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Citibank Maxigain Savings Account

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Old 09-03-2020, 09:02 PM   #7471
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Yes you are right. But if you are new, open 1 out of the 2 accounts first. Next cycle then open the other. For example,

1st day of month 1: Open isavvy, put all your funds into it.
1st day of month 3: Open isavvy-i, Withdraw money from isavvy leaving $500 to POSB/DBS/any middle bank then to isavvy-i
Any of the time you can withdraw or deposit, just keep make sure secondary account is $500 and primary account must have at least $10K ADB
Hello! Keen to try this out as well but am quite confused as to the steps required and what “primary” and “secondary” account is. So, to clarify:

1) In month 5, I’ll transfer everything back to i-savvy via the intermediary bank, leaving $500 in isavvy-i.

2) By months 1 and 3 are you referring to March and May to align with the promotional period of 1/3 to 30/4?

3) what do the primary and secondary accounts refer to?

Thanks in advance!
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Old 09-03-2020, 09:12 PM   #7472
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Hello! Keen to try this out as well but am quite confused as to the steps required and what “primary” and “secondary” account is. So, to clarify:

1) In month 5, I’ll transfer everything back to i-savvy via the intermediary bank, leaving $500 in isavvy-i.

2) By months 1 and 3 are you referring to March and May to align with the promotional period of 1/3 to 30/4?

3) what do the primary and secondary accounts refer to?

Thanks in advance!
1 and 2 Yes.
3. For example, I'm new to isavvy. 1st of March I open iSavvy and put $100K, so this is my primary (main account). Promotion period will last till 30st April . 1st May I will open iSavvy-i. Once done on the same day, my $100K from iSavvy will be transferred to POSB and then iSavvy-i. At this moment 1st May, iSavvy-i will be my primary account $100K while iSavvy will be my secondary account $500.
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Old 10-03-2020, 07:54 AM   #7473
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same here,

no regret to bid goodbye to citibank maxi gain !

hope to see higher rate in future if possible.

ps : dun waste time on their latest launch !
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Old 10-03-2020, 10:05 PM   #7474
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1 and 2 Yes.
3. For example, I'm new to isavvy. 1st of March I open iSavvy and put $100K, so this is my primary (main account). Promotion period will last till 30st April . 1st May I will open iSavvy-i. Once done on the same day, my $100K from iSavvy will be transferred to POSB and then iSavvy-i. At this moment 1st May, iSavvy-i will be my primary account $100K while iSavvy will be my secondary account $500.
Thank you for the reply! Just a minor point - I can open iSavvy-i first right followed by iSavvy on 1 May.

Also, I note that 1 May is a public holiday followed by Sat and Sunday. To avoid losing out on interest on the first few days of May, I understand that I can open the other iSavvy just a few days before 1 May, and all I will lose out is the interest on the $500 ADB (for the last few days of April)? Would I also lose out on bonus interest due on the $500 x no. of days in May due to how they define Incremental ADB? Anyway, this interest lost should be pretty negligible compared to losing interest on the principal for 4 days.

Thanks again!
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Old 10-03-2020, 10:27 PM   #7475
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Thank you for the reply! Just a minor point - I can open iSavvy-i first right followed by iSavvy on 1 May.

Also, I note that 1 May is a public holiday followed by Sat and Sunday. To avoid losing out on interest on the first few days of May, I understand that I can open the other iSavvy just a few days before 1 May, and all I will lose out is the interest on the $500 ADB (for the last few days of April)? Would I also lose out on bonus interest due on the $500 x no. of days in May due to how they define Incremental ADB? Anyway, this interest lost should be pretty negligible compared to losing interest on the principal for 4 days.

Thanks again!
No prob, you can do that.

You can open iSavvy at 30 April 2020, and then fast in the money on 1 May 2020 to prevent the loss of interest.
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Old 11-03-2020, 03:26 AM   #7476
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No prob, you can do that.

You can open iSavvy at 30 April 2020, and then fast in the money on 1 May 2020 to prevent the loss of interest.
exactly what I will be doing...


but the loss of interest is example, if I open on 2nd may, I will only lose a 1/31 percent right?
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Old 11-03-2020, 07:49 AM   #7477
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iSavvy account is it a one time credit . Or u need to in/out to entitle the monthly intrest?
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Old 11-03-2020, 11:38 AM   #7478
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No prob, you can do that.

