Citibank Maxigain Savings Account

[NTTDoCoMo]

Thanks for prompt reply.
Thinking to question bank why I was not informed when I opened my account on this new rules to avoid the earlier closure fees $50.

The rumoured change started quite early back last year, only november it was officially announced. Account holders here was told by the Citibank Banker of the rumoured change when they opened their account early last year.

 

[Trazora]

Thanks for prompt reply.
Thinking to question bank why I was not informed when I opened my account on this new rules to avoid the earlier closure fees $50.

Just zero the account and close 6 months later

 

[Sinkie]

Thanks for prompt reply.
Thinking to question bank why I was not informed when I opened my account on this new rules to avoid the earlier closure fees $50.

The bankers at Citibank were already spreading rumor of the change in rules and condition many many months ago to many bro and sis here, but we all treated it as malicious and means to stop us from opening accounts

 

[fairylord]

Just zero the account and close 6 months later

Zero the account now, bank will not able to deduct the fall below fees. But, will bank insist to pay of fall below fees to process the account closure later?

Thanks for all forumers' replies

 

[havetheveryfun]

I guess whoever less than $70k just forget about this maxigain.

you dont feel confident to save up 70k in next few years? if you think you can save up 70k in next 2-3 years, think still a good deal once the counters have built up.

you would be losing around $210 per year which could be easily earned back in just a few months after the max counters, provided the conditions do not change again

 

[NTTDoCoMo]

you dont feel confident to save up 70k in next few years? if you think you can save up 70k in next 2-3 years, think still a good deal once the counters have built up.

you would be losing around $210 per year which could be easily earned back in just a few months after the max counters, provided the conditions do not change again

In a raising Interest rate environment, likely the TnC change cycle will be shorted.

 

[LexusIS]

Zero the account now, bank will not able to deduct the fall below fees. But, will bank insist to pay of fall below fees to process the account closure later?

Thanks for all forumers' replies

Tough for banks to enforce on fall below fees if you have no balances inside. Unlike outstanding owed on Credit facilities.

Anyway they can’t blame consumers as it is substantially different from when account was opened. If you write in to complain they could just waive and allow u to close early.

 

[Purplestars]

you dont feel confident to save up 70k in next few years? if you think you can save up 70k in next 2-3 years, think still a good deal once the counters have built up.

you would be losing around $210 per year which could be easily earned back in just a few months after the max counters, provided the conditions do not change again

Going through all this trouble, might as well just put your money somewhere else.

Not that hard to find a place that gives you 2% without so much waiting and losing interest in the meantime.

 

[amychan]

Going through all this trouble, might as well just put your money somewhere else.

Not that hard to find a place that gives you 2% without so much waiting and losing interest in the meantime.

Agreed. This account is too complicated.

Singapore savings bond is offering 1.96%pa for 1st 3 years without lockup. You can redeem at the end of any month. When you do so, you will get back accrued interest and principal sum.

Alternatively, FDs are also offering around 1.8-2.0%pa with lockup.

You can see the chart attached for fixed deposit rates vs SSB for this month.

http://investsingaporebonds.com/wp-content/uploads/2019/03/201903-singapore-savings-bonds-ssb-vs-bank-fixed-deposits.png

 

[Linguist]

Agreed. This account is too complicated.

Singapore savings bond is offering 1.96%pa for 1st 3 years without lockup. You can redeem at the end of any month. When you do so, you will get back accrued interest and principal sum.

Alternatively, FDs are also offering around 1.8-2.0%pa with lockup.

You can see the chart attached for fixed deposit rates vs SSB for this month.

http://investsingaporebonds.com/wp-content/uploads/2019/03/201903-singapore-savings-bonds-ssb-vs-bank-fixed-deposits.png

U r not comparing Apple with Apple, where u can withdraw money anytime with maxi gain savings account, n will earn the interests.

FD, withdraw or terminate n interests supposedly to be earned is gone or lowered.
SSB, good but must wait for like a month then money deposited back to ur account. + interests paid on half a year basis (to be confirm), n not monthly basis.

Best advice to those looking to open maxigqin account.
Put 15k into account n earn the counter increase.
After 8 months - 1 year later can consider top up to 70k (check got top up promotion not)

If not looking at maxigain,
Look at iSavvy (Maybank), passbook savings (UOB), or esaver (Standard Chartered),
These accounts have periodic bonus interests given on incremental balance amount usually compared against previous month.

