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Citibank Maxigain Savings Account

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Old 01-03-2019, 12:58 PM   #4876
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How you get 2.59% ?
Based on the interest I got for this month with 28 days.. I leave 150K inside with counter at 12.
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Old 01-03-2019, 01:41 PM   #4877
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You forgot Feb only 28 days.

Interest is 2.59% for me.
In this case, SIBOR 1 mth is 1.984%. So this is based on 1 Mar?
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Old 01-03-2019, 01:51 PM   #4878
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i dont calculate the interest every month, but realised that my total interest has been decreasing for the past 3 times. I'm aware of the 0.7 rate and did not do any withdrawal, is this correct?
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Old 01-03-2019, 01:58 PM   #4879
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Lightbulb

Based on the interest I got for this month with 28 days.. I leave 150K inside with counter at 12.
The interest calculation here is complicated for the maxigain account.

You need to note that the bonus interest amount is at the account value and rate as at Jan 2019 (interest payout in 28 Feb/01 Mar 19.

Bonus interest always delay by 1 month.
The annual interest rate calculated is fixed, and the rate itself does not change whether its 31/28 calendar days.

Only when you calculate the interest itself, the amount will change (due to lesser/more days in a month).

Last edited by Linguist; 01-03-2019 at 02:01 PM..
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Old 01-03-2019, 02:02 PM   #4880
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The interest calculation here is complicated for the maxigain account.

You need to note that the bonus interest amount is at the account value and rate as at Jan 2019 (interest payout in 28 Feb/01 Mar 19.

Bonus interest always delay by 1 month.
The annual interest rate calculated is fixed, and the rate itself does not change whether its 31/28 calendar days.

Only when you calculate the interest itself, the amount will change (due to lesser/more days in a month).
Interest rate for the base interest vary with Sibor. Bonus interest may vary depending on the step counter.
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Old 01-03-2019, 02:03 PM   #4881
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i dont calculate the interest every month, but realised that my total interest has been decreasing for the past 3 times. I'm aware of the 0.7 rate and did not do any withdrawal, is this correct?
if your account value has been fixed at a certain amount for the past 3-4 months, check see which interest amount is fluctuating a lot.

Base Interest? or Bonus Interest.

Bonus Interest - should not differ much in each month (except 28/30/31 calendar days calculation)
Base Interest - change from 0.8% of SIBOR to 0.7% of SIBOR. Thus you will notice some drop.
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Old 01-03-2019, 02:07 PM   #4882
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You forgot Feb only 28 days.

Interest is 2.59% for me.
based on my calculation using excel, average one month SIBOR is 1.80% and maxigain base interest is 1.26% p.a. (70% of SIBOR). If your counter is at 12, the total interest is ~ 2.46%.
I cannot understand why the interest becomes 2.59% just because Feb is 28 days.
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Old 01-03-2019, 02:23 PM   #4883
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if your account value has been fixed at a certain amount for the past 3-4 months, check see which interest amount is fluctuating a lot.

Base Interest? or Bonus Interest.

Bonus Interest - should not differ much in each month (except 28/30/31 calendar days calculation)
Base Interest - change from 0.8% of SIBOR to 0.7% of SIBOR. Thus you will notice some drop.
thanks...now i get it.
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Old 01-03-2019, 03:11 PM   #4884
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The interest calculation here is complicated for the maxigain account.

You need to note that the bonus interest amount is at the account value and rate as at Jan 2019 (interest payout in 28 Feb/01 Mar 19.

Bonus interest always delay by 1 month.
The annual interest rate calculated is fixed, and the rate itself does not change whether its 31/28 calendar days.

Only when you calculate the interest itself, the amount will change (due to lesser/more days in a month).
Yes forgot its based on previous month. U are right. My 2.59% is not correct.
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Old 01-03-2019, 07:32 PM   #4885
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How does this compare to SSBs in terms of effective interest rates over an extended number of years?
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Old 01-03-2019, 07:48 PM   #4886
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Lol. Dun think he pump and dump just for 1.2% on the days that 60k is in the account. Can easily earn more than 1.2% on say dbs multiplier/maybank saveup/boc smartsaver.
True... see how sibor performs, my lowest interest is 1.3% now....
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Old 01-03-2019, 10:19 PM   #4887
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True... see how sibor performs, my lowest interest is 1.3% now....
Can toggle between Maybank iSavvy and SC eSaver to get higher rate.
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Old 01-03-2019, 10:45 PM   #4888
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Can toggle between Maybank iSavvy and SC eSaver to get higher rate.
Hmm. May as well just keep in maxigain for total about 2.5%

Last edited by Trazora; 01-03-2019 at 10:48 PM..
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Old 01-03-2019, 10:50 PM   #4889
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Not much higher lah
I think both the rates is much better than his lowest rate 1.30

eSaver is 1.75 ~ 1.90
iSavvy is 1.95
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Old 02-03-2019, 12:26 AM   #4890
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Hmm. May as well just keep in maxigain for total about 2.5%
I think both the rates is much better than his lowest rate 1.30

eSaver is 1.75 ~ 1.90
iSavvy is 1.95
Some of us prefer the cash to be kept with some flexibility and not "locked" with consequences upon withdrawn when needed.

Today opened Maybank iSavvy account to shift some spare cash over.
in May shift to UOB normal passbook savings.
in Jul shift back to Maybank iSavvy account if still got promotion.
etc etc

thanks...now i get it.
Yes forgot its based on previous month. U are right. My 2.59% is not correct.
You're welcome. Let's learn from each other.
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