Citibank Maxigain Savings Account

LexusIS

Senior Member
Joined
May 29, 2008
Messages
976
Reaction score
4
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

Member
Joined
Nov 18, 2012
Messages
389
Reaction score
0
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

Master Member
Joined
Jun 3, 2014
Messages
2,791
Reaction score
9
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
 

Perisher

Great Supremacy Member
Deluxe Member
Joined
Jan 5, 2015
Messages
68,719
Reaction score
2,601
Last edited:

kurtgoh

Master Member
Joined
Jun 3, 2014
Messages
2,791
Reaction score
9
15k min daily average balance dude. Better close the account or top it up big.

i see, thank you too.

had to really close the account after checking with their customer service.

anything below 15k, will be charge $15 per month
 
Last edited:

Perisher

Great Supremacy Member
Deluxe Member
Joined
Jan 5, 2015
Messages
68,719
Reaction score
2,601
i see, thank you too.

had to really close?
i just withdraw the last 5k, so there's nothing left.

You can either do online live chat and close or log in to your account and send a secured email to close.

I do not know if really need to close if account is $0. But the benefit is you get to close it faster.
 

kurtgoh

Master Member
Joined
Jun 3, 2014
Messages
2,791
Reaction score
9
You can either do online live chat and close or log in to your account and send a secured email to close.

I do not know if really need to close if account is $0. But the benefit is you get to close it faster.

haha, i'm talking to them now via live chat, to close the account.

anything below 15k, will be charge $15 per month

should there be any outstanding interest, they can help you to transfer under your credit card if there's any.
like mine, $9.89 in due.
after the closure, this amount will be transfer under my citi card :)
 
Last edited:

ekardo

Arch-Supremacy Member
Joined
Jan 1, 2000
Messages
16,643
Reaction score
30
sad to say there's no better deal than the old Maxigain...and that's why a lot of us still lurking for a way out...

maybe I can summarize a bit.

1) BOC (salary, 3giro, 500credit spending)
2.35%
u can get higher if your spending is $1500 for CC..

note: my first tranche is here

2) Maybank (from one isavvy to another isavvy transfer everymonth)
2.1% for Sep to Dec 2019, every period the interest will change

troublesome, and unstable. need to do due diligence to transfer from one bank to another timely, and also need to monitor their everchanging interest rate. so if the rate drop beyond Maxigain 1.49%, you hit the same problem again.

note: haven't jump into this...waiting for Jan annoucement. doubt they can maintain >2% but we shall see.

update 8Jan: interest for Maybank is 1.9% (as expected)

3) DBS, UOB, OCBC
can consider if you can hit all their various requirement but didnt work for my case.
(example, my salary also with BOC, I am not doing active investment, or their interest is lower than BOC)

4) no frill 1.8% short time FD
go CIMB!
if dun want to tied down, can get their no frill 1.0% interest also.

note: all spare $ should park here. dun leave it in other savings bank.


anymore to add ?

bring up this post again..and I am still status quo...
 

ekardo

Arch-Supremacy Member
Joined
Jan 1, 2000
Messages
16,643
Reaction score
30
anyway, if you are recommending another bank...pls state the following to allow apple to apple comparison:
1) interest rate
2) what are the criteria?
 

foxer77

Supremacy Member
Joined
Dec 25, 2004
Messages
5,933
Reaction score
367
anyway, if you are recommending another bank...pls state the following to allow apple to apple comparison:
1) interest rate
2) what are the criteria?

other than fd. maxgain is one of the bank that doesnt need any other requirement like salary, cc spending.
i still stick to it as safe me the time to check each momth to meet .
 

testingabc

Supremacy Member
Joined
Sep 10, 2013
Messages
9,737
Reaction score
67
bring up this post again..and I am still status quo...

actually which savings accounts suitable for you depends on how your salary credited and what's your habit etc. for me i jump from citibank maxigain to maybank isavvy/isavvy-i

pros of citibank maxigain:
1. decent interest rate at 1.4-1.5% (assuming you have max counter)
2. does not require salary credit (for me my salary is through cheque so used to be great for me)
3. does not need any spending (so I can save as much as I could without having to get the higher interest rates)

cons of citibank maxigain:
1. take 12 months to get max counter (so with the change of TOC, unless you are at counter 10-12 I don't feel worth it to continue)
2. cannot withdraw more than interest rates or else counter drop
3. depends on sibor rate, and on current market is dropping

pros of maybank isavvy/isavvy-i:
1. 1.9% savings accounts for 2 months (more than almost all fixed deposit but still can withdraw)
2. can continue get good interest rate with merry go round, rates better than scb esaver (tiered) and more easier to understand than hsbc ega

cons of isavvy/isavvy-i:
1. every 2 months need take 15 mins to merry go round
2. need to physically go to maybank to open isavvy-i

From my scenario i chose isavvy/isavvy-i after maxigain changed TOC because of flexible, good interest rates and can withdraw. It is not as confusing as hsbc ega musical chair and not as tiered as scb esaver. (less float too as esaver needs $1K minimum when merry go round while isavvy/isavvy-i just needs $500). furthermore it does not need to credit any salary, spend any minimum sum or do giro or use credit card.
 
