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-   -   Citibank Maxigain Savings Account (https://forums.hardwarezone.com.sg/money-mind-210/citibank-maxigain-savings-account-5311537.html)

doody_ 26-02-2016 10:42 PM

Citibank Maxigain Savings Account
 
Radio today was advertising this new savings account from Citibank.

Basically, you are paid a base interest which is 80% of the 1-month SIBOR rate. For every month, you get bonus interest starting from 0.1% after 1st month, until max of 1.2% after 12 months. Account balance cannot be taken out, else the bonus interest resets. Either maintain same balance or increase balance.

Sounds very interesting as you could potentially get up to 2% yet able to withdraw money any time without penalty, unlike a fixed deposit.

https://www.citibank.com.sg/gcb/depo...xgn-savacc.htm

IcYFl4mEz 27-02-2016 12:21 AM

I read the website, dont understand what does counter 1 2 3 etc means? How it works

doody_ 27-02-2016 12:36 AM

Quote:

Originally Posted by IcYFl4mEz (Post 99964930)
I read the website, dont understand what does counter 1 2 3 etc means? How it works

Check out the FAQ.

Basically, after every month, you get 1 counter. 1 counter = 0.1% interest. The maximum is 12 counters which will take you 12 months to obtain.

Base interest = 80% of 1-month SIBOR = 80% x 1.11950 = 0.90% (estimated)

1st month i/r = 0.9%
2nd month i/r = 0.9% + 0.1%
3rd month i/r = 0.9% + 0.2%
...
13th month i/r = 0.9% + 1.2%


Seems to be a pretty good deal but hope more people here can take a look and see if this "deal" is too good to be true.

MikeDirnt78 27-02-2016 02:53 AM

citibank used to have a similar step up account previously. good thing for this one is the reset for bonus i/r is not back to 0 but the minimum is higher.

sibor is rising so this account will be useful when the right time comes.

Squaredot 27-02-2016 11:54 AM

Does the interest rate remain at 80%*1m SIBOR + 1.2% after 13months ?
I'm keen :D

IcYFl4mEz 27-02-2016 12:12 PM

Thanks doody for explaining, so if SIBOR raise every month, our base interest rate increase also ?

icicic 27-02-2016 12:54 PM

Looks good. Plus the 200 sgd for opening citi priority at the same time, and another 200 sgd I think stackable for doing the investment preference survey and opt for estatement. Feels like magic card combo

Sent from Sony D6653 using GAGT

doody_ 27-02-2016 12:58 PM

Quote:

Originally Posted by IcYFl4mEz (Post 99969725)
Thanks doody for explaining, so if SIBOR raise every month, our base interest rate increase also ?

Quoted from their sign up page

Quote:

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.

doody_ 27-02-2016 01:10 PM

Quote:

Originally Posted by Squaredot (Post 99969437)
Does the interest rate remain at 80%*1m SIBOR + 1.2% after 13months ?
I'm keen :D

Yes, I believe so.

Seems like a fantastic product. I could sign up now and put in the initial 10k at the base interest rate of approx 0.8%. Waiting until the 3rd month will give me 1.1% interest and I can then start moving money from CIMB Fastsaver over as they are paying 1%.

Hyphos 27-02-2016 01:33 PM

Just opened today, looks like my counter will +1 next month! :D

oceanicmanta 27-02-2016 01:58 PM

Quote:

Originally Posted by Hyphos (Post 99970919)
Just opened today, looks like my counter will +1 next month! :D

so open near month end would be the wiser move !

Panerex 27-02-2016 02:10 PM

Able to open online ?

starfish.starfish 27-02-2016 02:31 PM

This one no need to spend to get 2% interest, not bad.

Thanks for sharing !

Squaredot 27-02-2016 02:51 PM

Quote:

Originally Posted by icicic (Post 99970304)
Looks good. Plus the 200 sgd for opening citi priority at the same time, and another 200 sgd I think stackable for doing the investment preference survey and opt for estatement. Feels like magic card combo

Getting more interesting!
How much for Citi Priority banking? Is Welcome gift in cash or voucher?
Is the survey very long? May skip it..

gctmls 27-02-2016 02:53 PM

Interesting.


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