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Old 27-10-2018, 06:26 PM   #3856
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Can someone who opened maxigain account recently recommend me a Citibank officer who opened the account for you and does not tell some bs about upcoming changes etc. i'm so fed up with some guys at the branches i went to who keep telling about those rumor things and asked me to deposit 70k instead of 15k which does not sound right to me. Any recommendation of a good one is appreciated. Thanks!
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Old 27-10-2018, 06:36 PM   #3857
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Erm yes but its P.A. so thats the amt you get in a year not month
Maxigain: 15K (if you deposited on 1st of the month and deposited immediaitely)

Bonus Amt
0.1% $15.00 / 12 = $1.25 then + $15k
0.2% $30.00 + ($1.25 x 0.2%) / 12 = $2.50 then + $15
0.3% $45.00 + ($2.50 x 0.3%) / 12 = $3.75 then + $15
..
...
...


Is this correct?
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Old 27-10-2018, 07:49 PM   #3858
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Maxigain: 15K (if you deposited on 1st of the month and deposited immediaitely)

Bonus Amt
0.1% $15.00 / 12 = $1.25 then + $15k
0.2% $30.00 + ($1.25 x 0.2%) / 12 = $2.50 then + $15
0.3% $45.00 + ($2.50 x 0.3%) / 12 = $3.75 then + $15
..
...
...


Is this correct?
Same as you, I wanted to confirm whether it falls under calculation method 1 or 2 in the picture below

Maxigain account opened on Oct 2018 with 15K deposit
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Last edited by jeremysv; 27-10-2018 at 08:00 PM..
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Old 27-10-2018, 08:01 PM   #3859
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Putting aside sibor base rate, for the bonus rate using 15K deposit, which method below is correct?

Maxigain: 15K

Method 1 (Direct % of deposit amount)
Bonus Amt
0.1% $15.00
0.2% $30.00
0.3% $45.00
0.4% $60.00
0.5% $75.00
0.6% $90.00
0.7% $105.00
0.8% $120.00
0.9% $135.00
1.0% $150.00


Method 2 (multiply number of days in the month /365)
Bonus Amt
0.1% $1.27
0.2% $2.30
0.3% $3.82
0.4% $4.93
0.5% $6.37
0.6% $7.40
0.7% $8.92
0.8% $10.19
0.9% $11.10
1.0% $12.74
The FAQ under the Maxigain website has a detailed example. Perhaps you should read it first.
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Old 27-10-2018, 08:07 PM   #3860
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The FAQ under the Maxigain website has a detailed example. Perhaps you should read it first.
Thanks for pointing it out!



So its calculation 1 assuming sibor remains constant at 1% monthly for simplicity. Monthly rate refers to the number of days in the month / 365 [shown under Month 2 (Feb) as 28/365 in the example from Citibank website faq picture above]
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Last edited by jeremysv; 27-10-2018 at 08:49 PM..
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Old 27-10-2018, 10:05 PM   #3861
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Did you get the name of the person who told you that?
Didn't think so.

I can also post, I was told Maxi-gain will be pegged to 20x of SIBOR.

Next time someone tells you that they heard the account will be changing, ask for it in writing with their name/designation attached. I'm willing to put money down that they will refuse to give it to you, because they're just making it up.
I am hearing that too.
70K
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Old 27-10-2018, 11:27 PM   #3862
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Did you get the name of the person who told you that?
Didn't think so.

I can also post, I was told Maxi-gain will be pegged to 20x of SIBOR.

Next time someone tells you that they heard the account will be changing, ask for it in writing with their name/designation attached. I'm willing to put money down that they will refuse to give it to you, because they're just making it up.
I am hearing that too.
70K
Then please answer the same question too: Did you get the name of the person you heard it from? Didn't think so too. There is also the off chance that you both might have talked to the same person too...

That said, *if* there was any truth to it, my best guess would be that existing accounts will be grandfathered in, and new accounts won't be opened unless they meet any new minimum sum imposed. If so, then those who don't already have an account should quickly try to open one instead.

Also, if the terms of an account is going to be changed, they would have to inform account holders in writing. So, you can safely ignore any of these rumors until Maxigain account holders post about the upcoming changes here, because the bank has to tell them once it's confirmed.

Last edited by dreant; 27-10-2018 at 11:30 PM..
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Old 27-10-2018, 11:52 PM   #3863
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Yes method 1.

Thanks for pointing it out!



