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Citibank Maxigain Savings Account

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Old 08-01-2019, 10:07 AM   #4516
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Because i am not going to give any revenue to my rm, I would rather ask the call center than trouble my rm
ya they very poor thing, heard turnover is quite high that time i went down. also very high quota to meet on credit card sign ups
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Old 08-01-2019, 10:54 AM   #4517
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received call from a citi banker saying my interest in maxigain is not earning much, say will recommend some products to earn more interest

did you guys received such calls?
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Old 08-01-2019, 11:25 AM   #4518
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received call from a citi banker saying my interest in maxigain is not earning much, say will recommend some products to earn more interest

did you guys received such calls?
I got a call to introduce that he is my new RM. (Previous RM never even contacted me once). He didn't say I am not earning much in Maxigain, just say there are other products he can recommend and whether I am free to meet up.
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Old 08-01-2019, 11:41 AM   #4519
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I got a call to introduce that he is my new RM. (Previous RM never even contacted me once). He didn't say I am not earning much in Maxigain, just say there are other products he can recommend and whether I am free to meet up.
Unit trust and insurance
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Old 08-01-2019, 03:32 PM   #4520
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I just opened maxigain account at boon lay mrt. After i login i saw its a "maxisave checking acct". Called citibank to rectify it. Been couple of weeks still the same.

For maxigain acct, u can see from the acct at which counter u are at?
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Old 08-01-2019, 03:41 PM   #4521
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I just opened maxigain account at boon lay mrt. After i login i saw its a "maxisave checking acct". Called citibank to rectify it. Been couple of weeks still the same.

For maxigain acct, u can see from the acct at which counter u are at?
See the counter in the monthly statement
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Old 08-01-2019, 11:47 PM   #4522
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I checked with my banker. She claimed that Citi is amending the t&c for 2018 topup promotion and will cover Maxigain accounts and is sending out emails in batches to inform clients. I'm keeping an open mind about it till I receive my email

Edit: anyone who receives the email pls let us know
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Old 09-01-2019, 11:51 AM   #4523
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received call from a citi banker saying my interest in maxigain is not earning much, say will recommend some products to earn more interest

did you guys received such calls?
He is saying YOU park YOUR money in maxigain, HE is not earning much.
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Old 09-01-2019, 01:40 PM   #4524
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Because i am not going to give any revenue to my rm, I would rather ask the call center than trouble my rm
Found the below in the TNC pdf file.

3. To be eligible for Base Reward, a Customer is required to:
(i) enroll in this Promotion through his/her Personal Banker or Relationship Manager within the Promotion
Period;
(ii) transfer the Top Up Amount within the Enrolment Month (less any funds outflow during Pre-enrolment
Period);

(iii) not have a net outflow of funds in any month within the Minimum Maintenance Period; and
(iv) maintain a qualified Citi Priority, Citigold, or Citigold Private Client banking relationship (including its
Asset Und

anyone knows point 2 means what? funds outflow in pre-enrolment period (meaning Oct, Nov & Dec) + end account balance as at 31 Dec 2018 = Account balance before top-up?

The phrase they use is "funds outflow" rather than "net funds outflow". Which the latter could mean balance of inflow against outflow. While the former could mean any outflow of funds happening in the 3 months.

my PB still have not replied me on my query for this point.
Weee, my RM replied me

She said "balance of your total inflows and outflows".
So we just need to check our account balance as at
i. 31 Dec 2018, and
ii. 01 Oct 2018 (“Pre-enrolment Period” refers to the three (3) months immediately before the Enrolment Month, excluding
the Enrolment Month)

The higher amount will be the account balance amount treated as before top-up.
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Old 09-01-2019, 02:44 PM   #4525
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Weee, my RM replied me

She said "balance of your total inflows and outflows".
So we just need to check our account balance as at
i. 31 Dec 2018, and
ii. 01 Oct 2018 (“Pre-enrolment Period” refers to the three (3) months immediately before the Enrolment Month, excluding
the Enrolment Month)

The higher amount will be the account balance amount treated as before top-up.
Wah my RM gave conflicting answers.

1) minimum of $70k and above in order for counter to step up

2) Maxigain doesn’t qualify for TOP up in Q4 -18

3) she is just back and will clarify on the latest TOP up promo to see if maxigain qualify for TOP up in Q1-19

She sounds so confident especially on point 1. Saying is her bread and butter and she has checked it before. Mmmm
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Old 09-01-2019, 03:41 PM   #4526
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Weee, my RM replied me

She said "balance of your total inflows and outflows".
So we just need to check our account balance as at
i. 31 Dec 2018, and
ii. 01 Oct 2018 (“Pre-enrolment Period” refers to the three (3) months immediately before the Enrolment Month, excluding
the Enrolment Month)

The higher amount will be the account balance amount treated as before top-up.
Do u understand the point (ii) ?
How to calculate the fund outflow? Is it total withdrawal within 1-Oct to 31-Dec from any Citibank account?
Or the "net funds outflow" ?
Or the highest day end outflow?

