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Old 01-10-2019, 09:23 AM   #5971
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Thought someone mentioned 2.6%?
Dropped?
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Old 01-10-2019, 09:24 AM   #5972
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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   #5973
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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   #5974
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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   #5975
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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   #5976
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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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Old 01-10-2019, 11:37 PM   #5977
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Just realised that my FAST transfer to Maxigain on 1st Sept (a Sunday) has a valuation date of 2nd Sept although I did the transfer on 1st Sept. Has anyone experienced this too? Lesson learned - don't transfer on the 1st if it is a Sunday...
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Old 02-10-2019, 12:27 AM   #5978
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Just realised that my FAST transfer to Maxigain on 1st Sept (a Sunday) has a valuation date of 2nd Sept although I did the transfer on 1st Sept. Has anyone experienced this too? Lesson learned - don't transfer on the 1st if it is a Sunday...
Basically, you lose out on your bonus interest for the month.
This also happens if the transfer is made on a public holiday.

This is why I make it a point to top-up the account on the last day of the month instead, so I don't have to worry if the 1st is a weekend or public holiday.
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Old 02-10-2019, 06:54 AM   #5979
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It’s best to top up account on last working day of the previous month. If it’s a long weekend with PH, last day of the previous month might not be credited into account on time
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Old 02-10-2019, 08:15 AM   #5980
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Yes maxigain has this date issue. Always check and best to do on business day
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Old 02-10-2019, 09:00 AM   #5981
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Anyone knows if there's still the top up promotion going on? Can just call the bank to be assigned to a RM to do it?
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Old 15-10-2019, 04:35 PM   #5982
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Latest SIBOR rate for Oct 2019

Newbie to Citibank Maxigain, may I know where to check the 1-month SIBOR rate for October 2019?

If possible, please guide me with specific instructions where to extract this latest SIBOR rate, thank you all
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Old 15-10-2019, 05:20 PM   #5983
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Newbie to Citibank Maxigain, may I know where to check the 1-month SIBOR rate for October 2019?

If possible, please guide me with specific instructions where to extract this latest SIBOR rate, thank you all
You can check at abs.org. Current Sibor rate is 1.87 for the month September 2019
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Old 15-10-2019, 05:25 PM   #5984
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thank you, testingabc

when does the latest 1-Month SIBOR for the month gets updated?

Last edited by ayeo99; 15-10-2019 at 05:27 PM.. Reason: forgot to ask question
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Old 15-10-2019, 07:46 PM   #5985
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thank you, testingabc

when does the latest 1-Month SIBOR for the month gets updated?
I think they updated it few weeks later if Im not wrong.
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