Citibank Maxigain Savings Account

tmkedmw

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Citi long sms Lai liao.

Say 1st Dec 12 noon to 2nd Dec 10am Fast transactions done in this time period, pls check hor.

22hr of wonky FAST transfer jskm.
 

havetheveryfun

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Citi long sms Lai liao.

Say 1st Dec 12 noon to 2nd Dec 10am Fast transactions done in this time period, pls check hor.

22hr of wonky FAST transfer jskm.

just received call 1-2 hrs ago to check my transfers yesterday is genuine by myself or not.. thought they should call yesterday instead ? :s22:
 

heng_ah

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That calculation is flawed, because you're keeping $15k in there to avoid a $15 fall below fee. The percentage of return for that is about ~1.17%p.a.

Who said i am keeping $15,000?
See my post #6780
I am keeping $1 for $36.98 interest (before $15 fall below fee).

At the meantime my $15,000 is working hard at Maybank for better return.

What is the percentage of $1 deposit will I get from Citi?

So, which part of my calculation is flawed....?!
 

curious_moo

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Who said i am keeping $15,000?
See my post #6780
I am keeping $1 for $36.98 interest (before $15 fall below fee).

At the meantime my $15,000 is working hard at Maybank for better return.

What is the percentage of $1 deposit will I get from Citi?

So, which part of my calculation is flawed....?!

simply said, just withdraw all cash to another instrument.
keep $1 or simply $0 and close account only on 1 Jan.
 

dreant

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Who said i am keeping $15,000?
See my post #6780
I am keeping $1 for $36.98 interest (before $15 fall below fee).

At the meantime my $15,000 is working hard at Maybank for better return.

What is the percentage of $1 deposit will I get from Citi?

So, which part of my calculation is flawed....?!

The flaw is in this sentence you wrote...

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

... where I simply called out that it is incorrect to workout $36.98 out of $15k to figure out the % return of doing so; and that if someone was doing so, the correct calculation to understand what is the rate of return on parking that $15k there is really simply $15 of $15k.

There is no 'rate of return' even on your $1, because that is not the reason why you'll get $36.98 in your account at the end of Dec; you could leave the account with $0.01 or possibly even $0.00 to do so.

The main thing is, is there any merit to delay the account closing, and what (if any) is the opportunity cost to do so. Any attempt to figure out a percentage return on this action (or non-action) is moot.

Someone else has already correctly posted how to figure out the correct course of action for each individual here, and it is totally unrelated to any '% rate of return'.
 

Gattberserk

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same.. except SCB compensated me 20 bucks for the error the next week and all done automatically by them, i didnt even complain about it to them

Its a totally different case this time. First i needed the fund urgently. You only have one transaction which is easy to track and tally.

I have almost 200 transaction and they had to print out to tally the numbers. I had to take leave today just to go down and show them prove my recipients bank get $1000 less.
 

mdax23

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Its a totally different case this time. First i needed the fund urgently. You only have one transaction which is easy to track and tally.

I have almost 200 transaction and they had to print out to tally the numbers. I had to take leave today just to go down and show them prove my recipients bank get $1000 less.

Wa steady ah. How long u took to effect all the 200 transactions?
 

tmkedmw

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Its a totally different case this time. First i needed the fund urgently. You only have one transaction which is easy to track and tally.

I have almost 200 transaction and they had to print out to tally the numbers. I had to take leave today just to go down and show them prove my recipients bank get $1000 less.

Of the many fast trsnsfers u do, u got do $1000 Fast? If don't have, then the discrepancy is really scary.
 

tmkedmw

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I tried 50k failed. 40k failed.

Sorry to hear that. According to Citi sms, problem fixed since 10am today. Fast problem can be with receiving bank too.

Is your Citi account by any chance flagged as inactive?
 
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havetheveryfun

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Of the many fast trsnsfers u do, u got do $1000 Fast? If don't have, then the discrepancy is really scary.

quite a lot of discrepancies that seems like they are now calling up everyone who transfered yesterday , sucessful or not
 

havetheveryfun

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Johnpierpontmorgan

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Took my 100k in cashier order and closed the account :)

Life is good.

More rate cuts and global central bank QE next year.

Buy safe with intermediate to longer term maturity bonds for capital gain perhaps.

Mbh and A35 comes to mind

Alternatively ssb allows you to fix rates without principal being affected (zero price volatility risk before maturity)
 
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rottingapple

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Hello im confused.

If lets say, i am receiving $300/mth of interest as of 30nov. How much money should i leave inside the Maxigain to reap the remaining last bit of interest?

I see some posts says leave $1, some says 15k. Please advise thanks.
 

Johnpierpontmorgan

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Hello im confused.

If lets say, i am receiving $300/mth of interest as of 30nov. How much money should i leave inside the Maxigain to reap the remaining last bit of interest?

I see some posts says leave $1, some says 15k. Please advise thanks.

Keep things simple. Just close it and move to better rates product
 
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