Citibank Maxigain Savings Account

cscs3

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just close the account sua lah. make the funds work harder elsewhere

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Move to Maybank fix deposit, 0.95% for 1 year.
This bank is basically asking customer to go away.
 
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Utonian

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Thanks. Just checked. I am on counter 9. Not sure if I should keep it.
if you have something else better, then you will not lose much in terms of counter to switch now.. can keep small amount and counter go back to 6 then climb again in case rates go back up..

all depends on what other options u still have
 

dreant

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For reference, based on my calculations, base interest paid out over the last two years has been approximately the following:

2020-09 0.124%
2020-08 0.124%
2020-07 0.125%
2020-06 0.125%
2020-05 0.188%
2020-04 0.455%
2020-03 0.606%
2020-02 0.841%
2020-01 0.858% // bonus interest reduced to 0.05% per counter
2019-12 0.885% // 50% of 1m SIBOR
2019-11 1.230% // 70% of 1m SIBOR
2019-10 1.298%
2019-09 1.312%
2019-08 1.315%
2019-07 1.318%
2019-06 1.319%
2019-05 1.302%
2019-04 1.279%
2019-03 1.289%
2019-02 1.260%
2019-01 1.242% // 70% of 1m SIBOR
2018-12 1.358% // 80% of 1m SIBOR
2018-11 1.296%
2018-10 1.213%
2018-09 1.210%
2018-08 1.219%
2018-07 1.200%
2018-06 1.138% // 80% of 1m SIBOR
 

s0lidus1980

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Not aware of fall below fee of 70K. But agreed Maxigain is no longer a attractive product. Planned to close and move somewhere else.
. Yeah I just closed yesterday.
Moved the sum just before Oct. they are able to close for you over the phone. Even if u got max 0.61% is about $35 per month. Might as well put in other fixed deposit.
 

havetheveryfun

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. Yeah I just closed yesterday.
Moved the sum just before Oct. they are able to close for you over the phone. Even if u got max 0.61% is about $35 per month. Might as well put in other fixed deposit.

a lot of fixed deposits rates now even lower than 0.6%?
 

dreant

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For reference, based on my calculations, base interest paid out over the last two years has been approximately the following:

2020-10 0.01% // base interest rate reduced to 0.01%, bonus interest capped at $70k.
2020-09 0.124%
2020-08 0.124%
2020-07 0.125%
2020-06 0.125%
2020-05 0.188%
2020-04 0.455%
2020-03 0.606%
2020-02 0.841%
2020-01 0.858% // bonus interest reduced to 0.05% per counter
2019-12 0.885% // 50% of 1m SIBOR
2019-11 1.230% // 70% of 1m SIBOR
2019-10 1.298%
2019-09 1.312%
2019-08 1.315%
2019-07 1.318%
2019-06 1.319%
2019-05 1.302%
2019-04 1.279%
2019-03 1.289%
2019-02 1.260%
2019-01 1.242% // 70% of 1m SIBOR
2018-12 1.358% // 80% of 1m SIBOR
2018-11 1.296%
2018-10 1.213%
2018-09 1.210%
2018-08 1.219%
2018-07 1.200%
2018-06 1.138% // 80% of 1m SIBOR
 

JetStorm

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. Yeah I just closed yesterday.
Moved the sum just before Oct. they are able to close for you over the phone. Even if u got max 0.61% is about $35 per month. Might as well put in other fixed deposit.
alternative is uob stash for eir 0.58% if u prefer putting it in banks instead of insurance companies.

Citi is still better at 0.61% but have to wait for 6 months if u drop to counter 6.

Sent from Xiaomi REDMI NOTE 8 PRO using GAGT
 

Chaosphere

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Hi guys, I have a few questions regarding about opening of a new Citibank deposit account.

1) When opening a new Citibank Deposit account (new to bank customer), are you expected to fund the account immediately at the branch, or do they give you some leeway, like within 24 hours or 48 hours to put in the S$15,000 TRB?

2) If the Citibank deposit account is left at S$0, does it go negative for the S$15 monthly fall below fee? When you deposit money back, it immediately deducts the negative amount, or the bank cannot do anything and your account will always remain at $0?

2a) As for question 2 addition, what if the account balance is left less than S$15, but above S$0 (e.g. S$5), do they deduct $5 and go into negative, or does it become $0?

Thanks in advance, I don't want to create a new thread just for asking this question. :)
 

cscs3

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Hi guys, I have a few questions regarding about opening of a new Citibank deposit account.

1) When opening a new Citibank Deposit account (new to bank customer), are you expected to fund the account immediately at the branch, or do they give you some leeway, like within 24 hours or 48 hours to put in the S$15,000 TRB?

2) If the Citibank deposit account is left at S$0, does it go negative for the S$15 monthly fall below fee? When you deposit money back, it immediately deducts the negative amount, or the bank cannot do anything and your account will always remain at $0?

2a) As for question 2 addition, what if the account balance is left less than S$15, but above S$0 (e.g. S$5), do they deduct $5 and go into negative, or does it become $0?

Thanks in advance, I don't want to create a new thread just for asking this question. :)

I remember I used cross cheque when opening the account few years back. Guess they also takes a few days to open your account.
 

