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Anonymous

15 Jun 2019

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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

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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

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