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Citibank Maxigain Savings Account

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Old 14-10-2018, 03:25 PM   #3781
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Counted before, if funded $150,000 on day of opening, iirc can earn $3 more interest

So is it worth so much trouble, so much frustration for $3.00?? Or is it $12
I think it's $12 ... for the 2nd mth, the Bonus Interest = 150k x Counter 0.1% x $0 (being the lowest balance in Mth 1)

so it's NOT bcos the counter starts later, but bcos of the lowest balance in the first month.

Last edited by oceanicmanta; 15-10-2018 at 09:56 AM..
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Old 14-10-2018, 08:05 PM   #3782
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I think it's $12 ... for the 2nd mth, the Bonus Interest = 150k x Counter 0.1% x $0 (being the lowest balance in Mth 1)

so it's bcos the counter starts later, but bcos of the lowest balance in the first month.
So many here who got frustrated at the bank branch for not able and denied to do fast or cash on the spot for the minimum deposit of $15,000 on the day of account opening are actually being frustrated for $1.20 interest? Maybe the bank officer there also scratching head why so angry or impatient too?
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Old 14-10-2018, 08:26 PM   #3783
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So many here who got frustrated at the bank branch for not able and denied to do fast or cash on the spot for the minimum deposit of $15,000 on the day of account opening are actually being frustrated for $1.20 interest? Maybe the bank officer there also scratching head why so angry or impatient too?
u sound rather condescending. why it bothers you if you don't care a bit about the interest? if it bothers others, there's no need to make a remark on that.

to some it can also be because of the counter (being pushed later by a month). it means that they could have waited a month later before opening the account, and use the month while waiting to use the money on something else (maybe another account which can fetch them 1% interest).

to each his own, there's no need to question why or how people use their money (including your own).
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Old 14-10-2018, 09:24 PM   #3784
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u sound rather condescending. why it bothers you if you don't care a bit about the interest? if it bothers others, there's no need to make a remark on that.

to some it can also be because of the counter (being pushed later by a month). it means that they could have waited a month later before opening the account, and use the month while waiting to use the money on something else (maybe another account which can fetch them 1% interest).

to each his own, there's no need to question why or how people use their money (including your own).
Sorry, but It is already stated that you got up to 2 weeks to fund the maxigain account after opening it but I feel it is more like people here thinking they can beat the game by funding it on the very first day to start the step up counter earlier than the rest, and then going through all the hassle of bringing cash down, buying cashier order, and then become anxious or angry then posting here questioning the bank staff service level and level of product knowledge because they are denied in funding it on the first day

So I'm really very surprised why such urgency to fund on the first day? Or is it because many here are saying it is best to fund on the very first day and so many who read this thread before opening thought it's mandatory to fund on first day or it's better to fund on the first day to start the step up faster? Then without knowing by funding on first day with $15,000 you earn $1.20 more in interest then go through all the hassle of bringing token along to do fast, queuing at bank for hours just to withdraw $15,000 in cash etc

And I ever read someone bought a cashier order of $15,000 for $5 because he is afraid he get rob by bringing so much cash

Sorry again if it hit any nerve

Last edited by Sinkie; 14-10-2018 at 09:27 PM..
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Old 14-10-2018, 09:46 PM   #3785
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Sorry, but It is already stated that you got up to 2 weeks to fund the maxigain account after opening it but I feel it is more like people here thinking they can beat the game by funding it on the very first day to start the step up counter earlier than the rest, and then going through all the hassle of bringing cash down, buying cashier order, and then become anxious or angry then posting here questioning the bank staff service level and level of product knowledge because they are denied in funding it on the first day

So I'm really very surprised why such urgency to fund on the first day? Or is it because many here are saying it is best to fund on the very first day and so many who read this thread before opening thought it's mandatory to fund on first day or it's better to fund on the first day to start the step up faster? Then without knowing by funding on first day with $15,000 you earn $1.20 more in interest then go through all the hassle of bringing token along to do fast, queuing at bank for hours just to withdraw $15,000 in cash etc

And I ever read someone bought a cashier order of $15,000 for $5 because he is afraid he get rob by bringing so much cash

Sorry again if it hit any nerve
If you fund the first day (through FAST transfer, most likely), you will get the counter in the first month instead of the second.
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Old 14-10-2018, 09:57 PM   #3786
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I guess it just boils down to how every person counts his dollars and cents...

I just read the FAQ again and it seems that actually the counter is not affected whether you fund on Day 1 or not. Only the bonus interest for the following month is affected.

