Citibank Maxigain Savings Account

[Sambuca78]

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

Hmmm... So if I leave $40K in Citi how much is the interest? I am after counter 12.

 

[vsvs24]

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.

Min 10k for Bonus Interest.

$500 is avoid fall below fee.

https://info.maybank2u.com.sg/promotion/deposits-banking/fresh-funds-top-up.aspx

 

[josc36]

I think $15 is fall below fee, $50 is early closure fee.

 

[vsvs24]

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?

No harm trying to ask if they can waive the early closure fee since they change the terms.

 

[Perisher]

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

Which branch?

 

[DenOOO]

Spoke to the live chat earlier on, cso mentioned that interest to be paid out at the end of Dec will still be based on old calculation.

New calculation only takes effect from Jan 2020.

 

[oceanicmanta]

Spoke to the live chat earlier on, cso mentioned that interest to be paid out at the end of Dec will still be based on old calculation.

New calculation only takes effect from Jan 2020.

Quote:

"With effect from 2 December 2019, the base interest rate for the Citi MaxiGain Savings Account will be revised to 50% of the 1-month Singapore Dollar Interbank Offer Rate (1-month SIBOR). The bonus interest rate will also be revised to step up monthly from 0.05% p.a. to a maximum of 0.60% p.a."

I think the wordings are quite clear ...

Anyways, too late already ... I forgo potential 2.4% for a guaranteed 2.1%

 

[kkcheng77]

I think $15 is fall below fee, $50 is early closure fee.

oh yeah.. my bad.

 

[DenOOO]

Quote:

"With effect from 2 December 2019, the base interest rate for the Citi MaxiGain Savings Account will be revised to 50% of the 1-month Singapore Dollar Interbank Offer Rate (1-month SIBOR). The bonus interest rate will also be revised to step up monthly from 0.05% p.a. to a maximum of 0.60% p.a."

I think the wordings are quite clear ...

Anyways, too late already ... I forgo potential 2.4% for a guaranteed 2.1%

Yes, the quoted phrase is correct.

I even asked explicitly if the interest paid at the end of Dec is based on 70% SIBOR and bonus counter of 1.2%, response is yes and that the 50% and 0.6% starts from Jan 2020.

Shall see how it goes.

 

[curious_moo]

Yes, the quoted phrase is correct.

I even asked explicitly if the interest paid at the end of Dec is based on 70% SIBOR and bonus counter of 1.2%, response is yes and that the 50% and 0.6% starts from Jan 2020.

Shall see how it goes.

base interest is accrued daily, so im expecting Dec base interest to be 50% of SIBOR. bonus step up interest is the one which i have no clue, since we are working on the balance during Nov.

anyways i think the CSO cannot be trusted, maybe you should record the conversation and use it to claim next time (if it turns our we are right and CSO is wrong).

 

[DenOOO]

base interest is accrued daily, so im expecting Dec base interest to be 50% of SIBOR. bonus step up interest is the one which i have no clue, since we are working on the balance during Nov.

anyways i think the CSO cannot be trusted, maybe you should record the conversation and use it to claim next time (if it turns our we are right and CSO is wrong).

Yup, already took screenshots of the convo.

 

[deepblueli]

Which branch?

I went to Asia Square branch, no customer during lunch time haha

 

[Perisher]

I went to Asia Square branch, no customer during lunch time haha

Thanks.

 

[RMCWMR]

Quote:

"With effect from 2 December 2019, the base interest rate for the Citi MaxiGain Savings Account will be revised to 50% of the 1-month Singapore Dollar Interbank Offer Rate (1-month SIBOR). The bonus interest rate will also be revised to step up monthly from 0.05% p.a. to a maximum of 0.60% p.a."

I think the wordings are quite clear ...

Anyways, too late already ... I forgo potential 2.4% for a guaranteed 2.1%

Where did you park your funds to get guaranteed 2.1%? Mind to share with us?

 

[neanea]

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.

 

[maumu]

Where did you park your funds to get guaranteed 2.1%? Mind to share with us?

Maybank iSavvy.

 

[ekardo]

Maybank iSavvy.

why everyone is scamming about Maybank ? it's only 2.1% for month of dec..divide by 12 and only a small fraction of %//

 

[ashethen]

I transferred mine to multiplier since got 100k limit if hit 4 categories. Just buy the cancercare insurance at 7.50 per month after discount code to meet insurance category, and buy $500 SSB for 6 months to meet investment category every month. The rest of the money I go invest

Sent from Samsung SM-N960F using GAGT

 

[cscs3]

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

Yes, that was few years back. As the small print, illustration remained as illustration only. Is never a true value especially times are bad.

 

[testingabc]

why everyone is scamming about Maybank ? it's only 2.1% for month of dec..divide by 12 and only a small fraction of %//

It is a saving account at 2.1 this month , you can withdraw any time and still get interest. Flexible. Fixed deposit you cannot withdraw while MaxiGain you withdraw more than interest will cause counter to drop. Of course if you says stocks etc has higher interest rates but come with higher risk