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Citibank Maxigain Savings Account

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Old 26-11-2019, 07:13 AM   #6436
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How to earn $ for the Base Interest portion (during Dec 2019 i.e. from 1 Dec to 31 Dec 2019)?

It seems that there is no way because of this clause in the TnC:

5. Interest at the Base Interest Rate will accrue daily, if you maintain at least S$70,000 in your MaxiGain account, based on the daily end of day balance and will be paid on the last day of the month.

Even if one has balance of $150,000 on 1 Dec 2019, then start to withdraw from 2 Dec 2019, one would earn ZERO dollars for the Base Interest portion! That is, it is not possible to earn any interest for any balance amount left in the MaxiGain account on 1 Dec 2019!
of course, thats why ppl have been only saying about the bonus interest and not the base interest. as bonus interest is based on the previous month balance.
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Old 26-11-2019, 07:17 AM   #6437
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I decide to put on hold until I collect my top up cash then transfer out to hsbc. I already hit 12 counter so I won't rush to close it. Frankly, I can't find any higher then 1.5% now in other bank.
For a flexi savings account yes. But FDs all higher than 1.5%

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Old 26-11-2019, 07:39 AM   #6438
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I decide to put on hold until I collect my top
up cash then transfer out to hsbc. I already hit 12 counter so I won't rush to close it. Frankly, I can't find any higher then 1.5% now in other bank.
Many FD are giving rate of 1.8%

EX:

ICBC
HLF
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Old 26-11-2019, 08:51 AM   #6439
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of course, thats why ppl have been only saying about the bonus interest and not the base interest. as bonus interest is based on the previous month balance.
So optimum strategy is still to take out everything, leave 0 in the account on 2nd Dec, then close the account at 2nd Jan?

Your bonus interest may have the fall below fee deducted but there is really no point leaving any money after 2nd Dec?
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Old 26-11-2019, 09:03 AM   #6440
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So optimum strategy is still to take out everything, leave 0 in the account on 2nd Dec, then close the account at 2nd Jan?

Your bonus interest may have the fall below fee deducted but there is really no point leaving any money after 2nd Dec?
fall below fee is $50? then i rather leave $15k inside for a mth and incur opportunity cost of $25 based on 2% PA
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Old 26-11-2019, 09:27 AM   #6441
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received citibank letter via post for the revised maxigain account interest today.

perhap wait until 2nd jan then close the account completely isnt better..instead of leaving 15k on 2 dec( transfer the rest of the fund out) and close it next year which incur the $15 deduction?
Just close la on dec 2 la, I transfer all fund to OCBC 360 i also earn much more interest than this nonsense.


Especially if u planning to buy their GE saving plan and is considered as a wealth bonus thing.
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Old 26-11-2019, 09:57 AM   #6442
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How to earn $ for the Base Interest portion (during Dec 2019 i.e. from 1 Dec to 31 Dec 2019)?

It seems that there is no way because of this clause in the TnC:

5. Interest at the Base Interest Rate will accrue daily, if you maintain at least S$70,000 in your MaxiGain account, based on the daily end of day balance and will be paid on the last day of the month.

Even if one has balance of $150,000 on 1 Dec 2019, then start to withdraw from 2 Dec 2019, one would earn ZERO dollars for the Base Interest portion! That is, it is not possible to earn any interest for any balance amount left in the MaxiGain account on 1 Dec 2019!
That's why I would suggest to withdraw via fast transfer on 1 Dec. Granted that it is on Sunday and the receiving bank will treat the value date as 2 Dec. Since Citibank won't pro-rate the interest, might as well move out asap
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Old 26-11-2019, 10:00 AM   #6443
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That's why I would suggest to withdraw via fast transfer on 1 Dec. Granted that it is on Sunday and the receiving bank will treat the value date as 2 Dec. Since Citibank won't pro-rate the interest, might as well move out asap
Are you sure Dec 1 wont affect the interest that is credited on Dec 2, better not risk for that day.


Safer to transfer once u confirm the interest is credited in Dec 2?
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Old 26-11-2019, 10:00 AM   #6444
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fall below fee is $50? then i rather leave $15k inside for a mth and incur opportunity cost of $25 based on 2% PA
where did you read that citi charges fall below fee for that amount? Care to share your source?
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Old 26-11-2019, 10:02 AM   #6445
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Are you sure Dec 1 wont affect the interest that is credited on Dec 2, better not risk for that day.


Safer to transfer once u confirm the interest is credited in Dec 2?
Can't you confirm it via internet banking on 1 Dec? Usually it is credited on the first day of the month with value date of last day of previous month.
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Old 26-11-2019, 10:20 AM   #6446
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Can't you confirm it via internet banking on 1 Dec? Usually it is credited on the first day of the month with value date of last day of previous month.
1 Dec is sunday, would it be credited on sunday?
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Old 26-11-2019, 10:41 AM   #6447
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1 Dec is sunday, would it be credited on sunday?
Just look at August statement. The same will happen in Nov.

Simple
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Old 26-11-2019, 10:43 AM   #6448
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fall below fee is $50? then i rather leave $15k inside for a mth and incur opportunity cost of $25 based on 2% PA
But if you don't earn the base interest on that 15K since its below 70K, and your bonus interest is based on the new rate, how much do you really get in the end?
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Old 26-11-2019, 01:42 PM   #6449
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1 Dec is sunday, would it be credited on sunday?
according to the CSO, interest will be credited by 30 Nov
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Old 26-11-2019, 01:43 PM   #6450
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^^The monthly minimum Total Relationship Balance (TRB) to be maintained by a customer is S$15,000. Account Service Fee of S$15 per month will apply
if your TRB is less than S$15,000 at the end of each month.

https://www.citibank.com.sg/global_d...cing_Guide.pdf
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