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Citibank Maxigain Savings Account

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Old 04-12-2018, 04:57 PM   #4141
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u dont need to park 70k to accumulate the counters. can do it for less.
It's a new t&c that will take effect in 2019.

Important Announcement
With effect from 2 January 2019, please note that the following changes will be made to your Citi MaxiGain Savings Account.
A base interest rate equivalent to 70% of the 1-month Singapore Interbank Offer Rate will be paid on the first S$150,000 of your MaxiGain account
A daily end of day balance of at least S$70,000 must be maintained to earn base interest
Bonus interest rate will be paid on the first S$150,000 of your MaxiGain account
Please click for the revised Terms and Conditions and FAQ.
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Old 04-12-2018, 05:11 PM   #4142
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Have to go to the main bank to close account right? Those citi under the mrt say cannot close.

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Old 04-12-2018, 05:15 PM   #4143
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Regarding the new changes.. Is this a good account to save up if I have 70000 and donít need to withdraw? Compared to SSB? Thanks!
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Old 04-12-2018, 05:40 PM   #4144
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Regarding the new changes.. Is this a good account to save up if I have 70000 and donít need to withdraw? Compared to SSB? Thanks!
under the new terms & assuming sibor remains at 1.63%, very roughly the interest rates are :

1st year 1.691%
2nd year 2.341%
3rd year 2.341%

Average over 2 years would be 2.016% pa
Average over 3 years would be 2.124% pa
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Old 04-12-2018, 05:47 PM   #4145
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Wrote a short summary about the upcoming Maxigain revisions here and the implications. Hope I covered the main points.

https://iwandered.net/citi-maxigain-...revision-2019/
Thought the $150k cap has always been there?
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Old 04-12-2018, 06:13 PM   #4146
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For those that have more than 150k will really lose out as the amount in excess of 150k gets 0.05% & if withdraw to come down to 150k will lose counters.

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Old 04-12-2018, 06:17 PM   #4147
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For those that have more than 150k will really lose out as the amount in excess of 150k gets 0.05% & if withdraw to come down to 150k will lose counters.

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why so if u hit 149,950 stop liao... then every month add a $0.01
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Old 04-12-2018, 06:40 PM   #4148
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Those old timers already have More than 150k

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Old 04-12-2018, 06:58 PM   #4149
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For those that have more than 150k will really lose out as the amount in excess of 150k gets 0.05% & if withdraw to come down to 150k will lose counters.

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Will get a big hit to withdraw anything in excess of 150k.
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Old 04-12-2018, 07:10 PM   #4150
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I am a old timer but my principal never exceed 150k. When Citi credit the monthly interest, it will go beyond 150k, but I will always withdraw the credited interest to bring it back to 150k. Rinse and repeat and had been enjoying the max interest for many months liao
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Old 04-12-2018, 07:22 PM   #4151
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u dont need to park 70k to accumulate the counters. can do it for less.
how much is the minimum balance? if fall below every month must pay how much ?

every month move in $1 can continue to keep the counters accumulating?

Thanks!!
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Old 04-12-2018, 07:38 PM   #4152
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no 70K how??

but is this still the best?
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Old 04-12-2018, 07:43 PM   #4153
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Can I just withdraw everything and let the account close itself? Will I need to pay any fall below fees?
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Old 04-12-2018, 07:46 PM   #4154
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how much is the minimum balance? if fall below every month must pay how much ?

every month move in $1 can continue to keep the counters accumulating?

Thanks!!
think need 15k to accumulate counters. That's what I was told.

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Old 04-12-2018, 08:01 PM   #4155
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It's a new t&c that will take effect in 2019.

Important Announcement
With effect from 2 January 2019, please note that the following changes will be made to your Citi MaxiGain Savings Account.
A base interest rate equivalent to 70% of the 1-month Singapore Interbank Offer Rate will be paid on the first S$150,000 of your MaxiGain account
A daily end of day balance of at least S$70,000 must be maintained to earn base interest
Bonus interest rate will be paid on the first S$150,000 of your MaxiGain account
Please click for the revised Terms and Conditions and FAQ.
Nowhere does it says there that you need 70k to accumulate counters for bonus interest.

Only says need 70k to earn the base interest which is based on the SIBOR rate.

no 70K how??

but is this still the best?
if no 70k, this is definitely not the best anymore, normal fixed deposits at 1.8%-1.9% already beat this.
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