So my advice for those trying to open the account but don't want to or cannot fund it on Day 1 (because you want to FAST - safe and secure) would be to open the account in the last two weeks of the month. Wait for the account number to be generated, then FAST in on the last working day of the month. That way, you get no bonus interest for the next month, but your counter will begin at 0. and you maximise your interest earned from the other bank which your money came from.

peace.

source: https://www.citibank.com.sg/gcb/depo...xgn-savacc.htm [see FAQ]
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Old 14-10-2018, 10:19 PM   #3787
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Peace

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Old 14-10-2018, 11:58 PM   #3788
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Most people are kiasu, and so they want the best bang for their buck. Ultimately, if your account value is $0 on the day of account opening, your counter does not tick up at the end of the month; which is perhaps what people are most concerned about. Losing that 1 counter, or 0.1% interest as a result.

The calculation that the maximum interest at stake is only $1.20 or $12 is flawed, because bonus interest is not subject to any cap; only base interest. Hence, if I am able to fund my account with $100million, the interest at stake is $8.3k. Ultimately, it's about 0.1% interest; even if I pushed the funds in 5 months after opening, 1 counter late means that interest is lost.

Those who are concerned about FAST'ing their money in ASAP are also misguided. Simply deposit $1 when the account is opened, and your counter will tick up at the end of the month.

That said, bonus interest is 0.1% p.a per counter; that means, if you opened your account with 100m on the 1st, $8.3k of interest is at stake; but if you opened the account on the 15th, only $4.15k of interest is due, since it's just there for half a month.

Ultimately, once the account is opened, the best time to fund it is the first of the month; but, sometimes (and it's happened to me), I FAST in on the first, the money shows up, but a few days later, the transaction was timestamped on the 2nd (even though the first was a weekday). Since then, I've made it a point to top up the account at the end of the month instead.

Finally, never keep this account at $0. Even with $1, the counter ticks up. Combined with (a) having multiple accounts, and (b) Citi uses a TRB system, instead of a 'per account' minimum balance, it's not difficult to figure out how to setup this account, with the ability to keep 12 counters on your balance, even with the ability to withdraw... how often you can withdraw 'without penalty' however depends on how many people you trust enough with all your money...

Last edited by dreant; 15-10-2018 at 12:01 AM..
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Old 15-10-2018, 10:05 AM   #3789
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If not funded on Day 1 but funded on Day 2, the Counter will still increase.

The Counter remains ZERO only if account balance is $0 throughout the first month.

The "lost interest" is in the 2nd Month, where the Bonus Interest depends on LOWEST BALANCE in Month 1 (which is zero if unfunded on Day 1).
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Old 15-10-2018, 10:51 AM   #3790
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Best time to fund is last day of month or first day of month ?
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Old 15-10-2018, 10:55 AM   #3791
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Best time to fund is last day of month or first day of month ?
Please read through this thread before asking? I think it has been explained over and over again.
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Old 15-10-2018, 11:14 AM   #3792
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Please read through this thread before asking? I think it has been explained over and over again.
Many new birds here are just taking the recommendation on the surface without really knowing what they are doing.

If many here say fund on account opening day, they will do it, if here also say withdraw interest on the last day or add fund on the first day of each month, they will just follow, but why last day why first day, I think nobody know
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Old 15-10-2018, 12:49 PM   #3793
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Thank you . Its helpful



The calculation that the maximum interest at stake is only $1.20 or $12 is flawed, because bonus interest is not subject to any cap; only base interest. Hence, if I am able to fund my account with $100million, the interest at stake is $8.3k. Ultimately, it's about 0.1% interest; even if I pushed the funds in 5 months after opening, 1 counter late means that interest is lost.

Those who are concerned about FAST'ing their money in ASAP are also misguided. Simply deposit $1 when the account is opened, and your counter will tick up at the end of the month.

That said, bonus interest is 0.1% p.a per counter; that means, if you opened your account with 100m on the 1st, $8.3k of interest is at stake; but if you opened the account on the 15th, only $4.15k of interest is due, since it's just there for half a month.

Ultimately, once the account is opened, the best time to fund it is the first of the month; but, sometimes (and it's happened to me), I FAST in on the first, the money shows up, but a few days later, the transaction was timestamped on the 2nd (even though the first was a weekday). Since then, I've made it a point to top up the account at the end of the month instead.

Finally, never keep this account at $0. Even with $1, the counter ticks up. Combined with (a) having multiple accounts, and (b) Citi uses a TRB system, instead of a 'per account' minimum balance, it's not difficult to figure out how to setup this account, with the ability to keep 12 counters on your balance, even with the ability to withdraw... how often you can withdraw 'without penalty' however depends on how many people you trust enough with all your money...
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Old 15-10-2018, 01:07 PM   #3794
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Best time to fund is last day of month or first day of month ?
for new accounts and top-ups, open & fund towards month end better than 1st day
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Old 15-10-2018, 01:13 PM   #3795
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for new accounts and top-ups, open & fund towards month end better than 1st day
Thanks ! ...............
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