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Citibank Maxigain Savings Account

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Old 30-04-2020, 02:13 PM   #7531
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I think it's more for diversification. The plus side is this account you can still withdraw anytime you want.

Other FDs are locked up.

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no need to compare with FD...other banks also have around or more than 1%..

maxigain also have penalty for withdrawal ---> drop tier.
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Old 30-04-2020, 02:14 PM   #7532
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I think it's more for diversification. The plus side is this account you can still withdraw anytime you want.

Other FDs are locked up.

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If only 1%, put in CIMB fastsaver better, no penalty for withdrawal
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Old 30-04-2020, 10:42 PM   #7533
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I shifted to DBS 12 months FD at 1.4%
Will the interest change after your tenor started? They are changing to lower interest rate from 4th may
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Old 30-04-2020, 11:58 PM   #7534
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Will the interest change after your tenor started? They are changing to lower interest rate from 4th may
Once u cfm and lock in, they cannot change the interest rate.
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Old 01-05-2020, 10:15 AM   #7535
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I shifted to DBS 12 months FD at 1.4%
MAY intrest rate also drop to 1.15% or so
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Old 01-05-2020, 11:02 AM   #7536
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I think it's more for diversification. The plus side is this account you can still withdraw anytime you want.

Other FDs are locked up.

Sent from 8riversuites using GAGT
I think now most savings account with no lock in has higher rate than Citibank Maxigain with the drop in Sibor rate and the change end of last year. Furthermore, withdraw more than the previous month gives a big drop. For $100K people move to CIMB Fastsaver, flexible. For $200K people move to Hong Leong iSavings. For more than $200K people go to Maybank iSavvy/iSavvy-i Merry go round. These are flexible and can withdraw without causing a big drop of interest rates.
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Old 01-05-2020, 11:56 AM   #7537
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MAY intrest rate also drop to 1.15% or so
U can place the money before 4 May. I done it online in less than 5 mins.
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Old 01-05-2020, 10:13 PM   #7538
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U can place the money before 4 May. I done it online in less than 5 mins.
True, but there a limit to the 1.4% but still better than nothing
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Old 02-05-2020, 12:27 AM   #7539
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For reference, based on my calculations, base interest paid out over the last two years has been approximately the following:

2020-04 0.455%
2020-03 0.606%
2020-02 0.841%
2020-01 0.858% // bonus interest reduced to 0.05% per counter
2019-12 0.885% // 50% of 1m SIBOR
2019-11 1.230% // 70% of 1m SIBOR
2019-10 1.298%
2019-09 1.312%
2019-08 1.315%
2019-07 1.318%
2019-06 1.319%
2019-05 1.302%
2019-04 1.279%
2019-03 1.289%
2019-02 1.260%
2019-01 1.242% // 70% of 1m SIBOR
2018-12 1.358% // 80% of 1m SIBOR
2018-11 1.296%
2018-10 1.213%
2018-09 1.210%
2018-08 1.219%
2018-07 1.200%
2018-06 1.138% // 80% of 1m SIBOR
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Old 02-05-2020, 12:34 AM   #7540
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For reference, based on my calculations, base interest paid out over the last two years has been approximately the following:

2020-04 0.455%
2020-03 0.606%
2020-02 0.841%
2020-01 0.858% // bonus interest reduced to 0.05% per counter
2019-12 0.885% // 50% of 1m SIBOR
2019-11 1.230% // 70% of 1m SIBOR
2019-10 1.298%
2019-09 1.312%
2019-08 1.315%
2019-07 1.318%
2019-06 1.319%
2019-05 1.302%
2019-04 1.279%
2019-03 1.289%
2019-02 1.260%
2019-01 1.242% // 70% of 1m SIBOR
2018-12 1.358% // 80% of 1m SIBOR
2018-11 1.296%
2018-10 1.213%
2018-09 1.210%
2018-08 1.219%
2018-07 1.200%
2018-06 1.138% // 80% of 1m SIBOR
0.44% is super low
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Old 02-05-2020, 01:48 AM   #7541
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0.44% is super low
Indeed, but the above does not include the bonus interest, which can add up to another 0.6%).

With max counters, the effective rate for 2020-04 would be 1.055%
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Old 02-05-2020, 09:03 AM   #7542
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For closure of this account, do I need to be physically present at the branch? If I close this month, lost of interest - correct? Or leave $15 until next month, the bonus interest come in, and then close the account? Thanks.
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Old 02-05-2020, 09:24 AM   #7543
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Indeed, but the above does not include the bonus interest, which can add up to another 0.6%).

With max counters, the effective rate for 2020-04 would be 1.055%
Max counter 12 Months at 1.055% is no good, for CIMB Fastsaver and Hong Leong iSavings can get much more for 100K-200K even with much more flexible and you can withdraw.
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Old 02-05-2020, 09:41 AM   #7544
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Max counter 12 Months at 1.055% is no good, for CIMB Fastsaver and Hong Leong iSavings can get much more for 100K-200K even with much more flexible and you can withdraw.
CIMB Fastsaver is tiered. Maximum effective rate is 1.325% if you put exactly 100k. Anything more or less, and it will be less than that.

CIMB Fastsaver effective interest rate:
50k 1%
75k 1.16%
100k 1.325%
125k 1.18%
150k 1.08%
175k 1.01%
200k 0.96%
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Old 02-05-2020, 11:33 AM   #7545
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True, but there a limit to the 1.4% but still better than nothing
Quite curious why their interest rate is lower than 1.4% for amount higher than $100K, I called in to DBS and the CS is puzzled too. Anyhow, I've done 3 different placements to get the 1.4%.

Last edited by stars8; 02-05-2020 at 11:39 AM..
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