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Citibank Maxigain Savings Account

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Old 30-11-2020, 02:13 PM   #7771
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I remember I used cross cheque when opening the account few years back. Guess they also takes a few days to open your account.
Thanks for the heads up! Was intending to head down the branch to open, hence these questions.

What about the second questions? Do you have any experience for the fall below fees?
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Old 01-12-2020, 03:02 AM   #7772
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Hi guys, I have a few questions regarding about opening of a new Citibank deposit account.

1) When opening a new Citibank Deposit account (new to bank customer), are you expected to fund the account immediately at the branch, or do they give you some leeway, like within 24 hours or 48 hours to put in the S$15,000 TRB?

2) If the Citibank deposit account is left at S$0, does it go negative for the S$15 monthly fall below fee? When you deposit money back, it immediately deducts the negative amount, or the bank cannot do anything and your account will always remain at $0?

2a) As for question 2 addition, what if the account balance is left less than S$15, but above S$0 (e.g. S$5), do they deduct $5 and go into negative, or does it become $0?

Thanks in advance, I don't want to create a new thread just for asking this question.
Up for awareness. Still seeking answers. Read quite a few pages on this thread but I don't seem to find a definite answer.
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Old 01-12-2020, 07:34 AM   #7773
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Up for awareness. Still seeking answers. Read quite a few pages on this thread but I don't seem to find a definite answer.
because there is no definite answer. it is grey area.

go try it out for yourself for one month to find out the answer for yourself and tell us. it is only $15 at most to try.
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Old 01-12-2020, 10:44 AM   #7774
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Up for awareness. Still seeking answers. Read quite a few pages on this thread but I don't seem to find a definite answer.
when I had the MaxiGain account, i had zero balance months

no fee deduction

i never topped up again bcos i closed account eventually

caveat : this pertains to MaxiGain account only & that's a year ago

usually if account is not a current account, it shld not go negative

if account is current account, it could go negative (at bank's discretion)
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Old 01-12-2020, 11:59 AM   #7775
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when I had the MaxiGain account, i had zero balance months

no fee deduction

i never topped up again bcos i closed account eventually

caveat : this pertains to MaxiGain account only & that's a year ago

usually if account is not a current account, it shld not go negative

if account is current account, it could go negative (at bank's discretion)
Thank you for the information. It's hard to draw a line between "Savings account and "Current Account" these days. While looking at the Citibanking pricing guide it says "Savings and Checking Accounts" for the majority of deposit accounts.

Looks like as long as the account does not come with overdraft facility, it shouldn't go into negative. Thanks!
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Old 01-12-2020, 03:07 PM   #7776
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because there is no definite answer. it is grey area.

go try it out for yourself for one month to find out the answer for yourself and tell us. it is only $15 at most to try.
If the bank extends to him an overdraft facility, it'll be quite a bit more than $15... And there is nothing grey about it - all of it is clearly detailed in their T&Cs, if you are able find and make sense of it.

A definite answer can only come from the bank. If that is what you want, pick up the phone and call them, or drop by a branch and ask. Everything else is simply heresay and doesn't mean anything at all.

Last edited by dreant; 01-12-2020 at 03:13 PM..
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Old 15-12-2020, 01:32 AM   #7777
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If I accidentally transfer funds out of my MaxiGain Account, but replenished the same amount immediately (within the same day, did not pass 12am midnight), will my "lowest balance" or counter be affected? Citibank website says "end day balance" while their Q&A states "at any point of time".

Thanks in advance.
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Old 15-12-2020, 02:18 AM   #7778
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If I accidentally transfer funds out of my MaxiGain Account, but replenished the same amount immediately (within the same day, did not pass 12am midnight), will my "lowest balance" or counter be affected? Citibank website says "end day balance" while their Q&A states "at any point of time".

Thanks in advance.
Should be end of day balance, if u open a new account, u have to fund it on the same day, else the lowest balance for your first month will be $0. Would be good if u share the link to the Q&A that states "at any point of time"
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Old 15-12-2020, 07:54 AM   #7779
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If I accidentally transfer funds out of my MaxiGain Account, but replenished the same amount immediately (within the same day, did not pass 12am midnight), will my "lowest balance" or counter be affected? Citibank website says "end day balance" while their Q&A states "at any point of time".

Thanks in advance.
It is based on end of day balance.
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Old 15-12-2020, 11:31 AM   #7780
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Should be end of day balance, if u open a new account, u have to fund it on the same day, else the lowest balance for your first month will be $0. Would be good if u share the link to the Q&A that states "at any point of time"
It is actually stated at quite a few areas at the FAQ and on the PDF Terms and Conditions

https://www.citibank.com.sg/global_d...2_Dec_2019.pdf

https://www.citibank.com.sg/gcb/depo...PUAAENLCRYCALM

How is the lowest balance of account opening month determined?

The lowest balance of that month will be the lowest amount of funds in your MaxiGain account at any point in time in the month (which includes the first day on which your MaxiGain account is opened). The lowest balance for the first month will be zero if the MaxiGain account is not funded on the day it is opened.


My concern is if I made an accidental funds transfer from the MaxiGain account, but I replenish the same amount immediately within the same day, my "lowest balance" will be affected because "at any point in time" i already withdrew the funds hence the balance is at its lowest at that point of withdrawal / transfer.

