To be eligible for the bonus interest rate per annum for Citi MaxiGain savings account comes with a few criteria:
i. Maintain or increase your previous month’s Monthly Average Balance (MAB)
ii. Maintain a minimum Minimum Average Balance of S$70,000 (No Withdrawals)
The bonus interest rate per annum for Citi MaxiGain 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.
Is MaxiGain the Best Savings Account for You in 2020?
- Flexibility from non-fixed base interest rate. MaxiGain is worth to leverage on if the SIBOR is high
- MaxiGain does not require a minimum account balance to accrue bonus interest rates
- Gain bonus interest rates by simply increasing your monthly lowest balance.
- In order to fully maximise the offers, you would need S$70,000 - $150,000 worth of funds in your account.
- Compared to other savings accounts, S$70,000 is a steep requirement to earn base interest rates. Hence, might not be ideal for those who do not have that sum of money
- Your base interest rate will fluctuate monthly according to the SIBOR, while it might be occasionally higher than what other banks offer, there is no guarantee.
- If your lowest balance in the current month is lower than the lowest balance in the previous month, the Counter will reset
Want to know how Citi MaxiGain comapres with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020
Terms and fees for Citi MaxiGain Savings Account
- Initial deposit: S$10,000 (S$15,000 if you don't meet the TRB)
- 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 Citi checking, savings and deposit accounts
Eligibility: who can apply for Citi MaxiGain?
- Citizenship status: Singaporeans and PRs
- Minimum age to open an account: 18 years old
How to apply for Citi MaxiGain Savings Account?