Citibank Maxigain Savings Account

JustDoLor

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I thought bonus interest credited on 31-Dec-19 is for the previous mth, i.e Nov-19.

So, bonus interest earned for the mth of Nov should it be 1.2%, and will be credited on 31-Dec?

Changes to MaxiGain Account features
With effect from 2 December 2019, the base interest rate for the Citi MaxiGain Savings Account will be revised to 50% of the 1-month Singapore Dollar Interbank Offer Rate (1-month SIBOR). The bonus interest rate will also be revised to step up monthly from 0.05% p.a. to a maximum of 0.60% p.a.

It is no. 2, which is around max 1.4x% at the moment.
 
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dreant

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I thought bonus interest credited on 31-Dec-19 is for the previous mth, i.e Nov-19.

So, bonus interest earned for the mth of Nov should it be 1.2%, and will be credited on 31-Dec?

:s13::s22::eek:

*Sigh* Once again...

Well... to put it very simply, you thought wrong.

The T&C has always been very clear; bonus interest is based on the current level of your counters, against the lowest balance in the *previous* month.

It has *never* been 'we'll lock in your interest now, and deposit it into your account next month'.
 

LouisSaha

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wah this has been there very long
why closed down?
they really not doing well?

last time when i went there to open acc on a weekday around 9.30am, completely empty

Yup, confirmed.
They called me to clear my safebox there few days ago.
And the staff told me closing in Feb2020.
;)
Heard they never renew the lease.
 

JustDoLor

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Thanks for the clarification😊

:s13::s22::eek:

*Sigh* Once again...

Well... to put it very simply, you thought wrong.

The T&C has always been very clear; bonus interest is based on the current level of your counters, against the lowest balance in the *previous* month.

It has *never* been 'we'll lock in your interest now, and deposit it into your account next month'.
 

a4973

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May I know what interest is expected after the interest that will be paid on 30 Nov assuming empty account on 2 Dec? Thanks
 

mdax23

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If you leave it as zero after 2nd Dec, but don't close it, will there be any fees for lack of min balance?

There will be but only in Jan 20.

So after u transfer out the last interest. Then u can take your time to close it since its zero balance. (provided it will not go into overdraft, I am not sure about this)
 

luvpraline

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There will be but only in Jan 20.

So after u transfer out the last interest. Then u can take your time to close it since its zero balance. (provided it will not go into overdraft, I am not sure about this)

if they only credit the bonus interest on 1 Jan (like they did for 1 Nov :s8:), then most likely the bonus interest for nov will be credit at the same time as the fall below fee is deducted

can just leave the account balance at 0 and eventually they will automatically close it right?
 

cscs3

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if they only credit the bonus interest on 1 Jan (like they did for 1 Nov :s8:), then most likely the bonus interest for nov will be credit at the same time as the fall below fee is deducted

can just leave the account balance at 0 and eventually they will automatically close it right?

There may be a services charge if balance fall below certain amount.
 

mdax23

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if they only credit the bonus interest on 1 Jan (like they did for 1 Nov :s8:), then most likely the bonus interest for nov will be credit at the same time as the fall below fee is deducted

can just leave the account balance at 0 and eventually they will automatically close it right?

Hopefully they credit you on 30-31 Dec since 1st is PH. They may delay until 2nd also I won't know.
 

Rainbow1112

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Stashaway cash management might be a option for those planning to exit maxigain. They claim to offer interest of 1.9%
 

ahchan

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Hi, seems we still not sure how Citibank will do if we move out all fund on 2-Dec and leave account open...

Will they still give interest on 2-Jan and how/when they will deduct the fall-below fee..:(

Thinking to call their call centre up...but I think they may not provide good advice also as they always say they don't know the back-end operations.....
Anyone has already tried calling them ? Any advices given ?

TIA.
 

rottingapple

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Thank you Citibank for all that nice interest in the past. Gonna missed the 2.2% interest... :(

Now if i wanna slowly transfer out to other banks and the amount gradually fall to zero. Will they charge me a penalty or fine?
 
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