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Citibank Maxigain Savings Account

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Old 09-05-2018, 02:17 PM   #2521
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You mean from 0.8 of 1mth SIBOR to 0.7 of 1mth SIBOR ?
yes. correct....
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Old 09-05-2018, 02:42 PM   #2522
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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.
Serious???

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Old 09-05-2018, 03:01 PM   #2523
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yes. correct....

As predicted, all good things must come to an end
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Old 09-05-2018, 03:47 PM   #2524
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Serious???

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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.
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Old 09-05-2018, 04:23 PM   #2525
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Really a not?
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Old 09-05-2018, 04:30 PM   #2526
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some kind one can call and ask? keke
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Old 09-05-2018, 04:36 PM   #2527
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might be too many subcribler to this gain acc causing them to rising the mini sum in order to give intrest to those that can keep up. letvwaitvfor the letter to confrim
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Old 09-05-2018, 04:38 PM   #2528
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might be too many subcribler to this gain acc causing them to rising the mini sum in order to give intrest to those that can keep up. letvwaitvfor the letter to confrim
They hit the quota needed already.
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Old 09-05-2018, 04:52 PM   #2529
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The maxigain product had been there for more than 2 years liao... so if revision is coming in Jul 2018...

For those who sign up early, had been enjoying >2% effective interest rate for many months liao. The revision from 0.8(1mth sibor) to 0.7(1mth sibor) is not really a deal breaker.

For those who sign up recently and not having enough cash to make good the $70k rumoured to be required in Jul, perhaps have to take your money elsewhere.

Anyway, await confirmation letter to see revised terms.
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Old 09-05-2018, 04:52 PM   #2530
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U just need to read the promo or advert at their website, it says 2% pa, now with sibor up it exceeded 2% , they are losing , error in forecasting sibor, of course they have to tweak tnc to bring it back to 2%
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Old 09-05-2018, 04:56 PM   #2531
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U just need to read the promo or advert at their website, it says 2% pa, now with sibor up it exceeded 2% , they are losing , error in forecasting sibor, of course they have to tweak tnc to bring it back to 2%
Tweaking from 0.8 of 1mth sibor to 0.7 of 1mth sibor does not bring the effective interest rate to 2%. With the current 1 mth sibor at about 1.37+%, one should still get about 2.15% EIR with the revision.
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Old 09-05-2018, 05:00 PM   #2532
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Have u gotten your $250 already?
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Old 09-05-2018, 05:07 PM   #2533
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Do nott forget your opportunity cost in the first 10 to 12 mths where they made money from u
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Old 09-05-2018, 05:30 PM   #2534
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Do nott forget your opportunity cost in the first 10 to 12 mths where they made money from u
True there is opportunity cost in the early days... but one just need to put in 15k only, and not $150k at the start. Only when EIR is high then plonk in the max of $150k to enjoy the high EIR. 150k is about 10x of $15k, so whatever u lose in lower interest rate for the first 9 months or so is well offset by the high EIR that u get with $150k in a month or two. Lazy to do the detail maths, so just give a rough qualitative "calculation".
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Old 09-05-2018, 05:43 PM   #2535
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$70k lock-up? oh man
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