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Citibank Maxigain Savings Account

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Old 23-02-2020, 11:42 PM   #7411
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My banker tried to get me to open interest plus account as an alternative to maxigain which offers 1.4% interest per annum if I purchase an endowment plan. 1.2% more if I purchase investment plan which I am not considering at the moment.

1.4% will mean it is almost the same maxigain but she did mentioned that the sibor rate is likely to continue decreasing. However, after I think about it after that, it seems like not very worthwhile. The endowment plan is a pregressive kind of plan. Within 10 years, the interest is only 1% per annum. Only until 25 years, it reaches 4+%. Moreover, I checked online earlier & realized that interest plus only offers the stated interest for up to 50k.


The only perk I see so far is that cashbacks will be awarded within 3 months if I put in fresh fund. About $700 for 25k fresh fund.

Any advice?
if you want flexible, maybe can try maybank isavvy? for me i switched to maybank isavvy and isavvy-i musical chair after the nerf in maxigain. for me i like it very much since it is very flexible. i hate endowment plan and insurance plans.
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Old 24-02-2020, 04:54 PM   #7412
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Called the customer service saying that I don't want the interest plus account anymore. The person said have to pay $50 for early closure. Said I don't want the endowment plan. She said will email my relationship manager for her to get back to me. Sigh
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Old 24-02-2020, 04:58 PM   #7413
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The banker did not even mention about the interest only applies to below 50k so why should I pay $50 for her negligence? In fact, she asked me to transfer all my fund from maxigain to interest plus when I already have more than 50k in maxigain as it is.
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Old 24-02-2020, 07:52 PM   #7414
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Called the customer service saying that I don't want the interest plus account anymore. The person said have to pay $50 for early closure. Said I don't want the endowment plan. She said will email my relationship manager for her to get back to me. Sigh
I think there should be a 14 day cooling down period for your endowment. Email so that have black and white that you don't want it. Don't let them drag beyond the 14 days.

https://www.straitstimes.com/busines...ce-from-a-bank

Last edited by vsvs24; 24-02-2020 at 07:56 PM..
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Old 24-02-2020, 10:31 PM   #7415
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for the 0.x% switch to endowment ??

u put icbc fd still can get 1.6 to 1.7 %..
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Old 25-02-2020, 06:54 AM   #7416
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I think there should be a 14 day cooling down period for your endowment. Email so that have black and white that you don't want it. Don't let them drag beyond the 14 days.

https://www.straitstimes.com/busines...ce-from-a-bank
you can put $0 in interest plus account for 6 months
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Old 25-02-2020, 06:05 PM   #7417
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you can put $0 in interest plus account for 6 months
Citibank's website says
Minimum initial deposit of S$2,000
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Old 25-02-2020, 10:18 PM   #7418
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For this maxigain, need to deposit at least 150k to earn that bonus interest?
And from their site calculation, what is savings per month mean? Have to pump in money monthly apart from the principal sum 1st deposited?
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Old 26-02-2020, 06:21 AM   #7419
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Citibank's website says
Minimum initial deposit of S$2,000
you can withdraw after initial deposit
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Old 26-02-2020, 12:24 PM   #7420
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For this maxigain, need to deposit at least 150k to earn that bonus interest?
And from their site calculation, what is savings per month mean? Have to pump in money monthly apart from the principal sum 1st deposited?
Maxigain has changed their tnc wef Dec 2019. No longer attractive. If you bother to read the posts here for the last 3 mths you would see most people have closed the account and move funds elsewhere .

If have 70k to 150k interest is about 1.4% or so and will fluctuate as part of it is tied to SIBOR. Plus cannot withdraw more than the interest monthly or else the counter will drop and hence interest will drop.

https://blog.moneysmart.sg/savings-a...bank-maxigain/

Now to answer your question, 150k is the max not the min. Best interest (about 1.4%) for this account is 70k to 150k.

No need to pump in more every month. Just initiate deposit will do.
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Old 26-02-2020, 02:36 PM   #7421
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Maxigain has changed their tnc wef Dec 2019. No longer attractive. If you bother to read the posts here for the last 3 mths you would see most people have closed the account and move funds elsewhere .

If have 70k to 150k interest is about 1.4% or so and will fluctuate as part of it is tied to SIBOR. Plus cannot withdraw more than the interest monthly or else the counter will drop and hence interest will drop.

https://blog.moneysmart.sg/savings-a...bank-maxigain/

Now to answer your question, 150k is the max not the min. Best interest (about 1.4%) for this account is 70k to 150k.

No need to pump in more every month. Just initiate deposit will do.
Thanks. Currently they throw in anniversary monetary gift and survey profiling bonus. So its cushion the 20% drop in sibor and 50% drop in bonus interest based on a 70k deposit. Question is how credibility is the gift and survey bonus as it is not written in black and white.
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Old 26-02-2020, 02:51 PM   #7422
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Thanks. Currently they throw in anniversary monetary gift and survey profiling bonus. So its cushion the 20% drop in sibor and 50% drop in bonus interest based on a 70k deposit. Question is how credibility is the gift and survey bonus as it is not written in black and white.
such gifts & rewards have been there all along ..

if not wrong, "anniversary" gift is applicable to CitiGold client. Last time, they paid out on the 11th month ... now not sure

website's "Anniversary" links points to Referral award for Priority instead

if u r dead set to join Citi, would suggest putting minimum to clock the counter ... then top up only when u reach 12

there r better options
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Old 26-02-2020, 04:54 PM   #7423
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I think there should be a 14 day cooling down period for your endowment. Email so that have black and white that you don't want it. Don't let them drag beyond the 14 days.

https://www.straitstimes.com/busines...ce-from-a-bank
Yes, many banker is very good in doing this kind of trick.
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Old 27-02-2020, 02:10 AM   #7424
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Old news la, now 6 counters is 0.6% only.
Now, each counter is worth 0.05%p.a.

6 counters is 0.3%p.a.
12 counters is 0.6%p.a.


I included the sibor...why only look at counter interest? look at overall lah..

counter 6 is 1.2%
counter 12 is 1.5%
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Old 29-02-2020, 01:48 PM   #7425
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Thanks. Currently they throw in anniversary monetary gift and survey profiling bonus. So its cushion the 20% drop in sibor and 50% drop in bonus interest based on a 70k deposit. Question is how credibility is the gift and survey bonus as it is not written in black and white.
Hi, may I know what monetary gift given? How to be eligible for this? Thr interest rate is bad now, I'm considering transferring my fund to uob one account
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