Citibank Maxigain Savings Account

doody_

Supremacy Member
Joined
Nov 27, 2006
Messages
7,515
Reaction score
3
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/deposits/mxgn-savacc.htm
 

IcYFl4mEz

Arch-Supremacy Member
Joined
Jul 28, 2004
Messages
13,761
Reaction score
17
I read the website, dont understand what does counter 1 2 3 etc means? How it works
 

doody_

Supremacy Member
Joined
Nov 27, 2006
Messages
7,515
Reaction score
3
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

High Supremacy Member
Joined
Jun 16, 2002
Messages
32,558
Reaction score
1,063
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

Supremacy Member
Joined
Feb 12, 2009
Messages
8,268
Reaction score
403
Does the interest rate remain at 80%*1m SIBOR + 1.2% after 13months ?
I'm keen :D
 
Last edited:

IcYFl4mEz

Arch-Supremacy Member
Joined
Jul 28, 2004
Messages
13,761
Reaction score
17
Thanks doody for explaining, so if SIBOR raise every month, our base interest rate increase also ?
 

icicic

Member
Joined
Feb 4, 2014
Messages
194
Reaction score
0
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_

Supremacy Member
Joined
Nov 27, 2006
Messages
7,515
Reaction score
3
Thanks doody for explaining, so if SIBOR raise every month, our base interest rate increase also ?

Quoted from their sign up page

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_

Supremacy Member
Joined
Nov 27, 2006
Messages
7,515
Reaction score
3
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

Master Member
Joined
Jan 22, 2005
Messages
2,535
Reaction score
29
Just opened today, looks like my counter will +1 next month! :D
 

Squaredot

Supremacy Member
Joined
Feb 12, 2009
Messages
8,268
Reaction score
403
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..
 
Last edited:

Panerex

Supremacy Member
Joined
Nov 29, 2010
Messages
5,278
Reaction score
16
Getting more interesting!
How much for Citi Priority banking? Is Welcome gift in cash or voucher?
Is the survey very long? May skip

sianz..does not apply to those with existing Citi bank account
 

Panerex

Supremacy Member
Joined
Nov 29, 2010
Messages
5,278
Reaction score
16
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.

just to add on, seems to be a good hedge tool for those with loans pegged to 1month SIBOR movements
 

highsulphur

High Supremacy Member
Joined
Aug 16, 2011
Messages
42,511
Reaction score
3,196
The 0.8*sibor base rate applies only for the first $150k. Subsequent balance will get only 0.05% as base rate.
 

doody_

Supremacy Member
Joined
Nov 27, 2006
Messages
7,515
Reaction score
3
Getting more interesting!
How much for Citi Priority banking? Is Welcome gift in cash or voucher?
Is the survey very long? May skip it..

Ehhh, I didn't see this option for $200 after doing survey and opting for e-statement...
 

doody_

Supremacy Member
Joined
Nov 27, 2006
Messages
7,515
Reaction score
3
The 0.8*sibor base rate applies only for the first $150k. Subsequent balance will get only 0.05% as base rate.

I guess people with more than 150k cash have better products to play with? :)
 
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.
Top