Last edited:

ekardo

Arch-Supremacy Member
Joined
Jan 1, 2000
Messages
16,643
Reaction score
30
actually which savings accounts suitable for you depends on how your salary credited and what's your habit etc. for me i jump from citibank maxigain to maybank isavvy/isavvy-i

pros of citibank maxigain:
1. decent interest rate at 1.4-1.5% (assuming you have max counter)
2. does not require salary credit (for me my salary is through cheque so used to be great for me)
3. does not need any spending (so I can save as much as I could without having to get the higher interest rates)

cons of citibank maxigain:
1. take 12 months to get max counter (so with the change of TOC, unless you are at counter 10-12 I don't feel worth it to continue)
2. cannot withdraw more than interest rates or else counter drop
3. depends on sibor rate, and on current market is dropping

pros of maybank isavvy/isavvy-i:
1. 1.9% savings accounts for 2 months (more than almost all fixed deposit but still can withdraw)
2. can continue get good interest rate with merry go round, rates better than scb esaver (tiered) and more easier to understand than hsbc ega

cons of isavvy/isavvy-i:
1. every 2 months need take 15 mins to merry go round
2. need to physically go to maybank to open isavvy-i

From my scenario i chose isavvy/isavvy-i after maxigain changed TOC because of flexible, good interest rates and can withdraw. It is not as confusing as hsbc ega musical chair and not as tiered as scb esaver. (less float too as esaver needs $1K minimum when merry go round while isavvy/isavvy-i just needs $500). furthermore it does not need to credit any salary, spend any minimum sum or do giro or use credit card.

good comparison..
another con for Isavvy is rates are forever changing. soon if it drop to 1.5% than Maxigain might be on Par or better since maxigain is less clumbersome..
 

a4973

Senior Member
Joined
Sep 13, 2003
Messages
1,745
Reaction score
14
good comparison..
another con for Isavvy is rates are forever changing. soon if it drop to 1.5% than Maxigain might be on Par or better since maxigain is less clumbersome..
Nope, isavvy wins on liquidity even if rates drop to Maxigain rate.
 

emo3lmo

Supremacy Member
Joined
Jan 12, 2009
Messages
7,548
Reaction score
0
Nope, isavvy wins on liquidity even if rates drop to Maxigain rate.

under the new terms, maxigain only lose 0.3% if you withdraw..
still got 1.1-1.2% for that month of withdrawal
 

testingabc

Supremacy Member
Joined
Sep 10, 2013
Messages
9,737
Reaction score
67
under the new terms, maxigain only lose 0.3% if you withdraw..
still got 1.1-1.2% for that month of withdrawal

You lose 0.3% is small thing for you, but you lost 6 counters or 6 months of counter is bigger. IMO time is money.
 

kurtgoh

Master Member
Joined
Jun 3, 2014
Messages
2,791
Reaction score
9
pros of citibank maxigain:
1. decent interest rate at 1.4-1.5% (assuming you have max counter)

i used to be a customer of maxigain..
but i have closed the account yesterday.

and shift the funds to bonussaver.
based on my monthly spending of $500 - $2k, 0.88%
Salary Credit, 1%
yet to invest with SB, so its zero.
Bill Payment,0.25%

in total, its 2.13% p.a.for $100k deposit.

estimated annual interest:
S$2,130

can consider if you too, had similar lifestyle.
 

ekardo

Arch-Supremacy Member
Joined
Jan 1, 2000
Messages
16,643
Reaction score
30
i used to be a customer of maxigain..
but i have closed the account yesterday.

and shift the funds to bonussaver.
based on my monthly spending of $500 - $2k, 0.88%
Salary Credit, 1%
yet to invest with SB, so its zero.
Bill Payment,0.25%

in total, its 2.13% p.a.for $100k deposit.

estimated annual interest:
S$2,130

can consider if you too, had similar lifestyle.

BOC higher with salary...maxigain is non salary.
 

ekardo

Arch-Supremacy Member
Joined
Jan 1, 2000
Messages
16,643
Reaction score
30
Nope, isavvy wins on liquidity even if rates drop to Maxigain rate.

liquidity yes..so depend on what you want to do...for me..I am lazy..the merry go round seems lehceh for me...but if Maybank go up to > 2% consistently.....I might have to learn how to merry go round also..
 

DenOOO

Senior Member
Joined
Nov 28, 2010
Messages
926
Reaction score
30
Moved my funds to isavvy for 1.9% and also ocbc new funds promo ($85 voucher per $10,000 locked in for 6 months, effectively 1.7%).

Kept $15,000 in maxigain for counter to move up as a backup.
 
Last edited:
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.
Top