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Old 06-11-2018, 10:33 AM   #3931
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Is it the Step-up?
yes, by counter, read this https://www.citibank.com.sg/gcb/depo...xgn-savacc.htm
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Old 06-11-2018, 10:34 AM   #3932
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This website tells you exactly how bonus interest and base interest are calculated. Do take some time to read through it.

https://www.citibank.com.sg/gcb/depo...xgn-savacc.htm
my calculation every month is matched, maybe around 10 cents different which is okay
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Old 06-11-2018, 10:51 AM   #3933
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saw the monthly letter mail in was always in 2 section of the interest paid.

but they didnt mention how it was calculated

And what im getting in interest seem shortchange.

is it maybe because during certain day s of the month i bank in some money?
May I know what is the shortchange you think you are getting?

Interest rate refers to the sibor portion. Bonus interest rate is the counter portion.
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Old 06-11-2018, 02:42 PM   #3934
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May I know what is the shortchange you think you are getting?

Interest rate refers to the sibor portion. Bonus interest rate is the counter portion.
Both portion add up and I find 20% of the intrest short as i bank in addition on the 5 working day on that month so I might be in the wrong calculation zone
Nvm, this month I stop banking in so I can tell if it correct

Since someone already reported the differ is 10c then should be my calculation is wrong
Thank guys for the feedback
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Old 06-11-2018, 02:48 PM   #3935
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Both portion add up and I find 20% of the intrest short as i bank in addition on the 5 working day on that month so I might be in the wrong calculation zone
Nvm, this month I stop banking in so I can tell if it correct

Since someone already reported the differ is 10c then should be my calculation is wrong
Thank guys for the feedback
i think it is because you calculated the extra money you banked in this month right ?

the maxigain is a bit confusing in that the bonus interest is actually based on the previous month's balance, so it doesn't matter how much you topped up in that particular month. and that is also the reason why you can withdraw the interest earned without any penalty.

Bonus interest = Lowest balance in previous month * bonus interest*number of days in previous month= $50,000*
0.1%p.a.* (22/365) = $3.01
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Old 06-11-2018, 03:25 PM   #3936
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the formula posted here crazy amount of times liao....
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Old 06-11-2018, 04:43 PM   #3937
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I really wonder why the need to verify the interest down to ¢ accuracy. Just estimate it's around there is good enough. I don't think the bank system will perform wrong calculation. It's automated one mah.
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Old 06-11-2018, 04:58 PM   #3938
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Some people think the bank is out to cheat them. I don't fault them for thinking this way.
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Old 06-11-2018, 05:12 PM   #3939
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i think it is because you calculated the extra money you banked in this month right ?

the maxigain is a bit confusing in that the bonus interest is actually based on the previous month's balance, so it doesn't matter how much you topped up in that particular month. and that is also the reason why you can withdraw the interest earned without any penalty.

Bonus interest = Lowest balance in previous month * bonus interest*number of days in previous month= $50,000*
0.1%p.a.* (22/365) = $3.01
Thank for the inform think that the reason . I donít think bank will cheat ppl but will need to understand how they do the calculation
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Old 06-11-2018, 05:24 PM   #3940
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Thank for the inform think that the reason . I donít think bank will cheat ppl but will need to understand how they do the calculation
aiya, some ppl too smart mah, they dont know peasants like us different from them, if not why do we need bankers and banking staff for help if everything can just read T&Cs to understand? also some ppl just want to know the calculations so that can shift their money somewhere else to squeeze as much as they can ma if they feel they are getting lesser ma, unlike some ppl too rich dont care about those few dollars here and there
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Old 06-11-2018, 09:04 PM   #3941
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Thank for the inform think that the reason . I donít think bank will cheat ppl but will need to understand how they do the calculation
The method of calculation is clearly and completely documented here.

It is not difficult to understand, and you are able to calculate down to $0.01 accuracy with it. The problem is everyone is else is simply estimating SIBOR, hence the discrepancy. If you really want to accurately calculate it, you need to taking the *daily* SIBOR value (from the source cited in the T&C) and calculating it against the EOD balance of *each day* for base interest.

