Citibank MaxiGain Savings Account

 

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Min. Deposit
$10,000

Interest Rate
up to 1.79%

Review on Citibank MaxiGain Savings Account

Pros
Potentially high interest rate with incremental account balance
Monthly step-up bonus interest up to 1.20% p.a.
Hedge against rising interest rates
High $150,000 deposit limit for bonus interest

Cons
Step-up bonus interest to be reset in event of no incremental balance
Low 0.05% p.a. base interest rate

 

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Details

Interest is accrued daily

Base Interest for the month will be paid on the last day of the month Bonus Interest for the month will be paid on the last day of the following month

Minimum initial deposit of $10,000

 

Interest Computation

Interest
Base Interest 0.59% p.a.
Bonus Interest (12 Step-ups) 1.20% p.a.
Total (Max. $150k) 1.79% p.a.

Earn up to 1.79% p.a. interest (80% of 1-month SIBOR + 1.2% Bonus Interest) on the first $150,000 in your account

 

How to Earn Base Interest

Base Interest Rate is calculated by taking 80% of the 1-month SIBOR (which is currently slightly more than 0.73%) and is applied on the first $150,000 in your account

Base Interest Rate of 0.05% p.a. shall apply to balances in your MaxiGain account in excess of $150,000

No base interest shall accrue on a day where the account balance for that day falls below $10,000

How to Earn Bonus Interest

Bonus Interest Rate steps up each month by 0.1% p.a. up to a maximum of 1.2% p.a. as long as the lowest balance in that month is equal to or greater than the lowest balance in the preceding month

If your lowest balance in the current month is lower than the lowest balance in the preceding month
+ Bonus Interest Rate resets to 0% p.a. if your current Bonus Interest Rate is 0.40% p.a. or lower
+ Bonus Interest Rate resets to 0.50% p.a. if your current Bonus Interest Rate is 1.20% p.a. or lower

 

In addition,

From now until 31 Dec 2017, receive $1300 cash when you start a Citi Priority relationship with Citibank. Simply make new deposits of minimum $70,000, sign up for e-statements and complete an investment risk profile on Citibank online or total wealth fact finder session with a personal banker

 

Click here to go to Citibank website for more details

 

Comments

 

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