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Citibank Maxigain Savings Account

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Old 02-03-2019, 03:14 PM   #4891
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...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

...
Hi, I'm a bit confused on how iSavvy works. It says 'monthly incremental balance'. If I transfer in X amount in March, end of the month I'll get 1.95% on X amount. If no more deposit in April, I won't get interest for April right?

Edit: If I open iSavvy and eSaver, and keep transferring the fund back and forth between the two every month, will that work??

Last edited by PC-User; 02-03-2019 at 03:19 PM..
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Old 02-03-2019, 03:25 PM   #4892
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Hi, I'm a bit confused on how iSavvy works. It says 'monthly incremental balance'. If I transfer in X amount in March, end of the month I'll get 1.95% on X amount. If no more deposit in April, I won't get interest for April right?
they usually go in 2 months batches. so this time both March and April is compared to the FEB ADB. so even if you only transfer in X Amount in march, you will still get the interest for both March and April.


Edit: If I open iSavvy and eSaver, and keep transferring the fund back and forth between the two every month, will that work??
yes and no. you need to take note of which months the ADB are usually compared to. iSavvy and eSaver usually start their new 2 months roll on different months, so it is not as straightforward.
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Old 02-03-2019, 03:37 PM   #4893
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they usually go in 2 months batches. so this time both March and April is compared to the FEB ADB. so even if you only transfer in X Amount in march, you will still get the interest for both March and April.




yes and no. you need to take note of which months the ADB are usually compared to. iSavvy and eSaver usually start their new 2 months roll on different months, so it is not as straightforward.
Ok thanks. I just read eSaver got fall below fees. Means I need to lock-in 1K unless account closure after 6 months.

Any fall below fees for iSavvy? I couldn't see from the T&C.

Currently having an amount in CIMB FastSaver. I'm thinking of opening iSavvy, transfer the whole fund over, then transfer the whole fund back to FastSaver in May.
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Old 02-03-2019, 03:52 PM   #4894
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Ok thanks. I just read eSaver got fall below fees. Means I need to lock-in 1K unless account closure after 6 months.

Any fall below fees for iSavvy? I couldn't see from the T&C.

Currently having an amount in CIMB FastSaver. I'm thinking of opening iSavvy, transfer the whole fund over, then transfer the whole fund back to FastSaver in May.
You can keep $500 in iSavvy to avoid the fall below fee.

https://info.maybank2u.com.sg/personal/deposits-banking/faq/faq-isavvy-spa.aspx#1Q8
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Old 02-03-2019, 04:18 PM   #4895
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You can keep $500 in iSavvy to avoid the fall below fee.

https://info.maybank2u.com.sg/person...y-spa.aspx#1Q8
Oh, 'service fees that is waived'. Another name for fall below fees. So bad, T&C never state.

Upon reading the FAQ, it's more tricky and not so straightforward as FastSaver.
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Old 02-03-2019, 05:44 PM   #4896
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Oh, 'service fees that is waived'. Another name for fall below fees. So bad, T&C never state.

Upon reading the FAQ, it's more tricky and not so straightforward as FastSaver.
It is not as tricky and complicated as you think. Once you done it once or twice, you will understand better. If worried, you can start by transferring a small amount like 1-5k to test it out first
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Old 02-03-2019, 06:02 PM   #4897
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A good alternative to switch between isavvy is uob saving account. It also always have fresh fund promotion every 2 month. So just nice you can alternate the funds.
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Old 02-03-2019, 07:02 PM   #4898
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A good alternative to switch between isavvy is uob saving account. It also always have fresh fund promotion every 2 month. So just nice you can alternate the funds.
If your switching amount is 100k and you can align your switching with UOB Promotion Period to get the Early Bird Gift it will be better. The 100k need to be earmark for 2 months.
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Old 02-03-2019, 11:26 PM   #4899
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Guys confused at this thing right now.

So if i one shot pump in 70k and hands free , will the counter step up on its own?

Or like someone said, put 15k in for 6months~12months before pumping in the remaining 55?

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Old 03-03-2019, 12:00 AM   #4900
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Guys confused at this thing right now.

So if i one shot pump in 70k and hands free , will the counter step up on its own?