 

[fairylord]

you dont feel confident to save up 70k in next few years? if you think you can save up 70k in next 2-3 years, think still a good deal once the counters have built up.

you would be losing around $210 per year which could be easily earned back in just a few months after the max counters, provided the conditions do not change again

Not easy based on my wages.

 

[fairylord]

Tough for banks to enforce on fall below fees if you have no balances inside. Unlike outstanding owed on Credit facilities.

Anyway they can’t blame consumers as it is substantially different from when account was opened. If you write in to complain they could just waive and allow u to close early.

Ya.. Will try to request. Thanks for advice.

 

[K_E_N_L_A_W]

Once earmarked you will lose the flexibility to withdraw the cash when needed. Need to be mindful.

Do note from this mth (mar & apr) onwards, they have changed the reference mth for the calculation of the fresh funds. Now they are comparing to previous month's monthly average balance. So in apr, do they compare to feb's MAB or mar's MAB? Good to clarify with uob.

It's stated in T&C.

Based on Monthly Average Balance of previous month.

If you start this in Mar, the MAB is on Feb. Your funds earmarked from Mar to Apr (2mths)

If you start this in Apr, the MAB is on Mar. Likewise, your new funds earmarked from Apr to May (2mths).

Extracted below for explanation.

(i) “Incremental Fresh Funds Balance” refers to the daily difference between each day-end Account balance and the previous month’s Monthly Average Balance; and

(ii) “Monthly Average Balance” refers to the sum of each day-end Account balance in a particular calendar month, divided by the number of calendar days in that month. In respect of new Accounts opened during
the Promotion Period:

(a) the Monthly Average Balance for the calendar month prior to
the opening of the Account shall be zero; and

(b) the Monthly Average Balance for the calendar month in which
the Account is opened shall be calculated as follows:

Monthly Average Balance (for the month of new Account
opening) = X / Y where:
“X” : refers the sum of each day-end Account balance
from and including the Account opening date to the last day of that calendar month; and

“Y” : refers to the number of calendar days from and including the Account opening date to the last day of that calendar month.

 

[Purplestars]

U r not comparing Apple with Apple, where u can withdraw money anytime with maxi gain savings account, n will earn the interests.

FD, withdraw or terminate n interests supposedly to be earned is gone or lowered.
SSB, good but must wait for like a month then money deposited back to ur account. + interests paid on half a year basis (to be confirm), n not monthly basis.

Best advice to those looking to open maxigqin account.
Put 15k into account n earn the counter increase.
After 8 months - 1 year later can consider top up to 70k (check got top up promotion not)

If not looking at maxigain,
Look at iSavvy (Maybank), passbook savings (UOB), or esaver (Standard Chartered),
These accounts have periodic bonus interests given on incremental balance amount usually compared against previous month.

Still not worth it, consider the one year step up and you losing all counters immediately upon withdrawal.

So any money u put in maxigain/ssb/FD should be fairly stable that you have no need to withdraw in the short term.

 

[Linguist]

Still not worth it, consider the one year step up and you losing all counters immediately upon withdrawal.

You don't lose all counters.

Counter in the Preceding Month = 0 to 5, counter drop back to 0.
Counter in the Preceding Month = 6 to 12, counter drop back to 6.

 

[brown56]

The Bonus Interest Rates (ranges 1.2% to 1.6%) are only applicable to Incremental Fresh Funds Balance of at least S$15,000, subject to a cap of S$1,000,000. As you have quoted from the T&C,

“Incremental Fresh Funds Balance” refers to the daily difference between each day-end Account balance and the previous month’s Monthly Average Balance;..."

Agreed that when you start the earmarking in Mar 19, the funds will be earmarked for two months (Mar & Apr).

So in Mar, the "previous MAB" = Feb 19. Since your funds are earmarked, come Apr, is the "previous MAB" = Feb 19 or Mar 19?

Nothing was mentioned that the moment you earmarked your funds in Mar 19 for the free vouchers, the "previous MAB" will be locked at Feb 19. Do your earmarked funds get to enjoy the Bonus Interest Rates for both months?

