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Citibank Maxigain Savings Account

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Old 13-05-2018, 12:32 PM   #2566
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lucky there were no deduction for last month,
accordingly to cso, there won't be any deduction as long as above $15k

but i ask abt the $70k , he say will revert to relationship mgr to call me - that is why i m abit upset about it.

anyone have a similar like me..i didn't recieved email or letter to inform i m upgrade to proity citi - all while i join as maxi gain to enjoy the bonus interest.
unless u go to the bank to do transactions often, I see no particular usefulness of priority banking.

I got an email saying "welcome to priority banking" but I never sign up or anything. it doesn't even show on my statement. so idk what the bank is trying to do. as long as i'm not expected to do anything, so be it.
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Old 13-05-2018, 01:13 PM   #2567
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A few years back they upgraded me to priorty without informing me. I only discovered when I moved a large sum out of my account and was charged a fall below fee. I gave them a call, chastised them and demanded a fee reversal. They did. I also instructed them not to upgrade me to priority even if I qualify again in the future. So up until now I'm not priority
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Old 13-05-2018, 01:39 PM   #2568
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Is there a referral promotion? I intend to sign up.
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Old 13-05-2018, 01:45 PM   #2569
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Is there a referral promotion? I intend to sign up.
if u have 70k to bump in i think
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Old 13-05-2018, 01:55 PM   #2570
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what will happen after count 12?
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Old 13-05-2018, 02:32 PM   #2571
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Is there a referral promotion? I intend to sign up.
Yes. Check PM
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Old 13-05-2018, 03:40 PM   #2572
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i would like to find out more about the referral promotion too
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Old 13-05-2018, 03:59 PM   #2573
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what will happen after count 12?
Hold and celebrate
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Old 13-05-2018, 04:12 PM   #2574
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Hold and celebrate
is it correct to say that any withdrawal (apart from interest) after month 12 will reset the counter back to 6?
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Old 13-05-2018, 04:20 PM   #2575
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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".
Just did some calculations on breakeven point (compared to 1.5% of HSBC premier rate) if the rumored changes do go through:

1. Counter 6 (6th month) is where the returns exceed 1.5%
2. Counter 8 (assuming one top up to $150k) is where you breakeven (clawback the loss in ir difference); counter 9 if HSBC ir is 1.55% and counter 10 if HSBC ir is 1.6%
3. Counter 12 (max), one will get about $90 more per month compared to HSBC; $84 if HSBC ir is 1.55% and $78 if HSBC ir is 1.6%

So, if SIBOR goes south, or citi revises again to lower rates or HSBC increase the rate, then the movement of fresh cash to maxigain may be an administrative exercise.

So, can one wait for 8 months to breakeven? Afterall, a bird in hand is worth 2 in the bush
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Old 13-05-2018, 05:33 PM   #2576
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is it correct to say that any withdrawal (apart from interest) after month 12 will reset the counter back to 6?
If your lowest balance in the current month is lower than the lowest balance in the previous month, the Counter will reset as follows:
Counter in the Previous Month 0-5 reset to 0
Counter in the Previous Month 6-12 reset to 6
If the lowest balance is S$0 for 2 consecutive months, the Counter will reset to 0 in the 2nd Month.

Note that if you want to withdraw your interest, please withdraw the entire interest diligently every month. Dun suddenly withdraw all the accumulated interest in one month. You will have your counter reset!

Last edited by artemov; 13-05-2018 at 05:40 PM..
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Old 13-05-2018, 07:59 PM   #2577
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If your lowest balance in the current month is lower than the lowest balance in the previous month, the Counter will reset as follows:
Counter in the Previous Month 0-5 reset to 0
Counter in the Previous Month 6-12 reset to 6
If the lowest balance is S$0 for 2 consecutive months, the Counter will reset to 0 in the 2nd Month.

Note that if you want to withdraw your interest, please withdraw the entire interest diligently every month. Dun suddenly withdraw all the accumulated interest in one month. You will have your counter reset!
Thanks for the reply. If at any time i need the funds, can i FAST transfer the entire sum out? Is there any penalty or restrictions involved, other than resetting the counter?
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Old 13-05-2018, 08:25 PM   #2578
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Thanks for the reply. If at any time i need the funds, can i FAST transfer the entire sum out? Is there any penalty or restrictions involved, other than resetting the counter?
Hmmm not that I know of ... I think max FAST is 50k?

Do be aware: If the lowest balance is S$0 for 2 consecutive months, the Counter will reset to 0 in the 2nd Month.
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Old 13-05-2018, 10:45 PM   #2579
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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.
where did you hear from? anyone receive letter yet?
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Old 13-05-2018, 11:23 PM   #2580
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Hmmm not that I know of ... I think max FAST is 50k?

Do be aware: If the lowest balance is S$0 for 2 consecutive months, the Counter will reset to 0 in the 2nd Month.
Hmm.. if i were to withdraw the balance at say month 13, and leave only $10 inside.. it would prevent the counter from resetting to 0 (i.e. it will reset to counter 6)?

all the banks i'm using have increased the FAST limit to 100k daily
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