HWZ Forums

Login Register FAQ Mark Forums Read

Citibank Maxigain Savings Account

Like Tree549Likes
Reply
 
LinkBack Thread Tools
Old 03-03-2019, 08:56 AM   #4906
Member
 
Join Date: Dec 2009
Posts: 358
Hmm, for 100k deposit earmark for 2 mths is 2.3%. (Int in cash 1.7% + Int in voucher 0.6%) not bad.
Once earmarked you will lose the flexibility to withdraw the cash when needed. Need to be mindful.

Do note from this mth (mar & apr) onwards, they have changed the reference mth for the calculation of the fresh funds. Now they are comparing to previous month's monthly average balance. So in apr, do they compare to feb's MAB or mar's MAB? Good to clarify with uob.
brown56 is offline   Reply With Quote
Old 03-03-2019, 09:07 AM   #4907
Member
 
Join Date: Apr 2017
Posts: 170
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.

Thanks for prompt reply.
Thinking to question bank why I was not informed when I opened my account on this new rules to avoid the earlier closure fees $50.
fairylord is offline   Reply With Quote
Old 03-03-2019, 09:15 AM   #4908
Master Member
 
Join Date: Jan 2002
Posts: 4,749
Thanks for prompt reply.
Thinking to question bank why I was not informed when I opened my account on this new rules to avoid the earlier closure fees $50.
The rumoured change started quite early back last year, only november it was officially announced. Account holders here was told by the Citibank Banker of the rumoured change when they opened their account early last year.
NTTDoCoMo is online now   Reply With Quote
Old 03-03-2019, 09:18 AM   #4909
Arch-Supremacy Member
 
Join Date: Apr 2015
Posts: 17,020
Thanks for prompt reply.
Thinking to question bank why I was not informed when I opened my account on this new rules to avoid the earlier closure fees $50.
Just zero the account and close 6 months later
Trazora is online now   Reply With Quote
Old 03-03-2019, 09:21 AM   #4910
Greater Supremacy Member
 
Sinkie's Avatar
 
Join Date: Jan 2009
Posts: 78,762
Thanks for prompt reply.
Thinking to question bank why I was not informed when I opened my account on this new rules to avoid the earlier closure fees $50.
The bankers at Citibank were already spreading rumor of the change in rules and condition many many months ago to many bro and sis here, but we all treated it as malicious and means to stop us from opening accounts
Sinkie is offline   Reply With Quote
Old 03-03-2019, 09:41 AM   #4911
Member
 
Join Date: Apr 2017
Posts: 170
Just zero the account and close 6 months later

Zero the account now, bank will not able to deduct the fall below fees. But, will bank insist to pay of fall below fees to process the account closure later?

Thanks for all forumers' replies
fairylord is offline   Reply With Quote
Old 03-03-2019, 09:42 AM   #4912
Arch-Supremacy Member
 
havetheveryfun's Avatar
 
Join Date: Jul 2010
Posts: 17,205
I guess whoever less than $70k just forget about this maxigain.
you dont feel confident to save up 70k in next few years? if you think you can save up 70k in next 2-3 years, think still a good deal once the counters have built up.

you would be losing around $210 per year which could be easily earned back in just a few months after the max counters, provided the conditions do not change again
havetheveryfun is offline   Reply With Quote
Old 03-03-2019, 09:51 AM   #4913
Master Member
 
Join Date: Jan 2002
Posts: 4,749
you dont feel confident to save up 70k in next few years? if you think you can save up 70k in next 2-3 years, think still a good deal once the counters have built up.

you would be losing around $210 per year which could be easily earned back in just a few months after the max counters, provided the conditions do not change again
In a raising Interest rate environment, likely the TnC change cycle will be shorted.
NTTDoCoMo is online now   Reply With Quote
Old 03-03-2019, 10:36 AM   #4914
Senior Member
 
Join Date: May 2008
Posts: 796
Zero the account now, bank will not able to deduct the fall below fees. But, will bank insist to pay of fall below fees to process the account closure later?

Thanks for all forumers' replies
Tough for banks to enforce on fall below fees if you have no balances inside. Unlike outstanding owed on Credit facilities.

Anyway they can’t blame consumers as it is substantially different from when account was opened. If you write in to complain they could just waive and allow u to close early.
LexusIS is offline   Reply With Quote
Old 03-03-2019, 11:15 AM   #4915
Master Member
 
Join Date: Feb 2005
Posts: 3,811
you dont feel confident to save up 70k in next few years? if you think you can save up 70k in next 2-3 years, think still a good deal once the counters have built up.

you would be losing around $210 per year which could be easily earned back in just a few months after the max counters, provided the conditions do not change again
Going through all this trouble, might as well just put your money somewhere else.

