Citibank Maxigain Savings Account

[laurent_rio]

May I know what is the posting date for the $15 fee ?

2 Jan and managed to get it waived via live chat

 

[Squaredot]

2 Jan and managed to get it waived via live chat

Great!

 

[PC-User]

I also staying for now. Already max out 360's 2.5% while CIMB Fastsaver only average out 1.325% for 100K. I have the account but no point to max it out yet.

I don't prefer FD. I also don't like the gimmick type of interest rates. Give an appealing % BUT only for month x and month y, or only on incremental balance. Can't afford then lower the rate lah. I prefer lower but permanent rate. Lazy to play the game, also don't like having empty account. 要常满！

 

[testingabc]

i gave up maxigain last month, because of the big drop in interest rates and slight drop of sibor rate. Furthermore I'm at counter 6 last month only. What I don't like is you cannot withdraw more than interest rates at maxigain, so went to isavvy/isavvy-i route where you can withdraw without dropping of counters and interest rates, just need to play musical chair every couple of months.
The more complex musical chair hscb ega, so people can opt for isavvy/isavvy-i or esaver but esaver needs $1000 minimum as float and is tiered while isavvy/isavvy-i only needs $500 minimum as float and is not tiered like scb esaver.

 

[bumdssa]

i gave up maxigain last month, because of the big drop in interest rates and slight drop of sibor rate. Furthermore I'm at counter 6 last month only. What I don't like is you cannot withdraw more than interest rates at maxigain, so went to isavvy/isavvy-i route where you can withdraw without dropping of counters and interest rates, just need to play musical chair every couple of months.
The more complex musical chair hscb ega, so people can opt for isavvy/isavvy-i or esaver but esaver needs $1000 minimum as float and is tiered while isavvy/isavvy-i only needs $500 minimum as float and is not tiered like scb esaver.

was it easy to open the isavvy-i account? understand that can only open at branch.

 

[testingabc]

was it easy to open the isavvy-i account? understand that can only open at branch.

yes it was easy and only can open at any maybank branch. open 2 days ago at maybank textile centre, less than an hour. paid $500 and opened on the spot cause i already have an isavvy account so under same internet banking. the only thing is they will ask you reasons why open isavvy-i which i gave some lame excuses

 

[vsvs24]

Asking for a friend....

Anyone tried opening both isavvy and isavvy-i at the same time at branch ?

Do they allow ?

 

[testingabc]

Asking for a friend....

Anyone tried opening both isavvy and isavvy-i at the same time at branch ?

Do they allow ?

I don't think they allow but why do you want to open both together? you are wasting an account with $500 untouched. if you interested you can open isavvy online for jan and feb, then open an isavvy-i at maybank branch on 1st march then you will not waste the $500 interest rates at isavvy-i. Correct me if I'm wrong?

 

[vsvs24]

I don't think they allow but why do you want to open both together? you are wasting an account with $500 untouched. if you interested you can open isavvy online for jan and feb, then open an isavvy-i at maybank branch on 1st march then you will not waste the $500 interest rates at isavvy-i. Correct me if I'm wrong?

Because my friend wants to open joint account for both. Not sure if online can be done for joint. Her joint account holder is student who did not apply for singpass. She ok with having $500 wasted because better than leaving in POSB.

 

[bumdssa]

I don't think they allow but why do you want to open both together? you are wasting an account with $500 untouched. if you interested you can open isavvy online for jan and feb, then open an isavvy-i at maybank branch on 1st march then you will not waste the $500 interest rates at isavvy-i. Correct me if I'm wrong?

bro, you have pm.

 

[maumu]

This thread has gone way off topic... suggest we stick to Citibank related topics here?

For me I hope Citibank will start something like MaxiGain again once the rates trend upwards

 

[Gattberserk]

some will still use it as a saving account. since interest still better than normal bank.

Misconception, its not better since you require $15K minimum sum to avoid penalty.


OCBC 360 is currently the best for now, if u are willingly to put more effort to maintain it (Its not very hard tbh).

 

[YNWA888]

might not be the correct thread to ask.
where can i ask this question.

what is the best account to earn max interest or any places to put spare cash.
example : 10-20k spare cash.

thanks in advance

 

[DenOOO]

This thread has gone way off topic... suggest we stick to Citibank related topics here?

For me I hope Citibank will start something like MaxiGain again once the rates trend upwards

They can just up the rates for maxigain instead of new ones.

 

[maumu]

They can just up the rates for maxigain instead of new ones.

many years ago they have this step-up account... (it's still around btw). it works like MaxiGain, until they cut the step up interest to a miserable 0.01% per counter, up to 0.12%.

now they're also doing the same to MaxiGain, cutting the step up interest to 0.05% up to 0.6%.

I kinda suspect we're entering the next wave/cycle of interest decline, not sure if fed is cutting more rates this year but, economy doesn't look so good. also, plenty of liquid cash in the market. they pushing hard to get us to spend, spend and spend I think

so perhaps have to wait a few years before they start this kind of step-up counter thing again.

 

[elmohootbigbird]

I kinda suspect we're entering the next wave/cycle of interest decline, not sure if fed is cutting more rates this year but, economy doesn't look so good. also, plenty of liquid cash in the market. they pushing hard to get us to spend, spend and spend I think

so perhaps have to wait a few years before they start this kind of step-up counter thing again.

i think this is the case too. a period of prolong low interest. anyway i gave up and closed maxigain too.

 

[luvalist]

I called to close off the account. I left $15k inside for Dec. Fast out before I called. CS said there was no unposted interest haha should have send out on 1 jan but couldn’t make up my mind until I realised $15k only earn 0.3% max. Blur me.

 

[LexusIS]

Yeah too many restrictions, too high a minimum balance.

They fail to retweak the minimum balance requirements and restrictions after they massively reduce the rates.

This move will effectively and eventually kill of this account in due time as it won’t attract any more new to bank (due to the high minimum balance and length of time needed to earn the interest) and the monthly exits of the customers.

 

[Tp101s]

Some thresholds are designed with the objective to attract (or exclude) a specific group of depositors.

Yeah too many restrictions, too high a minimum balance.

They fail to retweak the minimum balance requirements and restrictions after they massively reduce the rates.

This move will effectively and eventually kill of this account in due time as it won’t attract any more new to bank (due to the high minimum balance and length of time needed to earn the interest) and the monthly exits of the customers.

 

[kurtgoh]

Misconception, its not better since you require $15K minimum sum to avoid penalty.


OCBC 360 is currently the best for now, if u are willingly to put more effort to maintain it (Its not very hard tbh).

what penalty is there?
i have withdraw most of it, only left 5k in the maxigain account