Just received the following official notice (from Citibank Estatement):
With effect from 2 December 2019, the base interest rate for the Citi MaxiGain Savings Account will be revised to 50% of the 1-month Singapore Dollar Interbank Offer Rate (1-month SIBOR). The bonus interest rate will also be revised to step up monthly from 0.05% p.a. to a maximum of 0.60% p.a.. You may refer to http://www.citibank.com.sg/maxigaintcdec2019 for more information.
I think basically this spells the end of the wonderful Citi MaxiGain Savings Account, especially if you are depositing less than $70k SGD, whereby one will only get the bonus interest rate of maximum 0.60% p.a.
A possible alternative that I am currently considering is ICBC Fixed Deposit, which gives an interest rate of 1.85% p.a., more than triple that of the new Citi MaxiGain Account.
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