Citibank Maxigain Savings Account

saggice

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what kind of system problem sia?
missing $1000, its not forgivable.

How to report sia, the entire transaction list for Dec 1 is super long.


And I need to provide OCBC receiving statement as well.


Which mean i may have to physically head down to MAS to lodge a official report.
 

neanea

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Can share why do you avoid AIA and prudential?

Ah... well
besides Prudential, AIA is another one I will avoid. Lol. Don’t know why some of these insurers spend so much acquisition cost on the agents and banks neglecting the most important element..,.. us customers.
 

foxer77

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Can share why do you avoid AIA and prudential?

just tell them u not intrest in the face can already and mention u in a hurry. closed account take your cheque & leave.
 

neanea

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just tell them u not intrest in the face can already and mention u in a hurry. closed account take your cheque & leave.

My question is why he is not interested in prudential and aia. Is it because these 2 companies are crap?
 

merlot6230

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My question is why he is not interested in prudential and aia. Is it because these 2 companies are crap?

My bad experience is AIA integrity and Prudential product with extortion premium while other insurance offer same coverage.
 

curious_moo

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This not clear enough?

Sent from Samsung SM-N960F using GAGT


Additionally, your balances capped at S$150,000 shall accrue bonus interest at a rate (“Bonus Interest Rate”) that steps
up each month, from 0.05% p.a. to a maximum of 0.60% p.a., if the lowest balance in your MaxiGain account in a month
is equal to or greater than the lowest balance in the previous month.

My bad, the sentence too long plus im not too good at grammar apparently.
Which is why i have mis-read that the condition is for step up, rather than the accrue bonus. Anyways, the FAQs are much clearer than the Terms/Conditions. Guess i will read up on FAQs next time.
 

Perisher

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Just saw this updated article,
https://blog.moneysmart.sg/savings-accounts/citibank-maxigain/

Good summary for all.

After reading, I'm wondering if I left say 150k in it for 3-4 days and it requires 15k to avoid fall below fee, Will I avoid fall below fees?

Fall-below fee $15 if your TRB* falls below $15,000 each month
*Total Relationship Balance (TRB) refers to the sum of:

The average daily balance on your Citibank checking, savings, and deposit accounts
The average daily value of your investments with Citibank
All outstanding amounts payable on your secured loan accounts

15k*31 = $465000
$465,000/ 150,000 = 3.1 days

Correct yup?
 

Perisher

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The infor from the official source.
https://www.citibank.com.sg/global_docs/pdf/Total_Relationship_Balance.pdf

1
Total Relationship Balance" or "TRB" is the sum of:
i. the average daily balance of your checking, savings and deposit accounts,
ii. the average daily value of your investments, and
iii. all outstanding amount(s) payable on your secured loan accounts as of the date of your last statement.
Citi's determination of TRB will be conclusive.
 

dreant

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After reading, I'm wondering if I left say 150k in it for 3-4 days and it requires 15k to avoid fall below fee, Will I avoid fall below fees?



15k*31 = $465000
$465,000/ 150,000 = 3.1 days

Correct yup?

Mostly correct; except, any decimals or part thereof has to be rounded up. In the case of Dec, if you had $150k, you need to leave it inside for 4 days to avoid the fall below fee.

$150k*3/31 days = $14.5k TRB
$150k*4/31 days = $19.3k TRB

(Alternatively, you just need need $155k for 3 days)
 

tmkedmw

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Fall below fee is just $15.

Keeping $155k for 3 days just to avoid fall-below has opportunity cost, ie you could have deploy it elsewhere to earn better returns even if you are slapped with the $15 fee for not meeting TRB
 

Perisher

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Fall below fee is just $15.

Keeping $155k for 3 days just to avoid fall-below has opportunity cost, ie you could have deploy it elsewhere to earn better returns even if you are slapped with the $15 fee for not meeting TRB

True. I’m just lazy and wanna avoid the issues that surfaced when everyone was rushing for the exit. Haha.
 

LexusIS

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My question is why he is not interested in prudential and aia. Is it because these 2 companies are crap?

Personal experience with prudential after buying 2 insurance from SCB/prudential.

Prucash - 21 years to breakeven (not guaranteed) out of 25 years and even dropping the guaranteed portion too.

For AIA, well, just read moneymind forums to hear about some of the feedback. You can also read up on Prudential like Prucash and pruwealth too.

Both AIA and prudential are paying mega bucks on bank partnerships/agents (eg Citi, Uob/SCB respectively) and we can probably make an educated guess on how it is going to impact their costs and returns.
 

rottingapple

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I transferred my money to CIMB liao. Very convenient way of setting FD there.
 

wira

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Suddenly I got a new RM me asking to meet up
 

cscs3

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Personal experience with prudential after buying 2 insurance from SCB/prudential.

Prucash - 21 years to breakeven (not guaranteed) out of 25 years and even dropping the guaranteed portion too.

For AIA, well, just read moneymind forums to hear about some of the feedback. You can also read up on Prudential like Prucash and pruwealth too.

Both AIA and prudential are paying mega bucks on bank partnerships/agents (eg Citi, Uob/SCB respectively) and we can probably make an educated guess on how it is going to impact their costs and returns.

Right on the dot. Anyway, now a day insurance company are hardly trusted. GE did the same on dropping guaranteed return few years back too.

If you see those so call $ planner at shopping center, MRT station, road show. Stay away.
 

testingabc

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I transferred my money to CIMB liao. Very convenient way of setting FD there.

Tried CIMB fixed deposit twice last year, both 3 months. Fuss free and customer service good. Now moving on to Maybank iSavvy cause it's more flexible. :):)
 
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