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Citibank Maxigain Savings Account

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Old 02-12-2019, 08:02 AM   #6751
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Really knn, finally managed to withdraw here after multiple 2k per transfers
hope you got some sleep!
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Old 02-12-2019, 08:21 AM   #6752
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Any idea the bonus interest gain at end dec for nov if my amount was 150k in end nov
Iím keeping 15000 to end dec if it is good thx
??? Anyone
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Old 02-12-2019, 08:28 AM   #6753
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Meams they didnt keep enough liquidity??
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Old 02-12-2019, 08:31 AM   #6754
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Transfer out early this morning and contacted live chat to close account No problem encountered.

Look like Citi lost afew million deposit overnight lol
a few million to them is small money lah, an lah!
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Old 02-12-2019, 08:37 AM   #6755
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Is there a mini "bank run" on Citibank today? Bank playing games with FAST transfer to halt "bank run"?
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Old 02-12-2019, 08:40 AM   #6756
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Anyone choose to keep their funds in maxigain till end of Dec?
I might leave till end of Dec to wait for CNY deals
I have already maximise other savings (DBS multiplier and UOB) maximum balances to earn decent interest. And CIMB fast saver only fetches 1%
Unless I put in 3 months CIMB 1.7% FD

Last edited by Nofear40; 02-12-2019 at 08:45 AM..
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Old 02-12-2019, 08:54 AM   #6757
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That's what I think happened to me too. I transferred 100K using the app and the money was debited from Maxigain but not credited to my other bank account. It seems to have disappeared.

How do you know it's converted to Giro? It says "same day external transfer" for me.

This is seriously messed up.
Same happened to me. It seemed like Citibank auto decide what mode of transfer. When I did my first transfer to test out the newly linked external account, it was via Fast. Used the same steps and ended up with "same day external transfer". Lugi few days of interests.
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Old 02-12-2019, 08:54 AM   #6758
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Use maybank isavvy scb esaver or hsbc ega
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Old 02-12-2019, 08:54 AM   #6759
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Can someone post a template complaint letter about Citibank Singapore to feedback to MAS consumer feedback website ( https://eservices.mas.gov.sg/consumerfeedback/ )?

The complaint should focus on Citibank Singapore refusing to allow customers to FAST transfer to other banks by REVERSING the FAST transfers, and in particular, for withdrawal transfers from customers' MaxiGain accounts. I think this situation is encountered by anyone attempting FAST transfers during the later part of 1 Dec 2019 as well as 2 Dec 2019.

Seems to me that Citibank Singapore is breaking the law or at least violating a financial regulation.
This was the complaint I sent to MAS. I hope they do something about this.

On Dec 1 2019, I tried to withdraw my entire balance from the Citibank Maxigain Account. Although within my daily transfer limit, all the FAST transfers I made were reversed by the bank. I was not able to withdraw any significant sums of money from this account.

Then, in the evening, I used their Mobile app to withdraw $100 000 (the maximum allowed) to a Standard Chartered account. I selected the FAST transfer option, however, unbeknownst to me, Citibank changed it to a GIRO mode of transfer which will take a few days.

This ordeal has caused me a huge amount of inconvenience and is really unbecoming of a financial institution that has QFB status in Singapore. I have lost a few days of interest off the $150000 in the account and have no idea whether the $100 000 that was transferred by GIRO is secure.

I understand that several other Citibank customers have faced the same problem yesterday. Please investigate. Thank you.
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Old 02-12-2019, 08:56 AM   #6760
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i'll be staying with the account for now. 1.4% or 1.5% is still better than those 1% passive accounts from cimb, etc.

and i'm concerned about rotating huge amounts over eSaver/iSavvy where there are daily limits, transaction limits, etc. it's pretty tough to monitor which account to transfer to w/o breaking the limit, etc. idk how you guys do it with over 150k or 250k to ensure the funds are 'fresh'...
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Old 02-12-2019, 09:05 AM   #6761
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Is it a bank run?

Might need to email MAS and cc Swee Keat, Tharman inside.
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Old 02-12-2019, 09:11 AM   #6762
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Is it a bank run?

Might need to email MAS and cc Swee Keat, Tharman inside.
Haha banks are bigger and more powerful than the govt, doubt MAS can do anything

Last edited by taquito; 02-12-2019 at 11:29 AM..
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Old 02-12-2019, 09:30 AM   #6763
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Minimum amount $70k to get the interest, lets just use $100k as average for all customers with MaxiGain accounts. Based on their credit card promos, we can deduce at least 5000 customers with such deposits. Let's double that number since singaporeans tend to be savers rather than spenders.

100k * 10000 = 1 billion in cash reserves required. I hope Citi has enough cash on hand in the SG branch.

Citi MaxiGain? more like Maxi-Gian
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Old 02-12-2019, 09:47 AM   #6764
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Has issue being resolved? Still got 80k havent xfer out..see e complaints here didnt want to try till its fixed
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Old 02-12-2019, 09:49 AM   #6765
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Has issue being resolved? Still got 80k havent xfer out..see e complaints here didnt want to try till its fixed
Just transferred, it is okie now. Can do $50K in one go
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