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Citibank Maxigain Savings Account

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Old 29-12-2017, 03:09 PM   #1501
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I've tried before to FAST on a non-working day and the online transaction post-date it to the next working day. Since 31 Dec is a non-working day (Sunday), if you FAST only on 31 Dec, it will only be posted on 2 Jan, which is the next working day, which means your lowest daily balance for Jan will be based on the amount *before* you FAST.

So today is the last working day of the month - better FAST today.

Understand it is fussy to FAST out the interest every month. Of course can leave it inside to earn 1.25% (1.2% for counter 12 + 0.05% for base), but it means locking up the interest inside if you don't want the counter to drop. Some guy calculated the interest amount accumulated is around 3k a year? I would choose liquid cash instead - can use it anytime I like and not worry about accumulating too much in this maxigain account.
Think there should be a giro thing that can auto transfer $$ out but will lose more interest since can only set a fixed time.
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Old 29-12-2017, 03:13 PM   #1502
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I've tried before to FAST on a non-working day and the online transaction post-date it to the next working day. Since 31 Dec is a non-working day (Sunday), if you FAST only on 31 Dec, it will only be posted on 2 Jan, which is the next working day, which means your lowest daily balance for Jan will be based on the amount *before* you FAST.
just to share what happened to me in October.

1 October was a Sunday and I tried to FAST in new funds to the account. But after doing that, when I login the maxigain account to check, the posting date reflected on my account was 2 October (although it was still 1 October).

02/10/2017
FAST INCOMING TRANSFER <my name> UOB UNITED OVERSEAS BANK LTD <bank message/code>

As a result, the lowest daily balance was based on 1 October, which was before I had FAST in the money.

I even called in to the CSO to raise this issue but the ignorant CSO just said it is how it works - transactions done on non-working days are posted on the next working day, so have to be careful...
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Old 29-12-2017, 04:16 PM   #1503
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I finally opened the account today. Even went to withdraw money from another bank and they told me cash is not advisable. they wanted cheque in case they canít activate the account immediately. Or they can accept fast transfer too. I almost wanna flip table and insisted to bank in my cash.

End up getting the interest plus account and become priority customer. Didnít feel much priority when I still gotta take q number to bank in the cash and they skip my number to serve the next one lolol
How much for priority?
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Old 29-12-2017, 04:42 PM   #1504
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just to share what happened to me in October.

1 October was a Sunday and I tried to FAST in new funds to the account. But after doing that, when I login the maxigain account to check, the posting date reflected on my account was 2 October (although it was still 1 October).

02/10/2017
FAST INCOMING TRANSFER <my name> UOB UNITED OVERSEAS BANK LTD <bank message/code>

As a result, the lowest daily balance was based on 1 October, which was before I had FAST in the money.

I even called in to the CSO to raise this issue but the ignorant CSO just said it is how it works - transactions done on non-working days are posted on the next working day, so have to be careful...
Only $4 lost in a year for interest and $250 pm ($3k annual) in liquid cash leh ... better dont transfer loh
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Old 29-12-2017, 04:50 PM   #1505
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Understand it is fussy to FAST out the interest every month. Of course can leave it inside to earn 1.25% (1.2% for counter 12 + 0.05% for base), but it means locking up the interest inside if you don't want the counter to drop. Some guy calculated the interest amount accumulated is around 3k a year? I would choose liquid cash instead - can use it anytime I like and not worry about accumulating too much in this maxigain account.
I don't think it is difficult to transfer out. If you receive $AB.XY as interests. Just transfer out $AB.00. Leave the cents in there.
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Old 29-12-2017, 05:15 PM   #1506
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I don't think it is difficult to transfer out. If you receive $AB.XY as interests. Just transfer out $AB.00. Leave the cents in there.
A simple calculation:

Say you have $150k in the a/c (Nov 2017), if Sibor is 1% and counter is 12, total int earned is (0.8 x 1%) + 1.2% = 2%.

So per mth's int is 2% x 150k / 12 = $250

So if this month (Dec 2017), you earn $250 int, you can choose to transfer $250 out on a fixed schedule, (you can set a scheduled FAST transfer per month in the a/c - say 15th day of the mth) - let the bank a/c do the work for you.

So in Jan 2018, your lowest bal. in Dec 2017 is still $150k, so there is no change in counter and you continue to earn monthly int of $250.

