Citibank Maxigain Savings Account

[demoforce1]

So basically the clarification given by kehyi4 is correct.

Let me try:

Assuming no further deposits and not counting accumulated interest

* 28 Feb:
- Daily Balance (DB) = 15k
- Lowest Balance (LB) = 15k
- Counter = 0
- Days in month = 19
- Base interest = 80% of Sibor x Feb DB x 19/365
- Bonus interest = 0

* 31 Mar:
- Daily Balance (DB) = 15k
- Lowest Balance (LB) = 15k
- Counter = 1
- Days in month = 31
- Base interest = 80% of Sibor x Mar DB x 31/365
- Bonus interest = 0.1% x Feb LB x 19/365

* 30 Apr:
- Daily Balance (DB) = 15k
- Lowest Balance (LB) = 15k
- Counter = 2
- Days in month = 30
- Base interest = 80% of Sibor x Apr DB x 30/365
- Bonus interest = 0.2% x Mar LB x 31/365

I am new here, I open the account on 28 Feb with cheque 15K, but my interest for Mar is slightly lower

* 28 Feb:
- Daily Balance (DB) = 0k
- Lowest Balance (LB) = 0k
- Counter = 0
- Days in month = 1
- Base interest = 80% of Sibor x Feb DB x 1/365 <-- I get $0.39
- Bonus interest = 0

* 31 Mar:
- Daily Balance (DB) = 15,000.39
- Lowest Balance (LB) = 15,000.39
- Counter = 1
- Days in month = 31
- Base interest = 80% of Sibor x Mar DB x 31/365
- Bonus interest = 0.1% x Feb LB x 1/365

For base, if Sibor = 1.3105% --> 80% = 1.048%, I should get $13.36, but I only see $12.87, any idea how this calculation?

 

[shpesft]

The Sibor rate for each month is not fixed but fluctuates and the interest is calculated on a daily basis,,, cannot just take the latest Sibor rate to do the base interest.

The Sibor rate was 1.25% at start of March and only started climbing towards the end of the month to >1.3%

I am new here, I open the account on 28 Feb with cheque 15K, but my interest for Mar is slightly lower

* 28 Feb:
- Daily Balance (DB) = 0k
- Lowest Balance (LB) = 0k
- Counter = 0
- Days in month = 1
- Base interest = 80% of Sibor x Feb DB x 1/365 <-- I get $0.39
- Bonus interest = 0

* 31 Mar:
- Daily Balance (DB) = 15,000.39
- Lowest Balance (LB) = 15,000.39
- Counter = 1
- Days in month = 31
- Base interest = 80% of Sibor x Mar DB x 31/365
- Bonus interest = 0.1% x Feb LB x 1/365

For base, if Sibor = 1.3105% --> 80% = 1.048%, I should get $13.36, but I only see $12.87, any idea how this calculation?

 

[xooomer]

Hi Guys,

Can I check I already have exactly 150k in the acct, I must withdraw interest on the last day of every month to optimise this account? If I withdraw it sometime in the following month, will it cause my counters to drop?

 

[compro_1975]

The Sibor rate for each month is not fixed but fluctuates and the interest is calculated on a daily basis,,, cannot just take the latest Sibor rate to do the base interest.

The Sibor rate was 1.25% at start of March and only started climbing towards the end of the month to >1.3%

Yea, i gave up counting already

 

[compro_1975]

Hi Guys,

Can I check I already have exactly 150k in the acct, I must withdraw interest on the last day of every month to optimise this account? If I withdraw it sometime in the following month, will it cause my counters to drop?

How much u wanna take out? If fall below, counter goes to 6....

 

[sgdividends]

Hi Guys,

Can I check I already have exactly 150k in the acct, I must withdraw interest on the last day of every month to optimise this account? If I withdraw it sometime in the following month, will it cause my counters to drop?

Withdraw first day of every month at most the exact interest u earn...that's what I'm doing ..

Anyway rule of thumb , withdraw first day,

Deposit last working day of month

Best bang for the buck

 

[Hwsemb]

Should withdraw the interest within the month, e.g. for interest credited on 31 Mar, should withdraw anyday from 1-30 Apr. If you withdraw it from 1 May onwards, your counter will drop/reset, due to lowest balance being reduced in May compared to Apr.

Can try to withdraw during middle of the month in case you forget to do so by month-end.

Hi Guys,

Can I check I already have exactly 150k in the acct, I must withdraw interest on the last day of every month to optimise this account? If I withdraw it sometime in the following month, will it cause my counters to drop?

 

[compro_1975]

Withdraw first day of every month at most the exact interest u earn...that's what I'm doing ..

Anyway rule of thumb , withdraw first day,

Deposit last working day of month

Best bang for the buck

is my illustration right of yours? reason for withdraw on day 1 and put back on last day us due to? wont we lose the interest from 2nd till 30th day of the month?

31 May - 10,000
1 June - 10,080
2 June - 10,000
31 June - 10,080 (deposit back)
1 Jul - 10160

dont really understand

 

[sgdividends]

is my illustration right of yours? reason for withdraw on day 1 and put back on last day us due to? wont we lose the interest from 2nd till 30th day of the month?