Not that hard to find a place that gives you 2% without so much waiting and losing interest in the meantime.
Purplestars is offline   Reply With Quote
Old 03-03-2019, 11:49 AM   #4916
Junior Member
 
Join Date: Mar 2017
Posts: 30
Going through all this trouble, might as well just put your money somewhere else.

Not that hard to find a place that gives you 2% without so much waiting and losing interest in the meantime.
Agreed. This account is too complicated.

Singapore savings bond is offering 1.96%pa for 1st 3 years without lockup. You can redeem at the end of any month. When you do so, you will get back accrued interest and principal sum.

Alternatively, FDs are also offering around 1.8-2.0%pa with lockup.

You can see the chart attached for fixed deposit rates vs SSB for this month.

http://investsingaporebonds.com/wp-c...d-deposits.png
amychan is offline   Reply With Quote
Old 03-03-2019, 12:55 PM   #4917
Member
 
Join Date: Jun 2017
Posts: 227
Agreed. This account is too complicated.

Singapore savings bond is offering 1.96%pa for 1st 3 years without lockup. You can redeem at the end of any month. When you do so, you will get back accrued interest and principal sum.

Alternatively, FDs are also offering around 1.8-2.0%pa with lockup.

You can see the chart attached for fixed deposit rates vs SSB for this month.

http://investsingaporebonds.com/wp-c...d-deposits.png
U r not comparing Apple with Apple, where u can withdraw money anytime with maxi gain savings account, n will earn the interests.

FD, withdraw or terminate n interests supposedly to be earned is gone or lowered.
SSB, good but must wait for like a month then money deposited back to ur account. + interests paid on half a year basis (to be confirm), n not monthly basis.

Best advice to those looking to open maxigqin account.
Put 15k into account n earn the counter increase.
After 8 months - 1 year later can consider top up to 70k (check got top up promotion not)

If not looking at maxigain,
Look at iSavvy (Maybank), passbook savings (UOB), or esaver (Standard Chartered),
These accounts have periodic bonus interests given on incremental balance amount usually compared against previous month.
Linguist is offline   Reply With Quote
Old 03-03-2019, 12:57 PM   #4918
Member
 
Join Date: Apr 2017
Posts: 170
you dont feel confident to save up 70k in next few years? if you think you can save up 70k in next 2-3 years, think still a good deal once the counters have built up.

you would be losing around $210 per year which could be easily earned back in just a few months after the max counters, provided the conditions do not change again

Not easy based on my wages.
fairylord is offline   Reply With Quote
Old 03-03-2019, 12:59 PM   #4919
Member
 
Join Date: Apr 2017
Posts: 170
Tough for banks to enforce on fall below fees if you have no balances inside. Unlike outstanding owed on Credit facilities.

Anyway they can’t blame consumers as it is substantially different from when account was opened. If you write in to complain they could just waive and allow u to close early.
Ya.. Will try to request. Thanks for advice.
fairylord is offline   Reply With Quote
Old 03-03-2019, 10:16 PM   #4920
Junior Member
 
Join Date: Oct 2009
Posts: 69
Once earmarked you will lose the flexibility to withdraw the cash when needed. Need to be mindful.

Do note from this mth (mar & apr) onwards, they have changed the reference mth for the calculation of the fresh funds. Now they are comparing to previous month's monthly average balance. So in apr, do they compare to feb's MAB or mar's MAB? Good to clarify with uob.
It's stated in T&C.

Based on Monthly Average Balance of previous month.

If you start this in Mar, the MAB is on Feb. Your funds earmarked from Mar to Apr (2mths)

If you start this in Apr, the MAB is on Mar. Likewise, your new funds earmarked from Apr to May (2mths).

Extracted below for explanation.

(i) “Incremental Fresh Funds Balance” refers to the daily difference between each day-end Account balance and the previous month’s Monthly Average Balance; and

(ii) “Monthly Average Balance” refers to the sum of each day-end Account balance in a particular calendar month, divided by the number of calendar days in that month. In respect of new Accounts opened during
the Promotion Period:

(a) the Monthly Average Balance for the calendar month prior to
the opening of the Account shall be zero; and

(b) the Monthly Average Balance for the calendar month in which
the Account is opened shall be calculated as follows:

Monthly Average Balance (for the month of new Account
opening) = X / Y where:
“X” : refers the sum of each day-end Account balance
from and including the Account opening date to the last day of that calendar month; and

“Y” : refers to the number of calendar days from and including the Account opening date to the last day of that calendar month.
K_E_N_L_A_W is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On