So its calculation 1 assuming sibor remains constant at 1% monthly for simplicity. Monthly rate refers to the number of days in the month / 365 [shown under Month 2 (Feb) as 28/365 in the example from Citibank website faq picture above]
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Old 27-10-2018, 11:53 PM   #3864
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Thanks for pointing it out!
So its calculation 1 assuming sibor remains constant at 1% monthly for simplicity. Monthly rate refers to the number of days in the month / 365 [shown under Month 2 (Feb) as 28/365 in the example from Citibank website faq picture above]
Your calculation for bonus interest is not entirely correct.
Month of October doesn't get any bonus interest, because that is the month the account was opened. Look at the FAQ's calculations again carefully.

Bonus interest is current counter * lowest balance of the *previous month*. You generally need to shuffle the 'bonus interest' one column down.

01 Oct 2018: 15,000.00
01 Nov 2018: 15,010.19; 15,000.00(Oct balance)+10.19(base Oct)
01 Dec 2018: 15,021.31; 15,010.19(Nov balance)+9.86(base Nov)+1.27(bonus Oct)
01 Jan 2019: 15,033.98; 15,021.31(Dec balance)+10.20(base Dec)+2.46(bonus Nov)
...
01 Oct 2019: 15,203.75

(Also, assuming you opened and funded the a/c on 1 Oct. If you did it on, say, 21 Oct, then base Oct would only be 10/365 days only)

But ultimately, such detailed calculations are pretty meaningless, unless you plan to track the daily sibor rate. Interest is calculated *daily* (against the daily sibor rate) and credited monthly; and chances are, the calculation is rounded down *daily* instead of monthly, so that could make a pretty substantial difference if you're estimating it monthly.On top of that, interest only posts in the account in the next month, although it will be dated the last day of the previous month.

Last edited by dreant; 28-10-2018 at 12:03 AM..
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Old 28-10-2018, 12:18 AM   #3865
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Your calculation for bonus interest is not entirely correct.
Month of October doesn't get any bonus interest, because that is the month the account was opened. Look at the FAQ's calculations again carefully.

Bonus interest is current counter * lowest balance of the *previous month*. You generally need to shuffle the 'bonus interest' one column down.

01 Oct 2018: 15,000.00
01 Nov 2018: 15,010.19; 15,000.00(Oct balance)+10.19(base Oct)
01 Dec 2018: 15,021.31; 15,010.19(Nov balance)+9.86(base Nov)+1.27(bonus Oct)
01 Jan 2019: 15,033.98; 15,021.31(Dec balance)+10.20(base Dec)+2.46(bonus Nov)

and so on.

(Also, assuming you opened and funded the a/c on 1 Oct. If you did it on, say, 21 Oct, then base Oct would only be 10/365 days only)

But ultimately, such detailed calculations are pretty meaningless, unless you plan to track the daily sibor rate. Interest is calculated *daily* (against the daily sibor rate) and credited monthly; and chances are, the calculation is rounded down *daily* instead of monthly, so that could make a pretty substantial difference if you're estimating it monthly.On top of that, interest only posts in the account in the next month, although it will be dated the last day of the previous month.
Yup the calculations simplified into entire month instead of in between dates and has an assumption on the sibor rate but my main intent was to clear up on the expectations of the returns upon 12 mths "maturity".

Amended simplified calculations with the following assumptions
1) Account opened with 15K deposit on 1 Oct 2018
2) Sibor rate for the 12 mths is constant at 1.0% thus base interest is at 0.8%

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Old 28-10-2018, 01:06 AM   #3866
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Yup the calculations simplified into entire month instead of in between dates and has an assumption on the sibor rate but my main intent was to clear up on the expectations of the returns upon 12 mths "maturity".

Amended simplified calculations with the following assumptions
1) Account opened with 15K deposit on 1 Oct 2018
2) Sibor rate for the 12 mths is constant at 1.0% thus base interest is at 0.8%

... your calculations are still incorrect; as you've failed to take into consideration the base interest for Oct (which will show up in the Nov balance)

(Your Nov balance should be 15,0010.19 and not 15,000)

I've already done the calculation in my edited post above. If you deposit 15k on 1 Oct 2018; with your assumptions above, 1 year later, on 1 Oct 2019, you'll have 15,203.75; or effectively, a 1.358% return

Yup the calculations simplified into entire month instead of in between dates and has an assumption on the sibor rate but my main intent was to clear up on the expectations of the returns upon 12 mths "maturity".
Rather, the above calculation gives you the expected returns in the initial 12 months. What would be more meaningful is if you compared that, vs the next 12 months (where you already have 12 counters).

