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Citibank Maxigain Savings Account

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Old 17-01-2018, 12:15 PM   #1711
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Does the base rate change when SIBOR goes up or it is fixed upon time of signing up?
Base rate changes with Sibor rate. Think it was 1.29 in end Dec/early Jan but has dropped to 1.24 last week.
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Old 17-01-2018, 03:03 PM   #1712
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So no matter What,first month lowest balance will definitely be zero?
I fund it immediately when my account was opened and I did get some interest. So first month lowest balance need to be more than $10k, fund to be in on the same day of account opening.

not sure about 3pm cut-off. But go earlier? I did it before 12 noon and I brought cash and bank in over counter once I gotten the slip with my account number.
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Old 17-01-2018, 03:08 PM   #1713
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I fund it immediately when my account was opened and I did get some interest. So first month lowest balance need to be more than $10k, fund to be in on the same day of account opening.

not sure about 3pm cut-off. But go earlier? I did it before 12 noon and I brought cash and bank in over counter once I gotten the slip with my account number.
Hmm, did you check your account and see if the date your account was funded is the date you open the account?

I applied mine on Sunday and the account was only live on Monday and funded on Monday.
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Old 17-01-2018, 03:11 PM   #1714
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The interest you received will be in 2 amounts:

Base Interest received at end of month:
- 0.8 x (one month Sibor rate)/365 x days of maintaining account

Bonus Interest received end of next month:
- Least amount of money in previous month x no of Step-Up counter x 0.1%/365 x days of maintaining account
Let's say I have $15k since day 1, funded on December 11, how to get $7.85?
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Old 17-01-2018, 03:56 PM   #1715
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Let's say I have $15k since day 1, funded on December 11, how to get $7.85?
Base interest rate for you in Dec would have been around 0.91% (based on average SIBOR from 11 Dec to 31 Dec)

15k x 0.91% x 21/365 days will give you a number reasonably close to $7.85
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Old 17-01-2018, 04:17 PM   #1716
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Base interest rate for you in Dec would have been around 0.91% (based on average SIBOR from 11 Dec to 31 Dec)

15k x 0.91% x 21/365 days will give you a number reasonably close to $7.85
Ah, I see... No wonder I keep thinking there shouldn't be any counter interest yet but why it's close to 0.9%. So it's purely Sibor interest. Thanks.
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Old 17-01-2018, 04:42 PM   #1717
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Hmm, did you check your account and see if the date your account was funded is the date you open the account?

I applied mine on Sunday and the account was only live on Monday and funded on Monday.
u done online right?

I went to the bank. and yes, the date of fund was the same date I open the account coz I use cash to bank in they could only process cash if the account is active, that's what they said la.

hmmm i calculate the interest but couldn't get the amt. Interest received $0.85 on a $10K deposit, on 28 Dec. It's strange. does it mean I don't get 1 day of interest? That's the closest I get to if I don't count one day.
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Old 17-01-2018, 04:56 PM   #1718
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u done online right?

I went to the bank. and yes, the date of fund was the same date I open the account coz I use cash to bank in they could only process cash if the account is active, that's what they said la.

hmmm i calculate the interest but couldn't get the amt. Interest received $0.85 on a $10K deposit, on 28 Dec. It's strange. does it mean I don't get 1 day of interest? That's the closest I get to if I don't count one day.
You better put in 15k. There is a fall below fee for under 15k.
Nope, I went to the bank direct. Perhaps it's because it's a Sunday when I went.
Mine is cheque.
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Old 17-01-2018, 05:28 PM   #1719
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u done online right?

I went to the bank. and yes, the date of fund was the same date I open the account coz I use cash to bank in they could only process cash if the account is active, that's what they said la.

hmmm i calculate the interest but couldn't get the amt. Interest received $0.85 on a $10K deposit, on 28 Dec. It's strange. does it mean I don't get 1 day of interest? That's the closest I get to if I don't count one day.
If u fund the account with $10k cash on 28 Dec, your interest for the 4 days (28Dec - 31Dec) is simply :

(4/365 ) x (0.8 x average of the 1mth SIBOR rate for that 4 days)

Late Dec, 1mth SIBOR is around 1.3% so you should get $1.14 as interest, kind of short of one day interest of $0.285.

u might want to call CSO and ask.

Did someone posted that Citi actually paid interest on 30Dec for the month of Dec, maybe they pay until 30Dec, then that will be 3 days and calculation will be spot on.
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Old 17-01-2018, 05:41 PM   #1720
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If u fund the account with $10k cash on 28 Dec, your interest for the 4 days (28Dec - 31Dec) is simply :

(4/365 ) x (0.8 x average of the 1mth SIBOR rate for that 4 days)

Late Dec, 1mth SIBOR is around 1.3% so you should get $1.14 as interest, kind of short of one day interest of $0.285.

u might want to call CSO and ask.

Did someone posted that Citi actually paid interest on 30Dec for the month of Dec, maybe they pay until 30Dec, then that will be 3 days and calculation will be spot on.
is it even rightful to only pay 30 days of interest if the interest is paid on 30th instead of 31st?
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Old 17-01-2018, 05:43 PM   #1721
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is it even rightful to only pay 30 days of interest if the interest is paid on 30th instead of 31st?
i don't really know. maybe citi pay the 31st interest as part of Jan's interest.
don't know whether banking rules allow though.

i am just merely thinking of a possible reason why interest rec'd is short of 1 day, that's all.

call citi and ask is the best way forward.
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Old 17-01-2018, 06:39 PM   #1722
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is it even rightful to only pay 30 days of interest if the interest is paid on 30th instead of 31st?
So which date is the last day to withdraw the interest?

29th or 30th?
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Old 17-01-2018, 06:49 PM   #1723
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is it even rightful to only pay 30 days of interest if the interest is paid on 30th instead of 31st?
interest is accrued daily but only compounded at the end of the month. 31st would likely be reflected on the next month. likewise if you close account on 16th, for example, they will still calculate the interest till 16th
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Old 17-01-2018, 07:35 PM   #1724
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interest is accrued daily but only compounded at the end of the month. 31st would likely be reflected on the next month. likewise if you close account on 16th, for example, they will still calculate the interest till 16th
Interest not counted based on the lowest daily balance for that month?
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Old 17-01-2018, 10:28 PM   #1725
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Interest not counted based on the lowest daily balance for that month?
Got 2 portion, the Sibor is daily, the counter 1-12 is based on lowest daily of the month balance.
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