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Citibank Maxigain Savings Account

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Old 23-10-2019, 03:14 PM   #6016
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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   #6017
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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   #6018
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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   #6019
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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   #6020
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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   #6021
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Lol. Think I understand it better than you. Just hope you are not misleading people.
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Old 23-10-2019, 10:02 PM   #6022
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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...
Thanks for sharing a balanced view. Indeed, there are important implications for joint account. Since I haven't reached 150k, i don't need the joint account but it seems putting in $1 to accumulate 12 counters is a smart way (and no loss keeping that $1 inside), just in case i ever need to withdraw from my individual account, i won't have to lose the max interest for 6 months.
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Old 23-10-2019, 11:46 PM   #6023
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Thanks for sharing a balanced view. Indeed, there are important implications for joint account. Since I haven't reached 150k, i don't need the joint account but it seems putting in $1 to accumulate 12 counters is a smart way (and no loss keeping that $1 inside), just in case i ever need to withdraw from my individual account, i won't have to lose the max interest for 6 months.
I don't think you can put $1 to gain counters unless you have at least $15K with other Citibank accounts. Correct me if I'm wrong?
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Old 24-10-2019, 12:24 AM   #6024
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I don't think you can put $1 to gain counters unless you have at least $15K with other Citibank accounts. Correct me if I'm wrong?
this is correct. i was referring to putting the $1 in the joint account, aside from my individual account
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Old 24-10-2019, 12:37 PM   #6025
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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?
Lol. Think I understand it better than you. Just hope you are not misleading people.
I'm not sure how you can conclude that you understand anything 'better than' someone else, especially when it seems you're not able to see or understand what was being suggested above.

It's basically a workaround on the main drawback of the maxigain account; allowing a person a way to access his maxigain funds if he needs to, without being impacted by the drop in counters from the withdrawal and continuing to earn maximum bonus interest on his remaining balance.

It's already been explained in full above, and I don't see how it can be further explained. If you get it, you do, and if you don't, don't worry yourself about it.

Last edited by dreant; 24-10-2019 at 02:29 PM..
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Old 24-10-2019, 12:42 PM   #6026
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Since theres a post above i can post this already.

I have been doing this since i opened maxigain.

Just ensure your monthly min balance is 70k on 1 day of the month. The rest of the days 150k.

So only 70k is stuck and 80k is liquid.

I dont know if there is further optimisation but this is good enough for me
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Old 24-10-2019, 12:51 PM   #6027
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Since theres a post above i can post this already.

I have been doing this since i opened maxigain.

Just ensure your monthly min balance is 70k on 1 day of the month. The rest of the days 150k.

So only 70k is stuck and 80k is liquid.

I dont know if there is further optimisation but this is good enough for me
... You do realize that doing this gives you bonus interest (12 counters, or 1.2%) on $70k only, and no bonus interest (0%) on the $80k that you keep moving in/out of your account each month, right?

Assuming base interest is ~1.3% and you have 12 counters, it would mean your effective interest rate (EIR) is only about ~1.837%p.a (*) on your balance of $150k (whereas, the rest of us are getting about ~2.5%p.a instead)

(*) After also taking into consideration, the $80k that you move in/out does not get base interest for 12 days each year...

In real numbers, by doing this, you're getting ~$82.87 less in interest every month (~$994.50 less each year).

How is that in any way optimum?

Especially when considering, if you left all $150k inside and...
a) If you draw down the account only once in a year, allowing your counter to drop to 6, and rebuild, the EIR would be ~2.325%p.a.; or
b) If you draw down the account *every* month, your counter will never fall below 6 (as long as you do not let the balance fall to $0), and the EIR on your minimum balance would be ~1.9%p.a.

Where either way, the overall return would still be *higher* (by approximately $94.40 to $731.90 more each year) compared to what you currently get from what you're doing...

tldr - to further optimize your returns, just leave your $150k in the account, and freely use the funds in the account. Is doing this a good way to use this account? Nope, not at all. Probably one of the worst - but it is still better than what you're currently doing (as long as you do not let the balance ever fall to $0).

Last edited by dreant; 24-10-2019 at 05:00 PM..
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Old 24-10-2019, 01:02 PM   #6028
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What’s the requirements to open a joint maxigain account ? Only with spouse and family members? Thanks
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Old 24-10-2019, 07:33 PM   #6029
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... You do realize that doing this gives you bonus interest (12 counters, or 1.2%) on $70k only, and no bonus interest (0%) on the $80k that you keep moving in/out of your account each month, right?

Assuming base interest is ~1.3% and you have 12 counters, it would mean your effective interest rate (EIR) is only about ~1.837%p.a (*) on your balance of $150k (whereas, the rest of us are getting about ~2.5%p.a instead)

(*) After also taking into consideration, the $80k that you move in/out does not get base interest for 12 days each year...

In real numbers, by doing this, you're getting ~$82.87 less in interest every month (~$994.50 less each year).

How is that in any way optimum?

Especially when considering, if you left all $150k inside and...
a) If you draw down the account only once in a year, allowing your counter to drop to 6, and rebuild, the EIR would be ~2.325%p.a.; or
b) If you draw down the account *every* month, your counter will never fall below 6 (as long as you do not let the balance fall to $0), and the EIR on your minimum balance would be ~1.9%p.a.

Where either way, the overall return would still be *higher* (by approximately $94.40 to $731.90 more each year) compared to what you currently get from what you're doing...

tldr - to further optimize your returns, just leave your $150k in the account, and freely use the funds in the account. Is doing this a good way to use this account? Nope, not at all. Probably one of the worst - but it is still better than what you're currently doing (as long as you do not let the balance ever fall to $0).
Just saw this

Bonus interest is computed based on the preceding month's lowest balance and number of calendar days in the preceding month. The lowest amount of funds in your MaxiGain account at any point in time in a month shall be the "lowest balance" of that month.

Leave 150k then
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Old 24-10-2019, 07:44 PM   #6030
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The best is leave 150K inside Maxigain and withdraw both interest monthly.
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