Citibank Maxigain Savings Account

ekardo

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you are not talking the same thing as me.... maybank isavvy is liquild fund, musical chair not hard only 5 mins to merry go round, minimum is $500 float. what you are talking is maybank fixed deposit 3 years term, which personally i don't like too. :s22::s22:

went to maybank to open isavvy-i account and was advised to take up some 3% interest stuff...I told her dun bother, just do what I instructed.. haha.. (thanks to HWZ)

so now I wait for mid april to open isavvy account online to start musical chair?
 

testingabc

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went to maybank to open isavvy-i account and was advised to take up some 3% interest stuff...I told her dun bother, just do what I instructed.. haha.. (thanks to HWZ)

so now I wait for mid april to open isavvy account online to start musical chair?

you can start the musical chair now with money at isavvy-i, on the 1st of may 2020 you then online open isavvy, and transfer the money from isavvy-i to a middle bank back to isavvy.
 

ekardo

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you can start the musical chair now with money at isavvy-i, on the 1st of may 2020 you then online open isavvy, and transfer the money from isavvy-i to a middle bank back to isavvy.

yes, $ transferred into the isavvy-i already..
not advisable to open in late Apr ?

when is the interest credited to Maybank normally?
 

hlw8888

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you can start the musical chair now with money at isavvy-i, on the 1st of may 2020 you then online open isavvy, and transfer the money from isavvy-i to a middle bank back to isavvy.

is isavvy-i now change name to iSAVvy Savings Plus ah? can't seems to find isavvy-i on maybank website. :o
 

Trazora

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is isavvy-i now change name to iSAVvy Savings Plus ah? can't seems to find isavvy-i on maybank website. :o

This one? https://www.maybank2u.com.sg/en/personal/islamic/deposits/iSAVvy-Savings-Account-i.page?
 

testingabc

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yes, $ transferred into the isavvy-i already..
not advisable to open in late Apr ?

when is the interest credited to Maybank normally?

isavvy open very fast, open on 1st may you can save $500 in the ADB compared to late April unless you delay the $500 fast in to 1st may.

base interest credited on 1st of each month morning, bonus interest credited on 5th of each month 6pm evening.
 

mangomilkshake

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Just close my account today.
Effective interests 1.40% for about 10 months.
Withdraw all cash via CO. No extra changes.
 

minamikaze

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Built the counter to 12, but gonna close the account this week for greener pastures. Should have done that earlier.
Goodbye Maxigain, it was good while it lasted.
 

lowveld

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Yes you are right. But if you are new, open 1 out of the 2 accounts first. Next cycle then open the other. For example,

1st day of month 1: Open isavvy, put all your funds into it.
1st day of month 3: Open isavvy-i, Withdraw money from isavvy leaving $500 to POSB/DBS/any middle bank then to isavvy-i
Any of the time you can withdraw or deposit, just keep make sure secondary account is $500 and primary account must have at least $10K ADB

Hello! Keen to try this out as well but am quite confused as to the steps required and what “primary” and “secondary” account is. So, to clarify:

1) In month 5, I’ll transfer everything back to i-savvy via the intermediary bank, leaving $500 in isavvy-i.

2) By months 1 and 3 are you referring to March and May to align with the promotional period of 1/3 to 30/4?

3) what do the primary and secondary accounts refer to?

Thanks in advance!
 

testingabc

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Hello! Keen to try this out as well but am quite confused as to the steps required and what “primary” and “secondary” account is. So, to clarify:

1) In month 5, I’ll transfer everything back to i-savvy via the intermediary bank, leaving $500 in isavvy-i.

2) By months 1 and 3 are you referring to March and May to align with the promotional period of 1/3 to 30/4?

3) what do the primary and secondary accounts refer to?

Thanks in advance!

1 and 2 Yes.
3. For example, I'm new to isavvy. 1st of March I open iSavvy and put $100K, so this is my primary (main account). Promotion period will last till 30st April . 1st May I will open iSavvy-i. Once done on the same day, my $100K from iSavvy will be transferred to POSB and then iSavvy-i. At this moment 1st May, iSavvy-i will be my primary account $100K while iSavvy will be my secondary account $500.
 

merlot6230

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same here,

no regret to bid goodbye to citibank maxi gain !

hope to see higher rate in future if possible.

ps : dun waste time on their latest launch !
 

lowveld

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1 and 2 Yes.
3. For example, I'm new to isavvy. 1st of March I open iSavvy and put $100K, so this is my primary (main account). Promotion period will last till 30st April . 1st May I will open iSavvy-i. Once done on the same day, my $100K from iSavvy will be transferred to POSB and then iSavvy-i. At this moment 1st May, iSavvy-i will be my primary account $100K while iSavvy will be my secondary account $500.

Thank you for the reply! Just a minor point - I can open iSavvy-i first right followed by iSavvy on 1 May.

