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Citibank Maxigain Savings Account

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Old 01-08-2019, 03:56 PM   #5716
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Hi, can I check how do you guys withdraw the interest? I just opened MaxiGain few months ago but I cannot transfer the exact interest to another bank account.
FAST transfer via citi internet banking/app?
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Old 01-08-2019, 04:04 PM   #5717
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Hi guys, is it better to top up on the 1st or last day of the month to maximize interest earned?
shld top up on the 1st (not the 2nd) ... bcos part of the interest (ie Counter Bonus interest) is based on "lowest balance of previous month"

the difference is small if considering between topup "End of Month" vs "1st of the Month"
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Old 01-08-2019, 04:11 PM   #5718
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Hi, can I check how do you guys withdraw the interest? I just opened MaxiGain few months ago but I cannot transfer the exact interest to another bank account.
I do FAST transfer or PayNow transfer. No issues with transferring the interest every month
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Old 01-08-2019, 04:46 PM   #5719
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Hi guys, is it better to top up on the 1st or last day of the month to maximize interest earned?
Personally, I've found the last day of the month to be better; because on more than one occasion, I had made a FAST transfer on the 1st, but the statement date was later recorded as the 2nd...

Thanks for the reply, but there will be lower interest if top up on 2 Aug right?
Correct. It affects your bonus interest; which uses the *lowest* balance of the previous month. So, if your funds are deposited on the 2nd, your lowest balance would be on the 1st, and your deposit would not count towards bonus interest at all for that entire month (it will only count towards base interest).
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Old 01-08-2019, 04:53 PM   #5720
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Thanks for the reply, but there will be lower interest if top up on 2 Aug right?
I think the lower amount in interest is immaterial ba.

On a side note, Hopefully TS can post FAQ on first post.
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Old 01-08-2019, 05:19 PM   #5721
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Personally, I've found the last day of the month to be better; because on more than one occasion, I had made a FAST transfer on the 1st, but the statement date was later recorded as the 2nd...



Correct. It affects your bonus interest; which uses the *lowest* balance of the previous month. So, if your funds are deposited on the 2nd, your lowest balance would be on the 1st, and your deposit would not count towards bonus interest at all for that entire month (it will only count towards base interest).
Thank you all who replied! dreant: was it because the transfer was done on a sunday or PH?
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Old 01-08-2019, 07:29 PM   #5722
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dear experts out there,

I have a simple question. THe bonus interest counter will increase by 1 every month till it hits 12. what happens the month after it hits 12? will it remain at 12, or reset back to 1?

i have gone more than 10 pages in this thread but still did not find the answer. this thread is 300+ pages long
Remain at counter 12
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Old 01-08-2019, 08:12 PM   #5723
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thank you trazora and foxer.

especially trazora, he has been answering many of my queries and that of many other blur kings like me. if hardwarezone has an award for the best forumer, i will definitely vote for him
Yes, agree on trazora award!
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Old 01-08-2019, 08:20 PM   #5724
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Personally, I've found the last day of the month to be better; because on more than one occasion, I had made a FAST transfer on the 1st, but the statement date was later recorded as the 2nd...



Correct. It affects your bonus interest; which uses the *lowest* balance of the previous month. So, if your funds are deposited on the 2nd, your lowest balance would be on the 1st, and your deposit would not count towards bonus interest at all for that entire month (it will only count towards base interest).
The lowest balance is referring to the end of day balance or intra day balances are also taken into consideration?
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Old 01-08-2019, 08:55 PM   #5725
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Thank you all who replied! dreant: was it because the transfer was done on a sunday or PH?
That is supposedly one of the reasons why a transaction date will post on the next day. According to others, the other possible reason is if the transfer was made after an unknown arbitiary 'cut off time' for the day.

It happened to one of my transactions that was made in the late evening of a non-holiday weekday, and ever since then I have always made it a point to only push funds in on the 31st of the month instead.

The lowest balance is referring to the end of day balance or intra day balances are also taken into consideration?
Unclear. According to the T&C, intra-day balance should be used.

The lowest amount of funds in your MaxiGain account at any point in time in a month (which includes, for the avoidance of doubt, the first day on which your MaxiGain account is opened) shall be the “lowest balance” of that month.

But, others have mentioned that they have asked before, and a CSO has informed them it is the end-of-day balance that matters; but I'm generally skeptical - it's not unheard of for CSOs to have given out incorrect information before, and it's not really something you can argue with them over if they decide to take intra-day balances into consideration instead. I would rather err on the side of caution and just make it a point not shuffle funds out of the account if I didn't have to.

The T&C does have a specific mention when end-of-day balance is used, so the words "at any point of time in the month" was clearly specifically chosen, and can be distinguished from it.

Interest at the Base Interest Rate will accrue daily, if you maintain at least S$70,000 in your MaxiGain account, based on the daily end of day balance and will be paid on the last day of the month.
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Last edited by dreant; 02-08-2019 at 06:47 AM..
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Old 01-08-2019, 11:39 PM   #5726
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guys, question.

what do you understand how a counter will get reset?

from their T&C,

If your lowest balance in the current month is lower than the lowest balance in the previous month, the Counter will
reset as follows:

asking because my counter get reset though my current month end balance is more then previous month.

though i did withdraw $$ in current month, but i top it up to make sure it more than prior month

on the phone with citbank cso now, she mentioned it's daily balance till i pointed out the T&C line
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Old 01-08-2019, 11:56 PM   #5727
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guys, question.

what do you understand how a counter will get reset?

from their T&C,

If your lowest balance in the current month is lower than the lowest balance in the previous month, the Counter will
reset as follows:

asking because my counter get reset though my current month end balance is more then previous month.

though i did withdraw $$ in current month, but i top it up to make sure it more than prior month

on the phone with citbank cso now, she mentioned it's daily balance till i pointed out the T&C line
There are Scenarios listed in the FAQ - How is the lowest balance of account opening month determined?

If you ignore the Opening Month in the Question, the lowest balance computation should apply for all months.

https://www.citibank.com.sg/gcb/deposits/mxgn-savacc.htm

Last edited by NTTDoCoMo; 01-08-2019 at 11:58 PM..
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Old 02-08-2019, 12:13 AM   #5728
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guys, question.

what do you understand how a counter will get reset?

from their T&C,

If your lowest balance in the current month is lower than the lowest balance in the previous month, the Counter will
reset as follows:

asking because my counter get reset though my current month end balance is more then previous month.

though i did withdraw $$ in current month, but i top it up to make sure it more than prior month

on the phone with citbank cso now, she mentioned it's daily balance till i pointed out the T&C line
the answer is literally in the post just before yours
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Old 02-08-2019, 12:44 AM   #5729
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guys, question.

what do you understand how a counter will get reset?

from their T&C,

If your lowest balance in the current month is lower than the lowest balance in the previous month, the Counter will
reset as follows:

asking because my counter get reset though my current month end balance is more then previous month.

though i did withdraw $$ in current month, but i top it up to make sure it more than prior month

on the phone with citbank cso now, she mentioned it's daily balance till i pointed out the T&C line
Did you top up back on the same day you withdrew? If not, the end-of-day balance of that day will be the "lowest balance in the current month" and if it is lower than the lowest end-of-day balance in the previous month, then counter drop.
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Old 02-08-2019, 01:54 AM   #5730
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hi sir, if is correct to say the maximum i can withdraw each month is the both interest? Thanks and have a nice day
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