31 May - 10,000
1 June - 10,080
2 June - 10,000
31 June - 10,080 (deposit back)
1 Jul - 10160

dont really understand

The lowest balance must be higher than prior month for step up.

I don't mean withdraw day one and deposit back on last working day at the same time.

Say I have 150k.
Every month I just withdraw the interest on first day. And just don't put in anymore.

Say I have less than 150k, I will not withdraw. If ever I deposit , I will deposit on last working day

 

[sgdividends]

is my illustration right of yours? reason for withdraw on day 1 and put back on last day us due to? wont we lose the interest from 2nd till 30th day of the month?

31 May - 10,000
1 June - 10,080
2 June - 10,000
31 June - 10,080 (deposit back)
1 Jul - 10160

dont really understand

I read your post again.

Yes u do what u posted and it will still step up

 

[demoforce1]

So there's no really easy way to calculate and match with the interest given by the bank, we can just agak agak only?

The Sibor rate for each month is not fixed but fluctuates and the interest is calculated on a daily basis,,, cannot just take the latest Sibor rate to do the base interest.

The Sibor rate was 1.25% at start of March and only started climbing towards the end of the month to >1.3%

 

[tmkedmw]

So there's no really easy way to calculate and match with the interest given by the bank, we can just agak agak only?

Just use this graph below to do a quick visual estimate of March average 1mth SIBOR rate. If your principal does not change in March, then take the principal multiply by the guesstimate March 1mth SIBOR rate x 31/365 will give u the base interest, not exact but close enough.

http://sibor.sg/history.html

 

[leoch037]

Withdraw first day of every month at most the exact interest u earn...that's what I'm doing ..

Anyway rule of thumb , withdraw first day,

Deposit last working day of month

Best bang for the buck

i get the "withdraw first day" but can't get the "deposit last working day of month"

what's the diff between deposit last day of mth vs deposit 1 more day later aka first day of new mth?

 

[kehyi4]

So there's no really easy way to calculate and match with the interest given by the bank, we can just agak agak only?

hmm, your question made me curious, so i tried to calculate the exact interest earned for March 2018 in my Maxigain account, using the formula described in the official TnC: [ Daily Balance x 0.8 x SIBOR/365 ]

Based on my calculation, i should have gotten $128.74. What I actually received from the bank was ... $128.74

For those who want to try to calculate this for themselves, there's two things from the TnC to take note of:
1) "For any day that is a weekend or a public holiday, the Base Interest Rate of the immediately preceding Business Day shall apply."
2) “ '1 month SIBOR rate' refers to the previous Business Day’s 1 month SIBOR rate" - ie there's a 1 day lag on the SIBOR: 1 Mar uses 28 Feb SIBOR, 2 Mar uses 1 Mar SIBOR, 3 Mar uses 2 Mar SIBOR, and so on

[edit] forgot to specify that this was for March...

 

[sgdividends]

i get the "withdraw first day" but can't get the "deposit last working day of month"

what's the diff between deposit last day of mth vs deposit 1 more day later aka first day of new mth?

Ah ok..

Yes no difference . Deposit last working day and deposit 1 day ..it's the same optimum .


Withdraw 1st at day only.

Yes

 

[demoforce1]

Can you share how to get daily rate for 1-month sibor ?
http://sibor.sg/history.html only had the chart and need to manually type in.

The Sibor rate for each month is not fixed but fluctuates and the interest is calculated on a daily basis,,, cannot just take the latest Sibor rate to do the base interest.

The Sibor rate was 1.25% at start of March and only started climbing towards the end of the month to >1.3%

hmm, your question made me curious, so i tried to calculate the exact interest earned in my Maxigain account, using the formula described in the official TnC: [ Daily Balance x 0.8 x SIBOR/365 ]

Based on my calculation, i should have gotten $128.74. What I actually received from the bank was ... $128.74

For those who want to try to calculate this for themselves, there's two things from the TnC to take note of:
1) "For any day that is a weekend or a public holiday, the Base Interest Rate of the immediately preceding Business Day shall apply."
2) “ '1 month SIBOR rate' refers to the previous Business Day’s 1 month SIBOR rate" - ie there's a 1 day lag on the SIBOR: 1 Mar uses 28 Feb SIBOR, 2 Mar uses 1 Mar SIBOR, 3 Mar uses 2 Mar SIBOR, and so on

 

[flikmy]

Ah ok..

Yes no difference . Deposit last working day and deposit 1 day ..it's the same optimum .


Withdraw 1st at day only.

Yes

Actually, in terms of depositing, probably only matters when you open the account. If you open and deposit the account on the last day of the month, then you only need one day to get an extra counter.

Other than that, depositing at at time in the month should be fine as you'll still get the 80% Sibor interest rate. It's only the bonus counter rates that won't change the next month eventhough you deposited additional cash.

Happy to be corrected.

 

[swordsly]

Has anyone needed to wait for a period for the account to be approved..? If so, how long did you have to wait?

 

[flikmy]

Has anyone needed to wait for a period for the account to be approved..? If so, how long did you have to wait?

Think the account is created on the same day. I think mine took about 30 mins.

 

[PC-User]

Has anyone needed to wait for a period for the account to be approved..? If so, how long did you have to wait?

Mine waited 5 working days.