If you already have 12 counters, and the rest of your assumptions are as posted, you'd have $15,287.32 instead (effectively, 1.915%)

Last edited by dreant; 28-10-2018 at 01:33 AM..
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Old 28-10-2018, 01:31 AM   #3867
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... your calculations are still incorrect; as you've failed to take into consideration the base interest for Oct (which will show up in the Nov balance)

(Your Nov balance should be 15,0010.19 and not 15,000)

I've already done the calculation in my edited post above. If you deposit 15k on 1 Oct 2018; with your assumptions above, 1 year later, on 1 Oct 2019, you'll have 15,203.75.
My bad, i thought bonus and base interest will start in tandem. And zero bonus in the faq example month 1 was due to sibor of less than 1%

Amended simplified calculations with the following assumptions
1) Account opened with 15K deposit on 1 Oct 2018
2) Sibor rate for the 12 mths is constant at 1.0% thus base interest is at 0.8%
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Last edited by jeremysv; 28-10-2018 at 01:41 AM..
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Old 28-10-2018, 01:40 AM   #3868
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My bad, i thought bonus and base will start in tandem:
a) Your bonus interest calculations are still incorrect. Bonus interest is based on counter * lowest balance of previous month; based on the number of days of that month. (you're using number of days in current month).
b) Most banks rounddown, rather than round.
c) Your final value ('After 12 months') is actually 13 months instead of 12. You should use the amount in the Oct 2019 column, instead of the Nov 2019 column.

Last edited by dreant; 28-10-2018 at 01:42 AM..
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Old 28-10-2018, 02:14 AM   #3869
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Rather, the above calculation gives you the expected returns in the initial 12 months. What would be more meaningful is if you compared that, vs the next 12 months (where you already have 12 counters).

If you already have 12 counters, and the rest of your assumptions are as posted, you'd have $15,287.32 instead (effectively, 1.915%)
a) Your bonus interest calculations are still incorrect. Bonus interest is based on counter * lowest balance of previous month; based on the number of days of that month. (you're using number of days in current month).
b) Most banks rounddown, rather than round.
c) Your final value ('After 12 months') is actually 13 months instead of 12. You should use the amount in the Oct 2019 column, instead of the Nov 2019 column.
Ok just trying it out...might have misunderstood how the next 12 months with full 12 counters works....does it mean its 1.2% in the following 12 months? The amount in Nov 2019 column is because 1.2% interest on the bonus don't seem to have been computed if i stop at Oct 2019 column but i guess its close enough for me...

*first time use rounddown to 2 digits in excel too...lol

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Last edited by jeremysv; 28-10-2018 at 02:33 AM..
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Old 28-10-2018, 02:34 AM   #3870
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Ok just trying it out...might have misunderstood how the next 12 months with full 12 counters works....does it mean its 1.2% in the following 12 months? *first time use rounddown to 2 digits in excel too...lol
*Sigh* This isn't rocket science... and there are 31 days in October.


Date, Days, Balance, Base, Counter, Bonus
1-Oct-18, 31 15,000.00, 10.19, 00, 00.00
1-Nov-18, 30 15,010.19, 09.86, 01, 01.27
1-Dec-18, 31 15,021.32, 10.20, 02, 02.46
1-Jan-19, 31 15,033.98, 10.21, 03, 03.82
1-Feb-19, 28 15,048.01, 09.23, 04, 05.10
1-Mar-19, 31 15,062.34, 10.23, 05, 05.77
1-Apr-19, 30 15,078.34, 09.91, 06, 07.67
1-May-19, 31 15,095.92, 10.25, 07, 08.67
1-Jun-19, 30 15,114.84, 09.93, 08, 10.25
1-Jul-19, 31 15,135.02, 10.28, 09, 11.18
1-Aug-19, 31 15,156.48, 10.29, 10, 12.85
1-Sep-19, 30 15,179.62, 09.98, 11, 14.15
1-Oct-19, 31 15,203.75 (effectively 1.358%)

Date, Days, Balance, Base, Counter, Bonus
1-Oct-18, 31, 15,000.00, 10.19, 12, 00.00
1-Nov-18, 30, 15,010.19, 09.86, 12, 15.28
1-Dec-18, 31, 15,035.33, 10.21, 12, 14.80
1-Jan-19, 31, 15,060.34, 10.23, 12, 15.32
1-Feb-19, 28, 15,085.89, 09.25, 12, 15.34
1-Mar-19, 31, 15,110.48, 10.26, 12, 13.88
1-Apr-19, 30, 15,134.62, 09.95, 12, 15.40
1-May-19, 31, 15,159.97, 10.30, 12, 14.92
1-Jun-19, 30, 15,185.19, 09.98, 12, 15.45
1-Jul-19, 31, 15,210.62, 10.33, 12, 14.97
1-Aug-19, 31, 15,235.92, 10.35, 12, 15.50
1-Sep-19, 30, 15,261.77, 10.03, 12, 15.52
1-Oct-19, 31, 15,287.32 (effectively 1.915%)
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