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Citibank Maxigain Savings Account

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Old 14-11-2019, 11:46 PM   #6346
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By the way, citibank at macdonald house dhoby ghuat is closing down in Feb 2020. Confirmed.
wah this has been there very long
why closed down?
they really not doing well?
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Old 15-11-2019, 07:24 AM   #6347
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wah this has been there very long
why closed down?
they really not doing well?
last time when i went there to open acc on a weekday around 9.30am, completely empty
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Old 15-11-2019, 09:01 AM   #6348
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What will be the total interest received (with counter =12), on 31-Dec-2019 if do nothing?
1. 50% SIBOR + 1.2, or
2. 50% SIBOR + 0.6 ?
Changes to MaxiGain Account features
With effect from 2 December 2019, the base interest rate for the Citi MaxiGain Savings Account will be revised to 50% of the 1-month Singapore Dollar Interbank Offer Rate (1-month SIBOR). The bonus interest rate will also be revised to step up monthly from 0.05% p.a. to a maximum of 0.60% p.a.

It is no. 2, which is around max 1.4x% at the moment.
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Old 15-11-2019, 09:28 AM   #6349
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I thought bonus interest credited on 31-Dec-19 is for the previous mth, i.e Nov-19.

So, bonus interest earned for the mth of Nov should it be 1.2%, and will be credited on 31-Dec?

Changes to MaxiGain Account features
With effect from 2 December 2019, the base interest rate for the Citi MaxiGain Savings Account will be revised to 50% of the 1-month Singapore Dollar Interbank Offer Rate (1-month SIBOR). The bonus interest rate will also be revised to step up monthly from 0.05% p.a. to a maximum of 0.60% p.a.

It is no. 2, which is around max 1.4x% at the moment.

Last edited by JustDoLor; 15-11-2019 at 09:31 AM..
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Old 15-11-2019, 11:54 AM   #6350
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I thought bonus interest credited on 31-Dec-19 is for the previous mth, i.e Nov-19.

So, bonus interest earned for the mth of Nov should it be 1.2%, and will be credited on 31-Dec?


*Sigh* Once again...

Well... to put it very simply, you thought wrong.

The T&C has always been very clear; bonus interest is based on the current level of your counters, against the lowest balance in the *previous* month.

It has *never* been 'we'll lock in your interest now, and deposit it into your account next month'.
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Old 15-11-2019, 12:11 PM   #6351
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wah this has been there very long
why closed down?
they really not doing well?
last time when i went there to open acc on a weekday around 9.30am, completely empty
Yup, confirmed.
They called me to clear my safebox there few days ago.
And the staff told me closing in Feb2020.

Heard they never renew the lease.
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Old 15-11-2019, 12:25 PM   #6352
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Thanks for the clarification😊



*Sigh* Once again...

Well... to put it very simply, you thought wrong.

The T&C has always been very clear; bonus interest is based on the current level of your counters, against the lowest balance in the *previous* month.

It has *never* been 'we'll lock in your interest now, and deposit it into your account next month'.
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Old 15-11-2019, 03:23 PM   #6353
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Thanks for the clarification😊
So does it mean it is better to take out everything and close acct on 2-Dec ?
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Old 15-11-2019, 04:08 PM   #6354
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So does it mean it is better to take out everything and close acct on 2-Dec ?
Take out everything but don't close until you get all the interest.
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Old 15-11-2019, 04:33 PM   #6355
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So does it mean it is better to take out everything and close acct on 2-Dec ?
If you can find an interest rate better than ~1.2% p.a. for the $15k, then you should do so.
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Old 16-11-2019, 10:26 AM   #6356
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If you can find an interest rate better than ~1.2% p.a. for the $15k, then you should do so.
Thus, if you have an i savvy account, it makes sense to close everything on 2nd Dec?
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Old 16-11-2019, 10:28 AM   #6357
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Take out everything but don't close until you get all the interest.
If you leave it as zero after 2nd Dec, but don't close it, will there be any fees for lack of min balance?
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Old 16-11-2019, 10:56 AM   #6358
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May I know what interest is expected after the interest that will be paid on 30 Nov assuming empty account on 2 Dec? Thanks
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Old 16-11-2019, 12:04 PM   #6359
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If you leave it as zero after 2nd Dec, but don't close it, will there be any fees for lack of min balance?
There will be but only in Jan 20.

So after u transfer out the last interest. Then u can take your time to close it since its zero balance. (provided it will not go into overdraft, I am not sure about this)
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Old 16-11-2019, 04:15 PM   #6360
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There will be but only in Jan 20.

So after u transfer out the last interest. Then u can take your time to close it since its zero balance. (provided it will not go into overdraft, I am not sure about this)
if they only credit the bonus interest on 1 Jan (like they did for 1 Nov ), then most likely the bonus interest for nov will be credit at the same time as the fall below fee is deducted

can just leave the account balance at 0 and eventually they will automatically close it right?
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