Process repeat - earn int, transfer int, correct me if I am wrong...
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Old 29-12-2017, 05:17 PM   #1507
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1 Month Sibor is 1.12683 as of 22 December.

That translates to effective interest rates of 2.101% for the first 150k of your money parked in this account.

Not bad at all.
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Old 29-12-2017, 06:33 PM   #1508
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A simple calculation:

Say you have $150k in the a/c (Nov 2017), if Sibor is 1% and counter is 12, total int earned is (0.8 x 1%) + 1.2% = 2%.

So per mth's int is 2% x 150k / 12 = $250

So if this month (Dec 2017), you earn $250 int, you can choose to transfer $250 out on a fixed schedule, (you can set a scheduled FAST transfer per month in the a/c - say 15th day of the mth) - let the bank a/c do the work for you.

So in Jan 2018, your lowest bal. in Dec 2017 is still $150k, so there is no change in counter and you continue to earn monthly int of $250.

Process repeat - earn int, transfer int, correct me if I am wrong...
Lowest balance of this month must be higher than lowest balance of previous month.

If you earn $201.51 as interests, then transfer out $201. Your net balance will increase by 51 cents.
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Old 29-12-2017, 06:47 PM   #1509
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Per the tnc, lowest balance of the month must be higher or equal to lowest balance of the previous month
https://www.citibank.com.sg/gcb/depo...axiGainTnC.pdf
You can choose to withdraw all the interests up to the last cents. But make sure you key in the correct amount.

A better way would be to schedule a monthly transfer. ie $240 on the 2nd of every month. Assuming SIBOR does not go down and you have $150k. This one don't even need to worry of wrong amount withdrawn.
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Old 29-12-2017, 07:26 PM   #1510
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A simple calculation:

Say you have $150k in the a/c (Nov 2017), if Sibor is 1% and counter is 12, total int earned is (0.8 x 1%) + 1.2% = 2%.

So per mth's int is 2% x 150k / 12 = $250

So if this month (Dec 2017), you earn $250 int, you can choose to transfer $250 out on a fixed schedule, (you can set a scheduled FAST transfer per month in the a/c - say 15th day of the mth) - let the bank a/c do the work for you.

So in Jan 2018, your lowest bal. in Dec 2017 is still $150k, so there is no change in counter and you continue to earn monthly int of $250.

Process repeat - earn int, transfer int, correct me if I am wrong...
Cant just transfer any date.

It has to be on the day after interest credited but before month end.

Let say on 31Nov17 lowest balance is 150k.
Then you transfer 15dec17 $240, your lowest balance is $149,760 then your counter reset already by end of 31Dec17.

If interest credited on 29Dec, you can only transfer between 29-31Dec17.

Please read thru the tnc in details and correct me if I am wrong
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Old 29-12-2017, 07:40 PM   #1511
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Int is credited in the beginning of the mth (based on my statement), so fast transfer out int in 15th of the mth should be fine
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Old 29-12-2017, 07:43 PM   #1512
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Int is credited in the beginning of the mth (based on my statement), so fast transfer out int in 15th of the mth should be fine
So can the rule of thumb be see interest credited in then transfer out the full dollar amount leaving the cents?

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Old 29-12-2017, 07:46 PM   #1513
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Int is credited in the beginning of the mth (based on my statement), so fast transfer out int in 15th of the mth should be fine
I don't know if it's different for different customers but mine is always credited on the last day of the month - for both base and bonus interests.

at least that's what i'm seeing on my monthly statements and online account.

that said, I have not noticed when it is reflected online - whether after midnight of last day of month or on 1st day of next month or what...

Last edited by maumu; 29-12-2017 at 07:50 PM..
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Old 29-12-2017, 07:48 PM   #1514
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Lowest balance of this month must be higher than lowest balance of previous month.

If you earn $201.51 as interests, then transfer out $201. Your net balance will increase by 51 cents.
no need to be higher. can be equal too.

"The Bonus Interest Rate steps up in a month if the lowest balance in that month is equal to or greater than the lowest balance in the preceding month."
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Old 29-12-2017, 08:07 PM   #1515
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1 Month Sibor is 1.12683 as of 22 December.

That translates to effective interest rates of 2.101% for the first 150k of your money parked in this account.

Not bad at all.
erm, you need to look at average Sibor for the mth, not just one day

Average Sibor for Dec (up to 25 Dec) is 1.1015%
Maxi base interest should be around 0.881% (but quite likely to be a bit higher than that since Sibor is trending above Dec average)
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