What does it mean "The higher amount will be the account balance amount treated as before top-up. "? Pls provide example
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Old 09-01-2019, 03:51 PM   #4527
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Wah my RM gave conflicting answers.

1) minimum of $70k and above in order for counter to step up

2) Maxigain doesn’t qualify for TOP up in Q4 -18

3) she is just back and will clarify on the latest TOP up promo to see if maxigain qualify for TOP up in Q1-19

She sounds so confident especially on point 1. Saying is her bread and butter and she has checked it before. Mmmm
if no. 1 really is true, then time for me to say bye bye to citibank le.

Sent from Xiaomi MI MAX using GAGT
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Old 09-01-2019, 04:15 PM   #4528
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Do u understand the point (ii) ?
How to calculate the fund outflow? Is it total withdrawal within 1-Oct to 31-Dec from any Citibank account?
Or the "net funds outflow" ?
Or the highest day end outflow?

What does it mean "The higher amount will be the account balance amount treated as before top-up. "? Pls provide example
Net funds outflow. So total inflow - total outflow between Oct - Dec.

If your total outflow is more, u get result as negative amount
(aka your account balance as at 31 Dec < account balance as at 01 Oct.
So the higher amount is balance as at 01 Oct)

If result is positive amount, it means inflow > outflow
(aka your account balance as at 31 Dec > account balance as at 01 Oct.
So the higher amount is balance as at 31 Dec. )

Note:
Above example only applies if you perform top-up in Jan, and signed the document for the promotion in Jan.

If you did your top-up in Feb, (or top-up in Jan, but only signed document in Feb), the Pre-enrolment Period will be "Nov 18 - Jan 19", as your Enrolment month = Feb 2019

Quote from TNC
[“Enrolment Month” refers to the calendar month in which a Customer enrolls for this Promotion.]

Last edited by Linguist; 09-01-2019 at 04:47 PM..
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Old 09-01-2019, 04:27 PM   #4529
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if no. 1 really is true, then time for me to say bye bye to citibank le.

Sent from Xiaomi MI MAX using GAGT
Wah my RM gave conflicting answers.

1) minimum of $70k and above in order for counter to step up

2) Maxigain doesn’t qualify for TOP up in Q4 -18

3) she is just back and will clarify on the latest TOP up promo to see if maxigain qualify for TOP up in Q1-19

She sounds so confident especially on point 1. Saying is her bread and butter and she has checked it before. Mmmm
1) False. She interpret wrongly.
To earn base interest : minimum S$70,000 daily end of day balance
To get counter increase : if the lowest balance in that month is equal to or greater than the lowest balance in the preceding month.

So you don't need 70k for the counter to increase. But you will not get the base interest if your account does not have daily end of day balance of 70k.

Base Interest
"Interest at the Base Interest Rate will accrue daily, if you maintain at least S$70,000 in your MaxiGain account, based on the daily end of day balance and will be paid on the last day of the month."

So if betweeen 1st Jan - 10 Jan you don't have 70k in your maxigain account, you will not earn the base interest (only peanuts @ 0.05% for 10 days).
If between 11 Jan - 31 Jan you top-up your account balance to 70k, you will earn that base interest (70% of SIBOR for 21 days).

Bonus Interest
"The Bonus Interest Rate on the other hand has no requirement of a minimum balance . Bonus interest will accrue in a month at the relevant Bonus Interest Rate for so long as the Counter for that month is higher than zero."

If you do not qualify for the base interest, you may still qualify for the bonus interest (cap at 1.2%) as long as your lowest account balance in the month does not fall below the lowest balance in preceding month.

However, make sure your total AUM with Citibank is >= 15k, else will incur service charge (being AUM balance fall-below fee).


2) According to Localborn's RM, top-up to maxigain will be qualified and revised TNC will be notified to all customers via email.


3) Quoted from TNC
[“Top Up” refers to a net inflow of funds from outside Citi into all of a Customer’s primary accounts, including Citi checking and savings accounts, foreign currency time deposits, investments and life insurances distributed by Citi on an advised basis.

Funds credited into cash management account and SGD time deposit account where such time deposit has an interest rate of one (1) per cent or higher will not count
towards a “Top Up”.]

Maxigain account is a current/savings account.
The TNC did not explicitly states that it exclude Maxigain account from the top-up promotion.

But you can wait for your PB/RM confirmation

Last edited by Linguist; 09-01-2019 at 04:45 PM..
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Old 09-01-2019, 05:05 PM   #4530
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Citibank is seriously the number 1 bank where their staff (including RM) don't understand their products and keep giving wrong advice. And to make things worse, they come out with super complicated terms that no one understands.

Really one of a kind. How to trust this kind of bank with your money ?
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