Or like someone said, put 15k in for 6months~12months before pumping in the remaining 55?

Sent from HUAWEI EML-L29 using GAGT
This account earns interest in two ways, base and bonus, base is only applicable for accounts with 70k and above, base interest is 70% of the sibor rate..

As for bonus interest, your account will earn a step up counter per month if you have 15k and above.. Counters cap at 12 (1.2%)..

Hence some people will want to leave only 15k while the account earns counters.. The remaining 55k, they could have better use of it.. If you place 70k straight, the total interest is 70% sibor + 0.1% per month..
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Old 03-03-2019, 06:29 AM   #4901
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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



You're welcome. Let's learn from each other.
In May, why do you need to shift to UOB normal passbook savings, is this mean Maybank isavvy have clause only for the new fund?
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Old 03-03-2019, 08:08 AM   #4902
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This account earns interest in two ways, base and bonus, base is only applicable for accounts with 70k and above, base interest is 70% of the sibor rate..

As for bonus interest, your account will earn a step up counter per month if you have 15k and above.. Counters cap at 12 (1.2%)..

Hence some people will want to leave only 15k while the account earns counters.. The remaining 55k, they could have better use of it.. If you place 70k straight, the total interest is 70% sibor + 0.1% per month..
Huh....
1) Changed game already ah?

2) So 15k in the account no more entitled for the base interest?

3) I must top up to 70k to enjoy?

4) if I want to maintain the process of bonus interest stepping up, my 15k must stick and stuck in the account for the remaining tenure to meet 12 mth?

haiz.. I just started 3 mths and the game plan changed..my only 15k stuck here now..

Does this new rules applied to all new and existing accounts holder?


Update : Ignore my questions as I found all the answers in Jan posts. The rules comes in effective in Jan 2019, was informed in Dec (but I did not receive notice somehow, the banker did not tell this in advance there will be new rules changes which is very foxxy), and did not come to forum to check this thread, park money and left. Feel like borrowing free money to bank..

I guess whoever less than $70k just forget about this maxigain.

Appreciate if anyone can advice how long could one close account without penalty charges? And how much to close earlier?

Last edited by fairylord; 03-03-2019 at 08:51 AM..
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Old 03-03-2019, 08:25 AM   #4903
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If your switching amount is 100k and you can align your switching with UOB Promotion Period to get the Early Bird Gift it will be better. The 100k need to be earmark for 2 months.
Hmm, for 100k deposit earmark for 2 mths is 2.3%. (Int in cash 1.7% + Int in voucher 0.6%) not bad.
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Old 03-03-2019, 08:44 AM   #4904
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In May, why do you need to shift to UOB normal passbook savings, is this mean Maybank isavvy have clause only for the new fund?
For March and April Maybank iSavvy bonus interest:

https://info.maybank2u.com.sg/promotion/deposits-banking/fresh-funds-top-up.aspx

Bonus interest/dividend is awarded on the incremental average daily balance in the Account during the Promotion Period against the average daily balance in February 2019. The Average Daily Balance of the Account is determined by computing the sum of every day-end balance in the Account that month divided by the number of days in that month.
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Old 03-03-2019, 08:56 AM   #4905
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Huh....
1) Changed game already ah?

2) So 15k in the account no more entitled for the base interest?
3) I must top up to 70k to enjoy?

4) if I want to maintain the process of bonus interest stepping up, my 15k must stick and stuck in the account for the remaining tenure to meet 12 mth?

haiz.. I just started 3 mths and the game plan changed..my only 15k stuck here now..

Does this new rules applied to all new and existing accounts holder?
1) Changed game already ah?
>> 01 Jan 2019 this account had changed.

2) So 15k in the account no more entitled for the base interest?
>> 70k to earn base interest.

3) I must top up to 70k to enjoy?
>> If you want to earn full interest (base + bonus), you need 70K.

4) if I want to maintain the process of bonus interest stepping up, my 15k must stick and stuck in the account for the remaining tenure to meet 12 mth?
>> If you want to hit Counter 12 that is the only way. 15K is the minimum to avoid fall below fee.


Does this new rules applied to all new and existing accounts holder?
>> Apply to all account holders. Existing holder was notified in Nov 2018.
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