Citibank Maxigain Savings Account

tmkedmw

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For me, don't really care to calculate sibor. I just take the total interest and calculate my EIR, which is like 2.5163%
 

testingabc

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hi is it ok to put 70k inside and leave it untouched for 1-2 years? or must i monthly top up $1? thanks
 

AhPohPoh

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Topping up a small amount is to prevent the account from being inactive.

But you will still get interest even if the account is inactive. Just that when you finally want to perform transactions, just give them a call will do right.
 

NTTDoCoMo

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But you will still get interest even if the account is inactive. Just that when you finally want to perform transactions, just give them a call will do right.

I remember my account was inactive previously and counter still step up and interest still come in every month.

Inactive State, you can login to internet banking to activate the account.

If the account go into dormant state, not sure whether there is such feature to activate it back online.

Anyway no need FAST monthly, you can do a small amount FAST - $0.01 quarterly.
 
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PC-User

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I remember my account was inactive previously and counter still step up and interest still come in every month.

Inactive State, you can login to internet banking to activate the account.

If the account go into dormant state, not sure whether there is such feature to activate it back online.

Anyway no need FAST monthly, you can do a small amount FAST - $0.01 quarterly.
Is withdrawing interest considered a transaction and keep the account active?
 

Intel888

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How did you calculate 2.5163%?

If counter 12 with at least 70k,
it is 1.2 + 0.7*1.82 = 1.2 + 1.274 = 2.474%

(Assumption Sibor constant at 1.82%)
 

Intel888

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Is it possible to have more than one MaxiGain account?
Thinking of opening 2nd one and wait for counters to accumulate.
 

NTTDoCoMo

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How did you calculate 2.5163%?

If counter 12 with at least 70k,
it is 1.2 + 0.7*1.82 = 1.2 + 1.274 = 2.474%

(Assumption Sibor constant at 1.82%)

2.5163% is Effective Interest Rate (EIR).

You can calculate based on the below formula and substitution.
For D, you can derive using either method listed below.

EIR = C / D

A = Bonus Interest Earned / No. Of Days in Mar 2019
B = Interest Earned / No. Of Days in Apr 2019
C = (A + B) x No. of Days in 2019
D = End of Day Balance on 30 Apr 2019 (without 30 Apr Bonus Interest & Interest Earned) = 1st May 2019 Opening Balance (with 30 Apr Bonus Interest & Interest Earned) - A - B
 
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fitzz82

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anyone tried dbs iBanking funds transfer to citi maxi account?
i tried and the request was rejected.
 
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