Citibank Maxigain Savings Account

Perisher

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Sometime this year, SDIC will revise the $50k upwards, perhaps to $75k.

MAS have stricter requirements for banks that are labelled
DSIB - Domestic Systematically Important Banks.

The 3 local banks are all in it.

As for foreign banks,
Citi is definitely one of them, along with maybank, stanchart, hsbc

http://www.todayonline.com/business/mas-proposes-increasing-deposit-insurance-coverage-s75000

The Monetary Authority of Singapore (MAS) on Friday (Aug 4) released a public consultation on its proposals to enhance the Deposit Insurance Scheme, which insures Singapore dollar deposits held at a full bank or finance company in Singapore.

A key proposal is to increase deposit insurance coverage from the current S$50,000 to S$75,000 per depositor. The deposit insurance coverage limit was last raised from S$20,000 to S$50,000 in 2011, which, at the time, fully covered more than 90 per cent of insured depositors.

Since then, with the growth in deposit base, the percentage of fully covered insured depositors has fallen to 87 per cent. The proposed coverage limit of S$75,000 will restore the percentage of fully insured depositors to above 90 per cent, in line with international norms, the MAS said.

Mr Anurag Mathur, head of retail banking and wealth management, HSBC Bank Singapore, said: “The proposed MAS changes to the Deposit Insurance Scheme are timely as they reflect the growing affluence in this region. We believe this move will further lend confidence to Singapore’s financial system and the banks operating here as it will offer greater protection to depositors.”

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In 2006, MAS announced the establishment of the Singapore Deposit Insurance Corporation (SDIC) to administer the deposit insurance scheme and manage the deposit insurance fund. This followed the enactment of the Deposit Insurance Act in 2005.

The deposit insurance scheme will provide compensation to individuals and charities for the first S$20,000 of their Singapore dollar deposits, net of liabilities, in the event that their bank or finance company fails. The scheme compensates depositors through a fund built up from contributions by full banks and finance companies. SDIC conducts public education on the deposit insurance scheme and issues rules on the operational aspects of the scheme.

A Deposit Insurance Fund was established from premium contributions of deposit insurance scheme members for compensation to insured depositors in the event of a failure of a scheme member. The Deposit Insurance Fund is invested in safe and liquid assets such as securities issued by the Singapore Government or the MAS, deposits with the MAS, any debenture or debt security issued by Singapore Sukuk and other assets approved by the Finance Minister.

Deposit insurance scheme members pay annual premium contributions to the Deposit Insurance Fund. The premiums levied on member institutions are differentiated according to the risk they pose to the Deposit Insurance Fund. These risk-based premiums are charged to member institutions as a percentage of the amount of insured deposits they hold, subject to a minimum annual premium of S$2,500.

The MAS proposes to achieve the targeted Deposit Insurance Fund size of 30 basis points of total insured deposits in a progressive manner. The plan is to extend the build-up period of the Deposit Insurance Fund from 2020 to 2028, and to revise the annual premium rates levied on full banks and finance companies from 2.0-7.0 basis points to 2.5-8.0 basis points.

Interested parties can give their views and comments on the proposals contained in the consultation paper. The public consultation will end on Sept 4.
 

rottingapple

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Hmm well, let's say you have $300k. Does that mean you'll be looking for 6 banks to put $50k in each? (^^)

The main purpose of sdic is to prevent a mass panic withdrawal run on the banks... cos if it happens, sdic or not, our money will not be protected.

Oic.. i did have that plan in mind initially (to distribute between different banks), for fear of bank collapse, but also a bit troublesome lah.
 

Perisher

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Oic.. i did have that plan in mind initially (to distribute between different banks), for fear of bank collapse, but also a bit troublesome lah.

Since $75,000 per bank is most likely coming, I suppose 2 bank is enough to hold your savings. Putting more than $150k in savings is not worth it anyway.
Make use of $100k SSB as another option for safe keeping with interest growth.
That would be $250k worth of very safe asset.

Surely, time to explore more risky investment above that.
 

rottingapple

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Since $75,000 per bank is most likely coming, I suppose 2 bank is enough to hold your savings. Putting more than $150k in savings is not worth it anyway.
Make use of $100k SSB as another option for safe keeping with interest growth.
That would be $250k worth of very safe asset.

Surely, time to explore more risky investment above that.

Hi Perisher! Ssb is safer than banks mah?

Since its from government, i suppose it should be the safest of all :o
 
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Perisher

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Haha! Ok thanks for the recommendation, i will purchase SSb when my next bonus comes :o

It's best you understand how SSB works first. No rush as the next deadline to subscribe should be Feb 26th. This month's SSB is already ending today.
 

starfish.starfish

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Yup agree with mod on this. Too much cash on hand might not be a good thing.

Since $75,000 per bank is most likely coming, I suppose 2 bank is enough to hold your savings. Putting more than $150k in savings is not worth it anyway.
Make use of $100k SSB as another option for safe keeping with interest growth.
That would be $250k worth of very safe asset.

Surely, time to explore more risky investment above that.
 

Perisher

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u mean the property thread hor... just treat as extension from edmw la :s13:

That's just one of it.
Last year got a few threads, need to read 20-50pages worth of reply to understand the whole situation. :s22:
 

sony668

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anyone here have 2 separate maxi accounts ?

I was looking to put $30000 from my dbs current (which is earning zero interest) to somewhere that earn decent ones.

was thinking of cimb , but they don't allow opening of 2 fast savers.
 

Perisher

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anyone here have 2 separate maxi accounts ?

I was looking to put $30000 from my dbs current (which is earning zero interest) to somewhere that earn decent ones.

was thinking of cimb , but they don't allow opening of 2 fast savers.

$30k? All of it in Maxigain can liao, why need 2?
 

luvalist

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Interested in opening maxigain priority, $70k for the welcome reward.

Can someone pm with referral, how it works and how much you are willing to share from the referral $$?

:s12::s12::D

I pm you. Check your inbox. hope you gotten your answer
 

shpesft

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One Maxigain account is enough for 30k. Max amount is 150k

You can open one individual maxi and another joint maxi account though.

For Fastsaver, you can have 1 FastSaver account, 1 FastSaver-i account and another 1 each as a joint account.

anyone here have 2 separate maxi accounts ?

I was looking to put $30000 from my dbs current (which is earning zero interest) to somewhere that earn decent ones.

was thinking of cimb , but they don't allow opening of 2 fast savers.
 

mikezuper

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Hi, is there a minimum amount for counter to move each month? $100 can? or even $1? :D

I think $0.00 also can. As long as not lower than previous month will increase.

Interest already positive, but to be safe $0.01 can laa 😁
 

Kixon9

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I think $0.00 also can. As long as not lower than previous month will increase.

Interest already positive, but to be safe $0.01 can laa ��

Oh, that means I can just park $15k and let it roll 1 year later then cheong in $135k to get 2%?
 
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