I still think that its good to get some clarification from UOB on this.

https://www.uob.com.sg/assets/pdfs/promotions/terms-and-condition-promotion.pdf
Link to the T&C

It's stated in T&C.

Based on Monthly Average Balance of previous month.

If you start this in Mar, the MAB is on Feb. Your funds earmarked from Mar to Apr (2mths)

If you start this in Apr, the MAB is on Mar. Likewise, your new funds earmarked from Apr to May (2mths).

Extracted below for explanation.

(i) “Incremental Fresh Funds Balance” refers to the daily difference between each day-end Account balance and the previous month’s Monthly Average Balance; and

(ii) “Monthly Average Balance” refers to the sum of each day-end Account balance in a particular calendar month, divided by the number of calendar days in that month. In respect of new Accounts opened during
the Promotion Period:

(a) the Monthly Average Balance for the calendar month prior to
the opening of the Account shall be zero; and

(b) the Monthly Average Balance for the calendar month in which
the Account is opened shall be calculated as follows:

Monthly Average Balance (for the month of new Account
opening) = X / Y where:
“X” : refers the sum of each day-end Account balance
from and including the Account opening date to the last day of that calendar month; and

“Y” : refers to the number of calendar days from and including the Account opening date to the last day of that calendar month.

 

[Mickey01]

The Bonus Interest Rates (ranges 1.2% to 1.6%) are only applicable to Incremental Fresh Funds Balance of at least S$15,000, subject to a cap of S$1,000,000. As you have quoted from the T&C,

“Incremental Fresh Funds Balance” refers to the daily difference between each day-end Account balance and the previous month’s Monthly Average Balance;..."

Agreed that when you start the earmarking in Mar 19, the funds will be earmarked for two months (Mar & Apr).

So in Mar, the "previous MAB" = Feb 19. Since your funds are earmarked, come Apr, is the "previous MAB" = Feb 19 or Mar 19?

Nothing was mentioned that the moment you earmarked your funds in Mar 19 for the free vouchers, the "previous MAB" will be locked at Feb 19. Do your earmarked funds get to enjoy the Bonus Interest Rates for both months?

I still think that its good to get some clarification from UOB on this.

https://www.uob.com.sg/assets/pdfs/promotions/terms-and-condition-promotion.pdf
Link to the T&C

I have participated in the previous promotion. This is what happened based on my calculation. You may want to clarify with UOB at the branch

For existing Account before the promotion (1st Mar to 30th Apr).
for example, fresh funds top up on 5th Mar 2019.
Comparison month will be Feb 2019.
Your fresh funds will be earmarked for 2 months (5th Mar to 5th May 2019).
Do note that the bonus rates apply to fresh funds from 5th Mar to 30th Apr 2019 only. For days from 1 May to 5th May, the fresh funds will get normal interest rates

 

[Sinkie]

Unfortunately, this promo ends on 28 Feb.

Promotion extended till 31 Dec 2019

 

[vsvs24]

I have participated in the previous promotion. This is what happened based on my calculation. You may want to clarify with UOB at the branch

For existing Account before the promotion (1st Mar to 30th Apr).
for example, fresh funds top up on 5th Mar 2019.
Comparison month will be Feb 2019.
Your fresh funds will be earmarked for 2 months (5th Mar to 5th May 2019).
Do note that the bonus rates apply to fresh funds from 5th Mar to 30th Apr 2019 only. For days from 1 May to 5th May, the fresh funds will get normal interest rates

Isn't Maybank isavvy better abd less complicated ?

 

[brown56]

I have participated in the previous promotion. This is what happened based on my calculation. You may want to clarify with UOB at the branch

For existing Account before the promotion (1st Mar to 30th Apr).
for example, fresh funds top up on 5th Mar 2019.
Comparison month will be Feb 2019.
Your fresh funds will be earmarked for 2 months (5th Mar to 5th May 2019).
Do note that the bonus rates apply to fresh funds from 5th Mar to 30th Apr 2019 only. For days from 1 May to 5th May, the fresh funds will get normal interest rates

Previously, they calculated the fresh funds based on the balance on the last day of month before the promotion period. E.g. for the Jan/Feb 19 promo, they used the balance on 31st Dec 18 as the baseline for comparison.

Moving forward, UOB has changed the comparsion to "previous mth MAB".

That is why to be need to be cautious aince there are changes to the T&C.