Citibank Maxigain interest calculation?

[jericho75]

Dunno got tio chopped boh?

That time I have about 70k plus in a maxigain account which I've opened in year 2019. That time was earning ok interest every month.

Then covid came and maxi gain dropped rates until like non existence interest. I removed a chunk of money and put in RHB 4.1% interest and maxi gain account just keep 15k inside so dun kenna monthly charges.

Until now my account should be under max counter of 3%. Then saw end oct, nov, dec, jan I got earn like $37 interest for about 15k inside.

Then I began topping up this maxigain account from jan - feb 25 with about 44k on and off weekly inside this maxi gain. Never withdrawn money out. Now this account has about $59500 inside.

Then how come end feb 25 interest is only $38?

I called citibank and was told the interest is based on lowest balance in jan and lowest balance in feb calculate. Then I asked issit end march then can see some significant increase in interest the customer service says yes.

How true is this? I felt like tio pian liao. Might as well dump inside fixed deposit.

 

[jericho75]

If i am right, you topped up on 2nd Feb onwards instead of 1st Feb ?

Take a look at the T&Cs, looks about right.

yes. top up on 2nd feb onwards

but jan opening is SGD 15,123.03

Then top up money sometime in end Jan 25.

feb opening is SGD 21,160.49

Then if based on SGD 21,160.49 for feb interest. How come amount is still $38?

21160 x 3% = 634 / 12 = $52?

 

[DenOOO]

yes. top up on 2nd feb onwards

but jan opening is SGD 15,123.03

Then top up money sometime in end Jan 25.

feb opening is SGD 21,160.49

Then if based on SGD 21,160.49 for feb interest. How come amount is still $38?

21160 x 3% = 634 / 12 = $52?

Because they take the lowest end of day balance in Jan.

 

[jericho75]

Because they take the lowest end of day balance in Jan.

So Feb interest is take Jan balance give?

 

[DenOOO]

So Feb interest is take Jan balance give?

The Bonus Interest is computed at the end of each month based on the preceding month's lowest balance, and number of days in the preceding month, and paid on the last day of the month.

From what i see, yes.

 

[jericho75]

The Bonus Interest is computed at the end of each month based on the preceding month's lowest balance, and number of days in the preceding month, and paid on the last day of the month.

From what i see, yes.

So like that means April then can see interest rates hike?

 

[jericho75]

which means on 1st Feb, you have your lowest balance already which is around 15123.03 or abit more due to interest.

No Jan opening about 15k

Then 28 Jan top up until 21k.

Means Feb opening is 21k liao

 

[DenOOO]

No Jan opening about 15k

Then 28 Jan top up until 21k.

Means Feb opening is 21k liao

You might be getting $52 for March since your lowest in Feb is 21k

So like that means April then can see interest rates hike?

April will then look at Mar lowest EOD.

 

[jericho75]

You might be getting $52 for March since your lowest in Feb is 21k




April will then look at Mar lowest EOD.

So to get interest for 59k must be in April liao?

 

[Imhthc]

The Bonus Interest is computed at the end of each month based on the preceding month's lowest balance, and number of days in the preceding month, and paid on the last day of the month.
meaning you will see a delay effect in the bonus payout on cases when you do not even make any withdrawal and have top up for the month like your case.
What about If I keep the full sum till end of the preceding month and make withdrawal at the start of this month, will I still get the bonus interest this month?

 

[Pyroxene]

What about If I keep the full sum till end of the preceding month and make withdrawal at the start of this month, will I still get the bonus interest this month?

If you withdraw just the interest quantum, yes. If you withdraw more than that, then no.

 

[Hot2002]

just received citi email, step-up to 3.01% for the first 100k by the 12th month. looks good ?

i don't have a maxigain account yet but i have maxisave & step-up account now. i have to maintain a minimum of 15k across maxisave and step-up account to avoid a service fee. thinking to open maxigain account now and transfer 1k monthly from maxisave/step-up. still maintaining a minimum of 15k across all the 3 account. finally pump up maxigain to 100k at the 12th month

don't know if citi will terminate the promotion at the 12th month ........... ha ha

 

[JuniorLion]

12th month is Sep 2025.

Every other banks cut interest already.

Matter of time before citibank cuts.

 

[ahnyaahnya]

Dunno got tio chopped boh?

That time I have about 70k plus in a maxigain account which I've opened in year 2019. That time was earning ok interest every month.

Then covid came and maxi gain dropped rates until like non existence interest. I removed a chunk of money and put in RHB 4.1% interest and maxi gain account just keep 15k inside so dun kenna monthly charges.

Until now my account should be under max counter of 3%. Then saw end oct, nov, dec, jan I got earn like $37 interest for about 15k inside.

Then I began topping up this maxigain account from jan - feb 25 with about 44k on and off weekly inside this maxi gain. Never withdrawn money out. Now this account has about $59500 inside.

Then how come end feb 25 interest is only $38?

I called citibank and was told the interest is based on lowest balance in jan and lowest balance in feb calculate. Then I asked issit end march then can see some significant increase in interest the customer service says yes.

How true is this? I felt like tio pian liao. Might as well dump inside fixed deposit.

It says so in their T&C

 

[jericho75]

12th month is Sep 2025.

Every other banks cut interest already.

Matter of time before citibank cuts.

they dun have physical branches so no need pay salaries. so might be able to pay.

 

[reddevil0728]

they dun have physical branches so no need pay salaries. so might be able to pay.

Does not mean they wouldn’t cut interest rate.

 

[jericho75]

Does not mean they wouldn’t cut interest rate.

Cut the move lor. No big deal

 

[reddevil0728]

Cut the move lor. No big deal

Yep indeed. Self comfort no point

 

[CrashWire]

they dun have physical branches so no need pay salaries. so might be able to pay.

They will set the interest as high as they need to get people to put money with them. No point leaving money on the table.

 

[jericho75]

They will set the interest as high as they need to get people to put money with them. No point leaving money on the table.

Citi dun really have alot of customers so they might still be able to pay interest