HWZ Forums

Login Register FAQ Mark Forums Read

Citibank Maxigain Savings Account

Like Tree546Likes
Reply
 
LinkBack Thread Tools
Old 16-08-2019, 03:21 PM   #5761
Senior Member
 
Join Date: Oct 2017
Posts: 550
maybe they are worried about the stability of citibank?

that aside, are sibor rates expected to drop in tandem with interest rates?
Yeah, sadly seems sibor will drop
Buzy_bee is offline   Reply With Quote
Old 20-08-2019, 02:11 AM   #5762
Master Member
 
Join Date: May 2017
Posts: 4,199
next time if you want to close this account and withdraw the 70k then is there any admin fees?
heroking is offline   Reply With Quote
Old 25-08-2019, 12:59 PM   #5763
Member
 
Join Date: May 2000
Posts: 363
Are there any other Citibank plans with better interest rates and liquidity, since Sibor projected to fall?
CoolJ is offline   Reply With Quote
Old 25-08-2019, 02:31 PM   #5764
Senior Member
 
foxer77's Avatar
 
Join Date: Dec 2004
Posts: 2,253
next time if you want to close this account and withdraw the 70k then is there any admin fees?
check with the bank, there a limit amount of months to stay on before termination of account to avoid been charges.
foxer77 is online now   Reply With Quote
Old 25-08-2019, 04:17 PM   #5765
Member
 
Join Date: Nov 2005
Posts: 295
Actually even if sibor were to fall to almost half i.e. 1%, maxigain will still yield about 1.9% and by then, isavvy and esaver would likely be even lower?
luvpraline is offline   Reply With Quote
Old 25-08-2019, 05:41 PM   #5766
Senior Member
 
foxer77's Avatar
 
Join Date: Dec 2004
Posts: 2,253
if time are bad all rate will fall. it only u had to decide which fall is not the lowest.
All good will come with an ending.
foxer77 is online now   Reply With Quote
Old 25-08-2019, 07:54 PM   #5767
Member
 
Join Date: Oct 2018
Posts: 103
I have been trying to figure out the MaxiGain account (which is like a complex puzzle), here is my first attempt.

Base interest rate is 70% of SIBOR on balances between $70-150k. For the interest rate to tick up (gain counters), the lowest balance at any point in time in a month should not go below your lowest balance in the previous month. Balances below $70,000 won’t earn interest, but can collect counters (+1/10th percent bonus interest per counter, maximum 12). Assuming you have no other Citi accounts, the minimum balance is $15,000 (not just average monthly balance) to avoid the $15/mo. fall below fee. Any balances beyond $150,000 only earns interest of .05%. Any month you don’t earn a counter you still keep your existing ones, and once you earn all 12 you keep those indefinitely.

Did I get it right?
celtosaxon is offline   Reply With Quote
Old 25-08-2019, 09:55 PM   #5768
Senior Member
 
Join Date: Feb 2018
Posts: 734
Yes that’s right by my understanding

I have been trying to figure out the MaxiGain account (which is like a complex puzzle), here is my first attempt.

Base interest rate is 70% of SIBOR on balances between $70-150k. For the interest rate to tick up (gain counters), the lowest balance at any point in time in a month should not go below your lowest balance in the previous month. Balances below $70,000 won’t earn interest, but can collect counters (+1/10th percent bonus interest per counter, maximum 12). Assuming you have no other Citi accounts, the minimum balance is $15,000 (not just average monthly balance) to avoid the $15/mo. fall below fee. Any balances beyond $150,000 only earns interest of .05%. Any month you don’t earn a counter you still keep your existing ones, and once you earn all 12 you keep those indefinitely.

Did I get it right?
MrHighlander is online now   Reply With Quote
Old 25-08-2019, 11:40 PM   #5769
Senior Member
 
Join Date: Jul 2012
Posts: 1,829
Currently my balance is $70K with counter 12, but I need to transfer out part of balance by early Sep.

So it only makes sense that I shall withdraw all my $70k together and to close the account, right?

