Citibank Maxigain Savings Account

dreant

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So after maybank isavvy in dec, whats the next best?

CIMB Fastsaver effectively gives you 1.325%p.a. if you have $100k in the account. Pretty straightforward, with no tricks or gimmicks.

(The effective interest rate falls if you have anything more, or less in the account)
 

beautyseek

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So strategy will be

1. Withdraw $150k on 2 Dec
2. Keep acct at $0.01
3. Bonus interest of $37 credited on 31 Dec. Immediately close account

Correct?
 

testingabc

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So strategy will be

1. Withdraw $150k on 2 Dec
2. Keep acct at $0.01
3. Bonus interest of $37 credited on 31 Dec. Immediately close account

Correct?

Don’t think they will credit $37 on 31 Dec if you keep account as $0.01.
 

dreant

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So strategy will be

1. Withdraw $150k on 2 Dec
2. Keep acct at $0.01
3. Bonus interest of $37 credited on 31 Dec. Immediately close account

Correct?

It would seem that you're missing a very important step - where to move your $ to.

If you don't have anywhere that is giving you >~1.5%p.a, you're better off leaving it inside until you find somewhere that does.
 

kerwen

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So far, best I could find is hlf fd 1.8% for 12mth.
Anyone found better deal?
 

testingabc

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So far, best I could find is hlf fd 1.8% for 12mth.
Anyone found better deal?

for fixed deposit icbc offers 1.8 for shorter terms while cimb has similar 1.8 for 12 months. if not have to see jan rate for isavvy/isavvy-i and isavvy/esaver incremental rates.
 

Squaredot

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So strategy will be

1. Withdraw $150k on 2 Dec
2. Keep acct at $0.01
3. Bonus interest of $37 credited on 31 Dec. Immediately close account

Correct?
How to close account immediately?
Is fall-below fee deducted on last day of Dec?
 

mdax23

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How to close account immediately?
Is fall-below fee deducted on last day of Dec?

No need to close immediately, just transfer out can already. Unless this account can go into overdraft.

Fall below by right should be on the 1st unless they don't count last day balance.

In case funds deposit on the last day enough to cover entire month.
 

merlot6230

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So strategy will be

1. Withdraw $150k on 2 Dec
2. Keep acct at $0.01
3. Bonus interest of $37 credited on 31 Dec. Immediately close account

Correct?



So what the best correct way to do it ?

Stay put at 1.5%

Fd at 1.8% only a year

Endw 2.5% for 5yr

Any advice to maximise it for 150k
 

Shutterfly

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So what the best correct way to do it ?

Stay put at 1.5%

Fd at 1.8% only a year

Endw 2.5% for 5yr

Any advice to maximise it for 150k

I think those long term endowment saving plans like HSBC. (2.5%) or NTUC (2.3%) not good unless you can super confirm you will not touch the money for 3 years. CIMB offers the best flexibility for either their saving plans or their 3 months fixed deposit.
 

merlot6230

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I think those long term endowment saving plans like HSBC. (2.5%) or NTUC (2.3%) not good unless you can super confirm you will not touch the money for 3 years. CIMB offers the best flexibility for either their saving plans or their 3 months fixed deposit.


cimb 100k for 1.325% is worst than stay put in CB @1.5%

icbc offer 1.85% instead of cimb 1.8% (lucky setup on oct @1.85% on cimb fd)
or
the only highest rate that i can gather for 3yr to 5 yr is endw plan 2.23% to 2.5% to overcome maxi gain 50% deduction on dec 2019.


my next option is deposit to SA@4% cpf since already hit FRS after 55yr old - so whatever balance i can withdraw after few years. Either OA@2.5% or 4%SA but i just unsure really can withdraw as full or not. I ask CPF staff but the answer is very very unstable.

anyone can advise on this ?
 

PC-User

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...my next option is deposit to SA@4% cpf since already hit FRS after 55yr old - so whatever balance i can withdraw after few years. Either OA@2.5% or 4%SA but i just unsure really can withdraw as full or not. I ask CPF staff but the answer is very very unstable.

anyone can advise on this ?
Hi, are you sure about this? Our government got so generous to let us use the SA as a high interest saving account when one has passed 55 and has FRS set aside?

Many times formal CSOs from various organizations also fail to give definite/accurate answers on queries. Maybe you can check in the CPF thread. There are a few experts permanently stationed to provide professional explanations or trainings to people. They'll tell you more than you want to know.
 
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LouisSaha

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Gonna put 75k in cimb 1.8%
75k in icbc. 1.85%
Both fixed deposit
Since sdic covered up to 75k.
 

lancer6238

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If I keep just 15K in the account after Dec, then is the interest rate 1.5%, or only 0.6% (Counter-12 of bonus interest)? Do I need to have 70K to have the base interest?
 

TehBeng

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Gonna put 75k in cimb 1.8%
75k in icbc. 1.85%
Both fixed deposit
Since sdic covered up to 75k.

For cimb, you do know that it's tiered based right?

1st 50k at 1%
Next 25k at 1.5%

So you will never hit 1.8%, even so, it's only for the 25k after. Effective rate for your 75k is only about 1.3%
 

koolkool

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Just to consolidate for everyone there are various options available replacing maxigain (only consider savings account, not FD) :

UOB One account
DBS multiplier
Boc Smartsavers
HSBC EGA
SCB esavers
Maybank iSavvy

Some need more effort to get the higher interest. But I think they are small inconvenience to have your money work harder for u. Check them out.

Sent from Xiaomi MI PAD 4 using GAGT
 

testingabc

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For cimb, you do know that it's tiered based right?

1st 50k at 1%
Next 25k at 1.5%

So you will never hit 1.8%, even so, it's only for the 25k after. Effective rate for your 75k is only about 1.3%

what he means probably is cimb fixed deposit 1 year at 1.8%. yes cimb is tiered but is fuss free with very low requirements.
 
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