Advertisement

Anonymous

15 Jun 2019

∙

For Citibank Maxigain, since it is a step up interest, what is the effective interest rate for the first year? And after putting the min sum in for a year?

How does Citibank maxigain work?

Citi MaxiGain Savings Account

4

Discussion (4)

What are your thoughts?

Learn how to style your text

YT

15 Jun 2019

The usual formula can be used when all the interest rate for the months are the same. This example is a little tricky. I tabulated all the data into Excel and the annualised interest rate I got was 1.578%.

Initial principal is $70,000
Assuming interest is given at end of month or principal was deposited at end of month 0

Reply

Save

View 3 replies

Write your thoughts

Related Posts

Is Citibank Maxigain Savings account still worth keeping or there are better accounts that provide higher interest rates? Noticed that Singlife has dropped its rates. What other alternatives are there

Should I put money into the MSA since it has better interest rate as compare to the 'normal' savings account?

Should I put my money in a retirement plan that will guarantee 3k monthly retirement income from age 65 + variable bonus (effective interest rate of 4+%)?

Would you suggest someone who is self-employed to put their savings with Singlife Account, since they provide the interest of 2.5% p.a. for the first 10k and 1% p.a. for the next 90k?

Any self employed that applied for a secured CC in the first 2 yrs of your venture? Which CC are you using? Given the interest rates climate; Is it worth it to put up a 10k collateral for e benefits?

Related Products

Citi MaxiGain Savings Account

2.8

5 Reviews

Up to 0.31% p.a.

INTEREST RATES

$0

MIN. INITIAL DEPOSIT

$0

MIN. AVG DAILY BALANCE

Standard Chartered JumpStart Account

4.8

783 Reviews

DBS/POSB Multiplier Account

4.4

321 Reviews

Related Posts

Is Citibank Maxigain Savings account still worth keeping or there are better accounts that provide higher interest rates? Noticed that Singlife has dropped its rates. What other alternatives are there

Should I put money into the MSA since it has better interest rate as compare to the 'normal' savings account?

Should I put my money in a retirement plan that will guarantee 3k monthly retirement income from age 65 + variable bonus (effective interest rate of 4+%)?

Would you suggest someone who is self-employed to put their savings with Singlife Account, since they provide the interest of 2.5% p.a. for the first 10k and 1% p.a. for the next 90k?

Any self employed that applied for a secured CC in the first 2 yrs of your venture? Which CC are you using? Given the interest rates climate; Is it worth it to put up a 10k collateral for e benefits?

Advertisement