Chaosphere

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I remember I used cross cheque when opening the account few years back. Guess they also takes a few days to open your account.

Thanks for the heads up! Was intending to head down the branch to open, hence these questions.

What about the second questions? Do you have any experience for the fall below fees?
 

Chaosphere

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Hi guys, I have a few questions regarding about opening of a new Citibank deposit account.

1) When opening a new Citibank Deposit account (new to bank customer), are you expected to fund the account immediately at the branch, or do they give you some leeway, like within 24 hours or 48 hours to put in the S$15,000 TRB?

2) If the Citibank deposit account is left at S$0, does it go negative for the S$15 monthly fall below fee? When you deposit money back, it immediately deducts the negative amount, or the bank cannot do anything and your account will always remain at $0?

2a) As for question 2 addition, what if the account balance is left less than S$15, but above S$0 (e.g. S$5), do they deduct $5 and go into negative, or does it become $0?

Thanks in advance, I don't want to create a new thread just for asking this question. :)

Up for awareness. Still seeking answers. Read quite a few pages on this thread but I don't seem to find a definite answer.
 

havetheveryfun

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Up for awareness. Still seeking answers. Read quite a few pages on this thread but I don't seem to find a definite answer.

because there is no definite answer. it is grey area.

go try it out for yourself for one month to find out the answer for yourself and tell us. it is only $15 at most to try.
 

oceanicmanta

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Up for awareness. Still seeking answers. Read quite a few pages on this thread but I don't seem to find a definite answer.

when I had the MaxiGain account, i had zero balance months

no fee deduction

i never topped up again bcos i closed account eventually

caveat : this pertains to MaxiGain account only & that's a year ago

usually if account is not a current account, it shld not go negative

if account is current account, it could go negative (at bank's discretion)
 

Chaosphere

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when I had the MaxiGain account, i had zero balance months

no fee deduction

i never topped up again bcos i closed account eventually

caveat : this pertains to MaxiGain account only & that's a year ago

usually if account is not a current account, it shld not go negative

if account is current account, it could go negative (at bank's discretion)

Thank you for the information. It's hard to draw a line between "Savings account and "Current Account" these days. While looking at the Citibanking pricing guide it says "Savings and Checking Accounts" for the majority of deposit accounts.

Looks like as long as the account does not come with overdraft facility, it shouldn't go into negative. Thanks! :)
 

dreant

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because there is no definite answer. it is grey area.

go try it out for yourself for one month to find out the answer for yourself and tell us. it is only $15 at most to try.

If the bank extends to him an overdraft facility, it'll be quite a bit more than $15... And there is nothing grey about it - all of it is clearly detailed in their T&Cs, if you are able find and make sense of it.

A definite answer can only come from the bank. If that is what you want, pick up the phone and call them, or drop by a branch and ask. Everything else is simply heresay and doesn't mean anything at all.
 
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Chaosphere

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If I accidentally transfer funds out of my MaxiGain Account, but replenished the same amount immediately (within the same day, did not pass 12am midnight), will my "lowest balance" or counter be affected? Citibank website says "end day balance" while their Q&A states "at any point of time".

Thanks in advance.
 

sgreview

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If I accidentally transfer funds out of my MaxiGain Account, but replenished the same amount immediately (within the same day, did not pass 12am midnight), will my "lowest balance" or counter be affected? Citibank website says "end day balance" while their Q&A states "at any point of time".

Thanks in advance.

Should be end of day balance, if u open a new account, u have to fund it on the same day, else the lowest balance for your first month will be $0. Would be good if u share the link to the Q&A that states "at any point of time"
 

Trazora

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If I accidentally transfer funds out of my MaxiGain Account, but replenished the same amount immediately (within the same day, did not pass 12am midnight), will my "lowest balance" or counter be affected? Citibank website says "end day balance" while their Q&A states "at any point of time".

Thanks in advance.

It is based on end of day balance.
 

Chaosphere

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Should be end of day balance, if u open a new account, u have to fund it on the same day, else the lowest balance for your first month will be $0. Would be good if u share the link to the Q&A that states "at any point of time"

It is actually stated at quite a few areas at the FAQ and on the PDF Terms and Conditions

https://www.citibank.com.sg/global_docs/pdf/MaxiGain_TC_2_Dec_2019.pdf

https://www.citibank.com.sg/gcb/deposits/mxgn-savacc.htm?icid=SGDPUAAENLCRYCALM

How is the lowest balance of account opening month determined?

The lowest balance of that month will be the lowest amount of funds in your MaxiGain account at any point in time in the month (which includes the first day on which your MaxiGain account is opened). The lowest balance for the first month will be zero if the MaxiGain account is not funded on the day it is opened.


My concern is if I made an accidental funds transfer from the MaxiGain account, but I replenish the same amount immediately within the same day, my "lowest balance" will be affected because "at any point in time" i already withdrew the funds hence the balance is at its lowest at that point of withdrawal / transfer.

However, the very same FAQ Table also states "End Day Balance", can also mean that as long as I replenish the funds before 12 midnight the same day, logically it should not be affected as by the end of the day, the amount remains the same as I replenished the funds transferred / withdrew out.

I don't know why it seems that the default funds transfer account is MaxiGain on the app. Everytime you transfer funds must select the drop down box otherwise it will be from MaxiGain.
 
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