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Citibank Maxigain Savings Account

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Old 25-08-2019, 07:54 PM   #5761
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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?
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Old 25-08-2019, 09:55 PM   #5762
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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?
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Old 25-08-2019, 11:40 PM   #5763
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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..
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Old 26-08-2019, 06:46 AM   #5764
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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.
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Old 26-08-2019, 07:09 AM   #5765
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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.
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Old 26-08-2019, 07:13 AM   #5766
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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.
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Old 26-08-2019, 07:36 AM   #5767
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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..
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Old 26-08-2019, 07:47 AM   #5768
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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.
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Old 26-08-2019, 12:01 PM   #5769
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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.
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Old 26-08-2019, 12:02 PM   #5770
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Thanks. I had the feeling I was missing something.

Donít maintain it means lowest balance each month is not greater than prior month?
Means lowest balance is lower than that of the prior month's
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Old 26-08-2019, 08:06 PM   #5771
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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
It remains at 12 interest counter.
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Old 26-08-2019, 08:15 PM   #5772
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It remains at 12 interest counter.
But only if you keep the lowest balance above the prior month’s lowest balance each month, right?
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Old 26-08-2019, 09:39 PM   #5773
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But only if you keep the lowest balance above the prior monthís lowest balance each month, right?
just lowest balance equal or above the previous month lowest balance will do
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Old 26-08-2019, 10:20 PM   #5774
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Since this is saving account, at least they credit the interest every month.

FDs are quite pathetic now.
Thought of waiting my FDs matured, put 150k into maxigain account since the max is until 150k. At least mth they credit in $270 based on 150k.

Is it worth it?
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Old 26-08-2019, 10:46 PM   #5775
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Since this is saving account, at least they credit the interest every month.

FDs are quite pathetic now.
Thought of waiting my FDs matured, put 150k into maxigain account since the max is until 150k. At least mth they credit in $270 based on 150k.

Is it worth it?
only if u are alrady at counter 12
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