Citibank Maxigain Savings Account

mdax23

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Citibank Maxigain Account is as good as dead, even its dedicated thread is now DBS Multiplier disscussion thread. :s13:
 

maumu

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anyone keeping $70k inside to keep the account alive (and rebuild counter back from 6 to 12)? share your reasons?
 

Jazzbie

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It is sad that we have to close it but have to give thumbs up to Citi for making the account closure process so easy for the customer.
 

havetheveryfun

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anyone keeping $70k inside to keep the account alive (and rebuild counter back from 6 to 12)? share your reasons?

if u want to keep the acc alive and build back the counters, keep 15k for now is enough.

u lose out on the base interest but the opportunity cost is 0.02% x 15000 = $300 a year if you can 2% on this 15k elsewhere.

so if ever there is a chance you may get back 2% + from maxigain again, you only need 1-2 months to recover back this $300.

until your counter is 12 again, then evaluate again whether its worth it to up back up to 70k. for now if at counter 6, definitely not worth it to keep 70k.
 

maumu

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It is sad that we have to close it but have to give thumbs up to Citi for making the account closure process so easy for the customer.

if we close the account over live chat, how they transfer the balance to? or we have to go to the bank to collect cheque?
 

maumu

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if u want to keep the acc alive and build back the counters, keep 15k for now is enough.

u lose out on the base interest but the opportunity cost is 0.02% x 15000 = $300 a year if you can 2% on this 15k elsewhere.

so if ever there is a chance you may get back 2% + from maxigain again, you only need 1-2 months to recover back this $300.

until your counter is 12 again, then evaluate again whether its worth it to up back up to 70k. for now if at counter 6, definitely not worth it to keep 70k.

sorry, shouldn't the opportunity cost be on the difference (70k - 15k = 55k)? this 55k would be earning 0.9% (50% of current 1-mth SIBOR) while the counter is rebuilt, right?

so I can keep min. 15k to rebuild counter (and earn miserly interest based on counter), just so to avoid fall-below fee, right?
 

heng_ah

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Interest in as expected.

Took me one hour to close account via Live Chat (because I have to wait for available banking officer to assist). They must be very busy today :D
 

oceanicmanta

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Interest in as expected.

Took me one hour to close account via Live Chat (because I have to wait for available banking officer to assist). They must be very busy today :D

haha ... Lorenzo or Pamela ? Ronald passed ? ;)
 

assiak71

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Interest in as expected.

Took me one hour to close account via Live Chat (because I have to wait for available banking officer to assist). They must be very busy today :D
Did it around 11am, 5min settled
 

Guojing88

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If i use secure email and ask them to close the account, can it be done too? Or must use Live chat?
 

maumu

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if I wanna close account via live chat, can they 'bypass' the 100k limit and let me FAST out everything today?
 

Tay Wen Hao

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Seems like all the banks are reviewing their TnCs...

Other than the change in SSB to income category, the tier limit is also changed.

Income + credit card = only bonus interest for first 25k
Income + 2 categories = bonus for first 50k

Means that to be 'unaffected' by the change you need to have 2 categories and SSB is not counted as investment

DBS Multiplier Criteria had been revised.

SSB from Feb 2020 will be classified under the Income Category.

https://www.dbs.com.sg/iwov-resourc...er-terms-and-conditions-update-notice-dbs.pdf
 
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