Citibank Maxigain Savings Account

[mikezuper]

1%, 0 effort. Just maintain >$1K in the account.

But citi maxigain giving 1.2% so why the transfer?

 

[Mecisteus]

But citi maxigain giving 1.2% so why the transfer?

You give up 0.2% for the pure liquidity.

You can withdraw your accumulated interests any time you like.

 

[kehyi4]

i feel that it's probably better to maintain maxigain at a constant value - ie keep it at exactly 150k

If i let the interest accumulate inside maxigain, i would find it hard to withdraw any sum in the future because of the 0.6% "penalty" and the need to rebuild the counter back to 12...

 

[maumu]

Again, I feel that the interest amount isn't that much compared to the sum you already have in there; if you can afford to park $150k there, an extra $2k or so a year shouldn't make much of a difference. Regardless of whether you transfer the interest out, your $150k is already 'locked in' anyway.

Just my 2 cents. The cash I have in this account is cash I really don't need any time soon. I use other accounts for daily expenses (BoC is good), so if/when I need to withdraw money from citi account, it won't just be the interest I take out then =)

If you're forced to take out the money one day like you said, will the interest you have in the cimb account be enough (say about $10k over 5 years?)? Or will you need to withdraw from the $150k in the citi account too?

i feel that it's probably better to maintain maxigain at a constant value - ie keep it at exactly 150k

If i let the interest accumulate inside maxigain, i would find it hard to withdraw any sum in the future because of the 0.6% "penalty" and the need to rebuild the counter back to 12...

i'm with the latter. but as explained by the former, it's a matter of where you want to park your excess. I guess at the end of the day, it depends on how 'calculative' we are and how we want to manage the excess. the flexibility to use the interest every month (easily a couple of hundreds) instead of rolling it over by keeping it in the account is something I would prefer over 'locking' it up further where you will not want to touch in order not to drop to counter 6.

but I must say for those people who will never think of touching the account at all will be happy to leave it inside to earn that 1.2% interest every month, fixed. it's the best out there.

 

[Purplestars]

How come there are so many guys here with $150k leaving it all in cash earning 1%ish?

Am I missing something here? Why not invest?

 

[mdax23]

Can easily park in accounts that give >1.2%

 

[Mecisteus]

If your interests is at least $200 monthly, you would have accumulated $2k+ in 1 year. This is a substantial sum of liquidity assuming you don't have other source of liquidity.

 

[Sinkie]

How come there are so many guys here with $150k leaving it all in cash earning 1%ish?

Am I missing something here? Why not invest?

Invest will lose money

 

[Guojing88]

How come there are so many guys here with $150k leaving it all in cash earning 1%ish?

Am I missing something here? Why not invest?

If your stock portfolio is already say 500k, then having 150k in cash is not a bad idea

 

[Purplestars]

Surely buying some bonds instead of cash won't lose you money and will bring you far higher interest rate than the 1-1.2?

Unless you are paralysed with fear that even bonds scare you

 

[Sinkie]

Surely buying some bonds instead of cash won't lose you money and will bring you far higher interest rate than the 1-1.2?

Unless you are paralysed with fear that even bonds scare you

Buying bonds has to wait for maturity if u don't want to lose any money

 

[Purplestars]

Buying bonds has to wait for maturity if u don't want to lose any money

Try A35 sg bond fund. Minimal risk.

 

[Sinkie]

Try A35 sg bond fund. Minimal risk.

There's still risk and also commission to pay too unlike this maxigain account

You can withdraw cash anytime you want over here, without losing any capital, just that you will give up the step up interest for next month

And I believe most here the $150,000 are spare cash and rest of their cash are already in other form of investment

 

[Alex_Chua]

Can easily park in accounts that give >1.2%

Which accounts easily give > 1.2%? Other than the CIMB fast/star savers, I can't think of any account which give high interests with no action needed...

 

[mdax23]

Which accounts easily give > 1.2%? Other than the CIMB fast/star savers, I can't think of any account which give high interests with no action needed...

http://forums.hardwarezone.com.sg/money-mind-210/hsbc-step-up-promo-5474210-100.html

 

[Alex_Chua]

http://forums.hardwarezone.com.sg/money-mind-210/hsbc-step-up-promo-5474210-100.html

No action needed? Just put money there?

Edit: read a bit, sounds like you get between 1.4-1.55% for top-up amount, for just 1 month? Looks like I'm missing something here; this hardly seems worth the effort, when you can get 1.2% with Citibank. Or 1% with Cimb, no action needed (besides putting money in, of course).

 

[Purplestars]

There's still risk and also commission to pay too unlike this maxigain account

You can withdraw cash anytime you want over here, without losing any capital, just that you will give up the step up interest for next month

And I believe most here the $150,000 are spare cash and rest of their cash are already in other form of investment

The initial $150k at 2% is fine, what I find mind boggling is you guys discussing what to do with your excess money beyond the $150k. Leave it in maxigain for 1.2% or 1% at cimb?

Seems like a huge waste.

 

[maumu]

The initial $150k at 2% is fine, what I find mind boggling is you guys discussing what to do with your excess money beyond the $150k. Leave it in maxigain for 1.2% or 1% at cimb?

Seems like a huge waste.

Oh we are just discussing about the interest earned every month, beyond the $150k.

It's not a big amount but neither is it insignificant. So just discussing what to do with it - transfer out or just leave it inside 'locked up' and earning 1.2%.

 

[mdax23]

No action needed? Just put money there?

Edit: read a bit, sounds like you get between 1.4-1.55% for top-up amount, for just 1 month? Looks like I'm missing something here; this hardly seems worth the effort, when you can get 1.2% with Citibank. Or 1% with Cimb, no action needed (besides putting money in, of course).

ai pi ai qi ai tua liap ni

 

[Alex_Chua]

The initial $150k at 2% is fine, what I find mind boggling is you guys discussing what to do with your excess money beyond the $150k. Leave it in maxigain for 1.2% or 1% at cimb?

Seems like a huge waste.

Like maumu has said, it's not that big an amount. Hmm what would u suggest, for the approximately $3k/year? Assuming liquidity is desired, since most people would have enough in other investments before parking $150k here.