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Citibank Maxigain Savings Account

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Old 02-08-2017, 09:05 PM   #1006
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So just to check:
If i see this in my statement - You have accumulated 2 STEP-UP (Jul)

This means that the total interest rate for me is 0.8*0.945+0.2% = 0.956%

Correct?
no wonder for 17.5k . i got almost 20 dollar this mth.

Last edited by foxer77; 02-08-2017 at 09:08 PM..
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Old 02-08-2017, 09:10 PM   #1007
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bonus interest for july = 31 july statement step-up counter x 0.1% x 30/365 x lowest daily balance of june.

normal interest for july = 0.8% x july 1-mth sibor x 31/365 x balance as of 31 july
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Old 02-08-2017, 09:35 PM   #1008
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bonus interest for july = 31 july statement step-up counter x 0.1% x 30/365 x lowest daily balance of june.

normal interest for july = 0.8% x july 1-mth sibor x 31/365 x balance as of 31 july
To be more precise as interest is calculated daily since sibor fluctuates daily.
normal interest for July = 0.8 x (average of 1-mth sibor for mth of Jul) x 31/365 x average balance in July
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Old 02-08-2017, 09:53 PM   #1009
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oh I din noe the normal interest is computed daily. that's probably why I can never get the precise calculation for the normal interest when I tried to compute myself...
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Old 04-08-2017, 09:37 AM   #1010
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Suddenly I received this SMS yesterday.
It looks like useless.
I don't think it has any 'perks'. LOL

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Old 04-08-2017, 09:55 AM   #1011
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Talking

You miss the $500 Priority welcome gift. This is one of the best gifts.
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Old 04-08-2017, 09:55 AM   #1012
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Suddenly I received this SMS yesterday.
It looks like useless.
I don't think it has any 'perks'. LOL

can lim kopi ?
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Old 04-08-2017, 11:26 AM   #1013
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what is the monthly service fee for citibank?
15 dollars??



Citibank Account Service Fee S$15 per month^^

Last edited by willdan; 04-08-2017 at 11:29 AM..
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Old 05-08-2017, 12:10 AM   #1014
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Is there a cap on the account balance that will receive the bonus step-up interest? How much is the cap, is it $150,000?

I accidentally transferred $20K into my Maxigain account a few days ago. If I transfer the same amount out to another account now, will I still be able to maintain the step-up rate, or will it drop to counter 0 or 6?
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Old 05-08-2017, 07:57 AM   #1015
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Is there a cap on the account balance that will receive the bonus step-up interest? How much is the cap, is it $150,000?

I accidentally transferred $20K into my Maxigain account a few days ago. If I transfer the same amount out to another account now, will I still be able to maintain the step-up rate, or will it drop to counter 0 or 6?
150k limit on 80% Sibor (ie Base Interest) ... no limit on Sibor

No Limit on Counter bonus Interest, but Counter limited to 1.2%

what is your counter now ?
what was the LOWEST balance last month ?
Will transferring out 20k result in balance that is BELOW the LOWEST balance last month ?
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Old 07-08-2017, 10:06 PM   #1016
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150k limit on 80% Sibor (ie Base Interest) ... no limit on Sibor

No Limit on Counter bonus Interest, but Counter limited to 1.2%

what is your counter now ?
what was the LOWEST balance last month ?
Will transferring out 20k result in balance that is BELOW the LOWEST balance last month ?
Counter at 12
Lowest balance last month was $149,100+ between 1-30 Jul.
On 31 Jul it became $149,400+ after interest came in.
On 4 Aug I accidentally transferred 20K in making it $169,400+.
Question is can I now withdraw the 20K without any penalty, since only the first 150K earns the higher interest.
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Old 07-08-2017, 10:13 PM   #1017
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Counter at 12
Lowest balance last month was $149,100+ between 1-30 Jul.
On 31 Jul it became $149,400+ after interest came in.
On 4 Aug I accidentally transferred 20K in making it $169,400+.
Question is can I now withdraw the 20K without any penalty, since only the first 150K earns the higher interest.
withdraw before 31st aug and you're fine. it's based on lowest balance of the month
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Old 10-08-2017, 05:08 PM   #1018
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my end July statement shows i am on counter 3 so does this mean that on this july statement i am getting 0.3% Bonus?
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Old 10-08-2017, 05:18 PM   #1019
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In case anyone is curious, the effective base int rate for Jul 2017 is 0.75669%

This implies an average 1-mth SIBOR of 0.94586% in Jul
based on data from sibor.sg

The average 1-mth SIBOR for Jul 17 is 0.958902%
Maxigain base interest rate should have been 0.76712% (80% of above)

If any1 has insight into the (slight) discrepancy, that would be great ...
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Old 14-08-2017, 02:55 PM   #1020
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If I open on 31st August with cash with counter = -. Will 1-30 Sept be counter +1 interest rates?
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