HWZ Forums

Login Register FAQ Mark Forums Read

Citibank Maxigain Savings Account

Like Tree570Likes
Reply
 
LinkBack Thread Tools
Old 30-04-2018, 03:37 PM   #2446
Junior Member
 
Join Date: Apr 2018
Posts: 6
I've just created an account today at the JE branch. Had a decent experience, however can tell that the rules a bit wonky. Didn't have any prior accounts or cc with citi.

Went in the morning, about to queue for number, one CSO came to talk to me. I asked whether can use FAST, didn't allow. No choice have to go posb withdraw.
Went in a second time, a new CSO took over. He say open account might delay, if cash or cheque will take a couple of days to show up in account. I asked him to expedite for me.

In the end, my acc opened within 30mins. But cash deposit still got problem. He suggests 10k deposit thru atm first because that's the limit. Then the rest of the 5k will be in by a couple of days. Didn't try to sell me cc and asked whether I need the debit card/token. (Not necessary but I took it.) Well i enquire about the fall below fee because I only deposited 10k. He say won't have. (Hopefully)
Xerophytes is offline   Reply With Quote
Old 30-04-2018, 05:18 PM   #2447
Master Member
 
swordsly's Avatar
 
Join Date: Jan 2008
Posts: 3,378
CSO told me Citi will send us CCs to try out and if I don't like it, I can cancel it after 6 months.

Was asked to choose 2 CCs when I opened the account. Told me to cancel both 6 months later if I dont want them anymore.
Was also given ReadyCredit and told that I don't need to activate it if I don't want it.

swordsly is offline   Reply With Quote
Old 30-04-2018, 05:21 PM   #2448
High Supremacy Member
 
Perisher's Avatar
 
Join Date: Jan 2015
Posts: 49,867
CSO told me Citi will send us CCs to try out and if I don't like it, I can cancel it after 6 months.

Was asked to choose 2 CCs when I opened the account. Told me to cancel both 6 months later if I dont want them anymore.
Was also given ReadyCredit and told that I don't need to activate it if I don't want it.

They love you. Better cancel the readycredit at the minimum.
__________________
Perisher is online now   Reply With Quote
Old 30-04-2018, 06:52 PM   #2449
Senior Member
 
Join Date: Aug 2008
Posts: 585
After the no FAST boohaa, I went to another branch and this time they allow FAST. But I got CC, readycredit and priority account in return

I don’t even have 70k...
__________________
jin poor
agony2 is offline   Reply With Quote
Old 30-04-2018, 07:17 PM   #2450
Senior Member
 
Join Date: Dec 2008
Posts: 980
Can share which branch you went that allow Fast?

After the no FAST boohaa, I went to another branch and this time they allow FAST. But I got CC, readycredit and priority account in return

I don’t even have 70k...
ixoral is offline   Reply With Quote
Old 30-04-2018, 07:39 PM   #2451
Senior Member
 
Join Date: Aug 2011
Posts: 627
Just opened my account @ the Tampines MRT branch. They allowed me to FAST transfer. Same thing, given priority status as a "trial" (despite me only putting 15k) according to the CSO. Look for Darwin, he settled the account opening for me.
zeroX26 is offline   Reply With Quote
Old 01-05-2018, 10:23 AM   #2452
Senior Member
 
Join Date: Aug 2008
Posts: 585
Can share which branch you went that allow Fast?
Punggol waterway
__________________
jin poor
agony2 is offline   Reply With Quote
Old 01-05-2018, 10:42 AM   #2453
Greater Supremacy Member
 
Sinkie's Avatar
 
Join Date: Jan 2009
Posts: 78,840
Just opened my account @ the Tampines MRT branch. They allowed me to FAST transfer. Same thing, given priority status as a "trial" (despite me only putting 15k) according to the CSO. Look for Darwin, he settled the account opening for me.
I'm really amazed by how much effort and trouble everyone here can go though like walking in to a particular branch, finding that particular cso, opening credit card, withdrawing cash, asking for maxigain account number on the spot to fast transfer ie just to make sure they start their start up 1 month earlier

Assuming using fast or cheque depositing $15,000, bonus interest 0.1% pa, and that's like for a $1.15 interest

Is my calculation $15,000x0.1%x28/365 right? Or is it $11.50 more?
Sinkie is offline   Reply With Quote
Old 01-05-2018, 10:48 AM   #2454
Senior Member
 
Join Date: Sep 2000
Posts: 2,198
An interesting strategy just came to mind. We know that the T&Cs regarding withdrawals are as follows:

"If your lowest balance in the current month is lower than the lowest balance in the previous month, the Counter will reset..."

