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Citibank Maxigain Savings Account

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Old 02-09-2019, 12:47 AM   #5851
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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   #5852
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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   #5853
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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   #5854
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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   #5855
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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   #5856
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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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Old 02-09-2019, 09:50 PM   #5857
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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   #5858
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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   #5859
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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   #5860
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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   #5861
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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   #5862
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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   #5863
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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   #5864
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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   #5865
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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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