You can open iSavvy at 30 April 2020, and then fast in the money on 1 May 2020 to prevent the loss of interest.
Many thanks! Also as it’s now the 11th, would it be better for me to open the account on 1 April instead of exiting mxg now and losing out on the interest accrued thus far?

Edit: one other option I can think of is to maintain the minimum sum of 15,000 in mxg (to avoid $15 fee) and transfer the rest to isavvy haha. Would that be better? Sibor 1-mth around 1.57% now.i would still get the full bonus entitlement right?

Last edited by lowveld; 11-03-2020 at 12:09 PM..
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Old 11-03-2020, 12:24 PM   #7479
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exactly what I will be doing...


but the loss of interest is example, if I open on 2nd may, I will only lose a 1/31 percent right?
Yes you only lose the interest for that day 1st may 2020

iSavvy account is it a one time credit . Or u need to in/out to entitle the monthly intrest?
For the monthly interest you do no need to do anything. Just maintain a $10K ADB, you can withdraw and deposit whenever you wants. Is like a saving accounts, but you don't need to buy any insurance products or spend any amount just to get the 1.75% rates.

Many thanks! Also as it’s now the 11th, would it be better for me to open the account on 1 April instead of exiting mxg now and losing out on the interest accrued thus far?

Edit: one other option I can think of is to maintain the minimum sum of 15,000 in mxg (to avoid $15 fee) and transfer the rest to isavvy haha. Would that be better? Sibor 1-mth around 1.57% now.i would still get the full bonus entitlement right?
Actually this will depends on your plans and your counters, by exiting Maxigain now you lose 11 days of interest. But if you withdraw more than the interest rates of last month your counter will drop I think? I forgot some of the Maxigain rules already but if the counter drop next month then keeping $15K is useful, if not will probably stuck with Maxigain until end of month better choice?
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Old 11-03-2020, 01:20 PM   #7480
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Many thanks! Also as it’s now the 11th, would it be better for me to open the account on 1 April instead of exiting mxg now and losing out on the interest accrued thus far?

Edit: one other option I can think of is to maintain the minimum sum of 15,000 in mxg (to avoid $15 fee) and transfer the rest to isavvy haha. Would that be better? Sibor 1-mth around 1.57% now.i would still get the full bonus entitlement right?
It is not just looking at Maxigain.

Maybank isavvy average daily balance (ADB) is also affected. Eg if you deposit 75000 on 11 Mar, you only get bonus interest for Mar based on ADB of 75000 X 21 /31 which is 50,806.

https://www.maybank2u.com.sg/en/prom...s-top-up.page?

Bonus interest/dividend is awarded on the incremental average daily balance in the Account during the Promotion Period against the average daily balance in February 2020. The Average Daily Balance of the Account is determined by computing the sum of every day-end balance in the Account that month divided by the number of days in that month.
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Old 11-03-2020, 01:47 PM   #7481
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It is not just looking at Maxigain.

Maybank isavvy average daily balance (ADB) is also affected. Eg if you deposit 75000 on 11 Mar, you only get bonus interest for Mar based on ADB of 75000 X 21 /31 which is 50,806.

https://www.maybank2u.com.sg/en/prom...s-top-up.page?

Bonus interest/dividend is awarded on the incremental average daily balance in the Account during the Promotion Period against the average daily balance in February 2020. The Average Daily Balance of the Account is determined by computing the sum of every day-end balance in the Account that month divided by the number of days in that month.
Thanks! It’s a good point but I don’t think applicable to me based on the terms and conditions - ADB should be based on number of days account has been opened for the month - Clause 5.2.
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Old 13-03-2020, 11:48 PM   #7482
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Anyone took up this Time Deposit promotion?
The interest rate, 2.8% for 3 months seem very attractive

https://www.citibank.com.sg/global_docs/pdf/TD_inv.pdf
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Old 13-03-2020, 11:57 PM   #7483
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Anyone took up this Time Deposit promotion?
The interest rate, 2.8% for 3 months seem very attractive

https://www.citibank.com.sg/global_docs/pdf/TD_inv.pdf
Purchase simi investment?
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Old 16-03-2020, 10:29 AM   #7484
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Now with SIBOR rate dropping.


Maxigain is officially dead. Even with counter 12 you are getting only 1.35% pa, and if u are counter 0 its 0.75% now.


Those still have that account. GLHF!
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Old 18-03-2020, 01:27 AM   #7485
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I alrdy have a Isavvy account. Now I want to open a Isavvy I account. Pls advise if I savvy I account equals to isavvy savings plus account?
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