Citibank MaxiGain Savings Account review
Earn competitive bonus interest rates as you grow your month-to-month savings.
The Citi MaxiGain Savings account encourages consistent balance growth by offering up to 0.30% p.a. step-up bonus interest on top of its base rate.
Learn how the Citi MaxiGain Savings account works, its features and whether it suits your banking needs in this review.
S$0
Monthly fee
S$15
Fall below monthly fees
0.3% p.a.
Maximum annual interest rate
How the Citi MaxiGain Savings account works
The Citi MaxiGain is a stash account that offers up to 0.30% p.a. bonus interest on top of the 0.01% p.a. base interest on the first $70,000 of your balance. The bonus interest rate steps up by 0.025% p.a. each month to a maximum of 0.30%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.
How is the bonus interest calculated?
The bonus interest for the Citi MaxiGain Savings account is computed based on the previous month’s lowest balance — which is the lowest amount of funds in your MaxiGain account at any point during the month.
For every month that your lowest account balance is higher than the lowest balance in the previous month, you’ll gain 1 bonus interest counter. To earn a maximum bonus interest of 0.30% p.a., you’ll need to stack up to 12 counters.
The bonus interest rates are accurate as of 23 January 2022 and are subject to change:
| Counter | Bonus interest rate (p.a) |
|---|---|
| 0 | 0.00% |
| 1 | 0.025% |
| 2 | 0.05% |
| 3 | 0.075% |
| 4 | 0.10% |
| 5 | 0.125% |
| 6 | 0.15% |
| 7 | 0.175% |
| 8 | 0.20% |
| 9 | 0.225% |
| 10 | 0.25% |
| 11 | 0.275% |
| 12 | 0.30% |
*Bonus interest rates stated are accurate as of 23 January 2022.
For instance, if you didn’t fund your MaxiGain account on the day it is opened, the lowest balance for the month will be zero. In the second month, let’s say that your balance fluctuates between $10,000 and $12,000. In this case, the lowest balance for the second month will be $10,000.
Here’s a fictional scenario of the lowest balance and counter gained for three consecutive months:
| End day balance | |||
|---|---|---|---|
| Month 1 | Month 2 | Month 3 | |
| Day 1 | $0 | $10,000 | $12,000 |
| Day 2 to 10 | $5,000 | $10,000 | $11,000 |
| Day 11 to 31 | $10,000 | $12,000 | $13,000 |
| Lowest balance of the month | $0 | $10,000 | $11,000 |
| Counter | 0 | 1 (0.025% p.a. bonus interest) | 2 (0.05% p.a. bonus interest) |
However, if your lowest balance in the current month is lower than the lowest balance in the previous month, the counter will reset in the following manner:
| Counter in the previous month | Counter in the current month |
|---|---|
| 0 to 5 | 0 |
| 6 to 12 | 6 |
This means that you’ll need to achieve at least 6 counters to have a safety net in place, since your bonus interest will not dip below 0.15% p.a. even if your lowest balance of the month is consistently lower than that of the previous month.
Key features
- Competitive interest rates. Earn up to 0.3% p.a. interest rates as you grow your balance with the Citi MaxiGain Savings account.
- Access over 13,000 Citibank ATMs. Use your ATM card at over 13,000 Citibank ATMs located worldwide.
- Free Citibank Global Transfer. Benefit from free instant fund transfers between your overseas Citibank accounts with Citibank Global Transfer (CGT)
- Exclusive perks and deals. Enjoy a wide array of offers and lifestyle privileges from Citi Priority Delights and Citi Priority Debit Mastercard.
- Zero fees. This account doesn’t come with any opening, monthly or fall below fees.
Interest rates and fees
- Maximum potential interest rate. You can earn up to 0.30% p.a. on your account balance with the Citi MaxiGain Savings account.
- Base interest rate. Account balance that is not eligible for the bonus interest will accrue interest at the 0.01% prevailing base interest rate.
- Initial deposit. You’ll be required to deposit a minimum of S$15,000 upon account opening.
- Account service fee. You’ll be charged a $15 account service fee (or fall-below fee) if your Total Relationship Balance (TRB) falls below $15,000.
- Early account closure fee. There’ll be a $50 penalty if you decide to terminate the account within six months of setting up.
*The Citibank’s TRB refers to the average daily balance on Citi checking, savings and deposit accounts.
Pros and cons
Pros
Expect the following advantages with the CIMB MaxiGain Savings account:
- No complicated conditions. Unlike many other bonus saver accounts in Singapore, you’ll not be required to fulfill a range of criteria to be eligible for higher interest rates with the CIMB StarSaver account.
- No minimum balance required. Earn interest on any balance amount.
- Manage your finances on-the-go. Access your account anytime, anywhere and make instant transfers with the Citi Mobile App.
- Fast and simple application. The online form takes about five to 10 minutes to complete.
Cons
Before applying for the Citi MaxiGain Savings account, make sure to bear these in mind:
- No bonus interest for any additional balance over $70,000. Step up bonus interest is capped at a maximum account balance of $70,000. Subsequent amount will only accrue interest at the prevailing base rate.
- Low base interest rate. Compared to other banks, Citibank is only offering a low base interest rate of 0.01% p.a.
- Possible counter reset. Counter resets to 0 (if your previous counter was 5 or below) or 6 (if your highest counter was at least 6) if lowest balance for the current month is lower than the lowest balance of the previous months.
How to sign up
To apply for the Citi MaxiGain Savings account, you may do so online or in-person at your nearest Citibank branch. If you’re an existing Citibank customer, simply fill up a contact form and a bank representative will get in contact with you at the soonest.
Before applying, you should make sure that you meet the eligibility criteria and have the required documents on hand.
Eligibility
To apply for a Citi MaxiGain Savings Account, you must be:
- A Singaporean, Singapore PR or foreigner with a valid visa.
- At least 18 years old.
Required information
If you’re a new Citibank customer, make sure to have the following documents on hand:
- Singaporeans and permanent residents:
- Front and back photocopy of your NRIC/passport
- Proof of residential address (if it’s different from the one in your NRIC)
- Foreigners:
- Valid passport
- Proof of employment/study or visit pass
- Proof of residential address: e.g. utility bills, telco bills, bank statements or letters from government bodies dated within the last 3 months.
The verdict
Like many other bank in Singapore, Citibank has also revised and lowered its interest rate due to the coronavirus outbreak this year. While the maximum potential interest (0.31% p.a. as of 23 January 2022) you can earn with the Citi MaxiGain Savings account is only average at best, you may enjoy a full range of benefits if you start a Citi Priority banking relationship with deposit starting from $15,000.
Also, compared with other high interest savings accounts in Singapore, this account only requires discipline to grow your month-to-month balance over time to unlock bonus interest instead of having to fulfill a myriad of complicated criteria.
But applying for the Citi MaxiSave Savings account, do make sure that you’ve done your comparison with other alternative accounts in the market to find one that best suits your needs.