However, the very same FAQ Table also states "End Day Balance", can also mean that as long as I replenish the funds before 12 midnight the same day, logically it should not be affected as by the end of the day, the amount remains the same as I replenished the funds transferred / withdrew out.

I don't know why it seems that the default funds transfer account is MaxiGain on the app. Everytime you transfer funds must select the drop down box otherwise it will be from MaxiGain.
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Old 15-12-2020, 11:33 AM   #7781
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Should be end of day balance
It is based on end of day balance.
Thanks! Hopefully this is correct!
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Old 15-12-2020, 11:48 AM   #7782
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It is actually stated at quite a few areas at the FAQ and on the PDF Terms and Conditions

https://www.citibank.com.sg/global_d...2_Dec_2019.pdf

https://www.citibank.com.sg/gcb/depo...PUAAENLCRYCALM

How is the lowest balance of account opening month determined?

The lowest balance of that month will be the lowest amount of funds in your MaxiGain account at any point in time in the month (which includes the first day on which your MaxiGain account is opened). The lowest balance for the first month will be zero if the MaxiGain account is not funded on the day it is opened.


My concern is if I made an accidental funds transfer from the MaxiGain account, but I replenish the same amount immediately within the same day, my "lowest balance" will be affected because "at any point in time" i already withdrew the funds hence the balance is at its lowest at that point of withdrawal / transfer.

However, the very same FAQ Table also states "End Day Balance", can also mean that as long as I replenish the funds before 12 midnight the same day, logically it should not be affected as by the end of the day, the amount remains the same as I replenished the funds transferred / withdrew out.
Haha.. Stop confusing yourself la! What u highlighted is actually the ANSWER to your question!

End of day balance - e.g. on 15/12/20,
Starting balance: 10k, u deposit 1k, then withdraw 3k, then deposit 2k.
End day balance: 10k

Lowest balance in the Month -

e.g. (1) your account was opened on 1/12/20 and u DID NOT deposit on 1/12/20, but deposit 10k on 2/12/20 and remain as 10k for the rest of the month:

So end day balance on 1/12: 0
End day balance on 2/12 - 31/12: 10k

Your Lowest balance in the Month is 0

e.g. (2) your account was opened on 1/12/20 and u deposited 10k on 1/12/20, and deposit 5k on 2/12/20 and withdraw 6k on 3/12:

So end day balance on 1/12: 10k
End day balance on 2/12: 15k
End day balance on 3/12 - 31/12: 9k

Your Lowest balance in the Month is 9k
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Old 15-12-2020, 11:57 AM   #7783
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I don't know why it seems that the default funds transfer account is MaxiGain on the app. Everytime you transfer funds must select the drop down box otherwise it will be from MaxiGain.
Yes, I also kena this a few times when I first started using their app, I think it depends on which account u clicked prior to clicking the transfer tab. But to be safe, always check just before you key in the amount to transfer from the drop down box u mentioned.
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Old 15-12-2020, 12:12 PM   #7784
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Haha.. Stop confusing yourself la! What u highlighted is actually the ANSWER to your question!

End of day balance - e.g. on 15/12/20,
Starting balance: 10k, u deposit 1k, then withdraw 3k, then deposit 2k.
End day balance: 10k

Lowest balance in the Month -

e.g. (1) your account was opened on 1/12/20 and u DID NOT deposit on 1/12/20, but deposit 10k on 2/12/20 and remain as 10k for the rest of the month:

So end day balance on 1/12: 0
End day balance on 2/12 - 31/12: 10k

Your Lowest balance in the Month is 0

e.g. (2) your account was opened on 1/12/20 and u deposited 10k on 1/12/20, and deposit 5k on 2/12/20 and withdraw 6k on 3/12:

So end day balance on 1/12: 10k
End day balance on 2/12: 15k
End day balance on 3/12 - 31/12: 9k

Your Lowest balance in the Month is 9k
Haha my bad! I see the "at any point in time" then I mini panic. I was adding a new payee from the Citi phone app, but somehow you cannot just add payee, have to make a transfer, so I transferred $1 out, but didn't realized it was from MaxiGain account so I panic.

I just got off the phone with Citibank also, they confirmed is end day balance, so long as the amount you transferred out from MaxiGain is replenished within the same day, it will not be affected. If you past 12 midnight then replenish, then the lowest balance will be affected because it's already the next day.
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Old 15-12-2020, 12:23 PM   #7785
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Yes, I also kena this a few times when I first started using their app, I think it depends on which account u clicked prior to clicking the transfer tab. But to be safe, always check just before you key in the amount to transfer from the drop down box u mentioned.
Yes, must be careful and double check at the drop down box of which account it is before the transfer.

I just spoke to Citibank on the phone. On the Citi phone app, the "default" debiting account is based on the account that has the highest balance of funds in it. I was told to try topping up more funds to the other account higher than the MaxiGain account and see if the default debiting account changes.

I just tried and it works, as long as one other account has higher balance than MaxiGain, the other account will be the default debiting account for transfer, until the amount drops lower than MaxiGain, then MaxiGain will be the "default" account again from the drop down box. Basically, the account with the most money will be the default account for outgoing transfer, so must make sure to check carefully before making any transfers.
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