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Citibank Maxigain Savings Account

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Old 19-09-2018, 10:42 AM   #3421
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source please ?
I went there to open new acct

Last edited by Urbanchap; 19-09-2018 at 10:46 AM..
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Old 19-09-2018, 10:58 AM   #3422
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Maxi-Gain acct now requires min 70K to earn bonus interest, instead of 10K for new accounts. Cap is still 150K. They will be mailing existing clients next month of the new min requirement.
Hmmmm if they mail next month means most likely it will only take effect on 1st Dec. As they will probably give a month notice period.
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Old 19-09-2018, 11:09 AM   #3423
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Punggol branch really low ses, even the staff also buay kan. Open account can take 1.5h. Pui.

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Guess is just their account opening process? Opened a joint account with my Wife last mth and it took an hour too. Part of the confusion was trying to sort out the minimum required for me which took a while. After that was smooth.

Initially was told I needed S$250k for the new joint account as existing account is one relationship with one RM servicing it and the new joint account with me as main will be a new relationship with another RM assigned.

Anyway they sorted it out, I opened the account with $10k balance. But can’t imagine needing to deal with dunno how many RMs if I have like 2 or 3 joint accounts, eg with Wife, parents, kids etc
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Old 19-09-2018, 12:49 PM   #3424
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I went there to open new acct
Did you see any black and white document on this? If not, think they trying to get u to deposit $70k so that they can earn commission.
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Old 19-09-2018, 01:46 PM   #3425
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Rumor begin again?

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Old 19-09-2018, 02:16 PM   #3426
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I went there to open new acct
I went to capital Square branch yesterday to open a joint account and the person didn't say any such thing to me!!?!!
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Old 19-09-2018, 02:18 PM   #3427
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I went to capital Square branch yesterday to open a joint account and the person didn't say any such thing to me!!?!!
so how much did you open the account with?
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Old 19-09-2018, 02:23 PM   #3428
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Did you see any black and white document on this? If not, think they trying to get u to deposit $70k so that they can earn commission.
Wah if it is not true and they do that to get customer to TOP up is a case of Mis-selling. Also breaching their fair dealing guideline. Can lodge a complain

Last edited by LexusIS; 19-09-2018 at 02:27 PM..
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Old 19-09-2018, 02:56 PM   #3429
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I went to capital Square branch yesterday to open a joint account and the person didn't say any such thing to me!!?!!
Maybe you want to check with them and let us know. My funds was higher than 70K, so it doesn't affect me.

Staff said that it's a popular product, so they raise the minimum qualifying amt for bonus interest.

Last edited by Urbanchap; 19-09-2018 at 03:02 PM..
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Old 19-09-2018, 03:29 PM   #3430
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Maybe you want to check with them and let us know. My funds was higher than 70K, so it doesn't affect me.

Staff said that it's a popular product, so they raise the minimum qualifying amt for bonus interest.
Did the staff also told you you get some cashback bonus if you maintain $70k for certain period of time?
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Old 19-09-2018, 05:52 PM   #3431
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Did the staff also told you you get some cashback bonus if you maintain $70k for certain period of time?
U mean in addition to the bonus interest? No. What's this cashback bonus?
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Old 19-09-2018, 05:54 PM   #3432
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Wah if it is not true and they do that to get customer to TOP up is a case of Mis-selling. Also breaching their fair dealing guideline. Can lodge a complain
Maybe he was trying to apply for Citi priority? That was why the $70,000 min balance was mentioned, then it just somehow become $70,000 for citi maxigain
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Old 19-09-2018, 10:40 PM   #3433
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Guess is just their account opening process? Opened a joint account with my Wife last mth and it took an hour too. Part of the confusion was trying to sort out the minimum required for me which took a while. After that was smooth.

Initially was told I needed S$250k for the new joint account as existing account is one relationship with one RM servicing it and the new joint account with me as main will be a new relationship with another RM assigned.

Anyway they sorted it out, I opened the account with $10k balance. But can’t imagine needing to deal with dunno how many RMs if I have like 2 or 3 joint accounts, eg with Wife, parents, kids etc
Lol. That's nonsense.

Citi operates with a TRB (total relationship balance) system. In the event of a joint account, you name which person is the 'principal' - in other words, whose TRB is the joint account balance added to.

I've opened accounts (both joint, and single name) with Citi with $0 deposit, and moved funds in later, as my TRB already exceeds what they require.

In other words, if your wife has *no other account* with Citi, except this joint account, you should keep the TRB under you, since it makes no sense to keep it under her name as she has no other account with Citi; But If your wife has any other Citi account, then you should decide who is the principal, as the amount in the joint account is then added to that persons TRB, which could help avoid the fall-below fee on that person's account(s), if applicable.

A minimum deposit is required in the event you're opening a joint account, naming the other person as principal, and that person does not already have any Citi account.

Last edited by dreant; 19-09-2018 at 10:47 PM..
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Old 20-09-2018, 12:19 AM   #3434
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Lol. That's nonsense.

Citi operates with a TRB (total relationship balance) system. In the event of a joint account, you name which person is the 'principal' - in other words, whose TRB is the joint account balance added to.

I've opened accounts (both joint, and single name) with Citi with $0 deposit, and moved funds in later, as my TRB already exceeds what they require.

In other words, if your wife has *no other account* with Citi, except this joint account, you should keep the TRB under you, since it makes no sense to keep it under her name as she has no other account with Citi; But If your wife has any other Citi account, then you should decide who is the principal, as the amount in the joint account is then added to that persons TRB, which could help avoid the fall-below fee on that person's account(s), if applicable.

A minimum deposit is required in the event you're opening a joint account, naming the other person as principal, and that person does not already have any Citi account.
Yeah thinking back I should have lodged a complaint. Not sure why are they feeding customers with Mis-information. But the one who inform me about this $250k is their service counter rep at priority counter, not their sales. Maybe branch referral target is high making them conveniently mis-inform customers. Where’s the fair dealing citibank ......
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Old 20-09-2018, 06:04 PM   #3435
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Sorry can I check again ...

If I withdraw money (assuming now I'm counter 8), it will fall down to which counter?
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