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Citibank Maxigain Savings Account

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Old 01-09-2019, 06:43 PM   #5836
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Thanks for replying. I noticed that my combined interests over the past 4 months were consistently above $310.

So if I were to set up a standing instruction to transfer $290 out on (e.g. 1st of every month), and expect interest crediting consistently above $300 monthly, then theoretically I'm not going below the lowest balance of the month and my counter will not be effected.

Is my interpretation correct? It also means I can setup the standing instruction also on every 28th of the month to account for February?
For me I haven reached the $150K yet, but I will probably manually use paynow to transfer out the exact interest for basic and bonus interest whenever I have the time.
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Old 01-09-2019, 07:57 PM   #5837
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just view this month statement but the counter is 0.

i open my account on 27th aug, so not sure is it must wait until next month then can see it start from 3
According to my citigold consultant, it will take effect from 2nd month onwards.

Did your consultant asked you to sign the kick-starter form?

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Old 01-09-2019, 08:00 PM   #5838
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Thanks for replying. I noticed that my combined interests over the past 4 months were consistently above $310.

So if I were to set up a standing instruction to transfer $290 out on (e.g. 1st of every month), and expect interest crediting consistently above $300 monthly, then theoretically I'm not going below the lowest balance of the month and my counter will not be effected.

Is my interpretation correct? It also means I can setup the standing instruction also on every 28th of the month to account for February?
It's preferred that you ensure that you withdraw exactly down to $150k. Any residual amount like $20 will be considered as the next lowest balance, e.g. $150,020. And it will keep accumulating upwards.

Any amount about that only have 0.05% interests.

I would rather set a recurring calendar reminder to move the interest to another account with higher interests rate.

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Old 01-09-2019, 08:38 PM   #5839
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Do you think SIBOR will remain constant, or that it will never fall?

The only confirmed known value is the bonus interest; which if you have 12 counters, will be 1.2%p.a. of the lowest balance from the previous month based on the number of days of that month. You won't go wrong if you setup a standing instruction to withdraw that amount every month.

Anything more than that, and there is a chance the amount withdrawn could be more than the amount credited; thus causing your counter to fall.

As for SIBOR, the lowest ever recorded level for 1-mth SIBOR was 0.18% back in 2011... Just food for thought.
Good point. In that case, I will just probably set a lower amount to transfer and monitor the SIBOR trend in the period leading to my planned transfer date.
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Old 01-09-2019, 09:31 PM   #5840
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According to my citigold consultant, it will take effect from 2nd month onwards.

Did your consultant asked you to sign the kick-starter form?

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yes i did sign that but she didn’t give me a copy of that. maybe will give her a call if it is not stated on my statement next month
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Old 01-09-2019, 09:58 PM   #5841
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yes i did sign that but she didn’t give me a copy of that. maybe will give her a call if it is not stated on my statement next month
Month 1 is the first full month after account opening.
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Old 01-09-2019, 10:30 PM   #5842
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Yes intraday no impact
I accidentally withdraw $2 more of the interest today, but immediately redeposited that amount back. I called the CSO but they claimed otherwise that my lowest for Sept is now $2 lower than the lowest for Aug and my counter will drop cos of that. Anyone can verify if what the CSO says is true.
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Old 01-09-2019, 10:31 PM   #5843
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no ... intraday balance does not matter

what matters is the end of day balance when comparing last month's lowest balance
I accidentally withdraw $2 more of the interest today, but immediately redeposited that amount back. I called the CSO but they claimed otherwise that my lowest for Sept is now $2 lower than the lowest for Aug and my counter will drop cos of that. Anyone can verify if what the CSO says is true.
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Old 01-09-2019, 11:05 PM   #5844
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I accidentally withdraw $2 more of the interest today, but immediately redeposited that amount back. I called the CSO but they claimed otherwise that my lowest for Sept is now $2 lower than the lowest for Aug and my counter will drop cos of that. Anyone can verify if what the CSO says is true.
Not true as it is the end of day balance that matters.
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Old 02-09-2019, 12:47 AM   #5845
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Not true as it is the end of day balance that matters.
The timestamp of deposits are only recorded on working days, so even if he immediately transferred it back, because it's Sunday, it would be recorded that it was made on the next working day (Monday, 2nd Sept)

I would think whether or not his counters are affected would depend if the system records the withdrawal immediately and timestamps it as 1st Sept, or not. If it does, he would most likely will lose 6 counters *if* he also did *not* make any deposits last month (August).

