Citi MaxiGain Savings Account
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- Reviews (5)
- Discussions (0)
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Summary
Citi MaxiGain Savings Account Review 2024
Account Features & Details
1) Key Features
- Base interest rate of 0.01% p.a where no minimum balance is required to earn this interest
- Enjoy bonus step-up interest rates starting from 0.025% p.a up to 0.30% p.a monthly, capped at S$70,000
- Access Citibank Global Transfers at zero charges
- Start a Citi Priority Relationship with Citibank with S$70,000 to enjoy priority banking packages at preferential rates, bit-sized financial planning and digital investment solutions, global banking benefits, as well as exclusive year-round Citi Priority Delights offers and privileges with Citi Priority Debit Mastercard
2) Interest Rates
- Base interest rate: 0.01% p.a
- Max interest rate: 0.31% p.a
3) Eligibility
- Age: 18 years old and above
- Citizenship: Singaporeans, PRs, and Foreigners
- Minimum initial deposit: S$10,000
4) Fees
- Minimum average monthly balance: N.A
- Fall below fee: N.A
5) Application Process
How to apply?
Apply online at Citibank’s website
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Summary
Citi MaxiGain Savings Account Review 2024
Account Features & Details
1) Key Features
- Base interest rate of 0.01% p.a where no minimum balance is required to earn this interest
- Enjoy bonus step-up interest rates starting from 0.025% p.a up to 0.30% p.a monthly, capped at S$70,000
- Access Citibank Global Transfers at zero charges
- Start a Citi Priority Relationship with Citibank with S$70,000 to enjoy priority banking packages at preferential rates, bit-sized financial planning and digital investment solutions, global banking benefits, as well as exclusive year-round Citi Priority Delights offers and privileges with Citi Priority Debit Mastercard
2) Interest Rates
- Base interest rate: 0.01% p.a
- Max interest rate: 0.31% p.a
3) Eligibility
- Age: 18 years old and above
- Citizenship: Singaporeans, PRs, and Foreigners
- Minimum initial deposit: S$10,000
4) Fees
- Minimum average monthly balance: N.A
- Fall below fee: N.A
5) Application Process
How to apply?
Apply online at Citibank’s website
Citi MaxiGain Savings Account
Citi MaxiGain Savings Account
Up to 0.31% p.a.
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$0
MIN. AVG DAILY BALANCE
2.8
5 Reviews
High to Low
Posted 24 Jan 2023
Purchased
Citi MaxiGain Savings Account
[Interest] Interest rate not too high. but accumulate monthly, that's good. Would be beneficial if interest is higher. Application process is not as smooth and customer service could be improved.0
What are your thoughts?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
What are your thoughts?Posted 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
What are your thoughts?Posted 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
What are your thoughts?Posted 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
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How does Citi MaxiGain work?
- If your daily balance does not meet S$70,000, a base rate of 0.01% 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. ( EDIT: This feature is temporarily halted by Citi MaxiGain)
- 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.
To get bonus interest rates:
- Bonus rates can be earned when you previous month's balance is greater than or equal to your current month's
- The bonus rates increase 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 | 0.025% |
2 | 0.050% |
3 | 0.075% |
11 | 0.275% |
12 | 0.300% |
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$0
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. And will be calculated on top of your prevailing base interest rate of 0.01% p.a.
Want to know how Citi MaxiGain compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2022
Terms and fees for Citi MaxiGain Savings Account
- Initial deposit: S$0 (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?
- Apply Online via Citibank's website or Visit Citibank branches
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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