Citibank Maxigain Savings Account

rottingapple

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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. :):)

Oh. Dont mind explaining how is Isavvy flexible in your POV?? I went to check with Maybank. They gave me 2 options for Isavvy:
1.) 1.9%/year for the FD but 10% of the funds has to be in savings account.
2.) 2.05%/year for 3 years. Interest rolled at 10.88%, but! Minimum 6k/year (for 7 years) has to go to endowment.

Which one do u choose ah? 2?

1% first 50k, the 1.5% for next 25k, total I think less than citi 1.49%....why wanna move over?

Oh. I saw 1.8% leh.
 

DenOOO

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CIMB

First S$50,000 1.00% p.a.
Next S$25,000 1.50% p.a
Next S$25,000 1.80% p.a.

If park 100k only 1.32% p.a.

Citi around 1.5% p.a.
 

testingabc

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1% first 50k, the 1.5% for next 25k, total I think less than citi 1.49%....why wanna move over?

he meant fixed deposit, cimb fixed deposit is 1.7% online for 3/6 months and 1.8% for 12 months while you are talking about cimb fastsaver
 

testingabc

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Oh. Dont mind explaining how is Isavvy flexible in your POV?? I went to check with Maybank. They gave me 2 options for Isavvy:
1.) 1.9%/year for the FD but 10% of the funds has to be in savings account.
2.) 2.05%/year for 3 years. Interest rolled at 10.88%, but! Minimum 6k/year (for 7 years) has to go to endowment.

Which one do u choose ah? 2?



Oh. I saw 1.8% leh.

i choose neither. you can open both isavvy and isavvy-i account and let it merry go round with your main account. you can withdraw and deposit, this month 2.1%.
 

testingabc

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CIMB

First S$50,000 1.00% p.a.
Next S$25,000 1.50% p.a
Next S$25,000 1.80% p.a.

If park 100k only 1.32% p.a.

Citi around 1.5% p.a.

citi is 1.5% but only after counter 12 and assuming sibor does not drop. and cimb fastsaver you can withdraw any amount while citi you cannot withdraw more than the interest or else counter will drop
 

rottingapple

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i choose neither. you can open both isavvy and isavvy-i account and let it merry go round with your main account. you can withdraw and deposit, this month 2.1%.
Wow! What is the minimum and maximum amount you have to keep in these 2 accounts? U mean every month there will be interest changes? Do u get interest every month or per year?
 

neanea

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Are you saying GE dropped guaranteed return*stated on your illustration after you brought thier policy?

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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Wow! What is the minimum and maximum amount you have to keep in these 2 accounts? U mean every month there will be interest changes? Do u get interest every month or per year?

There is no maximum limit for both accounts, if you read the maybank isavvy thread, there is people with 1M using this method. But daily fast transaction max is $200K so if you have alot you need either do a couple of days or using cashier order. Minimum is $500. Every 2/4 months they have different promotion rates check the maybank isavvy page. Interest is in monthly.
 

salmonella

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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.

Previously the thinking was either to (a) keep $15k throughout Dec to siam the fall-below fee, or (b) keep $1 throughout Dec and just pay the fall-below fee.

So... with this, there's no point doing either (a) or (b) because there will be no bonus interest paid on Nov balance? Not 1.2% or 0.6% p.a. but simply no bonus interest as long as Dec minimum balance is below Nov minimum balance?
 

curious_moo

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Previously the thinking was either to (a) keep $15k throughout Dec to siam the fall-below fee, or (b) keep $1 throughout Dec and just pay the fall-below fee.

So... with this, there's no point doing either (a) or (b) because there will be no bonus interest paid on Nov balance? Not 1.2% or 0.6% p.a. but simply no bonus interest as long as Dec minimum balance is below Nov minimum balance?

base on this new understanding, yes.
we will get zero interest, so i just close the account off totally and moved on.
 

ABuNeNe

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have zero out my maxigain account and requested to close but cso said there is a pending interest of ~$5 which will be credited in 31 dec

possible to withdraw the interest credited in 31 dec/1 jan and close the account before the fall-below fee?
 

curious_moo

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have zero out my maxigain account and requested to close but cso said there is a pending interest of ~$5 which will be credited in 31 dec

possible to withdraw the interest credited in 31 dec/1 jan and close the account before the fall-below fee?

the interest is for the prorated deposits for the few days in Dec.
heard from previous post that some CSO offered to payout directly in cash when you close the account, or paid to a credit card account (if you have).
 

deepblueli

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have zero out my maxigain account and requested to close but cso said there is a pending interest of ~$5 which will be credited in 31 dec

possible to withdraw the interest credited in 31 dec/1 jan and close the account before the fall-below fee?

Yes I went to branch directly and close, they return me the interest in cash immediately
 

shpesft

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I closed my account on 1 Dec. Got the balance interest credited to my CC today, dated 5 Dec
 

o2atom

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What do you think of the impact to Citibank SG from this entire MaxiGain fiasco?
 

JustDoLor

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Why didnt refer, quote or comment the last FAQ?


What happens when lowest balance decreases after Account has reached Bonus counter 6 and above?


...
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.
 

josc36

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I opened this account less than 6 months ago.
Due to the change in interest rates, I would like to close this account now.
If I withdraw all my funds before closing the account, how do they charge the early closure fee of $50?
 

kkcheng77

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I opened this account less than 6 months ago.
Due to the change in interest rates, I would like to close this account now.
If I withdraw all my funds before closing the account, how do they charge the early closure fee of $50?

Its $15 fee. If you zero out and close within the same month, don't think you'll get charge. You can call or live chat to close.
 

assiak71

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What time will interest be credited on 31 dec and which branch is open for closing acc?
 
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