What are your plans now that Citibank Maxigain Savings Account has changed its TnC?
Hi everyone, I realised there no one talking about Citibank Maxigain account here about the change of Terms and Conditions for the interest rate. Cutting down by more than half.
Personally, for myself, I'm shifting out the balances to my current DBS Multiplier up to $50k. (Can't seem to hit the 3rd requirement to get up to $100k)
Thinking to open a UOB One account for the remaining amount as the good part of UOB One is that it doesn't require a salary credit. I can replace with 3 GIRO.
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Kelly Trinh
18 Nov 2019
Backoffice technical at financial services firm
@OP - the seedly search is a bit hit-and-miss (and no real way to star/tag posts as well) but the change in Citi was mentioned a few weeks ago (see link below). I've confirmed the change with a Citi RM - apparently there is A LOT of customer pushback with the change.
https://seedly.sg/questions/should-i-put-200k-i...
In terms of alternatives, it looks tough to match what Citi was offering (which is maybe why they withdrew it hahaha) - but there is some interest new-age type of savings vechicles - check out Etiqa Elastiq / SingLife Endowment / Singapura Finance Vivid. All of those have something slightly different from a standard bank acccount but still covered under SDIC g'tee and using above market interest rates to attract customers.
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*Note: I've maxed put SCB Jumpstart 20k 2% P.A
I have CIMB 1-1.5% but I'm trying to hit 2% interest...
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Maxigain is tagged to another component which is the 1mth sibor. Unless it is poised to goes up, if not ocbc is offering $50 for every $5k deposit and will need to lock in for 7 months.