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Citibank Maxigain Savings Account

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Old 10-04-2019, 09:31 AM   #5176
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If I don touch the money, as the interests roll month by month. Do I need to make any incremental transfer?
No need. You can basically leave 15k for 12 months straight.

For those who is asking about the account being dormant etc, no worries, the interest will still come in. You dont have to put $1 too.

My account has been already 1 and a half years. For the first year, i left it at 15k without doing anything and the counter still goes up.
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Old 10-04-2019, 09:51 AM   #5177
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No need. You can basically leave 15k for 12 months straight.

For those who is asking about the account being dormant etc, no worries, the interest will still come in. You dont have to put $1 too.

My account has been already 1 and a half years. For the first year, i left it at 15k without doing anything and the counter still goes up.
Interest crediting by bank not counted as transaction. Counter still go up but your account probably flagged as inactive or even dormant. Logon and see status of account or u can try to fast $1 to your account and see whether rejected.
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Old 10-04-2019, 09:56 AM   #5178
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To be safe that account active, set up auto monthly transfer of nominal amount ($1) from other Citi account or other bank account.

If you make withdrawal and eventual balance less than 15k, I think there is a charge, unless you collectively have other accounts with Citi such that grand total is at least 15k.

Depending when you withdraw, your counter will be affected.
If I remember correctly, if withdraw when counter 1-5, counter will drop to 0.
If withdraw when counter 6 - 12, counter drop to 6
Counter affected, so "bonus interest" affected

For counter not to be affected, need to maintain at least same lowest balance as previous month. So, you can withdraw just the interest you earn for each month.

Note:
"Bonus interest" refers to the interest for Maxigain account, applicable to amounts up to 150k.

Since it is 15k, so "Base interest" is not applicable (base interest is for min 70k, and interest rate is 70% of SIBOR)
Wow, i didnt like the counter to fall. Maybe should just stick with e$aver. Can move here move there
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Old 10-04-2019, 11:43 AM   #5179
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No need. You can basically leave 15k for 12 months straight.

For those who is asking about the account being dormant etc, no worries, the interest will still come in. You dont have to put $1 too.

My account has been already 1 and a half years. For the first year, i left it at 15k without doing anything and the counter still goes up.
just curious, why didn't u put $0.01 inside the acct and schedule a monthly recurring transfer $0.01 from another bank to Maxigain? would the $15 fall-below fee makes the account goes into negative balance? I know that maxigain cannot have more than 2 consecutive mths $0 balance as they will auto close the account.
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Old 10-04-2019, 12:16 PM   #5180
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just curious, why didn't u put $0.01 inside the acct and schedule a monthly recurring transfer $0.01 from another bank to Maxigain? would the $15 fall-below fee makes the account goes into negative balance? I know that maxigain cannot have more than 2 consecutive mths $0 balance as they will auto close the account.
Actually what is your agenda to put and transfer S$0.01 into maxigain or even asking this question?

If you are so hard up with leaving S$15,000 and transfer S$1 into maxigain to keep it active, then my suggestion is to look at other solutions provided by other banks (e$aver / isavvy / fastsaver etc.)
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Old 10-04-2019, 12:23 PM   #5181
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just curious, why didn't u put $0.01 inside the acct and schedule a monthly recurring transfer $0.01 from another bank to Maxigain? would the $15 fall-below fee makes the account goes into negative balance? I know that maxigain cannot have more than 2 consecutive mths $0 balance as they will auto close the account.
Actually what is your agenda to put and transfer S$0.01 into maxigain or even asking this question?

If you are so hard up with leaving S$15,000 and transfer S$1 into maxigain to keep it active, then my suggestion is to look at other solutions provided by other banks (e$aver / isavvy / fastsaver etc.)
Maybe should really avoid Maxigain.
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Old 10-04-2019, 01:33 PM   #5182
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Maybe should really avoid Maxigain.
Depends on your goal.

IMO, MaxiGain (of course there are others, that work a bit differently) works best if you can leave 70k "untouched" for a long, long time. It will accumulate counters that translates to "Bonus Interest". After a year, you'll reach counter 12 i.e. "Bonus Interest" 1.2%. If no withdrawal causing a drop compared to previous month, "Bonus Interest" continues at 1.2%. You also get "Base Interest" i.e. 0.7* Sibor rate. "Base Interest" = 0.7 * 1.823 (Sibor rate on 2 Apr) = 1.2761.

