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Citibank Maxigain Savings Account

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Old 17-04-2019, 12:48 PM   #5236
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Btw after attaining counter 12, you still need to maintain the lowest monthly balance to be equal or more than that of previous month to keep counter at 12, if not it will drop to 6. If other banks are more attractive why not switch over as soon as possible?
growing with 15,001.
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Old 17-04-2019, 03:28 PM   #5237
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Thanks for your input. Currently growing counter, should be at counter 9 already. But due to other attractive offers in other banks, im now waiting to grow until 12 the decide from there.
can share what are the other attractive offers that do not have spending requirement?
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Old 17-04-2019, 03:33 PM   #5238
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think need to withdraw on the day when the interest is credit.
u can withdraw the interest any time, within that same month.
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Old 17-04-2019, 05:48 PM   #5239
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can share what are the other attractive offers that do not have spending requirement?
PM me. Don't want to flood the thread.
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Old 17-04-2019, 05:57 PM   #5240
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PM me. Don't want to flood the thread.
just share it here please... or you will be flooded with PMs instead.
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Old 17-04-2019, 06:15 PM   #5241
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u can withdraw the interest any time, within that same month.
Yes, meaning the lowest balance of the month will still be equal to previous month.

Just to share with new comers again: from what I read, the interest will become part of the balance entering next month if not withdrawn within the same month.
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Old 17-04-2019, 06:24 PM   #5242
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sorry don really get it.
If you dump 150K one shot, u get 1% interest or 2.4%?

lazy to do the work of depositing money every month LOL

No point to max 150k for intial deposit? Since it is the base amount?
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Old 17-04-2019, 07:40 PM   #5243
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sorry don really get it.
If you dump 150K one shot, u get 1% interest or 2.4%?

lazy to do the work of depositing money every month LOL
Quick answer: Just the "Base Interest"


Detailed answer:

If you are opening a new account, you will have to build up the counters.
With 150k at initial account opening, you'll get the "Base Interest" i.e. 0.7% of Sibor rate.

The "Bonus Interest" is linked to the number of counters you have, i.e. how long you have this account. Counters will go up to 12.
1 counter = 0.1%

So, to get 2.4% in total, you'll have to wait for a year.
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Old 17-04-2019, 07:52 PM   #5244
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Yes, meaning the lowest balance of the month will still be equal to previous month.

Just to share with new comers again: from what I read, the interest will become part of the balance entering next month if not withdrawn within the same month.
Thatís why must rem to withdraw ur interest every following months and maintain no lesser than 70k balance every single day in the month if U start with 70k.
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Old 17-04-2019, 11:12 PM   #5245
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sorry don really get it.
If you dump 150K one shot, u get 1% interest or 2.4%?

lazy to do the work of depositing money every month LOL
Lazy people can start with 70k and nua till step 12 and top it up to 140k. You can then wait till it reaches 150k before you have to be very "on" to withdraw interest every month. So you basically can be nua for a few years before you need to login once a month when deposit has reached 150k. hopefully by then you are looking forward to withdraw the interest every month.
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Old 17-04-2019, 11:33 PM   #5246
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Withdrawal of Interest without Resetting the Counter
Even though there is certain restriction imposed when it comes to the withdrawal of funds from Citi MaxiGain Account, an account holder can still draw out the interest credited without resetting the counter. This is because the bonus interest is awarded via a counter system that is based on the lowest balance in a month.

For example, an account holder has amassed a balance of $150,000 at the start of the month and has decided to withdraw the excess interest which earns a paltry 0.05% interest rate. At the end of the month, the base and bonus interest is credited to the account but the lowest balance of the month remains at $150,000.

Lowest Balance in Month 1: $150,000

The account holder then withdraws the interest at the start of the following month, leaving the balance of $150,000 untouched.

Lowest Balance in Month 2: $150,000

As the lowest balance in Month 1 is equal to the lowest balance in Month 2, the Counter will raise by 1. If the Counter has already reached the maximum count, it will not reset.
Tldr, you can still withdraw the interest in the following month since the lowest balance in that month will be the same as that of the previous month. Therefore, the counter will not reset.

I have written about the MaxiGain account in detail here. Hope it will be helpful

https://theboywhoprocrastinates.blog...-for-citi.html
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Old 18-04-2019, 12:32 AM   #5247
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is there somewhere on the citi ibanking that shows the counter the account is currently on?
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Old 18-04-2019, 01:00 AM   #5248
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is there somewhere on the citi ibanking that shows the counter the account is currently on?
can download and see from the statement
will say something like "You have accumulated 9 STEP-UP (Mar)"
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Old 18-04-2019, 01:36 AM   #5249
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Lazy people can start with 70k and nua till step 12 and top it up to 140k. You can then wait till it reaches 150k before you have to be very "on" to withdraw interest every month. So you basically can be nua for a few years before you need to login once a month when deposit has reached 150k.
Wouldn't it be better to place just $15k and wait for bonus interest counter to rise to 1.2%?

hopefully by then you are looking forward to withdraw the interest every month.
Can just setup scheduled transaction to agar agar withdraw the interest amount every month?
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Old 18-04-2019, 06:45 AM   #5250
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Can just setup scheduled transaction to agar agar withdraw the interest amount every month?
I think login once a month to withdraw the interest is more simple and straightforward than calculate for the estimation. You have to consider the counter, SIBOR and days of months...
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