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Citibank Maxigain Savings Account

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Old 14-08-2017, 05:06 PM   #1021
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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 ...

From tnc 2), take note that Sat, Sun interest rate take from Friday. So average for the month takes Friday weightage into account.

From tnc 3), there is a one day shift, so average 1mth SIBOR for July shld be the average of 1mth SIBOR for period 30 Jun to 30 Jul.

I did not calculate myself, just to point out what I find in tnc.

--- tnc below ---
2. The Base Interest Rate will fluctuate daily in accordance to the movement of 1 month SIBOR. For any day that is a weekend or a public holiday, the Base Interest Rate of the immediately preceding Business Day shall apply. “Business Day” refers to any day on which banks are open for business in Singapore other than Saturday, Sunday and gazetted public holidays in Singapore.

3. “1 month SIBOR rate” refers to the previous Business Day’s 1 month SIBOR rate displayed on Page BTMM on the monitor of the Bloomberg agency under the caption “TREASURY AND MONEY MARKETS: SINGAPORE” and under the column headed “SGD”. In the event that the 1 month SIBOR rate is not available on Bloomberg as described on the said date, then the Bank may obtain the same from a different source, or substitute the same with such other rates as the Bank may in its absolute discretion deem fit.
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Old 14-08-2017, 05:22 PM   #1022
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From tnc 2), take note that Sat, Sun interest rate take from Friday. So average for the month takes Friday weightage into account.

From tnc 3), there is a one day shift, so average 1mth SIBOR for July shld be the average of 1mth SIBOR for period 30 Jun to 30 Jul.

I did not calculate myself, just to point out what I find in tnc.

--- tnc below ---
2. The Base Interest Rate will fluctuate daily in accordance to the movement of 1 month SIBOR. For any day that is a weekend or a public holiday, the Base Interest Rate of the immediately preceding Business Day shall apply. “Business Day” refers to any day on which banks are open for business in Singapore other than Saturday, Sunday and gazetted public holidays in Singapore.

3. “1 month SIBOR rate” refers to the previous Business Day’s 1 month SIBOR rate displayed on Page BTMM on the monitor of the Bloomberg agency under the caption “TREASURY AND MONEY MARKETS: SINGAPORE” and under the column headed “SGD”. In the event that the 1 month SIBOR rate is not available on Bloomberg as described on the said date, then the Bank may obtain the same from a different source, or substitute the same with such other rates as the Bank may in its absolute discretion deem fit.
Actually, I've accounted for the first point. The figures don't match in any case. One possibility is the rate given by sibor.sg is not accurate...

Anyways, I'll post my raw figures here. If anyone is free to cross-check, that would be great

July SIBOR
(30 F 0.81682)
1 S 0.81682
2 S 0.81682
3 M 0.81317
4 T 0.81533
5 W 0.82042
6 T 0.82042
7 F 0.93047
8 S 0.93047
9 S 0.93047
10 M 0.93325
11 T 0.93550
12 W 0.98577
13 T 1.04551
14 F 1.04743
15 S 1.04743
16 S 1.04743
17 M 0.99850
18 T 0.99675
19 W 0.99600
20 T 0.99900
21 F 0.99900
22 S 0.99900
23 S 0.99900
24 M 0.99900
25 T 0.99900
26 W 1.00000
27 T 1.00000
28 F 1.00100
29 S 1.00100
30 S 1.00100
(31 M 1.00100)
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Old 14-08-2017, 07:59 PM   #1023
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I use your abs.org raw data for Jul to calculate.

with tnc point 3, the average 1mth SIBOR for Jul based on sibor at abs is 0.952961%, it does narrow the discrepancy somewhat.

If I use my Jul actuals, my EIR for Jul base interest is 0.756596% which still has some slight discrepancy from the 0.8x0.952961%=0.762369%. However, when translated to dollars is only about 70 cents less.

I believe sibor reported at abs.org shld be accurate, its at 5 decimal points. Thomas Reuters is the calculation agent for the daily 1mth sibor rate that is published on abs.org
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Old 17-08-2017, 10:52 PM   #1024
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does that mean if I deposit $1 to my account per month, then my maxisave counter will continue to rise from 0 to 12?
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Old 17-08-2017, 11:02 PM   #1025
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does that mean if I deposit $1 to my account per month, then my maxisave counter will continue to rise from 0 to 12?
no need to deposit, your interest already counts as deposits.

just make sure to deposit $1 every six months to prevent dormant account, reactivating very mahuan
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Old 18-08-2017, 09:34 AM   #1026
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no need to deposit, your interest already counts as deposits.

just make sure to deposit $1 every six months to prevent dormant account, reactivating very mahuan
So just need to put in $15K to open then $1 every 6 mth for it to roll till counter 12?
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Old 18-08-2017, 11:15 AM   #1027
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So just need to put in $15K to open then $1 every 6 mth for it to roll till counter 12?
yes, but actually it only takes a phone call to citi to reactivate dormant accounts
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Old 18-08-2017, 11:21 AM   #1028
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yes, but actually it only takes a phone call to citi to reactivate dormant accounts
actually it's not, i've tried before. The cso insist i have to go down to only certain branches to reactivate, saying need 3 authority to open key and lock
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Old 18-08-2017, 06:07 PM   #1029
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I just opened an account recently. As existing supp card holder, took a few days to process, and they didn't notify me when the account was opened. They also rejected my cheque when I went to open, telling me to deposit it when the account is opened. Hence I think I missed first day

Curious thing is that they gave me citi priority even though I only wanted to put in 15k.
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Old 18-08-2017, 08:52 PM   #1030
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actually it's not, i've tried before. The cso insist i have to go down to only certain branches to reactivate, saying need 3 authority to open key and lock
guess they have different practices...mine was done calling the citigold hotline and they did it over the phone

but then again, after they tell me the accounts were reactivated, i still did not use them
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Old 19-08-2017, 12:46 PM   #1031
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yes, but actually it only takes a phone call to citi to reactivate dormant accounts
I just reactivated my account using internet banking without issue.
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Old 20-08-2017, 09:23 PM   #1032
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if I open a priority banking account with $70,000, will this balance earn any interest rate at all since I can't park the money to maxigain?
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Old 20-08-2017, 09:38 PM   #1033
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I just opened an account recently. As existing supp card holder, took a few days to process, and they didn't notify me when the account was opened. They also rejected my cheque when I went to open, telling me to deposit it when the account is opened. Hence I think I missed first day

Curious thing is that they gave me citi priority even though I only wanted to put in 15k.
I suspect it is a commission thing. Last time I told the guy I didn't want priority, end up also open for me. I had to call in to get them to convert back to normal.
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Old 20-08-2017, 11:16 PM   #1034
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I suspect it is a commission thing. Last time I told the guy I didn't want priority, end up also open for me. I had to call in to get them to convert back to normal.
Hmm I see.. I called them and they said doesn't matter as long as I maintain 15k. Oh well shall just keep it for 'better service' until they downgrade me since I'm not gonna put 70k any time soon
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Old 21-08-2017, 08:34 AM   #1035
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There are different levels of "inactivity" for bank account.

For some banks, account becomes inactive after say 6 mths, and subsequently becomes dormant after say 1 year.

Inactive state or dormant state require different measures to "reactivate", with dormant state requiring more effort to reactivate. An example is dormant requires one to go to a physical branch to reactivate.
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