New Citi MaxiGain Savings Account




This new savings account from Citibank is quite interesting. The base interest rate that you get, is tagged to 80% of 1 month SIBOR. Which means, it acts as a good hedge against a potential rising interest rate environment.

For example if 1 month SIBOR were to surge to 2%, you will get a 1.6% base interest rate p.a. Do note that this account is in similar grouping as CIMB starsaver, where you don't need to fulfill any salary crediting or credit card spending. In my view it is more attractive than the starsaver.


The second portion of the interest rate is an initial step up mechanism. The first month of account opening you will have zero counter. Then every month onward you will get 1 counter each month. Each counter gives you 0.1%, cap at 1.2%. Which means once you accumulate 12 counters, your interest will be 1.2% thereafter in perpetuity(Which means total interest will be 1.2% + 80% of 1 month SIBOR= 2%++).

The only catch is that you have to make sure that your saving amount is increasing every month even if its an increment of $1. Many assumes that the interest that you get every month will be counted as an increment, but I called Citi bank to check and they say yes. You can leave a min sum of $15k there without injecting anymore fund and just let it grow over time.

Do note you have to be 18 years old and above to open and you need to deposit and initial amount of $15,000(prevent fall below fee). From now till 31st Dec 2016 you will receive a $200 reward if you credit new funds of $50k within 1 month of account opening for a 6 months duration. For those who are currently using CIMB Fastsaver/Starsaver, this will be a better alternative for you in my view.

The base rate tagging to SIBOR is really useful. As historically, we have seen 1 month SIBOR rate between near 0% to 7+%. So there is a potential to get really high base interest if 1 month SIBOR rate were to suddenly rise. For the full info you can click here. Do note you can only open this account by going down to a Citi bank branch.

16 comments :

  1. Not sure if the person you spoke to over the phone is correct. But according to the Citibank website, under FAQ,
    How is bonus interest calculated?:
    Your account balance shall accrue bonus interest at a rate ("Bonus Interest Rate") that steps up each month, from 0.10% p.a. to a maximum of 1.20% p.a. A bonus counter ("Counter") is a numerical representation of your "bonus level" on the MaxiGain account. The Counter ranges from "0" to "12", representing the corresponding Bonus Interest Rate from 0.00% p.a. to 1.20% p.a.

    The Counter increases by 1 each time the Bonus Interest Rate steps up. The Bonus Interest Rate steps up in a month if the lowest balance in that month is equal to or greater than the lowest balance in the preceding month. Bonus interest is computed based on the preceding month's lowest balance and number of calendar days in the preceding month. The lowest amount of funds in your MaxiGain account at any point in time in a month shall be the "lowest balance" of that month

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    Replies
    1. Hi Cloud,

      She said, interest does not contribute to the balance and hence will not be counted as an increment.

      Delete
    2. Equal or greater balance can result in stepping up of the counter. Even better if you manage to step up the counter till the 7th month. Any withdrawals thereafter will not result in counter resetting itself back to 0.1%, because there is a safety net at the 7th month, so it will perpetually be between 0.7%+80% of SIBOR - 1.2 + 90% of SIBOR. How about that return for a savings account!

      Delete
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  2. Sounds complicated despite attractive

    ReplyDelete
    Replies
    1. Hi Starlight,

      Its not really that complicated. Just put money in and try to credit $1 every month to make sure your balance is increasing monthly :)

      Delete
  3. Sorry that I did not highlight this part "The Bonus Interest Rate steps up in a month if the lowest balance in that month is equal to or greater than the lowest balance in the preceding month"

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  4. Super good find! I'll be applying for it as soon as I can.

    The only thing that I have to worry about is putting in TOO much money and later needing to take out some (and thereby resetting the counters).

    How do you intend to use it? As a "fixed deposit" with an increasing monthly balance of $1?

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    Replies
    1. Hi GMGH, yes this will most likely replace my starsaver. Which means all the excess cash from BOC 3.55% can flow into here till the market gets cheaper :)

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  5. Hi, got the below from their website terms and conditions. It mentions that there doesn't need to be increasing balance. Simply "equal to to greater" compared to previous month.

    "
    6. Additionally, your balances shall accrue bonus interest at a rate ("Bonus Interest Rate") that steps up each month, from 0.10% p.a. to a maximum of 1.20% p.a., if the lowest balance in your MaxiGain account in a month is equal to or greater than the lowest balance in the previous month. The lowest amount of funds in your MaxiGain account at any point in time in a month shall be the "lowest balance" of that month.
    "

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