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Citibank Maxigain Savings Account

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Old 08-10-2018, 10:51 PM   #3751
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quoted from Sinkie

Citi maxigain - $150,000 cap
Uob one - $75,000 cap
Dbs multiplier - $50,000 cap
Cimb fastsaver 1% - $50,000 cap

Maybank Saveup -$60,000 cap
Found this piece of information from a blog. i think it's quite relevant.



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Old 09-10-2018, 02:42 PM   #3752
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Hi, a fast one.

Let's say in a month of 30 days, my daily balance is as such:

1st: $0
2nd - 29th: $150,000
30th: $300,000 (deposit another $150,000)

I will achieve an ADB of $150,000 which is the cap for the max interest?
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Old 09-10-2018, 02:48 PM   #3753
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Hi, a fast one.

Let's say in a month of 30 days, my daily balance is as such:

1st: $0
2nd - 29th: $150,000
30th: $300,000 (deposit another $150,000)

I will achieve an ADB of $150,000 which is the cap for the max interest?
Then next month leh?
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Old 09-10-2018, 02:49 PM   #3754
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Then next month leh?
Are you concerning about I'm gonna stuck with additional 150K that will be rendered useless for the next month?
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Old 09-10-2018, 02:56 PM   #3755
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Are you concerning about I'm gonna stuck with additional 150K that will be rendered useless for the next month?
You will risk resetting your counter to either 0 or 6

And you put so much to enjoy the bonus interest only
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Old 09-10-2018, 03:03 PM   #3756
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You will risk resetting your counter to either 0 or 6

And you put so much to enjoy the bonus interest only
Yup, I do understand where you're coming from. In fact, I didn't have that much to play with.

But I just want to know is my theory correct in achieving the desirable ADB. Eventually, I hope to achieve 150K max.
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Old 09-10-2018, 03:26 PM   #3757
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Yup, I do understand where you're coming from. In fact, I didn't have that much to play with.

But I just want to know is my theory correct in achieving the desirable ADB. Eventually, I hope to achieve 150K max.
ADB is one thing but you need to understand that step counter is based on min end of day balance in month
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Old 09-10-2018, 06:03 PM   #3758
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Question

ADB is one thing but you need to understand that step counter is based on min end of day balance in month
Ahh I understand where you're coming from. Perhaps I've not given an appropriate example ($0 for 1st of the month).

Let's say if I've already clocked 12 counters for bonus interest and trying to achieve max base interest from this account for the first 150K:

(in a month of 30 days)

1st: $100,000
2nd: $100,000
3rd: $250,000 (deposit $150,000)
4th: $150,000 (withdraw $100,000)
5th - 30th: $150,000

Will I be able to achieve the 150K ADB and not affecting the counter? Hope I make it clearer for advice this time
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Old 09-10-2018, 06:05 PM   #3759
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Ahh I understand where you're coming from. Perhaps I've not given an appropriate example ($0 for 1st of the month).

Let's say if I've already clocked 12 counters for bonus interest and trying to achieve max base interest from this account for the first 150K:

(in a month of 30 days)

1st: $100,000
2nd: $100,000
3rd: $250,000 (deposit $150,000)
4th: $150,000 (withdraw $100,000)
5th - 30th: $150,000

Will I be able to achieve the 150K ADB and not affecting the counter? Hope I make it clearer for advice this time
You can use excel to add up then divide by 30
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Old 09-10-2018, 06:32 PM   #3760
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You can use excel to add up then divide by 30
Thanks, I have already did so. I just wanna get assurance what I'm doing is right, cos losing counters will be a 6-month ache.
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Old 09-10-2018, 06:40 PM   #3761
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Thanks, I have already did so. I just wanna get assurance what I'm doing is right, cos losing counters will be a 6-month ache.
Counter reset is due to lowest balance this month < lowest balance last month la not daily balance less than $150,000 la

Last edited by Sinkie; 09-10-2018 at 07:08 PM..
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Old 09-10-2018, 06:48 PM   #3762
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Counter reset is due to lowest balance this month > lowest balance last month la not daily balance less than $150,000 la
You should add the classic 'Is the T&C that difficult to understand?' la. 😄

By the way it should be '<' not '>' right?
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Old 09-10-2018, 07:08 PM   #3763
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You should add the classic 'Is the T&C that difficult to understand?' la. 😄

By the way it should be '<' not '>' right?
Sorry, T&C very difficult to understand
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Old 10-10-2018, 05:52 AM   #3764
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Ahh I understand where you're coming from. Perhaps I've not given an appropriate example ($0 for 1st of the month).

Let's say if I've already clocked 12 counters for bonus interest and trying to achieve max base interest from this account for the first 150K:

(in a month of 30 days)

1st: $100,000
2nd: $100,000
3rd: $250,000 (deposit $150,000)
4th: $150,000 (withdraw $100,000)
5th - 30th: $150,000

Will I be able to achieve the 150K ADB and not affecting the counter? Hope I make it clearer for advice this time
ADB is totally irrelevant to Citi. It's a concept used by other banks, which needs a minimum balance per account. Citi uses TRB instead, which requires 15k over all your holdings a for the entire month to avoid their fall below fee, regardless of your account status (Citibanking, Citigold, or Private Client).

There is insufficient information in your example to determine if the counter will be reset.

Counter reset depends on the lowest balance this month, compared to the lowest balance last month. You didn't provide your lowest balance last month, so we can't determine if your counter will reset.

In the above example, if the lowest balance last month was 100k or less, the counter won't reset. But if the lowest balance last month was $100,000.01 or more, then the counter falls to 6.

Bonus interest is based on the lowest balance from last month, so in the above example, we won't know how much bonus interest you'll get this month. But you'll get bonus interest against 100k next month, since your lowest balance this month is 100k.

Base interest is calculated daily and credited monthly. In your example above, you'll get base interest on 100k for 1st & 2nd, on 150k for 3rd to 30th, and also 0.05% on 100k for 3rd only.

Fun fact: they use the daily SIBOR value to calculate base interest for each day, so it generally changes from day to day.

The T&Cs is really not difficult to understand. Try reading it once, and if there is anything in particular in it that confuses you, just ask about that instead.

TLDR: ADB is meaningless here. All you would have achieved for your efforts is 0.05%pa on 100k for one day.
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Old 10-10-2018, 06:32 AM   #3765
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This is helpful, thanks!

Found this piece of information from a blog. i think it's quite relevant.



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