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Citibank Maxigain Savings Account

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Old 02-09-2019, 09:50 PM   #5851
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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)
I don't think that is correct. it's based on end-of-day balance. so you can withdraw and then top up within the same day and it does not affect the counter.
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Old 03-09-2019, 01:03 AM   #5852
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I don't think that is correct. it's based on end-of-day balance. so you can withdraw and then top up within the same day and it does not affect the counter.
Is what you think > what is in their terms and conditions?

6. Additionally, your balances capped at S$150,000 shall accrue bonus interest at a rate (“Bonus Interest Rate”) that steps up each month,from 0.10% p.a. to a maximum of 1.20% p.a., if the lowest balance in your MaxiGain account in a month is equal to or greater than the lowest balance in the previous month. 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.

... didn't think so.

They are free to use the end-of-day balance if they so wish to, and it does appear that they have been doing so (although the exact cut-off time for when is 'end of day balance' seems to be unclear, as well as how they sometimes change the value date of some transactions to the next day a few days later), but they won't be wrong if they suddenly decide to stop doing so.
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Old 03-09-2019, 07:15 AM   #5853
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Is what you think > what is in their terms and conditions?

6. Additionally, your balances capped at S$150,000 shall accrue bonus interest at a rate (“Bonus Interest Rate”) that steps up each month,from 0.10% p.a. to a maximum of 1.20% p.a., if the lowest balance in your MaxiGain account in a month is equal to or greater than the lowest balance in the previous month. 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.

... didn't think so.

They are free to use the end-of-day balance if they so wish to, and it does appear that they have been doing so (although the exact cut-off time for when is 'end of day balance' seems to be unclear, as well as how they sometimes change the value date of some transactions to the next day a few days later), but they won't be wrong if they suddenly decide to stop doing so.
hmm... this was asked quite a long time ago and someone shared that the CSO said it's the balance at the end of the day, hence I shared what I knew. if it was changed, maybe we need someone who has experienced it to confirm it is true. otherwise, it is still just speculations. so yeah, shall wait for gq.ong88 to confirm?

I think it doesn't make sense to use at "any point of time of the day" because for those who have auto-deductions made by GIRO, for example, we wouldn't know exactly at what time the amount will be deducted from the account, but we know exactly which day. hence, it is not very fair to customers if they use "any point of time of the day" as part of the tnc...
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Old 03-09-2019, 11:35 AM   #5854
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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.
It happened to me 3 months back. I withdrew before I topped it back up again, and was relieved that the counter wasn't reset. I think operationally they only use the end-of-day balance which they use to calculate base and bonus interest, although they can cut the data more frequently as technically feasible. This is unlike CPF which is much stricter, which is closer to truely anytime of the day and month.
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Old 03-09-2019, 11:41 AM   #5855
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hmm... this was asked quite a long time ago and someone shared that the CSO said it's the balance at the end of the day, hence I shared what I knew. if it was changed, maybe we need someone who has experienced it to confirm it is true. otherwise, it is still just speculations. so yeah, shall wait for gq.ong88 to confirm?
You should not trust what a CSO says. From my experience, I have talked to different CSOs on the same issue, and each CSO gave a different response. The Terms and Conditions have the final say; not a random CSO who answers your call.

I think it doesn't make sense to use at "any point of time of the day" because for those who have auto-deductions made by GIRO, for example, we wouldn't know exactly at what time the amount will be deducted from the account, but we know exactly which day. hence, it is not very fair to customers if they use "any point of time of the day" as part of the tnc...
Why would anyone want to use his/her MaxiGain account as a transactional account? That is just asking for trouble.
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Old 03-09-2019, 11:59 AM   #5856
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I think it doesn't make sense to use at "any point of time of the day" because for those who have auto-deductions made by GIRO, for example, we wouldn't know exactly at what time the amount will be deducted from the account, but we know exactly which day.
It makes even less sense to set up GIRO deductions from your MaxiGain account.

PS: If you have a GIRO deduction setup on your MaxiGain a/c, you're using it wrong.

hence, it is not very fair to customers if they use "any point of time of the day" as part of the tnc...
It's not very fair? Entitled much?

They are free to craft their T&Cs any way they see fit.
Similarly, you are free not to accept it if you don't like it.
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Old 03-09-2019, 12:30 PM   #5857
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Accidentally transfer out money on maxi gain acc, didn't notice..
Can I transfer back the same amount so counter won't drop same day?
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Old 03-09-2019, 12:31 PM   #5858
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Where can you check the number of counters of your account?
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Old 03-09-2019, 12:44 PM   #5859
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It happened to me 3 months back. I withdrew before I topped it back up again, and was relieved that the counter wasn't reset. I think operationally they only use the end-of-day balance which they use to calculate base and bonus interest, although they can cut the data more frequently as technically feasible. This is unlike CPF which is much stricter, which is closer to truely anytime of the day and month.
Thanks, I think you have helped those who are not convinced about it.
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Old 03-09-2019, 01:00 PM   #5860
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Thanks, I think you have helped those who are not convinced about it.
I have top up before I use the same amount I transferred to make a bill payment to Citibank card. Counters not affected.
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Old 03-09-2019, 02:10 PM   #5861
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I can confirm it is end of day balance too. I actually had a Citi assistant manager tell me face to face that it is based on balance "at any point in time". When i insisted that he check the TnC, he then digged out his internal copy on his laptop (more detailed than what is on citi's website) and i found the part that states explicitly it is end of day balance.

All this confusion just goes to confirm that citi staff are poorly trained in product knowledge
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Old 03-09-2019, 04:33 PM   #5862
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I don't blame people for being ignorant... but some here are just super paranoid (and rude?) in defending their point.
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Old 03-09-2019, 11:00 PM   #5863
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Hi there, I would like to check if it's still worth maintaining this maxigain savings account? I deposited 15K last year and have been getting monthly base interest until they increased it to 70k. I also have the isavvy account which gives better interest. As such, should I still hold on to this account or what is a better alternative? Thanks in advance for your advise.
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Old 03-09-2019, 11:53 PM   #5864
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Hi there, I would like to check if it's still worth maintaining this maxigain savings account? I deposited 15K last year and have been getting monthly base interest until they increased it to 70k. I also have the isavvy account which gives better interest. As such, should I still hold on to this account or what is a better alternative? Thanks in advance for your advise.
I think this will depends on how long will you be able to reach 70k. If you are at counter 12 and will be reaching 70k in couple of months, I will say keep it as it takes 1 year to reach max counter which in no means short time. If you cannot save 70k within 3-5 years then i will suggest you to switch to maybank isavvy or scb esaver.
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Old 04-09-2019, 04:29 PM   #5865
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Hi

Does anyone know if the bonus from 31/08/2019 is it for the month of July or Aug? If its for Aug, it seems like the bonus interest is much lesser than what I am suppose to get.

Thanks
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