Citibank Maxigain Savings Account

guyz92

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The 70K rumor maybe is like Fake-New to stop new client to sign up MaxiGain account.

As SIBOR is going up due to increase interest rates in Fed Fund Reserve in US, many home loan client may decide to go for refinancing and result in lost of "profit".

If most of the Home Loan client have switch out, meaning Citibank have to fork out more to pay the Interest to MaxiGain account holders.

To make sure a bank is "stable", the total input and output to both savers and loaner must at lease balance out to zero.

If a bank is at unstable stage, it will start to take a loan from other banks within MAS approved banks.

Just wondering how Citibank going to handle this problem if such situation really happens.
 

Sinkie

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Not sure how true this is, and perhaps I got smoked.

Went down to the Marine Parade branch today with 15k cash in hand to open the account.

I was told that there are imminent changes coming to the T&C of this account and that management have told their staff to stop pushing this Maxigain account.

Although I did find it weird that I was only told this after I refused to use a cheque that they asked as apparently this branch can't take cash.

So yeah, turns out it was a huge smoke grenade I got today.

Called up Citi after I got back to office and they were quite concerned over what I heard. Got a call back from a sales manager later in the evening to explain that:

1.) full service branch do accept cash
2.) no "imminent changes" to T&Cs but seems its about the free gift being changed for depositing 70k upfront. I thought the sales manager was trying to cover for the dude at the branch, but I let that pass.

Anyway, I appreciate the urgency with which they addressed my questions, but whole thing still seems shady. The dude that told me all that crap at the branch was not saying anything close to what the sales manager was.

I'd do what tmkedw advised here, and just deposit 15k cash upfront. Be insistent that you want to open the account as it seems some of the branch people know less about their own product than the forummers here. I can see why sgdividends got pissed; I'd be too.

MikeDirnt - thanks for the offer but I'm nowhere near priority so don't think your RM would be interested haha.

heard that Citibank is amending from 0.8 to 0.7 of 1 mth sibor rate and min must maintain 70K instead of 15K. WEF 1July and deadline is 30Jun to top up to 70K. Citibank sending out letters soon.

wait for official letter for more details. I got to know as a friend open account today and was told by Citibank on the changes wef 1July.
if no top up to 70k by 30jun, then earn 0 interest. The fine details I am not so sure too. not sure if really 0 interest or only affect base interest or step up bonus interest.

The rumor started from these posts, guess they were the first to heard
 

knightcover

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Heard it myself from the lady branch manager at McDonald's house; below 70K get 0 interest.

Sent from Samsung Note 8 using GAGT
 

kerwen

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I received the atm card but no pin mailer for 3 days since the receipt of atm card. Anyone know when I will receive ithe atm pin no ?
 

JetStorm

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The 70K rumor maybe is like Fake-New to stop new client to sign up MaxiGain account.

As SIBOR is going up due to increase interest rates in Fed Fund Reserve in US, many home loan client may decide to go for refinancing and result in lost of "profit".

If most of the Home Loan client have switch out, meaning Citibank have to fork out more to pay the Interest to MaxiGain account holders.

To make sure a bank is "stable", the total input and output to both savers and loaner must at lease balance out to zero.

If a bank is at unstable stage, it will start to take a loan from other banks within MAS approved banks.

Just wondering how Citibank going to handle this problem if such situation really happens.
They can always change their tnc of this plan no?

Sent from Samsung SM-G950F using GAGT
 

compro_1975

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from what i view, it seems like they are they are trying to push people into citipriority and spread the 70k rumour wef 1 jul.. those open interest plus account will need put 70k with the bank for 3 months at least.... they just need 100 ppl every month like that do, no issue liao
 

Sinkie

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from what i view, it seems like they are they are trying to push people into citipriority and spread the 70k rumour wef 1 jul.. those open interest plus account will need put 70k with the bank for 3 months at least.... they just need 100 ppl every month like that do, no issue liao

You can put $15,000 in Citi Maxigain and gain citi priority status also
 

demoforce1

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None of the retail bankers r professional anyway

They aren't even truly bankers in the first place

Just a sales job trying to suck as much comm

That's very bad for Citi branding if those guys are around Citi office, cust will think they are Citi employee.
I don't think local bank OCBC or DBS have that kinds of guy in their office/bank.
 

ekardo

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can help me?

if I have 30k first month, then 40k, 50k, and then 51k, 52k, 53k for subsequent months, what is the interest rate that I should be getting?