If he made any deposit into the account last month, he may still be in the clear.

I hope the $2 was worth it.

Last edited by dreant; 02-09-2019 at 01:01 AM..
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Old 02-09-2019, 03:45 AM   #5846
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The timestamp of deposits are only recorded on working days, so even if he immediately transferred it back, because it's Sunday, it would be recorded that it was made on the next working day (Monday, 2nd Sept)

I would think whether or not his counters are affected would depend if the system records the withdrawal immediately and timestamps it as 1st Sept, or not. If it does, he would most likely will lose 6 counters *if* he also did *not* make any deposits last month (August).

If he made any deposit into the account last month, he may still be in the clear.

I hope the $2 was worth it.
This is exactly why I refrain to transfer out the interest on Sunday or Public Holiday.

If I make mistake, I will not be able to rectify it on same day as the value date is only recognised on subsequent working day following that Sunday or Public Holiday.
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Old 02-09-2019, 01:36 PM   #5847
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Not true as it is the end of day balance that matters.
I withdraw and deposit on 1st sept but the date recorded for both transaction is on 2nd sept. So on 1st sept 2359hrs, the amt is still the same as the lowest in aug. Then on 2nd sept, the amt is shown to be less by $2 than the lowest in aug, but the next tramsaction shows the $2 being put back. So 2nd sept 2359hrs, is still the same as lowest in aug.

Last edited by gq.ong88; 02-09-2019 at 01:39 PM..
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Old 02-09-2019, 01:38 PM   #5848
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This is exactly why I refrain to transfer out the interest on Sunday or Public Holiday.

If I make mistake, I will not be able to rectify it on same day as the value date is only recognised on subsequent working day following that Sunday or Public Holiday.
What the staff is saying is that at any point in time ur lowest bal is lower than previous mth, the ctr will drop. So even if i transfer out on a weekday, say my int is $100, but i accidentally transfer out $100.01 and after that i realise the mistake immediately and transfer back $0.01, it will still cause the counter to drop (cos for that few mins, the lowest is $0.01 less than the lowest in previous mth)
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Old 02-09-2019, 05:01 PM   #5849
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I withdraw and deposit on 1st sept but the date recorded for both transaction is on 2nd sept. So on 1st sept 2359hrs, the amt is still the same as the lowest in aug. Then on 2nd sept, the amt is shown to be less by $2 than the lowest in aug, but the next tramsaction shows the $2 being put back. So 2nd sept 2359hrs, is still the same as lowest in aug.
Check back after a couple of days. I've had transfers where the recorded timestamp was later updated a few days later.

If both timestamps remain the same date, you might be ok. If it isn't, then tough. Not a whole lot else you can do except be more careful next time.

Then again, if you follow the exact wording in the terms and conditions, you've already triggered the condition to lose counters - most people here believe the system uses the 'end of day' balance, and it does appear that the system currently uses that; but they can change it anytime, and it would still adhere to their current T&Cs.

Let us know next month if you lost counters or not. I'm sure many people would like to know.
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Old 02-09-2019, 05:41 PM   #5850
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Check back after a couple of days. I've had transfers where the recorded timestamp was later updated a few days later.

If both timestamps remain the same date, you might be ok. If it isn't, then tough. Not a whole lot else you can do except be more careful next time.

Then again, if you follow the exact wording in the terms and conditions, you've already triggered the condition to lose counters - most people here believe the system uses the 'end of day' balance, and it does appear that the system currently uses that; but they can change it anytime, and it would still adhere to their current T&Cs.

Let us know next month if you lost counters or not. I'm sure many people would like to know.
Now I remember, I did experience transaction timestamps can change after that, don't know why.
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