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Citibank Maxigain Savings Account

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Old 08-01-2020, 07:36 PM   #7291
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anyway, if you are recommending another bank...pls state the following to allow apple to apple comparison:
1) interest rate
2) what are the criteria?
other than fd. maxgain is one of the bank that doesnt need any other requirement like salary, cc spending.
i still stick to it as safe me the time to check each momth to meet .
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Old 08-01-2020, 10:51 PM   #7292
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bring up this post again..and I am still status quo...
actually which savings accounts suitable for you depends on how your salary credited and what's your habit etc. for me i jump from citibank maxigain to maybank isavvy/isavvy-i

pros of citibank maxigain:
1. decent interest rate at 1.4-1.5% (assuming you have max counter)
2. does not require salary credit (for me my salary is through cheque so used to be great for me)
3. does not need any spending (so I can save as much as I could without having to get the higher interest rates)

cons of citibank maxigain:
1. take 12 months to get max counter (so with the change of TOC, unless you are at counter 10-12 I don't feel worth it to continue)
2. cannot withdraw more than interest rates or else counter drop
3. depends on sibor rate, and on current market is dropping

pros of maybank isavvy/isavvy-i:
1. 1.9% savings accounts for 2 months (more than almost all fixed deposit but still can withdraw)
2. can continue get good interest rate with merry go round, rates better than scb esaver (tiered) and more easier to understand than hsbc ega

cons of isavvy/isavvy-i:
1. every 2 months need take 15 mins to merry go round
2. need to physically go to maybank to open isavvy-i

From my scenario i chose isavvy/isavvy-i after maxigain changed TOC because of flexible, good interest rates and can withdraw. It is not as confusing as hsbc ega musical chair and not as tiered as scb esaver. (less float too as esaver needs $1K minimum when merry go round while isavvy/isavvy-i just needs $500). furthermore it does not need to credit any salary, spend any minimum sum or do giro or use credit card.
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Last edited by testingabc; 08-01-2020 at 10:53 PM..
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Old 08-01-2020, 11:40 PM   #7293
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actually which savings accounts suitable for you depends on how your salary credited and what's your habit etc. for me i jump from citibank maxigain to maybank isavvy/isavvy-i

pros of citibank maxigain:
1. decent interest rate at 1.4-1.5% (assuming you have max counter)
2. does not require salary credit (for me my salary is through cheque so used to be great for me)
3. does not need any spending (so I can save as much as I could without having to get the higher interest rates)

cons of citibank maxigain:
1. take 12 months to get max counter (so with the change of TOC, unless you are at counter 10-12 I don't feel worth it to continue)
2. cannot withdraw more than interest rates or else counter drop
3. depends on sibor rate, and on current market is dropping

pros of maybank isavvy/isavvy-i:
1. 1.9% savings accounts for 2 months (more than almost all fixed deposit but still can withdraw)
2. can continue get good interest rate with merry go round, rates better than scb esaver (tiered) and more easier to understand than hsbc ega

cons of isavvy/isavvy-i:
1. every 2 months need take 15 mins to merry go round
2. need to physically go to maybank to open isavvy-i

From my scenario i chose isavvy/isavvy-i after maxigain changed TOC because of flexible, good interest rates and can withdraw. It is not as confusing as hsbc ega musical chair and not as tiered as scb esaver. (less float too as esaver needs $1K minimum when merry go round while isavvy/isavvy-i just needs $500). furthermore it does not need to credit any salary, spend any minimum sum or do giro or use credit card.
good comparison..
another con for Isavvy is rates are forever changing. soon if it drop to 1.5% than Maxigain might be on Par or better since maxigain is less clumbersome..
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Old 09-01-2020, 05:54 AM   #7294
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good comparison..
another con for Isavvy is rates are forever changing. soon if it drop to 1.5% than Maxigain might be on Par or better since maxigain is less clumbersome..
Nope, isavvy wins on liquidity even if rates drop to Maxigain rate.
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Old 09-01-2020, 10:47 AM   #7295
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Nope, isavvy wins on liquidity even if rates drop to Maxigain rate.
under the new terms, maxigain only lose 0.3% if you withdraw..
still got 1.1-1.2% for that month of withdrawal
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Old 09-01-2020, 11:18 AM   #7296
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under the new terms, maxigain only lose 0.3% if you withdraw..
still got 1.1-1.2% for that month of withdrawal
You lose 0.3% is small thing for you, but you lost 6 counters or 6 months of counter is bigger. IMO time is money.
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Old 09-01-2020, 11:32 AM   #7297
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pros of citibank maxigain:
1. decent interest rate at 1.4-1.5% (assuming you have max counter)
i used to be a customer of maxigain..
but i have closed the account yesterday.