So in summary,
If have 70k, and leave "untouched" for a year, you'll get
Total Interest = "Bonus Interest" + "Base Interest" = 1.2% + 1.2671% = 2.4761%
(Note that this 2.4761% is for 13th month onwards, and Sibor rates moves every day).
Of course, you can withdraw the interest the comes in monthly and leave just exactly 70k every month.

IMO, if 15k, other accounts like iSavvy and eSaver better.
Since you instantly get, I think around 1.85% from the start (for current eSaver promo for amounts < 50k) , compared to MaxiGain - first interest with 15k gets you 0.1% and will only reach max of 1.2% after a year.

If your goal is to top up to 70k in MaxiGain after a year, in order to get 2.4761% from 13th month onwards, then just keep the 15k there to build up the counters.
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Old 10-04-2019, 03:07 PM   #5183
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Depends on your goal.

IMO, MaxiGain (of course there are others, that work a bit differently) works best if you can leave 70k "untouched" for a long, long time. It will accumulate counters that translates to "Bonus Interest". After a year, you'll reach counter 12 i.e. "Bonus Interest" 1.2%. If no withdrawal causing a drop compared to previous month, "Bonus Interest" continues at 1.2%. You also get "Base Interest" i.e. 0.7* Sibor rate. "Base Interest" = 0.7 * 1.823 (Sibor rate on 2 Apr) = 1.2761.

So in summary,
If have 70k, and leave "untouched" for a year, you'll get
Total Interest = "Bonus Interest" + "Base Interest" = 1.2% + 1.2671% = 2.4761%
(Note that this 2.4761% is for 13th month onwards, and Sibor rates moves every day).
Of course, you can withdraw the interest the comes in monthly and leave just exactly 70k every month.

IMO, if 15k, other accounts like iSavvy and eSaver better.
Since you instantly get, I think around 1.85% from the start (for current eSaver promo for amounts < 50k) , compared to MaxiGain - first interest with 15k gets you 0.1% and will only reach max of 1.2% after a year.

If your goal is to top up to 70k in MaxiGain after a year, in order to get 2.4761% from 13th month onwards, then just keep the 15k there to build up the counters.
Thank you Sir!! Very much explain everything already ))
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Old 10-04-2019, 03:34 PM   #5184
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Sibor fell wor.....
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Old 10-04-2019, 05:52 PM   #5185
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Interest crediting by bank not counted as transaction. Counter still go up but your account probably flagged as inactive or even dormant. Logon and see status of account or u can try to fast $1 to your account and see whether rejected.
no issues whatsoever. after a year i transferred money to the account, no rejection leh.
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Old 10-04-2019, 05:53 PM   #5186
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just curious, why didn't u put $0.01 inside the acct and schedule a monthly recurring transfer $0.01 from another bank to Maxigain? would the $15 fall-below fee makes the account goes into negative balance? I know that maxigain cannot have more than 2 consecutive mths $0 balance as they will auto close the account.
??

"why i didnt put $0.01 inside the acct..? " Because the minimum amount is 15k if not there will be fall below fee. Why wanna put $0.01 and pay the fall below fee? makes no logical sense.

Anyway maxigain is for people who put $70k or more. If you dont have 70k, find other account for better interest.
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Old 10-04-2019, 06:02 PM   #5187
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no issues whatsoever. after a year i transferred money to the account, no rejection leh.
Hmm... many kena flagged as inactive and have to click the activate button. Last time even worse, got to go physical branch to activate account.

Flagging of inactive or dormant account is expected of banks, though duration and what's needed to reactivate can vary amongst banks.
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Old 10-04-2019, 08:44 PM   #5188
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??

"why i didnt put $0.01 inside the acct..? " Because the minimum amount is 15k if not there will be fall below fee. Why wanna put $0.01 and pay the fall below fee? makes no logical sense.

Anyway maxigain is for people who put $70k or more. If you dont have 70k, find other account for better interest.
just thinking if the balance does not go into negative digits, then might have workaround to stepup. but seems cannot aft i read thru T&C it does not stepup using this method.

i have other bank accounts no worries, just figuring out workarounds in case need maxi. thanks/
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Old 11-04-2019, 11:04 PM   #5189
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How often does citibank change PB?

Perviously my PB is a guy but now change to a lady who has contacted me for a Meetup. Her whatapps profile pic quite chio..

FYI I didn't request to change..
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Old 11-04-2019, 11:07 PM   #5190
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How often does citibank change PB?

Perviously my PB is a guy but now change to a lady who has contacted me for a Meetup. Her whatapps profile pic quite chio..

FYI I didn't request to change..
dont think too much

either ask you sign up credit card, take up loan, or buy some products...
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