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Citibank Maxigain Savings Account

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Old 23-10-2019, 01:11 AM   #6001
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meaning to maximise, money can go in, but cannot go out...hmm...
Only both monthly interest can go out
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Old 23-10-2019, 01:38 AM   #6002
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can I confirm, if I have 78k inside, even if I withdraw 1k and left 77k, I will drop to counter 6 ?
Your counter will drop, if on *any* day this month, your balance is $0.01 or lower than the lowest balance of the previous month.

So, whether or not you can withdraw 1k without the counter dropping, will depend on what was your lowest balance last month.

eg1:
01 Jan: $70k
10 Jan: $72k (you deposit $2k)
20 Jan: $74k (you deposit $2k)
30 Jan: $76k (you deposit $2k)
15 Feb: $78k (you deposit $2k)
25 Feb: $80k (you deposit $2k)
28 Feb: $70k (you withdraw 10k)

Your counter will still +1 (or remain at 12) at the end of Feb; because the lowest balance in Feb is >= lowest balance in Jan.

In the above example, bonus interest will be based on $70k in Jan, and $70k in Feb; because that is the lowest balance for each of those months.

Yes if you have counter 7-12,
counter will drop to 6 if current month is less than previous month
Unless you top up back before the last day of the current month
PS: This is totally incorrect.

Last edited by dreant; 23-10-2019 at 01:49 AM..
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Old 23-10-2019, 07:45 AM   #6003
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Possible to start with counter 6? Just asking.

Anyway letís say got $100k, deposit from the first will still earn the bonus interest while the counter builds up right?
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Old 23-10-2019, 11:27 AM   #6004
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Possible to start with counter 6? Just asking.

Anyway letís say got $100k, deposit from the first will still earn the bonus interest while the counter builds up right?
Not possible to start with counter 6. If you deposit $100K, you will get the base interest which is 70% of Sibor rate and counter 1 which is 0.1%. I will only recommend people to use 15K to gain counters unless your 100K donít have other place to gain better interest. Do note that money into Maxigain you have to try to avoid withdrawal except for monthly interest.
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Old 23-10-2019, 12:04 PM   #6005
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Possible to start with counter 6? Just asking.

Anyway let’s say got $100k, deposit from the first will still earn the bonus interest while the counter builds up right?
There were some earlier posts in this thread, about a promotion (citi credit card related) that would allow some to start their Maxigain accounts from counter 3, but I'm not 100% sure of the details.

Probably best to check with the bank about it.

For those who already have existing Citibank accounts, they can open a maxigain with $1 and start to accumulate counters (as long as they currently have $15k in their other accounts to avoid the fall below fee); others also open a joint account at the same time (and keep themselves as the principal), with $1 to start accumulating counters, so they can move funds between the accounts, while being able to continue receiving maximum bonus interest should they need to withdraw some funds, or if they think they will exceed the $150k limit.
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Old 23-10-2019, 01:09 PM   #6006
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There were some earlier posts in this thread, about a promotion (citi credit card related) that would allow some to start their Maxigain accounts from counter 3, but I'm not 100% sure of the details.

Probably best to check with the bank about it.

For those who already have existing Citibank accounts, they can open a maxigain with $1 and start to accumulate counters (as long as they currently have $15k in their other accounts to avoid the fall below fee); others also open a joint account at the same time (and keep themselves as the principal), with $1 to start accumulating counters, so they can move funds between the accounts, while being able to continue receiving maximum bonus interest should they need to withdraw some funds, or if they think they will exceed the $150k limit.
Not sure what you mean by move funds between account. Once the money go into maxigain then can only withdraw interest if not drop in counter.
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Old 23-10-2019, 02:24 PM   #6007
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Not sure what you mean by move funds between account. Once the money go into maxigain then can only withdraw interest if not drop in counter.
You have 2 maxigain accounts.

1 personal
1 joint, where you are principal.

Personal account has $90k inside.
Joint account has $1 inside.

Both accounts have 12 counters now.

Use your imagination.
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Old 23-10-2019, 02:31 PM   #6008
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Very confusing. So to say,

1st Jan, my account got 70k and at counter 12. Assuming i opened the account for 1 year.
I qualified for the sibor rate + 1.2% base interest.
Then feb they credit my interest in, so i have 70,150.
So within the feb month, i can withdraw that interest $150 right? So rinse and repeat for the rest of the months?
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Old 23-10-2019, 02:34 PM   #6009
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You have 2 maxigain accounts.

1 personal
1 joint, where you are principal.

Personal account has $90k inside.
Joint account has $1 inside.

Both accounts have 12 counters now.

Use your imagination.
Clever Can we open 2 individual maxigain accounts for this purpose?
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Old 23-10-2019, 03:14 PM   #6010
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Clever Can we open 2 individual maxigain accounts for this purpose?
In your own name? No.

Joint accounts? It's possible to have multiple accounts with different people

(Eg: Maxigain A; Maxigain A+B, Maxigain A+C... A+Z)

However, before everyone jumps into doing so, you should be aware there are substaintial risks with having a joint account, so you should only establish one with someone you 100% trust unconditionally with your money.

Upon the death of one person, all the funds in that account will automatically belong to the survivor.

With a joint-alternate account,
The other person has full access to all the funds in the account, and you have no way to stop them from withdrawing everything from the account, if they decide to.
The other person gains the ability to encash crossed cheques that are written to your name only (by depositing it though the joint account)
If the other person has any debt, the account can be accessed to settle it.

Just to name a few...

Last edited by dreant; 23-10-2019 at 03:17 PM..
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Old 23-10-2019, 03:18 PM   #6011
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You have 2 maxigain accounts.

1 personal
1 joint, where you are principal.

Personal account has $90k inside.
Joint account has $1 inside.

Both accounts have 12 counters now.

Use your imagination.
Yah but if money go into the joint account it will more or less be stuck inside, if not drop in counter. So what u mean by moving fund between the accounts and yet keep the maximum interest?

Last edited by Trazora; 23-10-2019 at 03:23 PM..
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Old 23-10-2019, 03:42 PM   #6012
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Yah but if money go into the joint account it will more or less be stuck inside, if not drop in counter. So what u mean by moving fund between the accounts and yet keep the maximum interest?



Last edited by dreant; 23-10-2019 at 03:45 PM..
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Old 23-10-2019, 03:43 PM   #6013
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Yah but if money go into the joint account it will more or less be stuck inside, if not drop in counter. So what u mean by moving fund between the accounts and yet keep the maximum interest?
No point moving since its not those interest on incremental balance type of account.
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Old 23-10-2019, 04:01 PM   #6014
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You have 2 maxigain accounts.

1 personal
1 joint, where you are principal.

Personal account has $90k inside.
Joint account has $1 inside.

Both accounts have 12 counters now.

Use your imagination.
means your counter just keep growing for both single and joint tgt?

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Old 23-10-2019, 04:59 PM   #6015
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Lol. Think I understand it better than you. Just hope you are not misleading people.
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