Citibank Maxigain Savings Account

sgreview

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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.

Haha.. Stop confusing yourself la! What u highlighted is actually the ANSWER to your question!

End of day balance - e.g. on 15/12/20,
Starting balance: 10k, u deposit 1k, then withdraw 3k, then deposit 2k.
End day balance: 10k

Lowest balance in the Month -

e.g. (1) your account was opened on 1/12/20 and u DID NOT deposit on 1/12/20, but deposit 10k on 2/12/20 and remain as 10k for the rest of the month:

So end day balance on 1/12: 0
End day balance on 2/12 - 31/12: 10k

Your Lowest balance in the Month is 0

e.g. (2) your account was opened on 1/12/20 and u deposited 10k on 1/12/20, and deposit 5k on 2/12/20 and withdraw 6k on 3/12:

So end day balance on 1/12: 10k
End day balance on 2/12: 15k
End day balance on 3/12 - 31/12: 9k

Your Lowest balance in the Month is 9k
 

sgreview

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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.

Yes, I also kena this a few times when I first started using their app, I think it depends on which account u clicked prior to clicking the transfer tab. But to be safe, always check just before you key in the amount to transfer from the drop down box u mentioned.
 

Chaosphere

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Haha.. Stop confusing yourself la! What u highlighted is actually the ANSWER to your question!

End of day balance - e.g. on 15/12/20,
Starting balance: 10k, u deposit 1k, then withdraw 3k, then deposit 2k.
End day balance: 10k

Lowest balance in the Month -

e.g. (1) your account was opened on 1/12/20 and u DID NOT deposit on 1/12/20, but deposit 10k on 2/12/20 and remain as 10k for the rest of the month:

So end day balance on 1/12: 0
End day balance on 2/12 - 31/12: 10k

Your Lowest balance in the Month is 0

e.g. (2) your account was opened on 1/12/20 and u deposited 10k on 1/12/20, and deposit 5k on 2/12/20 and withdraw 6k on 3/12:

So end day balance on 1/12: 10k
End day balance on 2/12: 15k
End day balance on 3/12 - 31/12: 9k

Your Lowest balance in the Month is 9k

Haha my bad! I see the "at any point in time" then I mini panic. I was adding a new payee from the Citi phone app, but somehow you cannot just add payee, have to make a transfer, so I transferred $1 out, but didn't realized it was from MaxiGain account so I panic.

I just got off the phone with Citibank also, they confirmed is end day balance, so long as the amount you transferred out from MaxiGain is replenished within the same day, it will not be affected. If you past 12 midnight then replenish, then the lowest balance will be affected because it's already the next day.
 

Chaosphere

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Yes, I also kena this a few times when I first started using their app, I think it depends on which account u clicked prior to clicking the transfer tab. But to be safe, always check just before you key in the amount to transfer from the drop down box u mentioned.

Yes, must be careful and double check at the drop down box of which account it is before the transfer.

I just spoke to Citibank on the phone. On the Citi phone app, the "default" debiting account is based on the account that has the highest balance of funds in it. I was told to try topping up more funds to the other account higher than the MaxiGain account and see if the default debiting account changes.

I just tried and it works, as long as one other account has higher balance than MaxiGain, the other account will be the default debiting account for transfer, until the amount drops lower than MaxiGain, then MaxiGain will be the "default" account again from the drop down box. Basically, the account with the most money will be the default account for outgoing transfer, so must make sure to check carefully before making any transfers.
 

foxer77

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now the max intrest pay is 70k .... not like last time 150k....
 

Chaosphere

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now the max intrest pay is 70k .... not like last time 150k....

surprise still got people using this...

I understand that in the past the MaxiGain account was way better in terms of returns (Base interest is based on SIBOR rate), but the criteria was quite prohibitive for me to join, if you do not have 70k, you do not get the base (SIBOR rate) interest (not too sure if can get the step-up bonus interest if you have below 70k, correct me if I'm wrong because I did not pay much attention to this MaxiGain account as it was not suitable for me back then).