Therefore imagine this:

Month 1 to 12 - $15,000 (plus a little interest here and there, but assume $15,000 for ease of discussion) - this is the period where we are clocking the 12 counters.

Month 13 - Top up to $150,000 - the lowest balance for this month is not $150,000 but $15,000 since it was $15,000 on the 1st day of Month 13 before you topped it up to $150,000.

Month 14 - Withdraw $135,000 - lowest balance for this month is $15,000, which is not lower than lowest balance for Month 13, which is also $15,000 therefore no counter penalty applies.

Month 15 - Top up back to $150,000 - again the lowest balance for this month will not be lower than Month 14.

Rinse & Repeat


Therefore, you will be getting the full bonus interest for $150,000 for all the odd months, and bonus interest for $15,000 for all the even months. This gives you the flexibility to "liquidize" $135,000 for whatever purpose you require at half the interest potential.

If you have a second Maxigain account, you could then switch this $135,000 between both accounts every month after the 12th and get the bonus interest for all odd and even months. You will also not suffer the illiquid situation if you ever need to use the $135,000. Both accounts will stay at 12 counters all the time since the lowest balance of both accounts for all months will be $150,000

Does the above strategy work?
vince123123 is offline   Reply With Quote
Old 01-05-2018, 10:51 AM   #2455
Senior Member
 
Join Date: Aug 2016
Posts: 665
I'm really amazed by how much effort and trouble everyone here can go though like walking in to a particular branch, finding that particular cso, opening credit card, withdrawing cash, asking for maxigain account number on the spot to fast transfer ie just to make sure they start their start up 1 month earlier

Assuming using fast or cheque depositing $15,000, bonus interest 0.1% pa, and that's like for a $1.15 interest

Is my calculation $15,000x0.1%x28/365 right? Or is it $11.50 more?
I concur. Unless the amount is massive, surely a chunk of the first month's interest would go into the additional travel cost to some specific branch? And absolutely nobody values time that much is certain.

But I am curious, what is the solution to this quandry? DBS ATM cash withdrawal limit is S$5K, so withdraw max amount over 3 days, and on third day carry the wads of cash over to a Citibank branch and open the account? Are there limitations to cash deposit as a part of funding the account?

I am still on the fence about this account as an alternative to the CIMB FastSaver. I am tempted because of the Citi Global Transfers facility that I would surely gain from, but I am not sure I'll go for it before I don't want to permanently "lock-in" S$15K.
vegavega25 is online now   Reply With Quote
Old 01-05-2018, 10:56 AM   #2456
Senior Member
 
Join Date: Aug 2016
Posts: 665
I sincerely hope that if I ever have S$165K, and especially if it is lying around such that I can deposit into a bank account, I will have a life. And not enough time for such - albeit clever and ingenious - strategies.



An interesting strategy just came to mind. We know that the T&Cs regarding withdrawals are as follows:

"If your lowest balance in the current month is lower than the lowest balance in the previous month, the Counter will reset..."

Therefore imagine this:

Month 1 to 12 - $15,000 (plus a little interest here and there, but assume $15,000 for ease of discussion) - this is the period where we are clocking the 12 counters.

Month 13 - Top up to $150,000 - the lowest balance for this month is not $150,000 but $15,000 since it was $15,000 on the 1st day of Month 13 before you topped it up to $150,000.

Month 14 - Withdraw $135,000 - lowest balance for this month is $15,000, which is not lower than lowest balance for Month 13, which is also $15,000 therefore no counter penalty applies.

Month 15 - Top up back to $150,000 - again the lowest balance for this month will not be lower than Month 14.

Rinse & Repeat


Therefore, you will be getting the full bonus interest for $150,000 for all the odd months, and bonus interest for $15,000 for all the even months. This gives you the flexibility to "liquidize" $135,000 for whatever purpose you require at half the interest potential.

