Citibank Maxigain Savings Account

mdax23

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should i closed and reapply again for maxi gain 2.2% better than existing 1.5% after 1 dec..am i correct ?

or should i maintain as 1.5% since esaver 2% is not consistence while isavy must deposit current ac in order enjoy 2.1% (sound like not worth)

should i go for saye (dbs/posb) for 2 year with bonus of 2% ?

Reapply again can get 2.2% meh? U expecting Sibor to rise up to 4.4% or what?
 
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heng_ah

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if withdraw on 1 Dec ...
31 Dec interest
= Base (50% sibor x Dec ADB, min 70k) [or 0] + Bonus 0.3% x (Nov lowest Balance)

for Dec, Counter would have dropped to 6, then 0.5% each counter = 0.3% ??

Yeah, I think 2 Dec withdrawal will activate counter drop from 12 to 6.
New Counter 6 interest = half of 0.6% = 0.3%

If withdraw everything and leave 15k then by 31 Dec will get:
Base = $0
Bonus= $$150,000 x 0.3% x total day in nov 30/365 = $36.98
 

mdax23

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May i ask why leave 15k until 31 Dec? Is it to avoid fall below fee?
 

heng_ah

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May i ask why leave 15k until 31 Dec? Is it to avoid fall below fee?

1) To recoup Nov bonus interest which payable in 31 Dec
2) Yes, need 15k to avoid fall below fee in order to do point 1 above
 

mdax23

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If leave 0 but don't close the account can still get the nov bonus int?
 

Ahboy069

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1) To recoup Nov bonus interest which payable in 31 Dec
2) Yes, need 15k to avoid fall below fee in order to do point 1 above

Means If I have 150k ... I shd take out 135k on 2/12 n leave 15k
So that I can still have the bonus interest from November but base interest is 0.6% only ... works out to be around 1.8%?
 

heng_ah

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If leave 0 but don't close the account can still get the nov bonus int?

I am unsure.

Perhaps yes, perhaps no.

Let's say you got it.
Then perhaps they will charge you fall below fee for Dec and Jan
 

Ahboy069

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Base = $0
Bonus= $$150,000 x 0.3% x total day in nov 30/365 = $36.98

You can workout the percentage as $36.98 out of that $15,000 remaining balance :D

But end December collect is November bonus interest right ?
By end November still have 150k since removing 135k on 2/12 only ...
So bonus interest shd still be 1.2% of 150k right ?
No?
 

heng_ah

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But end December collect is November bonus interest right ?
By end November still have 150k since removing 135k on 2/12 only ...
So bonus interest shd still be 1.2% of 150k right ?
No?

Where got 1.2%?

Reset to step 6 because you withdraw money in Dec, it becomes 0.6%

Then apply new rate, slash to half = 0.3% nia

Base = $0 (balance less than 70k)
Bonus= $$150,000 x 0.3% x total day in nov 30/365 = $36.98

However you can workout the percentage as $36.98 out of that $15,000 remaining balance :D
 

dreant

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But end December collect is November bonus interest right ?
By end November still have 150k since removing 135k on 2/12 only ...
So bonus interest shd still be 1.2% of 150k right ?
No?

No, it doesn't quite work that way.

Assuming your lowest balance in Nov is $150k.
Sometime in December, you moved some of the funds out.

At the end of December, because you withdrew funds in Dec, your counter will fall to 6. Also, when calculating the bonus interest at that time, each counter is only worth 0.05%.

In other words, at the end of Dec, you will receive 6 counters worth of bonus interest (0.3%pa) on your lowest balance in Nov ($150k), or about ~SGD36.98, as long as you do not close the account.
 

doody_

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Thanks for sharing about the new TnC changes! It's been a good run since Feb 2016 when Maxigain first started. The previous change was still bearable, but this one is a gone case! At 1.5%, plenty of banks fighting for your money.
 

merlot6230

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Reapply again can get 2.2% meh? U expecting Sibor to rise up to 4.4% or what?

ops, i forget they are the same...paisei.

i guess stay until dec to terminate and transfer fund to elsewhere.
 

koolkool

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No, it doesn't quite work that way.

Assuming your lowest balance in Nov is $150k.
Sometime in December, you moved some of the funds out.

At the end of December, because you withdrew funds in Dec, your counter will fall to 6. Also, when calculating the bonus interest at that time, each counter is only worth 0.05%.

In other words, at the end of Dec, you will receive 6 counters worth of bonus interest (0.3%pa) on your lowest balance in Nov ($150k), or about ~SGD36.98, as long as you do not close the account.
Sorry, I'm a little confused. On 31 Oct, interest I got is for Sep. If I'm going to withdraw on 1 Dec, 30 Nov I'm going to get full interest for Oct. 31 Dec, I'll get only 0.3% of what I had on 30 Nov?
Assuming I withdraw all now, then 30 Nov I'll get only 0.3% of what I had on 31 Oct, right? The way I look at it, seemed like their way of computing base interest and bonus interest not in favour of the customers.

Sent from Xiaomi POCOPHONE F1 using GAGT
 

Ahboy069

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No, it doesn't quite work that way.

Assuming your lowest balance in Nov is $150k.
Sometime in December, you moved some of the funds out.

At the end of December, because you withdrew funds in Dec, your counter will fall to 6. Also, when calculating the bonus interest at that time, each counter is only worth 0.05%.

In other words, at the end of Dec, you will receive 6 counters worth of bonus interest (0.3%pa) on your lowest balance in Nov ($150k), or about ~SGD36.98, as long as you do not close the account.

But I thought the bonus interest counted in dec 19 is only payable on end Jan 20...
So what we get in end dec 19 should be bonus interest from nov 19 which is still the old terms
 

dreant

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But I thought the bonus interest counted in dec 19 is only payable on end Jan 20...
So what we get in end dec 19 should be bonus interest from nov 19 which is still the old terms

:s13::s22::eek:

Well... to put it very simply, you thought wrong.

The T&C has always been very clear; bonus interest is based on the current level of your counters, against the lowest balance in the previous month.

It has *never* been 'we'll lock in your interest now, and deposit it into your account next month'.
 
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maumu

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But I thought the bonus interest counted in dec 19 is only payable on end Jan 20...
So what we get in end dec 19 should be bonus interest from nov 19 which is still the old terms

what we get in end dec 19 is based on the new formula already, because it is w.e.f. 2 dec.

so let's say lowest balance in nov is still 150k and on 2 dec we withdraw and balance 70k, what we get on 31 dec is:

base interest = 50% x SIBOR x 70k x 31/365 (latest 1-mth SIBOR is 1.8%)
bonus interest = 0.3% (counter drops to 6) x 150k x 30/365
 
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