With effect from 1 October 2020, the new requirements is actually more suitable for me, as long as you can leave 15k inside for the TRB to prevent fall below fee, let the interest counter step-up progressively over 12 months to 0.61%. Hopefully the interest don't drop further. Assuming the interest rate of 12 counters stays at 0.61%, it will be better than CIMB FastSaver of 0.3%.

Different people have different uses for the wide variety of such deposit accounts products ba. Just like how some would prefer UOB One Account over OCBC 360, some prefer DBS Multiplier over UOB One etc...
 

testingabc

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I understand that in the past the MaxiGain account was way better in terms of returns (Base interest is based on SIBOR rate), but the criteria was quite prohibitive for me to join, if you do not have 70k, you do not get the base (SIBOR rate) interest (not too sure if can get the step-up bonus interest if you have below 70k, correct me if I'm wrong because I did not pay much attention to this MaxiGain account as it was not suitable for me back then).

With effect from 1 October 2020, the new requirements is actually more suitable for me, as long as you can leave 15k inside for the TRB to prevent fall below fee, let the interest counter step-up progressively over 12 months to 0.61%. Hopefully the interest don't drop further. Assuming the interest rate of 12 counters stays at 0.61%, it will be better than CIMB FastSaver of 0.3%.

Different people have different uses for the wide variety of such deposit accounts products ba. Just like how some would prefer UOB One Account over OCBC 360, some prefer DBS Multiplier over UOB One etc...

yeah bro you happy can le, i also happy my money at RHB High Yield, no need to climb 12 months already more interest liao :D
 

ekardo

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I understand that in the past the MaxiGain account was way better in terms of returns (Base interest is based on SIBOR rate), but the criteria was quite prohibitive for me to join, if you do not have 70k, you do not get the base (SIBOR rate) interest (not too sure if can get the step-up bonus interest if you have below 70k, correct me if I'm wrong because I did not pay much attention to this MaxiGain account as it was not suitable for me back then).

With effect from 1 October 2020, the new requirements is actually more suitable for me, as long as you can leave 15k inside for the TRB to prevent fall below fee, let the interest counter step-up progressively over 12 months to 0.61%. Hopefully the interest don't drop further. Assuming the interest rate of 12 counters stays at 0.61%, it will be better than CIMB FastSaver of 0.3%.

Different people have different uses for the wide variety of such deposit accounts products ba. Just like how some would prefer UOB One Account over OCBC 360, some prefer DBS Multiplier over UOB One etc...

so how much savings and how much EIR are you getting now ? we can give you advise..

RHB of 0.8% already sweep citibank out of competition
 

PC-User

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RHB of 0.8% already sweep citibank out of competition

RHB app has ridiculously stringent security requirements. It refuses to work with a lot of apps. I chose not to give up my favorite keyboard just to get additional ~$14 interest per month.
 

Shutterfly

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Planning to close mine soon. So the step would be withdraw all then contact customer support to close it right?
 

Perisher

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There is endowus and stashaway. Both easily more than 1%++... Singlife 2%...
Not sure what’s the point of this account.
 

Shutterfly

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There is endowus and stashaway. Both easily more than 1%++... Singlife 2%...
Not sure what’s the point of this account.

You are right.. Waiting for the next month interest to come in then will withdraw all.
 

Perisher

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There are people who maximize multiple accounts.

I know but endowus, stashaway and other robo mmf account has no upper limit... even for a multi account user...
 

JetStorm

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There is endowus and stashaway. Both easily more than 1%++... Singlife 2%...
Not sure what’s the point of this account.
my mum still using this. I told her Robo has higher interest but she dun trust it. Still prefer putting her money in banks for the 75k coverage

Sent from Xiaomi REDMI NOTE 8 PRO using GAGT
 

tesarise

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my mum still using this. I told her Robo has higher interest but she dun trust it. Still prefer putting her money in banks for the 75k coverage

Sent from Xiaomi REDMI NOTE 8 PRO using GAGT

she heypi can liao. more impt is she can sleep well at night. put in robo maybe everyday will insomnia thinking about the money
 

JetStorm

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yea agree. used to have 150k in Citibank. now take out left 70k the rest put in uob stash lol

Sent from Xiaomi REDMI NOTE 8 PRO using GAGT
 
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