Also, I note that 1 May is a public holiday followed by Sat and Sunday. To avoid losing out on interest on the first few days of May, I understand that I can open the other iSavvy just a few days before 1 May, and all I will lose out is the interest on the $500 ADB (for the last few days of April)? Would I also lose out on bonus interest due on the $500 x no. of days in May due to how they define Incremental ADB? Anyway, this interest lost should be pretty negligible compared to losing interest on the principal for 4 days. :s13:

Thanks again!
 

testingabc

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Thank you for the reply! Just a minor point - I can open iSavvy-i first right followed by iSavvy on 1 May.

Also, I note that 1 May is a public holiday followed by Sat and Sunday. To avoid losing out on interest on the first few days of May, I understand that I can open the other iSavvy just a few days before 1 May, and all I will lose out is the interest on the $500 ADB (for the last few days of April)? Would I also lose out on bonus interest due on the $500 x no. of days in May due to how they define Incremental ADB? Anyway, this interest lost should be pretty negligible compared to losing interest on the principal for 4 days. :s13:

Thanks again!

No prob, you can do that.

You can open iSavvy at 30 April 2020, and then fast in the money on 1 May 2020 to prevent the loss of interest.
 

ekardo

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No prob, you can do that.

You can open iSavvy at 30 April 2020, and then fast in the money on 1 May 2020 to prevent the loss of interest.

exactly what I will be doing...


but the loss of interest is example, if I open on 2nd may, I will only lose a 1/31 percent right?
 

foxer77

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iSavvy account is it a one time credit . Or u need to in/out to entitle the monthly intrest?
 

lowveld

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No prob, you can do that.

You can open iSavvy at 30 April 2020, and then fast in the money on 1 May 2020 to prevent the loss of interest.

Many thanks! Also as it’s now the 11th, would it be better for me to open the account on 1 April instead of exiting mxg now and losing out on the interest accrued thus far?

Edit: one other option I can think of is to maintain the minimum sum of 15,000 in mxg (to avoid $15 fee) and transfer the rest to isavvy haha. Would that be better? Sibor 1-mth around 1.57% now.i would still get the full bonus entitlement right?
 
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testingabc

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exactly what I will be doing...


but the loss of interest is example, if I open on 2nd may, I will only lose a 1/31 percent right?

Yes you only lose the interest for that day 1st may 2020

iSavvy account is it a one time credit . Or u need to in/out to entitle the monthly intrest?

For the monthly interest you do no need to do anything. Just maintain a $10K ADB, you can withdraw and deposit whenever you wants. Is like a saving accounts, but you don't need to buy any insurance products or spend any amount just to get the 1.75% rates.

Many thanks! Also as it’s now the 11th, would it be better for me to open the account on 1 April instead of exiting mxg now and losing out on the interest accrued thus far?

Edit: one other option I can think of is to maintain the minimum sum of 15,000 in mxg (to avoid $15 fee) and transfer the rest to isavvy haha. Would that be better? Sibor 1-mth around 1.57% now.i would still get the full bonus entitlement right?

Actually this will depends on your plans and your counters, by exiting Maxigain now you lose 11 days of interest. But if you withdraw more than the interest rates of last month your counter will drop I think? I forgot some of the Maxigain rules already but if the counter drop next month then keeping $15K is useful, if not will probably stuck with Maxigain until end of month better choice?
 

vsvs24

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Many thanks! Also as it’s now the 11th, would it be better for me to open the account on 1 April instead of exiting mxg now and losing out on the interest accrued thus far?

Edit: one other option I can think of is to maintain the minimum sum of 15,000 in mxg (to avoid $15 fee) and transfer the rest to isavvy haha. Would that be better? Sibor 1-mth around 1.57% now.i would still get the full bonus entitlement right?

It is not just looking at Maxigain.

Maybank isavvy average daily balance (ADB) is also affected. Eg if you deposit 75000 on 11 Mar, you only get bonus interest for Mar based on ADB of 75000 X 21 /31 which is 50,806.

https://www.maybank2u.com.sg/en/promotions/deposits/fresh-funds-top-up.page?

Bonus interest/dividend is awarded on the incremental average daily balance in the Account during the Promotion Period against the average daily balance in February 2020. The Average Daily Balance of the Account is determined by computing the sum of every day-end balance in the Account that month divided by the number of days in that month.
 

lowveld

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It is not just looking at Maxigain.

Maybank isavvy average daily balance (ADB) is also affected. Eg if you deposit 75000 on 11 Mar, you only get bonus interest for Mar based on ADB of 75000 X 21 /31 which is 50,806.

https://www.maybank2u.com.sg/en/promotions/deposits/fresh-funds-top-up.page?

Bonus interest/dividend is awarded on the incremental average daily balance in the Account during the Promotion Period against the average daily balance in February 2020. The Average Daily Balance of the Account is determined by computing the sum of every day-end balance in the Account that month divided by the number of days in that month.

Thanks! It’s a good point but I don’t think applicable to me based on the terms and conditions - ADB should be based on number of days account has been opened for the month - Clause 5.2.
 
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