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Citibank Maxigain Savings Account

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Old 02-12-2019, 06:13 PM   #6871
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withdraw everything and put to another instrument that gives u more for the month of Dec. keep $1 in the account to get your remaining $285 ($300-$15 fall below fee) Nov interest on 31 Dec. then close account on 1 Jan 2020.
Oh. $1 is it?? Thanks!
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Old 02-12-2019, 06:14 PM   #6872
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withdraw everything and put to another instrument that gives u more for the month of Dec. keep $1 in the account to get your remaining $285 ($300-$15 fall below fee) Nov interest on 31 Dec. then close account on 1 Jan 2020.
this is incorrect ... u may want to clarify

reducing to $1 for Dec, wont get $300 in interest on 31 Dec.
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Old 02-12-2019, 06:15 PM   #6873
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The flaw is in this sentence you wrote...



... where I simply called out that it is incorrect to workout $36.98 out of $15k to figure out the % return of doing so; and that if someone was doing so, the correct calculation to understand what is the rate of return on parking that $15k there is really simply $15 of $15k.

There is no 'rate of return' even on your $1, because that is not the reason why you'll get $36.98 in your account at the end of Dec; you could leave the account with $0.01 or possibly even $0.00 to do so.

The main thing is, is there any merit to delay the account closing, and what (if any) is the opportunity cost to do so. Any attempt to figure out a percentage return on this action (or non-action) is moot.

Someone else has already correctly posted how to figure out the correct course of action for each individual here, and it is totally unrelated to any '% rate of return'.
There is no correct or incorrect way to calculate rate of return as there is pre-requisite for avoiding fall below fee, and there is pre-requisite min balance to receive bonus interest by end Dec.

I won't argue with you, because it seems you don't understand those pre-requisites yet (as evidence when you say this:... you'll get $36.98 in your account at the end of Dec; you could leave the account with $0.01 or possibly even $0.00 to do so.)

I am sharing only for those who want to maximise return.

You do whatever you want with your money. None of my business, right?

Last edited by heng_ah; 02-12-2019 at 06:19 PM..
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Old 02-12-2019, 06:17 PM   #6874
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this is incorrect ... u may want to clarify

reducing to $1 for Dec, wont get $300 in interest on 31 Dec.
Able to elaborate? I just Fast out everything except $1.

Turns out my account was dormant hence the issues earlier with FAST out.
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Old 02-12-2019, 06:59 PM   #6875
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wow, keep things simple and throw away $285????
peasants like myself care about even $50 lol..
Able to elaborate? I just Fast out everything except $1.

Turns out my account was dormant hence the issues earlier with FAST out.
use common sense, if really can get $280+, you wont have people closing accounts left and right already yesterday.

by withdrawing and left $1, you already forfeit the base interest as you need minimum 70k daily balance. then by withdrawing again, your counter will drop either to counter 0 or counter 6 depending on where you are. so the most you are going to get is 0.3% (counter 6) bonus interest based on your Nov balance which is around $37 for 150k .
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Old 02-12-2019, 07:15 PM   #6876
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use common sense, if really can get $280+, you wont have people closing accounts left and right already yesterday.

by withdrawing and left $1, you already forfeit the base interest as you need minimum 70k daily balance. then by withdrawing again, your counter will drop either to counter 0 or counter 6 depending on where you are. so the most you are going to get is 0.3% (counter 6) bonus interest based on your Nov balance which is around $37 for 150k .
$70k to avoid fall below fee. $1 in the t&c to get interest
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Old 02-12-2019, 07:31 PM   #6877
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$70k to avoid fall below fee. $1 in the t&c to get interest
avoid fall below fee only need 15k
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Old 02-12-2019, 07:59 PM   #6878
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Managed to Fast out 50k twice. 3rd attempt 'unsuccessful.'
Any idea if there's a 100k cap?
Tried to locate where to change the Fast limit but couldn't find it.

Any kind souls could direct me please.

Last edited by amihe; 02-12-2019 at 08:20 PM.. Reason: typo
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Old 02-12-2019, 07:59 PM   #6879
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When will I receive my base and bonus interest if I meet the requirements?

You will receive your base interest on the last day of a month, starting as early as 31 January 2019, for so long as you meet the minimum balance of S$70,000. You will receive your bonus interest on the last day of February 2019, provided the lowest balance in February 2019 is equal to or greater than the lowest balance in January 2019

https://www.citibank.com.sg/gcb/deposits/mxgn-savacc.htm
No point leaving any money in the account this month at all, you'll get no base and bonus interest if your balance is below 70k and balance less than the balance in nov respectively.

I will close with immediate effect
Sent from Samsung SM-N960F using GAGT

Last edited by ashethen; 03-12-2019 at 12:51 AM..
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Old 02-12-2019, 08:07 PM   #6880
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Managed to Fast out 50k twice. 3rd attempt successful.
Any idea if there's a 100k cap?
Tried to locate where to change the Fast limit but couldn't find it.

Any kind souls could direct me please.
Citi max daily outgoing limit is $100k
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Old 02-12-2019, 08:19 PM   #6881
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Thanks you, again!
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Old 02-12-2019, 08:37 PM   #6882
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Fast transfer to Maybank iSavvy not working... zzz
I just FAST trf $50k to my iSavvy account opened today. It went thru!
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Old 02-12-2019, 08:52 PM   #6883
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Citi made a big mistake reducing the interest just before year end. This outflow will impact their deposit books which all banks are trying to shore up for year end.

They should have waited for just one more month.
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Old 02-12-2019, 09:33 PM   #6884
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Citi made a big mistake reducing the interest just before year end. This outflow will impact their deposit books which all banks are trying to shore up for year end.

They should have waited for just one more month.
And banks all need maintain certain % capital adequacy ratio based on mas requirement. So if there is a run on maxigain deposits they may need run a campaign to build it up again next time
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Old 02-12-2019, 10:21 PM   #6885
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Fast transfer to Maybank iSavvy not working... zzz
Just created a new iSavvy account, FAST successful
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Tip me please
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