 4908 SGD 80.09
31/10/2019 INTEREST EARNED 4900 SGD 90.78

i think it's because they cut from 80% to 70% of SIBOR for october. then dec onwards cut to 50% SIBOR
 

dreant

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Then, in the evening, I used their Mobile app to withdraw $100 000 (the maximum allowed) to a Standard Chartered account. I selected the FAST transfer option, however, unbeknownst to me, Citibank changed it to a GIRO mode of transfer which will take a few days.

Why would it be 'unbeknownst' to you, when it is in Citi's Online User Agreement that you accepted in order to use the app?

4.16. "FAST Transfer Limits" means (i) S$10,000 for each outgoing transaction via Citi Mobile® App or S$50,000 for each outgoing transaction via Citibank Online, and (ii) S$100,000 being the maximum aggregate outgoing transactions which I can originate in a day, or such other amounts as you may prescribe from time to time.

Aside from having been informed of the limits, I'd also just like to call out that you had also accepted the following, in the same agreement...

You cannot guarantee the time at which the receiving banks or billing organisations will credit the account(s) of my payees.

AND

I accept that you may at your sole discretion credit the account(s) of the relevant payee(s) or issue a check or cashier's order to such payee(s) pursuant to the relevant payment or transfer instruction. I acknowledge that you are not responsible for any interruptions, errors, omissions or delays in the issue or remittance of such check or cashier's order howsoever arising

:o
 

dreant

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actually, it drop a little, like $5?

30/11/2019 BONUS INTEREST EARNED 4908 SGD 83.95
30/11/2019 INTEREST EARNED 4900 SGD 83.29

31/10/2019 BONUS INTEREST EARNED 4908 SGD 80.09
31/10/2019 INTEREST EARNED 4900 SGD 90.78

i think it's because they cut from 80% to 70% of SIBOR for october. then dec onwards cut to 50% SIBOR

No, it's because there are 30 days in Nov, and 31 days in Oct.
 

Singleton

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bye...i have transfer all out... the live chat agent told me i got $2.38 interest for these 2 days( 1 & 2 dec) to be credit by end dec.

Live agent reply : If we close the account now, no service fee will be billed however this S$ 2.38 will be absorbed by the bank and will be donated to charity.

My reply: why absorb by bank and donate to charity?


Live agent reply: We are merely advising you of what may happen if you keep the account open with no average daily balance in the account while waiting for the unposted interest to post. It is up to you to decide if you wish to close the account right now or keep it for December.

Live agent reply:please be advised that the interest of 2.38 is based on November and wont increase anymore because for you to earn base interest there should be 70K in the account plus there is a change in Maxigain that will take effect today

WTF... if i never maintain $15k till end dec ..this interest $2.38 will be donated to charity lol... think i heck care liao... waht based on her last reply the interest is now based on november ..so confusing siah... now is based on 70k... maybe i also blur liao
 
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ashethen

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bye...i have transfer all out... the live chat agent told me i got $2.38 interest for these 2 days( 1 & 2 dec) to be credit by end dec.

Live agent reply : If we close the account now, no service fee will be billed however this S$ 2.38 will be absorbed by the bank and will be donated to charity.

My reply: why absorb by bank and donate to charity?


Live agent reply: We are merely advising you of what may happen if you keep the account open with no average daily balance in the account while waiting for the unposted interest to post. It is up to you to decide if you wish to close the account right now or keep it for December.

WTF... if i never maintain $15k till end dec ..this interest $2.38 will be donated to charity lol... think i heck care liao...

there's still the interest from 70% SIBOR and step up bonus interest for november that you have not received. it will only be credited in end dec, if you keep the account open
 

kurtgoh

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there's still the interest from 70% SIBOR and step up bonus interest for november that you have not received. it will only be credited in end dec, if you keep the account open

so its better to transfer all in Jan?

by then, no more lapse, still got some petty interest too ;)
 

curious_moo

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Just to summarize (with assumption that you will put your money to some other instruments that will generate more interest for month of Dec):

- Withdraw all cash right now.
- If your Nov 2019 interest is worth more than $15, keep the account open and close it 01 Jan.
- If your Nov 2019 interest is worth less than $15, close your account right now and forfeit that miserable $15 interest.
 

bryan76

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Where got 1.2%?

Reset to step 6 because you withdraw money in Dec, it becomes 0.6%

Then apply new rate, slash to half = 0.3% nia

Base = $0 (balance less than 70k)
Bonus= $$150,000 x 0.3% x total day in nov 30/365 = $36.98

However you can workout the percentage as $36.98 out of that $15,000 remaining balance :D

For those thinking about the bonus interest, see above calculation... Wondering why some calculated got hundreds for bonus interest
 

curious_moo

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Leave 15 bucks inside to get few hundreds in interest not worth it?

Sent from Samsung SM-N960F using GAGT

i do not think he meant closing account. he simply mentioned withdrawal of all cash. the opportunity cost of laying your 150k-$15 in the account for Dec.
 
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