and shift the funds to bonussaver.
based on my monthly spending of $500 - $2k, 0.88%
Salary Credit, 1%
yet to invest with SB, so its zero.
Bill Payment,0.25%

in total, its 2.13% p.a.for $100k deposit.

estimated annual interest:
S$2,130

can consider if you too, had similar lifestyle.
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Old 09-01-2020, 03:06 PM   #7298
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i used to be a customer of maxigain..
but i have closed the account yesterday.

and shift the funds to bonussaver.
based on my monthly spending of $500 - $2k, 0.88%
Salary Credit, 1%
yet to invest with SB, so its zero.
Bill Payment,0.25%

in total, its 2.13% p.a.for $100k deposit.

estimated annual interest:
S$2,130

can consider if you too, had similar lifestyle.
BOC higher with salary...maxigain is non salary.
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Old 09-01-2020, 03:07 PM   #7299
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Nope, isavvy wins on liquidity even if rates drop to Maxigain rate.
liquidity yes..so depend on what you want to do...for me..I am lazy..the merry go round seems lehceh for me...but if Maybank go up to > 2% consistently.....I might have to learn how to merry go round also..
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Old 09-01-2020, 03:13 PM   #7300
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Moved my funds to isavvy for 1.9% and also ocbc new funds promo ($85 voucher per $10,000 locked in for 6 months, effectively 1.7%).

Kept $15,000 in maxigain for counter to move up as a backup.

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Old 09-01-2020, 05:07 PM   #7301
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You lose 0.3% is small thing for you, but you lost 6 counters or 6 months of counter is bigger. IMO time is money.
1 counter worth 0.05% now.. 6 counter is equivalent to 0.3%
i am already at 12 counter.. planning to move some fund to HSBC EGA account
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Old 09-01-2020, 09:59 PM   #7302
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under the new terms, maxigain only lose 0.3% if you withdraw..
still got 1.1-1.2% for that month of withdrawal
Other turn off factors:
- high minimum balance of $70k to get 1.5%
- lagged period of 1 month for the bonus
- computed base on the lowest balance of the month (not average balance)

Too many restrictions for 1.5%.
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Old 10-01-2020, 01:11 PM   #7303
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if those self employed then is there a way to sign up with those deposit that require salary credit?
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Old 10-01-2020, 01:13 PM   #7304
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actually which savings accounts suitable for you depends on how your salary credited and what's your habit etc. for me i jump from citibank maxigain to maybank isavvy/isavvy-i

pros of citibank maxigain:
1. decent interest rate at 1.4-1.5% (assuming you have max counter)
2. does not require salary credit (for me my salary is through cheque so used to be great for me)
3. does not need any spending (so I can save as much as I could without having to get the higher interest rates)

cons of citibank maxigain:
1. take 12 months to get max counter (so with the change of TOC, unless you are at counter 10-12 I don't feel worth it to continue)
2. cannot withdraw more than interest rates or else counter drop
3. depends on sibor rate, and on current market is dropping

pros of maybank isavvy/isavvy-i:
1. 1.9% savings accounts for 2 months (more than almost all fixed deposit but still can withdraw)
2. can continue get good interest rate with merry go round, rates better than scb esaver (tiered) and more easier to understand than hsbc ega

cons of isavvy/isavvy-i:
1. every 2 months need take 15 mins to merry go round
2. need to physically go to maybank to open isavvy-i

From my scenario i chose isavvy/isavvy-i after maxigain changed TOC because of flexible, good interest rates and can withdraw. It is not as confusing as hsbc ega musical chair and not as tiered as scb esaver. (less float too as esaver needs $1K minimum when merry go round while isavvy/isavvy-i just needs $500). furthermore it does not need to credit any salary, spend any minimum sum or do giro or use credit card.
Very good summary
What does it mean by "every 2 months need take 15 mins to merry go round" for isavvy/isavvy-i? Will doing this ensure you have the 1.9% rate consistently?
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Old 10-01-2020, 01:53 PM   #7305
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Very good summary
What does it mean by "every 2 months need take 15 mins to merry go round" for isavvy/isavvy-i? Will doing this ensure you have the 1.9% rate consistently?
Yes would like to know more about the 2 months merry go round too. TIA!
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