I am getting only 1.x % for first 2 months...
 

dreant

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can help me?

if I have 30k first month, then 40k, 50k, and then 51k, 52k, 53k for subsequent months, what is the interest rate that I should be getting?

I am getting only 1.x % for first 2 months...

It depends on the date the funds entered the account. Assuming the account was opened on Jan 15, and funds are deposit on the 15th of each month:

15 Jan: Open a/c w 30k
31 Jan: 0.8% sibor (30k;16 days)
15 Feb: Deposit 10k (total 40k)
28 Feb: 0.8% sibor(30k;15 days, 40k;13 days) + 0.1%($0;31 days, lowest balance in Jan)
15 Mar: Deposit 10k (total 50k)
31 Mar: 0.8% sibor(40k;15 days, 50k;16 days) + 0.2%(30k;28 days, lowest balance in Feb)
15 Apr: Deposit 1k (total 51k)
30 Apr: 0.8% sibor(50k;15 days, 51k;15 days) + 0.3%(40k;31 days, lowest balance in Mar)
15 May: Deposit 1k (total 52k)
End May: 0.8% sibor(51k;15 days, 52k;16 days) + 0.4%(50k;30 days, lowest balance in Apr)
...

Bonus interest is paid on the lowest balance of the previous month. As such, you should only transfer funds into the account on the last day of the month (so it'll count over the next month) to get the most of your deposit.

I have noticed that if I FAST funds in on the 1st, Citi will later change the deposit date to the 2nd so it doesn't count for bonus interest until the month following next, because the lowest balance was on the 1st, before that transfer is counted.
 
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ekardo

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wow..understand now..
didnt realised about the lowest balance in previous month..
 

tmkedmw

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...

I have noticed that if I FAST funds in on the 1st, Citi will later change the deposit date to the 2nd so it doesn't count for bonus interest until the month following next, because the lowest balance was on the 1st, before that transfer is counted.

FAST is almost instant debit from the originating bank and credit to the receiving bank.
Banks do have cutoff time for your FAST to be effective on the same day, typically at night during weekdays and evening during Sat.

If FAST is done on a Sunday or public holiday, the credit will only be done next biz day.

I don't think Citi can legally change your deposit date from 1st to 2nd if u are doing it on a biz day and within the cut off time.
 

molangtsum

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It depends on the date the funds entered the account. Assuming the account was opened on Jan 15, and funds are deposit on the 15th of each month:

15 Jan: Open a/c w 30k
31 Jan: 0.8% sibor (30k;16 days)
15 Feb: Deposit 10k (total 40k)
28 Feb: 0.8% sibor(30k;15 days, 40k;13 days) + 0.1%($0;31 days, lowest balance in Jan)
15 Mar: Deposit 10k (total 50k)
31 Mar: 0.8% sibor(40k;15 days, 50k;16 days) + 0.2%(30k;28 days, lowest balance in Feb)
15 Apr: Deposit 1k (total 51k)
30 Apr: 0.8% sibor(50k;15 days, 51k;15 days) + 0.3%(40k;31 days, lowest balance in Mar)
15 May: Deposit 1k (total 52k)
End May: 0.8% sibor(51k;15 days, 52k;16 days) + 0.4%(50k;30 days, lowest balance in Apr)
...

Bonus interest is paid on the lowest balance of the previous month. As such, you should only transfer funds into the account on the last day of the month (so it'll count over the next month) to get the most of your deposit.

I have noticed that if I FAST funds in on the 1st, Citi will later change the deposit date to the 2nd so it doesn't count for bonus interest until the month following next, because the lowest balance was on the 1st, before that transfer is counted.


The bonus interest for Feb will count the 30k from acct opening as the lowest balance in Jan, instead of $0, IF the amount is deposited into the acct on the opening day (eg. using cash, FAST before cutoff time, etc..)

Cheque deposit will of course result in the amount being deposited the next day and $0 will be the lowest balance for Jan
 
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