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Citibank Maxigain Savings Account

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Old 08-03-2019, 11:28 PM   #4966
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those are the 1m sibor on specific dates of each month eg) 1 Nov 18 ... not the average sibor of the entire month of Nov
where to get the avg SIBOR ah, MAS website got?
or must really go search daily SIBOR then compute ourselves?

No penalty?
His $20 in joint account.
If his personal account got at least $14,980 then won't incur penalty liao.

Why avoid mrt branches?
MRT branches can't open account on the spot.

If you fill up the application form there, they will still need to dispatch back to main office/branch for processing.

I already arrange with the Citibank guy to open at the end of the month.
Sometimes, the branch don't open account on the spot. Say need to wait few days then can open.

My first visit to Citibank and was told that cannot open account on the spot.
Few months later went down to ask again then can open account on the spot liao.

Same branch visited. Best for you to open few days before the end of the month in case they play stunt/pattern again.

Last edited by Linguist; 08-03-2019 at 11:35 PM..
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Old 08-03-2019, 11:35 PM   #4967
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where to get the avg SIBOR ah. MAS website got?
or must really go search daily SIBOR then compute ourselves?
Citibank calculate the average sibor. See the second tab. https://www.citibank.com.sg/gcb/deposits/mxgn-savacc.htm
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Old 08-03-2019, 11:35 PM   #4968
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I already arrange with the Citibank guy to open at the end of the month.
how much is he giving you to open the account?
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Old 09-03-2019, 02:01 AM   #4969
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Citibank calculate the average sibor. See the second tab. https://www.citibank.com.sg/gcb/depo...xgn-savacc.htm
Earlier post Ocean say it is not average of the month but the 1 mth rate for the date shown.
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Old 09-03-2019, 10:00 AM   #4970
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where to get the avg SIBOR ah, MAS website got?
or must really go search daily SIBOR then compute ourselves?
The daily rates (1 week lag) can be found here https://sibor.sg/history.html.

Feb19 rates are all in now to compute the average .. for weekends & PH, the previous business day's sibor is taken.

For me, I just work backwards from the interest received to derive the average 1mth sibor
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Old 09-03-2019, 10:43 AM   #4971
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today i went to citi branch.. they say in order to increase the counter i need put 70K, i called the hotline they say 15k enough to increase counter... wtf man
In fact you dont even need to have $15,000 in maxigain to grow the counter lol.

You just need to make sure u have total relationships balance more than $15,000 so that no fall below fee is charged, so therefore you put $1 inside maxigain also can step up every month

Last edited by Sinkie; 09-03-2019 at 10:47 AM..
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Old 09-03-2019, 11:58 AM   #4972
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I already arrange with the Citibank guy to open at the end of the month.
any specific reasons why end of the month only?
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Old 09-03-2019, 11:58 AM   #4973
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In fact you dont even need to have $15,000 in maxigain to grow the counter lol.

You just need to make sure u have total relationships balance more than $15,000 so that no fall below fee is charged, so therefore you put $1 inside maxigain also can step up every month
Good point. If u only have maxigain, then just put 15k until your counter increase to 1% or counter+sibor0.7 = 2%, then put in 70k or 150k, your opportunity cost will be lower, about 150 loss for 12 mths only.
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Old 09-03-2019, 12:11 PM   #4974
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any specific reasons why end of the month only?
First mth bonus interest = zero, so loss is less if open near end of mth.

If u can deposit funds on first day of account opening, u will get bonus interest in second mth. If u cannot deposit funds on first day of acct opening, then zero. Maybe that's why bank chut pattern as some were complaining.

now website has very clear explanations and egs
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Old 09-03-2019, 12:27 PM   #4975
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First mth bonus interest = zero, so loss is less if open near end of mth.

If u can deposit funds on first day of account opening, u will get bonus interest in second mth. If u cannot deposit funds on first day of acct opening, then zero. Maybe that's why bank chut pattern as some were complaining.

now website has very clear explanations and egs
I see ... but no bonus interest in first month is given since the counter is zero.

The maxigain account number is given to you on the spot when you open the account at the branch. Once you get hold of the account number, FAST funds transfer over to the Maxigain Account before 10.30pm on the same day. This was what the Citibanker informed me when I open the account. I did as instructed. On Month 2, i was given Bonus Int because my counter was 1 and the lowest balance for Month 1 was what I deposited on the same day my account was opened (and not zero).
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Old 09-03-2019, 12:46 PM   #4976
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I see ... but no bonus interest in first month is given since the counter is zero.

The maxigain account number is given to you on the spot when you open the account at the branch. Once you get hold of the account number, FAST funds transfer over to the Maxigain Account before 10.30pm on the same day. This was what the Citibanker informed me when I open the account. I did as instructed. On Month 2, i was given Bonus Int because my counter was 1 and the lowest balance for Month 1 was what I deposited on the same day my account was opened (and not zero).
How much more interest you gain for depositing on the day of opening? 0.1% pa more? Assuming $70,000 was deposited
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Old 09-03-2019, 01:14 PM   #4977
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how much is he giving you to open the account?
Nothing, should I ask for money? :lol:
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Old 09-03-2019, 01:19 PM   #4978
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Nothing, should I ask for money? :lol:
Maybe will ask u to open a credit card with him
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Old 09-03-2019, 01:50 PM   #4979
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How much more interest you gain for depositing on the day of opening? 0.1% pa more? Assuming $70,000 was deposited
You gain bonus interest from the first day you open the account. If deposit just 1 day later then you lose bonus interest for the whole calendar month, not much though just 0.1%
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Old 09-03-2019, 08:47 PM   #4980
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I signed up an account in Jan 2019.
A lady assisted me over. She told me I have allocated a RM to assist you, till today, I have never heard anything.

Maybe, i thought may get a priority banking services, but seems like no difference to other services.
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