What is best time to withdrawal, Sep.1? But I can't close the account on Sep.1 as there is still intereste to be credit on 7th day, right?


BTW, to close the account, can I do online or only at brance office?

Last edited by zumaba; 25-08-2019 at 11:45 PM..
zumaba is online now   Reply With Quote
Old 26-08-2019, 06:46 AM   #5770
Senior Member
 
Join Date: Oct 2017
Posts: 550
Currently my balance is $70K with counter 12, but I need to transfer out part of balance by early Sep.

So it only makes sense that I shall withdraw all my $70k together and to close the account, right?

What is best time to withdrawal, Sep.1? But I can't close the account on Sep.1 as there is still intereste to be credit on 7th day, right?


BTW, to close the account, can I do online or only at brance office?

I think depends on whether you want to maintain the counter and if in near future you will have lump sum to meet 70k balance requirement to enjoy the max interest.

For citibank maxi gain, the interest is credited on the first day of the month. I think you got it mixed up with other higher interest account such as dbs multiplier or ocbc 360 which credit bonus interest on 7th day of the month.

Not sure on account closing.
Buzy_bee is offline   Reply With Quote
Old 26-08-2019, 07:09 AM   #5771
Senior Member
 
Join Date: Jul 2012
Posts: 1,829
But to maintain, I have to leave at least $15 with starting 0.6% only, and taking 6 months to step up to 1.2%, right?

Yep, mixed with DBS Multiplxer. Thanks.

I think depends on whether you want to maintain the counter and if in near future you will have lump sum to meet 70k balance requirement to enjoy the max interest.

For citibank maxi gain, the interest is credited on the first day of the month. I think you got it mixed up with other higher interest account such as dbs multiplier or ocbc 360 which credit bonus interest on 7th day of the month.

Not sure on account closing.
zumaba is online now   Reply With Quote
Old 26-08-2019, 07:13 AM   #5772
Senior Member
 
Join Date: Oct 2017
Posts: 550
But to maintain, I have to leave at least $15 with starting 0.6% only, and taking 6 months to step up to 1.2%, right?

Yep, mixed with DBS Multiplxer. Thanks.
Yep, that's my understanding. It should still give you 1.9% based on current interest.
Buzy_bee is offline   Reply With Quote
Old 26-08-2019, 07:36 AM   #5773
Arch-Supremacy Member
 
Join Date: Apr 2015
Posts: 16,963
I have been trying to figure out the MaxiGain account (which is like a complex puzzle), here is my first attempt.

Base interest rate is 70% of SIBOR on balances between $70-150k. For the interest rate to tick up (gain counters), the lowest balance at any point in time in a month should not go below your lowest balance in the previous month. Balances below $70,000 wonít earn interest, but can collect counters (+1/10th percent bonus interest per counter, maximum 12). Assuming you have no other Citi accounts, the minimum balance is $15,000 (not just average monthly balance) to avoid the $15/mo. fall below fee. Any balances beyond $150,000 only earns interest of .05%. Any month you donít earn a counter you still keep your existing ones, and once you earn all 12 you keep those indefinitely.

Did I get it right?
Balance below $70k esrn bonus interest. Counter drops once u dun maintain it.

Last edited by Trazora; 26-08-2019 at 07:40 AM..
Trazora is offline   Reply With Quote
Old 26-08-2019, 07:47 AM   #5774
Member
 
Join Date: Oct 2018
Posts: 103
Thanks. I had the feeling I was missing something.

Don’t maintain it means lowest balance each month is not greater than prior month?

Balance below $70k esrn bonus interest. Counter drops once u dun maintain it.
celtosaxon is offline   Reply With Quote
Old 26-08-2019, 12:01 PM   #5775
Member
 
Join Date: May 2000
Posts: 363
if time are bad all rate will fall. it only u had to decide which fall is not the lowest.
All good will come with an ending.
Yes, that's quite true. The citibank banker is proposing another programme for higher interest but am sure it will either affect liquidity and have higher risks.
CoolJ is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On