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Citibank Maxigain Savings Account

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Old 04-03-2016, 03:40 PM   #106
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besides not needing any salary, spend or pay criteria, also banking on increase in sibor in future.

not necessarily a preference of one over the other
I am banking on the prospect of rising of SIBOR rate.

No specific preference to Maxigain, but another alternative product is welcomed since I already maxed out deposit limit with others i.e. 50k with DBS Multiplier, 60k with OCBC 360, etc

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Old 04-03-2016, 05:14 PM   #107
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Same thing happened to me. They are either too popular or they don't care. I will probably head down to a branch soon to get it done, as long as before March ends I can get a counter
Isn't it better to open this account at the start of a mth?

Read in T & C tt Bonus interest is computed based on the preceding month's lowest balance and no of days in preceding month.

If open now and put in $10k, the daily average balance will be higher than next month right?
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Old 04-03-2016, 05:20 PM   #108
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Have $50k and was considering BOC Smartsaver and this.

Just sharing my thoughts, since need to spend on groceries anyway and occasional retail and online purchases, can easily use up $500 per month on BOC CCs to get the 1.55%, plus the base interest of 0.4%, can get 1.95%. With payment of 3 bills, can get 2.55% with no minimum lockdown or reset of counters of earning bonus interest.

For my case, BOC should be better?
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Old 04-03-2016, 08:30 PM   #109
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Have $50k and was considering BOC Smartsaver and this.

Just sharing my thoughts, since need to spend on groceries anyway and occasional retail and online purchases, can easily use up $500 per month on BOC CCs to get the 1.55%, plus the base interest of 0.4%, can get 1.95%. With payment of 3 bills, can get 2.55% with no minimum lockdown or reset of counters of earning bonus interest.

For my case, BOC should be better?
Exactly! That's what I'm wondering too! But I'm not here to put Maxigain down, in fact I'm interested to hear more opinions on this, so maybe I can jump ship too!

Anyway one has shared that he's betting on the rising of SIBOR rate, fair enough
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Old 04-03-2016, 09:54 PM   #110
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My intention too, just like to hear advices from fellow forumers.

Did a calculation based on compounded step up interest, the sibor needs to rise rather considerably before it can breakeven with what BOC is currently offering.


Exactly! That's what I'm wondering too! But I'm not here to put Maxigain down, in fact I'm interested to hear more opinions on this, so maybe I can jump ship too!

Anyway one has shared that he's betting on the rising of SIBOR rate, fair enough
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Old 04-03-2016, 11:01 PM   #111
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Exactly! That's what I'm wondering too! But I'm not here to put Maxigain down, in fact I'm interested to hear more opinions on this, so maybe I can jump ship too!

Anyway one has shared that he's betting on the rising of SIBOR rate, fair enough
Are you referring to me?
Been flat for quite some time, hope it keeps climbing.



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Old 05-03-2016, 12:01 AM   #112
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Exactly! That's what I'm wondering too! But I'm not here to put Maxigain down, in fact I'm interested to hear more opinions on this, so maybe I can jump ship too!

Anyway one has shared that he's betting on the rising of SIBOR rate, fair enough
most folks here have more than 60k...so they need a few of such accounts to optimise the interest they can get for their savings.
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Old 05-03-2016, 10:38 AM   #113
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totally dun understand. what 1.9% and den 0.8%. Confused.

Another question. 1 2 3 counters mean every month must deposit money ah.
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Old 05-03-2016, 11:14 AM   #114
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totally dun understand. what 1.9% and den 0.8%. Confused.

Another question. 1 2 3 counters mean every month must deposit money ah.
someone mentioned before no need to deposit money any more because every month, the interest will be added to your balance
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Old 05-03-2016, 11:26 AM   #115
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someone mentioned before no need to deposit money any more because every month, the interest will be added to your balance
I will add $100 every month to be safe.
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Old 05-03-2016, 11:52 AM   #116
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need to clarify something regarding the 80% one month SIBOR

from their FAQ:

The 1 month SIBOR for December 2015 was 0.972% p.a. for your reference. If the 1 month SIBOR is 0% p.a. or lower, the Base Interest Rate shall be zero.


however when you go to the website they referred for the 1month SIBOR,

Where can I find the latest SIBOR rates?
You can visit the website: http://www.abs.org.sg/rates_sibor.php for updated SIBOR rates.


1 month 1.12050%

how they get that 0.972%? everywhere i looked, the 1 month SIBOR is above 1%
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Old 05-03-2016, 12:33 PM   #117
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http://abs.org.sg/docs/library/benchmark-trends.pdf

look again. the green line. in Dec 15, 1M sibor was below 1%
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Old 05-03-2016, 12:47 PM   #118
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Have $50k and was considering BOC Smartsaver and this.

Just sharing my thoughts, since need to spend on groceries anyway and occasional retail and online purchases, can easily use up $500 per month on BOC CCs to get the 1.55%, plus the base interest of 0.4%, can get 1.95%. With payment of 3 bills, can get 2.55% with no minimum lockdown or reset of counters of earning bonus interest.

For my case, BOC should be better?
For your case, yes.

But max 50k deposit per bank is covered by SDIC, plus for most of these accounts it's capped at 50k. Those who want to keep more than 50k liquid cash have to go for another product.

So it will most likely be BOC/OCBC and Maxigain. Since for BOC/OCBC there are conditions to be met, and unlike you can meet the conditions for both at the same time.
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Old 05-03-2016, 01:22 PM   #119
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need to clarify something regarding the 80% one month SIBOR

from their FAQ:

The 1 month SIBOR for December 2015 was 0.972% p.a. for your reference. If the 1 month SIBOR is 0% p.a. or lower, the Base Interest Rate shall be zero.


however when you go to the website they referred for the 1month SIBOR,

Where can I find the latest SIBOR rates?
You can visit the website: http://www.abs.org.sg/rates_sibor.php for updated SIBOR rates.


1 month 1.12050%

how they get that 0.972%? everywhere i looked, the 1 month SIBOR is above 1%
The 1mth SIBOR rate of 0.972% for Dec probably refers to the rate on 1 Dec 2015.

Anyway, citi uses daily 1mth SIBOR rate to calculate the interest for each day.
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Old 05-03-2016, 05:11 PM   #120
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Can only open the account physically at the branches?
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