HWZ Forums

Login Register FAQ Mark Forums Read

Citibank Maxigain Savings Account

Like Tree570Likes
Reply
 
LinkBack Thread Tools
Old 01-09-2019, 01:52 PM   #5836
Master Member
 
DontTouchMe's Avatar
 
Join Date: May 2018
Posts: 4,184
I can confirm that.
My Citi consultant sent a form over to sign & return to start my new Maxigain at counter 3 as well

Sent from Xiaomi POCOPHONE F1 using GAGT
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
DontTouchMe is offline   Reply With Quote
Old 01-09-2019, 03:50 PM   #5837
Senior Member
 
Join Date: Sep 2003
Posts: 911
You can withdraw the both of your interest any day of the month as long as same or lower then the 2 interests. Any withdrawal of higher than both interests cause your counter to drop to 6.. It is better to start withdrawing after reaching 150k, the interest above it is small.
For example the value date of the latest interest is 31 Aug, so we can withdraw the interest any date from 1 September to 30 September? Or to be safe 29 September since next interest should be credited on 30 September?
a4973 is online now   Reply With Quote
Old 01-09-2019, 04:29 PM   #5838
Senior Member
 
Join Date: Jul 2005
Posts: 1,258
Any date is fine. As long as the lowest amount in the account for Sep not lower than the lowest amount in the account for Aug

For example the value date of the latest interest is 31 Aug, so we can withdraw the interest any date from 1 September to 30 September? Or to be safe 29 September since next interest should be credited on 30 September?
shpesft is offline   Reply With Quote
Old 01-09-2019, 05:46 PM   #5839
Junior Member
 
Join Date: Mar 2019
Posts: 75
For example the value date of the latest interest is 31 Aug, so we can withdraw the interest any date from 1 September to 30 September? Or to be safe 29 September since next interest should be credited on 30 September?
Any time before the next credit of interest earned
Jyvonchi is offline   Reply With Quote
Old 01-09-2019, 05:57 PM   #5840
Member
 
Join Date: Jan 2001
Posts: 169
You can withdraw the both of your interest any day of the month as long as same or lower then the 2 interests. Any withdrawal of higher than both interests cause your counter to drop to 6.. It is better to start withdrawing after reaching 150k, the interest above it is small.
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?
sneezybum is offline   Reply With Quote
Old 01-09-2019, 06:18 PM   #5841
Supremacy Member
 
Join Date: Sep 2001
Posts: 9,440
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?
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.

Last edited by dreant; 01-09-2019 at 06:23 PM..
dreant is offline   Reply With Quote
Old 01-09-2019, 06:43 PM   #5842
Supremacy Member
 
testingabc's Avatar
 
Join Date: Sep 2013
Posts: 7,561
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.
__________________
Specialize in iCatch CCTV
testingabc is online now   Reply With Quote
Old 01-09-2019, 07:57 PM   #5843
Master Member
 
Join Date: Mar 2002
Posts: 2,762
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?

Sent from Xiaomi POCOPHONE F1 using GAGT
yantao is offline   Reply With Quote
Old 01-09-2019, 08:00 PM   #5844
Master Member
 
Join Date: Mar 2002
Posts: 2,762
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.

Sent from Xiaomi POCOPHONE F1 using GAGT
yantao is offline   Reply With Quote
Old 01-09-2019, 08:38 PM   #5845
Member
 
Join Date: Jan 2001
Posts: 169
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.
sneezybum is offline   Reply With Quote
Old 01-09-2019, 09:31 PM   #5846
Master Member
 
DontTouchMe's Avatar
 
Join Date: May 2018
Posts: 4,184
According to my citigold consultant, it will take effect from 2nd month onwards.

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

Sent from Xiaomi POCOPHONE F1 using GAGT
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
DontTouchMe is offline   Reply With Quote
Old 01-09-2019, 09:58 PM   #5847
Master Member
 
Join Date: Mar 2002
Posts: 2,762
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.
yantao is offline   Reply With Quote
Old 01-09-2019, 10:30 PM   #5848
Senior Member
 
Join Date: Apr 2009
Posts: 1,116
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.
gq.ong88 is offline   Reply With Quote
Old 01-09-2019, 10:31 PM   #5849
Senior Member
 
Join Date: Apr 2009
Posts: 1,116
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.
gq.ong88 is offline   Reply With Quote
Old 01-09-2019, 11:05 PM   #5850
Arch-Supremacy Member
 
Join Date: Apr 2015
Posts: 17,164
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.
Trazora 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