What are your plans now that Citibank Maxigain has changed its TnC? - Seedly
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Tay WenHao

Asked on 17 Nov 2019

What are your plans now that Citibank Maxigain 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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William
Level 4. Prodigy
Answered on 20 Nov 2019

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.

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@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-in-citi-gain-max-account-even-though-the-guaranteed-in-case-the-bank-fails-is-about-70k-only

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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Tay WenHao
Tay WenHao
Level 6. Master
Answered on 17 Nov 2019

*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.

Any other alternative or suggestions you guys have? And also I understand that FAST transfer limit 75k per day. Wondering if its possible to withdraw full balance at bank counter and close the account on the spot?

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