Citibank Maxigain Savings Account

[Globe]

guys, any idea why the interest credited was less then the previous month ?

i did not withdrawal or deposit additional cash

 

[kehyi4]

guys, any idea why the interest credited was less then the previous month ?

i did not withdrawal or deposit additional cash

Possible reason -> bonus int is based on Sep (30 days), so will be less than previous mth which was based on Aug (31 days)

 

[MikeDirnt78]

guys, any idea why the interest credited was less then the previous month ?

i did not withdrawal or deposit additional cash

Do you mean the $ amount?

Mine are higher than the previous month. % wise I did not calculate.

 

[Alex_Chua]

the experience really cui, i tried.

no point signing up online, they'll just get a salesperson to call you, then end up still gotta go to the branch to open account.

need cash or cashier's order or cheque to proceed. whole world using fund transfer, tell them fund transfer they keep discouraging you.

while signing up, got problems with name conflict. they'll inform you subsequently when the account number is given to you. but u are on a timer here, once u get it u need to fund it immediately, if not that month no bonus interest.

if u want to transfer via ibanking, u need to transfer and call the bank to confirm. ibanking not ready until they mail the atm card to you. other banks usually just give you the card and account on the spot, but not them.

best is they keep upselling you cards and other accounts, and ask you to be priority member, because that makes the whole process faster, smoother.

the bank that never sleeps, probably cos they're very inflexible and need a lot of paperwork. their staff said, there're some things that can't change. no **** sherlock.

rather continue using ocbc and uob.

Not that bad lah, maybe depends on which branch u go to. For me I just did funds transfer in; no cash or cheque needed when opening. Actually no rush too; about the interest for that month. At most delay 1 month loh. I'm sure you spent some time deciding to open this citi account too, after first discovering it? In any case it was already around for months before you opened an account right, so already "lost" some bonus interest liao. Best not to think too much about "being on a timer" or something.

 

[Alex_Chua]

Oh and my ibanking was ready on the spot too I think, could transfer $ in/out immediately (or after like 1 working day). There was no name conflict, they didn't ask me to get any credit cards etc. I did upgrade to priority member, but at my request not theirs, to get the cash gift $100 I think.
Edit: ok was $200 gift

 

[Alex_Chua]

guys, any idea why the interest credited was less then the previous month ?

i did not withdrawal or deposit additional cash

The base interest should be higher as it's for Oct (31 days) instead of Sep (30 days). But bonus interest may be lower as it's for Sep instead of Aug.

 

[Globe]

The base interest should be higher as it's for Oct (31 days) instead of Sep (30 days). But bonus interest may be lower as it's for Sep instead of Aug.

here is the screen shot.

 

[foozgarden]

i am at #9 step up now.
whats the max step up that one can achieve?
and also, how to find out which step correspond to how much % i/r?

 

[shpesft]

i am at #9 step up now.
whats the max step up that one can achieve?
and also, how to find out which step correspond to how much % i/r?

Max step: 12

Interest is 80% of 1 month SIBOR + (Step number x 0.1%)

Step 9 will be: (80% x 1%) + (9 x 0.1%) = 1.7%

 

[Eternit]

here is the screen shot.

Hi may I know where to see this screen, can't seem to find it at online banking, new Maxigain customer here. Tia

 

[a4973]

Max step: 12

Interest is 80% of 1 month SIBOR + (Step number x 0.1%)

Step 9 will be: (80% x 1%) + (9 x 0.1%) = 1.7%

so if statement for end October says Step 9 does that mean for November month the will be on Step 10?
thanks

 

[shpesft]

Hi may I know where to see this screen, can't seem to find it at online banking, new Maxigain customer here. Tia

This looks like screenshot of Citibank IPhone app and not the online banking webpage

so if statement for end October says Step 9 does that mean for November month the will be on Step 10?
thanks

Yes it should be, provided the lowest daily balance of Nov is the same or higher than that of previous month. If not, step up counter drops to 6

 

[bbbbbw]

They wasted a lot of my time.
I went with cash to open this account and 2 weeks later they ask me go back to same branch to counter sign

Cos the bank staff did not tick exactly in the box.
So must counter sign.

 

[Squaredot]

They wasted a lot of my time.
I went with cash to open this account and 2 weeks later they ask me go back to same branch to counter sign

Cos the bank staff did not tick exactly in the box.
So must counter sign.

The staff is careless

 

[Alex_Chua]

here is the screen shot.

Yup this is correct. Bonus interest at end Oct is for Sep, 30 days so less than that at end Sep which was for Aug, 31 days. Normal interest on the other hand will be higher at end Oct cos it's for Oct 31 days, while normal interest at end Sep was for Sep 30 days.

You can calculate bonus interest exactly: at end Oct it'll be your lowest balance in Sep x your step x 30 / 365. Will be correct rounded to nearest cent.

Normal interest harder to calculate: it'll be 0.8 x 1mth sibor x your daily balance (capped at $150k) / 365, calculated daily. So hard to get exact unless you keep track of sibor everyday. Roughly can just use 0.8 (now sibor about 1%) x average balance x 31 / 365 for Oct.

 

[Alex_Chua]

Hi may I know where to see this screen, can't seem to find it at online banking, new Maxigain customer here. Tia

Citibank sends us the password protected monthly statement at the start of each month via email. So a few days ago we received October's statement.

Or can login to online banking to check account history. But I usually just wait for statement since interest only comes in on last day of the month.

 

[Alex_Chua]

so if statement for end October says Step 9 does that mean for November month the will be on Step 10?
thanks

Yes if end Oct is step 9, means your bonus interest at end Oct is 0.9 x lowest balance in Sep x 30 / 365. So at end Nov you'll get step 10 for October bonus interest, if you don't withdraw or transfer money out.

 

[George Soros]

Can we sign up at the met station branch??

Damn aldy 3week when I call in for sign up..if they can't do sign up online or by calling the hotline. Don't waste bloody time to send out e-mail to ask to do so...stupid bank

 

[locksleychang]

Can we sign up at the met station branch??

Damn aldy 3week when I call in for sign up..if they can't do sign up online or by calling the hotline. Don't waste bloody time to send out e-mail to ask to do so...stupid bank

I did that. I already had an Internet banking account with them, so when it was created I saw it in my account online and just transferred the money over.

 

[George Soros]

I did that. I already had an Internet banking account with them, so when it was created I saw it in my account online and just transferred the money over.

Me too had an internet banking ,saving acc and credit card ..but didn't see any acc appear ..