Citi MaxiGain Reviews and Comparison - Seedly
 

Citi MaxiGain

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  • Reviews (3)
  • Questions (2)
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Citi MaxiGain

Up to 2.2% p.a.
INTEREST RATES
$10,000
MIN. INITIAL DEPOSIT
$70,000
MIN. AVG DAILY BALANCE

    Citi MaxiGain

    Up to 2.2% p.a.
    INTEREST RATES
    $10,000
    MIN. INITIAL DEPOSIT
    $70,000
    MIN. AVG DAILY BALANCE
Reviews (3)

2.7

3 Reviews

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park funds

product parking

update citibank

citibank changed

changed rules

rules sibor

sibor month

month withdrawals

withdrawals max

max parameters

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  • Posted on 03 Dec 2019

    Purchased

    Citi MaxiGain

    Provided decent interest rates when it was first launched, but the recent Dec19 revision of makes it alot less attractive to park your funds there now.
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  • Posted on 03 Dec 2019

    Purchased

    Citi MaxiGain

    The interest rate is no longer attractive as it has been cutting to less than 2% for the past two years.
    0 comments
    0
  • Posted on 22 Nov 2019
    Dec 2019 Update - Citibank have changed the rules to be 50% of SIBOR + 0.05% per month of no withdrawals up to max of 12 (previously the parameters was 70% and 0.1%). As a result the interest rate now tops out at ~1.5% vs the previous of ~2.2%. Moved from a strong product for parking funds to a middle of the contender - there is better choices out there.
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Questions (2)

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Savings

Bank Account

Citi MaxiGain

DBS Multiplier

UOB One

W
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.

Savings

Citibank

Citi MaxiGain

峻豪
峻豪
Level 3. Wonderkid
Answered on 02 Nov 2019
First thing is, Citibank has just changed the TOC for Maxigain. Please take some time to read! https://www.citibank.com.sg/globaldocs/pdf/MaxiGainTC2Dec2019.pdf I used to be a big fan of Citibank Maxigain, but they just announced that their base interest rates will be a drop from 70% of SIBOR rate to 50% SIBOR rate. Furthermore, your bonus interest rates will drop by half to 0.05% - 0.6% max, so in fact base on current new TOC, your interest rates will be around 1.5% instead of 2.5%, so please take note. But that says, it is safe for $75K but Citibank is currently on a decline from the new TOC from what it looks. Currently looking for a new savings vehicle once Citibank changed new TOC on Dec 2019.

How to maximise the interest rate for Citi MaxiGain?

Base interest rate(%) p.a.

The base interest rate per annum for Citi MaxiGain savings account is as follows:

  • If your daily balance has a minimum balance of S$70,000, your base interest rate is 50% of the 1-month SIBOR (Currently at 0.89%)

Bonus Interest Rate(%) p.a

The bonus interest rate per annum for Citi MaxiGain savings account comes with a few criteria:

  • Maintain or increase your previous month’s Monthly Average Balance (MAB)
  • Maintain a minimum Minimum Average Balance of S$70,000 (No Withdrawals)

The bonus interest rate per annum for UOB Stash savings account is as follows:

  • Counter 1 - 0.05% (Total Interest Rate: 0.95%)
  • Counter 2 - 0.10% (Total Interest Rate: 1.00%)
  • Counter 3 - 0.15% (Total Interest Rate: 1.05%)
  • Counter 4 - 0.20% (Total Interest Rate: 1.10%)
  • Counter 5 - 0.25% (Total Interest Rate: 1.15%)
  • Counter 6 - 0.30% (Total Interest Rate: 1.20%)
  • Counter 7 - 0.35% (Total Interest Rate: 1.25%)
  • Counter 8 - 0.40% (Total Interest Rate: 1.30%)
  • Counter 9 - 0.45% (Total Interest Rate: 1.35%)
  • Counter 10 - 0.50% (Total Interest Rate: 1.40%)
  • Counter 11 - 0.55% (Total Interest Rate: 1.45%)
  • Counter 12 - 0.60% (Total Interest Rate: 1.50%)

Bonus interest is given at 0.05% incremental per month for a year as long as the lowest balance in a month is equal or greater than that of the previous month.

Terms and fees for Citi MaxiGain Savings Account

  • Initial deposit: S$10,000 (S$15,000 if you don't meet the TRB)
  • Citizenship status: Singaporeans and PRs
  • Minimum age to open account: 18
  • Minimum Average Daily Balance: S$70,000
  • Fall below fee: S$15 (If TRB* falls below S$15,000 each month)
  • Early closure fee: S$30 if below 6 months

*TRB = Total Relationship Balance - refers to the average daily balance on Citibank checking, savings and deposit accounts

Other Benefits for Citi MaxiGain Savings Account

  • Mobile & Online Banking - Instant payments & transfers and real-time balance updates
  • Phone Banking - CitiPhone Banking and Automate Voice Response
  • Citibank Debit Card - Free Citibank Global Transfer and ATM Withdrawals at over 13,000 Citibank ATMs as well as millions of merchants worldwide
  • Citi Priority Benefits