Bonus interest is downright easy to calculate.

Post your daily EOD balance for the last month, and two months ago, and it would generally be possible for someone to calculate if your interest credited is correct.
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Old 06-11-2018, 09:09 PM   #3942
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if not why do we need bankers and banking staff for help if everything can just read T&Cs to understand?
... If you are unable to understand reading the MaxiGain T&C, no amount of explanation by a staff would help you understand it either.

It is not a complex document. The main thing really is, most have not even bothered to try reading it, and just want to be spoon-fed; then get pissy when they misunderstand or generally fail to understand what they were told.
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Old 06-11-2018, 09:55 PM   #3943
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... If you are unable to understand reading the MaxiGain T&C, no amount of explanation by a staff would help you understand it either.

It is not a complex document. The main thing really is, most have not even bothered to try reading it, and just want to be spoon-fed; then get pissy when they misunderstand or generally fail to understand what they were told.
it may not be complex to you but it doesn't mean it isn't complex to others. I don't deny that some don't even bother to read it and get pissy, but obviously foxer77 isn't such a person.

If it was not that complex, you wouldn't even have Citibank staff not knowing the proper way of calculations etc. For instance, when you understand that the bonus interest is calculated based on the previous month's lowest balance, it makes total sense why you can withdraw the interest credited without any penalty. But yet some of the Citibank staff can say otherwise. That already shows the TnCs is mildly complex and confusing to some extent for the layman.
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Old 06-11-2018, 10:08 PM   #3944
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aiya, some ppl too smart mah, they dont know peasants like us different from them, if not why do we need bankers and banking staff for help if everything can just read T&Cs to understand? also some ppl just want to know the calculations so that can shift their money somewhere else to squeeze as much as they can ma if they feel they are getting lesser ma, unlike some ppl too rich dont care about those few dollars here and there
Aiya, it's really tedious to calculate ma. Especially if the account is not idling ma. I mean it's still possible to calculate lah. But it really doesn't worth the effort ma. Just trust the bank is correct, take the interest and be happy lah.
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Old 06-11-2018, 11:37 PM   #3945
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it may not be complex to you but it doesn't mean it isn't complex to others. I don't deny that some don't even bother to read it and get pissy, but obviously foxer77 isn't such a person.
On the contrary, from his post...

saw the monthly letter mail in was always in 2 section of the interest paid.

but they didnt mention how it was calculated

And what im getting in interest seem shortchange.

is it maybe because during certain day s of the month i bank in some money?
..., and from his follow up posts ("Nvm, this month I stop banking in so I can tell if it correct"), it was actually quite obvious to me that he *is* such a person.

What person is that exactly? One who seems to expect their bank statement to also explain how the interest paid was calculated. I don't know of any bank who does that... One who, when his calculations don't add up, thinks that "the bank is wrong", rather than "where/how did *I* go wrong in my calculations?"... One, who isn't sure how the interest is actually calculated, and is just guessing how this account works ("is it maybe because...")... and one whose method of trying to figure out if the bank's interest calculation is correct, or wrong, is by not banking in more money the following month.

I'd reckon you're backing the wrong horse there.

If it was not that complex, you wouldn't even have Citibank staff not knowing the proper way of calculations etc. For instance, when you understand that the bonus interest is calculated based on the previous month's lowest balance, it makes total sense why you can withdraw the interest credited without any penalty. But yet some of the Citibank staff can say otherwise. That already shows the TnCs is mildly complex and confusing to some extent for the layman.
I'm actually inclined to believe, most staff had correctly explained it - just that the person either misunderstood, or failed to understand what they were told; or was not able to clearly articulate what they were asking, such that the staff could understand them, and so they were provided with a simplified answer instead.

I'm not saying mistakes weren't made - it is indeed possible the staff may have made mistakes too - but I'm actually a pretty happy Citi customer, and never had any major issues with them. As I was an existing Citi customer, my MaxiGain a/c was opened simply by making a phone call, so it's quite hard for me to appreciate the grief a number of posters here have experienced.
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Last edited by dreant; 06-11-2018 at 11:49 PM..
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