If you have a second Maxigain account, you could then switch this $135,000 between both accounts every month after the 12th and get the bonus interest for all odd and even months. You will also not suffer the illiquid situation if you ever need to use the $135,000. Both accounts will stay at 12 counters all the time since the lowest balance of both accounts for all months will be $150,000

Does the above strategy work?
vegavega25 is online now   Reply With Quote
Old 01-05-2018, 11:01 AM   #2457
Greater Supremacy Member
 
Sinkie's Avatar
 
Join Date: Jan 2009
Posts: 78,840
I concur. Unless the amount is massive, surely a chunk of the first month's interest would go into the additional travel cost to some specific branch? And absolutely nobody values time that much is certain.

But I am curious, what is the solution to this quandry? DBS ATM cash withdrawal limit is S$5K, so withdraw max amount over 3 days, and on third day carry the wads of cash over to a Citibank branch and open the account? Are there limitations to cash deposit as a part of funding the account?

I am still on the fence about this account as an alternative to the CIMB FastSaver. I am tempted because of the Citi Global Transfers facility that I would surely gain from, but I am not sure I'll go for it before I don't want to permanently "lock-in" S$15K.
Even if you are pumping in $150,000 on the first day, it's like only for $11.50 interest

Really amaze that maybe 20% of the posts in this thread is about how to fund this maxigain account on the day of opening to get $1.15 more interest
Sinkie is offline   Reply With Quote
Old 01-05-2018, 11:05 AM   #2458
Greater Supremacy Member
 
Sinkie's Avatar
 
Join Date: Jan 2009
Posts: 78,840
An interesting strategy just came to mind. We know that the T&Cs regarding withdrawals are as follows:

"If your lowest balance in the current month is lower than the lowest balance in the previous month, the Counter will reset..."

Therefore imagine this:

Month 1 to 12 - $15,000 (plus a little interest here and there, but assume $15,000 for ease of discussion) - this is the period where we are clocking the 12 counters.

Month 13 - Top up to $150,000 - the lowest balance for this month is not $150,000 but $15,000 since it was $15,000 on the 1st day of Month 13 before you topped it up to $150,000.

Month 14 - Withdraw $135,000 - lowest balance for this month is $15,000, which is not lower than lowest balance for Month 13, which is also $15,000 therefore no counter penalty applies.

Month 15 - Top up back to $150,000 - again the lowest balance for this month will not be lower than Month 14.

Rinse & Repeat


Therefore, you will be getting the full bonus interest for $150,000 for all the odd months, and bonus interest for $15,000 for all the even months. This gives you the flexibility to "liquidize" $135,000 for whatever purpose you require at half the interest potential.

If you have a second Maxigain account, you could then switch this $135,000 between both accounts every month after the 12th and get the bonus interest for all odd and even months. You will also not suffer the illiquid situation if you ever need to use the $135,000. Both accounts will stay at 12 counters all the time since the lowest balance of both accounts for all months will be $150,000

Does the above strategy work?
Once current lowest balance below previous lowest balance, the counter will reset to 6
Sinkie is offline   Reply With Quote
Old 01-05-2018, 11:09 AM   #2459
Senior Member
 
Join Date: Sep 2000
Posts: 2,198
I take it that you concur that the strategy is viable?

And btw, the target audience in this thread already fit the profile you described, ie they have $150k and wish to put it into this. Further, it only takes less than 5 minutes to implement it every month, not unlike people who are using similar strategies for SCB eSaver and HSBC Step Up.

If you do not fit the profile, then it is always open to you not to participate in it.

I sincerely hope that if I ever have S$165K, and especially if it is lying around such that I can deposit into a bank account, I will have a life. And not enough time for such - albeit clever and ingenious - strategies.

Last edited by vince123123; 01-05-2018 at 11:12 AM..
vince123123 is offline   Reply With Quote
Old 01-05-2018, 11:09 AM   #2460
Senior Member
 
Join Date: Sep 2000
Posts: 2,198
Yes, we all know that, which is why the proposed strategy is intended to avoid this condition from triggering.

Once current lowest balance below previous lowest balance, the counter will reset to 6
vince123123 is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On