Citi MaxiGain Savings Account Reviews and Comparison - Seedly
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Citi MaxiGain Savings Account

  • Overview
  • Reviews (4)
  • Questions (0)
  • More Details

Citi MaxiGain Savings Account

Up to 1.5% p.a.
INTEREST RATES
$10,000
MIN. INITIAL DEPOSIT
$70,000
MIN. AVG DAILY BALANCE

    Citi MaxiGain Savings Account

    Up to 1.5% p.a.
    INTEREST RATES
    $10,000
    MIN. INITIAL DEPOSIT
    $70,000
    MIN. AVG DAILY BALANCE

Details

Highest Interest Rates for Citi MaxiGain

  • Standard base interest rates for balances below S$70,000 is 0.05% p.a.
  • Base interest rates for balances above S$70,000 depends on 50% of SIBOR (Singapore Interbank Offer Rate)
  • Extra Bonus interest rates increases monthly and can go up to as high as 0.60% p.a.
Read More about Citi MaxiGain Savings Account
Reviews (4)

2.8

4 Reviews

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  • Updated on 08 Jul 2020

    Purchased

    Citi MaxiGain Savings Account

    This used to be great, when it first launched a couple years back. I’ve parked most of my savings with them, although I’m currently looking for a better alternative. For some context, the rates on this is pegged to the 1-month SIBOR. So when interbank interest rates are high (2017 - mid 2019), so will your deposit rates. It could yield up to 2.5% at one point. On deposits up to $150,000. Pretty impressive. [Interest] However, things have changed in the last 6 months. They had a Dec 2019 revision of rates, which changed the pegging system to 50% of SIBOR rate (as oppposed to 80% previously). Back then, SIBOR was 1.7% so you’d still be getting about 1% effective (0.5 x 1.7% + bonus rate). As of Jul 2020, SIBOR actually dropped to as low as 0.25%. This is understandable, as the economy isn’t doing well, but it means even worse interest rates for this MaxiGain Savings account. I haven't done the exact maths, but you’re probably getting about 0.3-0.4% in this environment. [Recommendation] I wouldn’t recommend opening an account if you haven’t. Pretty sure there are many other better savings accounts out there. I’ve personally been looking for an alternative to switch out.
    0 comments
    0
  • Posted on 03 Dec 2019

    Purchased

    Citi MaxiGain Savings Account

    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.
    0 comments
    0
  • Posted on 03 Dec 2019

    Purchased

    Citi MaxiGain Savings Account

    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.
    0 comments
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How does Citi MaxiGain work?

  • If your daily balance does not meet S$70,000, a base rate of 0.05% p.a. will be applied
  • If your daily balance has a minimum balance of S$70,000 (capped at S$150,000), your base interest rate is 50% of the 1-month SIBOR
  • Singapore Interbank Offer Rate (SIBOR) is the benchmark interest rate for lending between banks in the Asian Market. It fluctuates daily. - Source: Investopedoa
  • Citibank will take the previous business day's 1-month SGD SIBOR rate for calculations
  • For illustration, as of 02 Mar 2020, the SIBOR rate is 1.64% p.a., which equates to 0.82% p.a. of base interest rate for MaxiGain account holders.
  • Bonus rates can be earned when you previous month's balance is greater than or equal to your current month's
  • The bonus rates increases in tiers monthly from 0.05% to 0.60%
  • However, if your monthly lowest balance falls below the previous month's, the bonus counter will reset.

How to maximise the interest rate for Citi MaxiGain?

Base interest rate(%) p.a.

Counter

Bonus Interest Rate %

1

0.05%

2

0.10%

3

0.15%

4

0.20%

5

0.25%

6

0.30%

7

0.35%

8

0.40%

9

0.45%

10

0.50%

11

0.55%

12

0.60%

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?

Pros

  • 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.

Cons

  • 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?