Citibank MaxiGain Savings Account

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Rating: 5.0/5.0 (2 Reviews)
Interest Rate Up to 1.47%
Min. Deposit $10,000
Review on Citibank MaxiGain Savings Account
Pros

Hedge against rising interest rates

High $150,000 deposit limit for bonus interest

Cons

Step-up bonus and base interest revised down from 2 Dec 2019

Low monthly step-up bonus interest of up to 0.60% p.a.

Step-up bonus interest to be reset in event of no incremental balance

Low 0.05% p.a. base interest rate

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 0.87% p.a.
12 Step-ups Interest 0.60% p.a.
Total 1.47% p.a.

 

Earn up to 1.47% p.a. interest (50% of 1-month SIBOR + 0.6% Bonus Interest) on the first $150,000 in your account

 

How to Earn Base Interest

Base Interest Rate is calculated by taking 50% of the 1-month SIBOR (which is currently around 1.74%) 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 $70,000

How to Earn Bonus Interest

Bonus Interest Rate steps up each month by 0.05% p.a. up to a maximum of 0.6% 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 0.25% p.a. or lower
+ Bonus Interest Rate resets to 0.30% p.a. if your current Bonus Interest Rate is 0.60% p.a. or lower

Bonus interest capped at first $150,000 deposit

 

Click here to go to Citibank website for more details

 

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Reviews (2)
Rating:
5.0/5.0 (2)
5.0/5.0 (2)
Page: Citibank MaxiGain Savings Account Review
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