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Citibank Maxigain Savings Account

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Old 29-09-2019, 12:20 PM   #5956
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My only worry is citibank is an aggressive bank. Higher interest for savings and higher interests for loans. A few person I know get more than $100k for their credit limit.
What's worrying about your statement?
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Old 29-09-2019, 12:41 PM   #5957
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My only worry is citibank is an aggressive bank. Higher interest for savings and higher interests for loans. A few person I know get more than $100k for their credit limit.
higher interest for savings and loans both balances out. So they are running a biz, whats the worry? also 100k credit limit is nothing la pls.
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Old 29-09-2019, 03:21 PM   #5958
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higher interest for savings and loans both balances out. So they are running a biz, whats the worry? also 100k credit limit is nothing la pls.
I am comparing them to local banks. For example, someone may get 4 times unsecured credit at local banks but will received more than 10 times at Citibank. Remember 2008? Citi is on the verge of failure. Just feel this aggressive lending may lead into something ugly when the economy eventually collapse.
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Old 01-10-2019, 01:40 AM   #5959
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I dont see interest as of now
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Old 01-10-2019, 07:00 AM   #5960
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I dont see interest as of now
It's in now.
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Old 01-10-2019, 07:05 AM   #5961
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I am comparing them to local banks. For example, someone may get 4 times unsecured credit at local banks but will received more than 10 times at Citibank. Remember 2008? Citi is on the verge of failure. Just feel this aggressive lending may lead into something ugly when the economy eventually collapse.
Do you own any Citibank credit card before? Do you have 10 times credit line?
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Old 01-10-2019, 07:36 AM   #5962
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I am comparing them to local banks. For example, someone may get 4 times unsecured credit at local banks but will received more than 10 times at Citibank. Remember 2008? Citi is on the verge of failure. Just feel this aggressive lending may lead into something ugly when the economy eventually collapse.
Eh wat sia, I get ~ 10x credit facility at both local and foreign banks.
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Old 01-10-2019, 08:49 AM   #5963
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Received 2.4% (max counters) interest this round! Thank you citibank!
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Old 01-10-2019, 08:55 AM   #5964
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if i put in 70K today, will the interest be 2.4% this month?
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Old 01-10-2019, 09:23 AM   #5965
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Thought someone mentioned 2.6%?
Dropped?
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Old 01-10-2019, 09:24 AM   #5966
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if i put in 70K today, will the interest be 2.4% this month?
U need accumulate base interest. Open the acc for a year, 12 mths then u will get max base interest. 70k in the account u will get the base interest + sibor rate.
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Old 01-10-2019, 11:40 AM   #5967
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U need accumulate base interest. Open the acc for a year, 12 mths then u will get max base interest. 70k in the account u will get the base interest + sibor rate.
im on counter 12 for ard afew months with 15K inside.

I just want to check can I place in the additional funds to 70k to get the 2.4 to 2.6% interest.
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Old 01-10-2019, 12:00 PM   #5968
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Received 2.4% (max counters) interest this round! Thank you citibank!
Thought someone mentioned 2.6%?
Dropped?
Based on my calculations, the base interest fell a little for 2019-09 when compared to 2019-08. See below.

if i put in 70K today, will the interest be 2.4% this month?
im on counter 12 for ard afew months with 15K inside.

I just want to check can I place in the additional funds to 70k to get the 2.4 to 2.6% interest.
No, you won't (*); but it would be good to transfer in the additional funds *today* (1 Oct)

There are 2 components to the interest in this account.
a) Bonus interest, based on counters and the lowest balance in your account *last* month (Sep 2019), which will be SGD15k
b) Base interest, based on 70% of Sibor, on your daily balances of SGD70k or more.

So, if you top up your account to SGD70k this month, at the end of this month, you'll get bonus interest (your counters, 1.2%) on SGD15k (your lowest balance last month, Sep 2019) + base (currently ~1.3%) on SGD70k (your daily balance this month, Oct 2019).

If you top up your account to SGD70k *today*, at the end of *next* month (Nov 2019), you will get bonus + base on SGD70k.

However, if you top-up your account (2 Oct), then the lowest balance for Oct 2019 would be the value today (1 Oct), which will only be SGD15k; and your bonus interest next month will be based on that instead.

For reference, based on my calculations, base interest paid out for this year has been approximately the following:
2019-09 1.312%
2019-08 1.315%
2019-07 1.318%
2019-06 1.320%
2019-05 1.302%
2019-04 1.279%
2019-03 1.289%
2019-02 1.260%
2019-01 1.242%

(*) Edited to add: But, actually, you will. It depends on how you look at it. See this later post.

Last edited by dreant; 02-10-2019 at 12:42 AM..
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Old 01-10-2019, 12:14 PM   #5969
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Based on my calculations, the base interest fell a little for 2019-09 when compared to 2019-08. See below.





No, you won't; but it would be good to transfer in the additional funds *today* (1 Oct)

There are 2 components to the interest in this account.
a) Bonus interest, based on counters and the lowest balance in your account *last* month (Sept 2019), which will be SGD15k
b) Base interest, based on 70% of Sibor, on your daily balances of SGD70k or more.

So, if you top up your account to SGD70k this month, at the end of this month, you'll get bonus interest (your counters) on SGD15k (your lowest balance in Aug 2019) + base (currently ~1.3%) on SGD70k.

If you top up your account to SGD70k *today*, at the end of *next* month (Nov 2019), you will get bonus + base on SGD70k.

However, if you top-up your account (2 Oct), then the lowest balance for Oct 2019 would be the value today (1 Oct), which will only be SGD15k; and your bonus interest next month will be based on that instead.

For reference, based on my calculations, base interest paid out for this year has been approximately the following:
2019-09 1.312%
2019-08 1.315%
2019-07 1.318%
2019-06 1.319%
2019-05 1.302%
2019-04 1.279%
2019-03 1.289%
2019-02 1.260%
2019-01 1.242%
What a detailed analysis.

Didnt know the base interest and the bonus interest is calculated on a different month basis.
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Old 01-10-2019, 12:28 PM   #5970
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What a detailed analysis.

Didnt know the base interest and the bonus interest is calculated on a different month basis.
Assuming:
Base interest will be 1.3% (it will change, depending on SIBOR)
You maintain your 12 counters
Your lowest balance in Sept 2019 is SGD15k
You top up your account to SGD70k today (lowest balance in Oct 2019 is SGD70k)

At the end of this month (31 Oct), you should receive ~$91 in interest (~$14 bonus + ~$77 base)
At the end of next month (30 Nov), you should receive ~$145 in interest (~$71 bonus + ~$74 base)
At the end of the following month (31 Dec), you should receive ~$146 in interest (~$69 bonus + $77 base)

(You need to also pay attention the number of days (28/30/31) of the month, which accounts for the slight differences in the amount of interest credited).

No, you won't; but it would be good to transfer in the additional funds *today* (1 Oct)
I stand slightly corrected; actually you (sort of) will - but because bonus interest for your Oct 2019 balance will only be paid out at the end of Nov 2019, and only if you maintain your 12 counters in Nov 2019 (*next* month), most people don't see it that way.

Last edited by dreant; 01-10-2019 at 01:35 PM..
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