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Citibank Maxigain Savings Account

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Old 02-11-2019, 11:29 AM   #6121
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https://info.maybank2u.com.sg/promot...isavvy-td.aspx

How is this promo from maybank?

Place an iSAVvy Time Deposit online and earn 2.00% p.a.

Enjoy 2.00% p.a. on 24-month or 1.70%p.a. on 12-month iSAVvy Time Deposit online today!

With Maybank ISAVvy Time Deposit, you get to receive your interest the next day.
Deposit Amount
Tenure

Rate (p.a.)
S$50,001 to S$1 million
24-month

2.00%

12-month

1.70%

Thought of putting 2 years... 2% interest for each year.
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Old 02-11-2019, 11:36 AM   #6122
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I don’t even get to taste it and taken away 😡

Received a call from my RM that as of 1st Dec 2019, the base interest will be reduced to 50% of SIBOR & the bonus interest also reduced to max at 0.6%. (ie. every counter will be 0.5% instead of 1%)
Time to jump ship as this work out to be around 1.5% per annual.
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Old 02-11-2019, 11:36 AM   #6123
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ICBC is my option ..still contemplating.
Just came back from ICBC ....pass
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Old 02-11-2019, 11:55 AM   #6124
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Just came back from ICBC ....pass
Korkor you place fixed deposit or saving account? Thank you very much
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Old 02-11-2019, 11:55 AM   #6125
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How does switching between scb esaver and maybank isavy work? I saw a clause under esaver
“Fresh funds means funds that do not originate from any existing account with the Bank or funds that are not withdrawn and re-deposited within 30 days of the Promotion Period“

I interpret this as esaver does not recognize fresh funds switching on alternate month to get the interest for the incremental average daily balance.

Is my understanding wrong? Can anyone advise? Thanks
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Old 02-11-2019, 11:58 AM   #6126
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Same also interested to know more. Probably rotate iSAVvy and iSAVvy-i or iSAVvy with Esaver or CIMB fixed deposit or ICBC fixed deposit ?
Even ssb dip to 1.71% now

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Old 02-11-2019, 11:58 AM   #6127
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sad to hear about this. will probably leave $70k inside (and suffer 6 months of counter downgrade) and see how it goes. maybe the rates across (savings, fixed deposit, etc.) will all suffer drops due to fed rate cuts and this maxigain may still be one of the better ones to keep.

in the meantime, we have one month to look for somewhere to park the cash that we're going to take out from this account...
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Old 02-11-2019, 12:00 PM   #6128
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On 30 Nov will get base interest for Nov and bonus interest for Oct.

So bonus interest for Nov will be credited on 31 Dec.

Should pull out all funds on 1 Dec or is it worthwhile to keep 15k just to get the bonus interest for Nov credited on 31 Dec ?
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Old 02-11-2019, 12:17 PM   #6129
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On 30 Nov will get base interest for Nov and bonus interest for Oct.

So bonus interest for Nov will be credited on 31 Dec.

Should pull out all funds on 1 Dec or is it worthwhile to keep 15k just to get the bonus interest for Nov credited on 31 Dec ?
if withdraw on 1 Dec ...
31 Dec interest
= Base (50% sibor x Dec ADB, min 70k) [or 0] + Bonus 0.3% x (Nov lowest Balance)

for Dec, Counter would have dropped to 6, then 0.5% each counter = 0.3% ??
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Old 02-11-2019, 12:31 PM   #6130
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other than 2% interest, nothing much i guess
From the tnc, sounds like 2% is only applicable during promo period?
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Old 02-11-2019, 01:53 PM   #6131
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https://info.maybank2u.com.sg/promot...isavvy-td.aspx

2.00%

12-month

1.70%

Thought of putting 2 years... 2% interest for each year.
You may want to consider HSBC 2.5% or NTUC 2.3%. Both 3 years
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Old 02-11-2019, 01:54 PM   #6132
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Join Date: Sep 2002
Posts: 5,447
https://info.maybank2u.com.sg/promot...isavvy-td.aspx

How is this promo from maybank?

Place an iSAVvy Time Deposit online and earn 2.00% p.a.

Enjoy 2.00% p.a. on 24-month or 1.70%p.a. on 12-month iSAVvy Time Deposit online today!

With Maybank ISAVvy Time Deposit, you get to receive your interest the next day.
Deposit Amount
Tenure

Rate (p.a.)
S$50,001 to S$1 million
24-month

2.00%

12-month

1.70%

Thought of putting 2 years... 2% interest for each year.
The interest you can get is only 0.25% the next day. Upon maturity then you get the rest.
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Old 02-11-2019, 03:38 PM   #6133
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On 30 Nov will get base interest for Nov and bonus interest for Oct.

So bonus interest for Nov will be credited on 31 Dec.

Should pull out all funds on 1 Dec or is it worthwhile to keep 15k just to get the bonus interest for Nov credited on 31 Dec ?
bro, i don't understand this part.
If you keep the account in Dec to get bonus int for Nov, then keep the account in Jan to get bonus int for Dec ...?

when to close the account
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Old 02-11-2019, 03:47 PM   #6134
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If he withdraw everything on 1 Dec, in this case 2nd. Then Dec int is like 0.3% x 1 day

Am i right?
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Old 02-11-2019, 03:51 PM   #6135
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Sad. Didn’t know abt this until I come in. Thanks Citi, it has been a good run!

And thanks hwz. Updates are faster than reading the small prints haha
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