Citibank Maxigain Savings Account

foxer77

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i used to be a customer of maxigain..
but i have closed the account yesterday.

and shift the funds to bonussaver.
based on my monthly spending of $500 - $2k, 0.88%
Salary Credit, 1%
yet to invest with SB, so its zero.
Bill Payment,0.25%

in total, its 2.13% p.a.for $100k deposit.

estimated annual interest:
S$2,130

can consider if you too, had similar lifestyle.

U close online or at the bank?

if at the bank , they issue u cheque need any addition money?
 

Perisher

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I closed by sending secured mail. It was closed within 10 working days. No whatever charges, I emptied it anyway.
 

emo3lmo

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Close at branch get cashier order better imo
They will credit you the accrued interest up to the date you close the account
 

emo3lmo

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HSBC usually will lock the funds for 6 months?

not stated for abalone.. but need maintain 200k total relationship balance across investment/saving account for premier status..
the $488 welcome bonus need maintain the fund for 3 months

Do u need to pay for the cashier order? as some bank require too.

nope, cashier order issued for free when closing account
 

vsvs24

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not stated for abalone.. but need maintain 200k total relationship balance across investment/saving account for premier status..
the $488 welcome bonus need maintain the fund for 3 months

nope, cashier order issued for free when closing account

Abalone should be 90 days. Read the tnc for roadshow gift.

Welcome gift could be upto 4 mths depending on when you place. 4th mth no bonus interest. See clause 6 of tnc.
https://www.hsbc.com.sg/content/dam...-welcome-and-wealth-reward-promotion-tncs.pdf

Note that bonus interest cycle goes by 3 calendar mth including placement mth, roadshow gift (abalone) 90 days from placement, welcome gift goes by 3 calendar mths excluding placement mth.

Hence best to place at beginning of mth during roadshow. Btw not sure if Feb will have roadshow as no roadshow in Nov and Dec.
 

emo3lmo

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Abalone should be 90 days. Read the tnc for roadshow gift.

Welcome gift could be upto 4 mths depending on when you place. 4th mth no bonus interest. See clause 6 of tnc.
https://www.hsbc.com.sg/content/dam...-welcome-and-wealth-reward-promotion-tncs.pdf

Note that bonus interest cycle goes by 3 calendar mth including placement mth, roadshow gift (abalone) 90 days from placement, welcome gift goes by 3 calendar mths excluding placement mth.

Hence best to place at beginning of mth during roadshow. Btw not sure if Feb will have roadshow as no roadshow in Nov and Dec.

yea.. the EGA 2% promotion ends on 29th Feb..
after that can place into FD which the RM will advise on the rates
 

touchring1

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I think I'm about to give up chasing for deposit with highest rates. Rates falling since July while the price of gold went up from $1350 to $1550, a gain of 15%. So while we chase for 0.5% more interest, the money already going to depreciate 15% (even if not now, definitely in the next few years).

Meanwhile, even if you find a better rate, it'll be cut again in another few more months (unless you put in 2 years fixed deposit or SSB).

Anyone share similar thoughts?
 

shadowrains

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I think I'm about to give up chasing for deposit with highest rates. Rates falling since July while the price of gold went up from $1350 to $1550, a gain of 15%. So while we chase for 0.5% more interest, the money already going to depreciate 15% (even if not now, definitely in the next few years).

Meanwhile, even if you find a better rate, it'll be cut again in another few more months (unless you put in 2 years fixed deposit or SSB).

Anyone share similar thoughts?

I believe most people will have 2 portions; cash and investment. Why you need a certain amount in cash is up to you to decide. In my opinion, it is alright to chase deposit with higher rates if it fits what you have in cash.
 

touchring1

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I believe most people will have 2 portions; cash and investment. Why you need a certain amount in cash is up to you to decide. In my opinion, it is alright to chase deposit with higher rates if it fits what you have in cash.


This is true, cash is always needed, but I won't spend too much effort to chase the highest possible interest. Better focus time on other things that is more productive.
 

Perisher

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I think I'm about to give up chasing for deposit with highest rates. Rates falling since July while the price of gold went up from $1350 to $1550, a gain of 15%. So while we chase for 0.5% more interest, the money already going to depreciate 15% (even if not now, definitely in the next few years).

Meanwhile, even if you find a better rate, it'll be cut again in another few more months (unless you put in 2 years fixed deposit or SSB).

Anyone share similar thoughts?

Unless you are all in something else, how to do without cash?
Besides, Gold has a stagnant decade(2010 peak to 2019 beginning, stuck around 1200), 15% rise is nothing.
If you are worry about your cash losing value, ETF might be your safest(with risk) way to go. :)
 
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I am a Citi user- As big banks, Citibank and Chase have to maintain the big costs of having thousands of branches, ATMs and employees. While this makes for a good physical banking experience, both banks' interest rates take a hit as a result. ... While both banks have lower interest rates, Citibank does offer slightly higher rates.
 

JetStorm

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This is true, cash is always needed, but I won't spend too much effort to chase the highest possible interest. Better focus time on other things that is more productive.
I agree. Used to want cash of 225k uob dbs and maxigain for max int obtainable. After the stunt from citi, i just keep max cash available in uob and dbs

Sent from Xiaomi REDMI NOTE 8 PRO using GAGT
 

Perisher

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I agree. Used to want cash of 225k uob dbs and maxigain for max int obtainable. After the stunt from citi, i just keep max cash available in uob and dbs

Sent from Xiaomi REDMI NOTE 8 PRO using GAGT

It's not a stunt. It's a norm. Bank's interest rate are bound to change.
Even DBS multiplier also changed here and there.
UOB will change too. Nothing last forever.
 

touchring1

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Interest rates surely dropping below 1% in next few years if not by next year. If really want to look for yield, should do SSB, at least can fix for 10 yearS.
 
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