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Citibank Maxigain Savings Account

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Old 29-01-2018, 11:46 AM   #1846
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Does one keep taking out interest past 150k every month? Or is it not worth the hassle?
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Old 29-01-2018, 11:52 AM   #1847
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Does one keep taking out interest past 150k every month? Or is it not worth the hassle?
i would actually if the money is just extra money to save.

take the extra interest and place it somewhere. maybe cimb fast saver if u already max out other savings account plans like dbs multiplier etc
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Old 29-01-2018, 12:14 PM   #1848
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Does one keep taking out interest past 150k every month? Or is it not worth the hassle?
That's a good $250/month...
Can put it into investment to earn higher yield. So you have a safe returns of $250/mth and higher yielding investment combo.
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Old 29-01-2018, 12:27 PM   #1849
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Just checking, if i already have a Citibank account, can i apply for maxigain via internet banking or i still have to go to Citibank branch to open?
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Old 29-01-2018, 01:24 PM   #1850
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Does one keep taking out interest past 150k every month? Or is it not worth the hassle?
I take out every month - what "hassle" is it to login to ibanking and click a few buttons once a month?
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Old 29-01-2018, 05:25 PM   #1851
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Went to open maxigain account at Woodlands. Very slow and attended by credit card sales. Use cashier order and asked me to take a queue number to bank in. Then after 30 to 40 mins for my turn and then the person at the counter said no need to queue up if it is cashier's order. This salesperson doesn't have the adequate knowledge. Is it the same in all Citibank branches?
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Old 29-01-2018, 05:59 PM   #1852
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luckily Maxigain is a pretty much hands off type of account once you get thru the initial account opening phase.
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Old 30-01-2018, 09:03 AM   #1853
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Went to open maxigain account at Woodlands. Very slow and attended by credit card sales. Use cashier order and asked me to take a queue number to bank in. Then after 30 to 40 mins for my turn and then the person at the counter said no need to queue up if it is cashier's order. This salesperson doesn't have the adequate knowledge. Is it the same in all Citibank branches?
I think it's the same everywhere - this salesperson doesn't have the adequate knowledge.

If u can, go to the macdonald branch one. May not be better in terms of knowledge but people and service are nicer I feel
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Old 30-01-2018, 09:27 AM   #1854
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$30k? All of it in Maxigain can liao, why need 2?
the multiplier effect will be gone once u withdraw from the account right ?

maybe need two , one to maintain the interest , the other use as normal account for the 0.8% ?
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Old 30-01-2018, 09:36 AM   #1855
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Can combo with SSB, so any amount above 15k, put in SSB first, which in it's first year, currently yielding 1.55%, not sure what's the % for the new one yet.

So 15k in maxigain earning 0.8%+counter.
The rest in SSB earning 1.55% tentatively.

After 1 year, switch out whatever amount in SSB into maxigain up to 150k to earn full interest. 0.8%+12counter /1.2%. Or just take out anytime it is above 1.55%.
I thought for ssb have to keep in there at least a few years to be worthwhile? If you take out after 1 year, you earn 1.55%?
Did some research into it but in the end I didn't go buy ssb (^^)
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Old 30-01-2018, 09:39 AM   #1856
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the multiplier effect will be gone once u withdraw from the account right ?

maybe need two , one to maintain the interest , the other use as normal account for the 0.8% ?
If it's to use as normal account, might as well go for cimb fastsaver or starsaver. Interest slightly higher.
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Old 30-01-2018, 09:50 AM   #1857
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I thought for ssb have to keep in there at least a few years to be worthwhile? If you take out after 1 year, you earn 1.55%?
Did some research into it but in the end I didn't go buy ssb (^^)
If put 10k for one year with 1.45%, your net interest is actually 1.41% only.
Coz you need to deduct $2 for buying and $2 for early redemption.
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Old 30-01-2018, 10:14 AM   #1858
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I thought for ssb have to keep in there at least a few years to be worthwhile? If you take out after 1 year, you earn 1.55%?
Did some research into it but in the end I didn't go buy ssb (^^)
Yes you ain't wrong, I'm talking about maximizing gains. If you keep 1 year inside SSB, 2nd year also won't jump to 2% whereas Maxigain already 2%. So it pays to switch.
More for those who wish to optimize the near-mid term gains.
If you look at the table in SSB, you would take until the 10th year to have 2% interest averaged out. Whereas you can hit 2% in maxigain by 2nd year.

In other words, if Maxigain doesn't change rules for 5-6 years, you will be vastly ahead of those keeping $$ in SSB for 5-6 years earning less than 2% averaged.
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Old 30-01-2018, 10:23 AM   #1859
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the multiplier effect will be gone once u withdraw from the account right ?

maybe need two , one to maintain the interest , the other use as normal account for the 0.8% ?
Thought it's for putting in 300k.
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Old 30-01-2018, 11:02 AM   #1860
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Hi if I open today, January is 0 then few days later in Feb the counter will be 1?
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