Citi MaxiGain Savings Account
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2.8
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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
Reviews (5)
2.8
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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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