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Citibank Maxigain Savings Account

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Old 29-11-2019, 12:01 PM   #6496
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I stand corrected on this ...

... Citi Live Chat informs me that

"solo account and joint account are considered separate relationship thus each needs to maintain average daily balance of 15K to avoid service fee."

Also, in order to get Bonus interest, need to keep $1 balance

MaxiGain can go into negative balance

I am not totally sure if the above is really the case ...
the CSO told me during live chat that even if i zero the account on 1 Dec, bonus interest will still be paid on 31 Dec. They're so inconsistent!

did u ask what % will be the bonus interest in dec? i was told still 1.2%
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Old 29-11-2019, 12:26 PM   #6497
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If keep $1, bonus comes before 31st then you close. So by right no fees right since they can only do average balance calculation on 1 Jan?
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Old 29-11-2019, 01:36 PM   #6498
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the CSO told me during live chat that even if i zero the account on 1 Dec, bonus interest will still be paid on 31 Dec. They're so inconsistent!

did u ask what % will be the bonus interest in dec? i was told still 1.2%
The $1 balance for Bonus interest is stated Citi's Banking Pricing Guide.

dint ask about the %, I take it as 0.3% ... regardless, it still makes sense to keep account with minimal balance (I m thinking $15 to avoid overdraft) for Dec19, then close in early Jan

Last edited by oceanicmanta; 29-11-2019 at 01:40 PM..
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Old 29-11-2019, 01:52 PM   #6499
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The $1 balance for Bonus interest is stated Citi's Banking Pricing Guide.

dint ask about the %, I take it as 0.3% ... regardless, it still makes sense to keep account with minimal balance (I m thinking $15 to avoid overdraft) for Dec19, then close in early Jan
$15 to avoid overdraft?
Please do you mean $15k?
Or $15 in preparation for the fall below fee charge?
Thanks

Last edited by a4973; 29-11-2019 at 01:59 PM..
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Old 29-11-2019, 02:40 PM   #6500
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$15 to avoid overdraft?
Please do you mean $15k?
Or $15 in preparation for the fall below fee charge?
Thanks
i really mean $15 .. just to cover the fall below fee ... to avoid account going into negative/overdraft if fee is applied
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Old 29-11-2019, 03:43 PM   #6501
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i really mean $15 .. just to cover the fall below fee ... to avoid account going into negative/overdraft if fee is applied
Maxigain can be overdrafted?
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Old 29-11-2019, 05:00 PM   #6502
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MaxiGain can leave it zero and let it auto close? Thanks in advance
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Old 29-11-2019, 07:14 PM   #6503
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Negative
Common sense what for keeping a 0 amt -.-
You will accumulate negative value of monthly fees
Just close it duh

Guys if you want to keep your funds with citibank just leave it till you find a better promo

Else
Clear your amount and close account to a new beneficial account (just do your sums if you place all your amount there)
It might have a better interest value

Rather risking or be an example and try out till end of dec 2019

MaxiGain can leave it zero and let it auto close? Thanks in advance

Last edited by leemeng; 29-11-2019 at 07:22 PM..
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Old 29-11-2019, 07:26 PM   #6504
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i really mean $15 .. just to cover the fall below fee ... to avoid account going into negative/overdraft if fee is applied
hi, what's the implication if it goes into overdraft? thought will be -$15 so you might still pay $15 when u need to close the account... why pay early?

btw i've asked another bank before about such cases. was told that there are customers who zero out their accounts n keep accumulating the fall below fee but don't close the ac as they would need to pay the negative balance. but the bank cannot recover it from their other accounts or cc with the bank
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Old 29-11-2019, 07:51 PM   #6505
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Negative
Common sense what for keeping a 0 amt -.-
You will accumulate negative value of monthly fees
Just close it duh

Guys if you want to keep your funds with citibank just leave it till you find a better promo

Else
Clear your amount and close account to a new beneficial account (just do your sums if you place all your amount there)
It might have a better interest value

Rather risking or be an example and try out till end of dec 2019
Will accumulate negative value? Any basis? My mum have $0 on another citibank account and no fees
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Old 29-11-2019, 08:04 PM   #6506
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Negative
Common sense what for keeping a 0 amt -.-
You will accumulate negative value of monthly fees
Just close it duh

Guys if you want to keep your funds with citibank just leave it till you find a better promo

Else
Clear your amount and close account to a new beneficial account (just do your sums if you place all your amount there)
It might have a better interest value

Rather risking or be an example and try out till end of dec 2019
Not really, recently asked OCBC regarding the closure of account and they mentioned can just leave $0 (no fees will be charged) and the account will be closed automatically after 6 months.
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Old 29-11-2019, 08:19 PM   #6507
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Not really, recently asked OCBC regarding the closure of account and they mentioned can just leave $0 (no fees will be charged) and the account will be closed automatically after 6 months.
that would save us a trip to the bank to close the account
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Old 29-11-2019, 08:19 PM   #6508
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As we approach Dec, really must say respect this Maxigain account - we discussed for a month already still don't know the best way to escape from it.

Personally never see another bank saving account so complex...
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Old 29-11-2019, 08:29 PM   #6509
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Personally never see another bank saving account so complex...
Try HSBC (for even more complexity).
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Old 29-11-2019, 08:30 PM   #6510
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Maxigain can be overdrafted?
that's according to the Live Chat agent ... it's a current account and account can go negative and over-drafted

hi, what's the implication if it goes into overdraft? thought will be -$15 so you might still pay $15 when u need to close the account... why pay early?

btw i've asked another bank before about such cases. was told that there are customers who zero out their accounts n keep accumulating the fall below fee but don't close the ac as they would need to pay the negative balance. but the bank cannot recover it from their other accounts or cc with the bank
I presume overdraft will attract interest ... did not ask.

again, dont know how true ... but I will just leave $15.00 on 31 Dec

hope those meeting RMs next week can update ... TIA
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