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Perform this 7 question survey on your daily habits…

February 2, 2019
by Cheaponana

I recall a similar survey more than a year ago (see previous post here), which was a survey commissioned by Health Promotion Board, and all you had to do was to fill up a 7 question survey, which was less than a minute’s work for $2.

This time around, the survey is the same deal. Just follow the 3 steps below to qualify! So far there’s no mention of the maximum number of users, but just hurry and do the survey first!

Terms & Conditions

Please complete the survey in one window when you click via ShopBack to ensure successful tracking for your $2 Cashback.
Valid for surveys via ShopBack completed within qualifying period: 1 Feb 2019, 0:00 – 28 Feb 2019, 23:59.
Valid for one-time redemption per ShopBack account only.
Individuals must have a legitimate ShopBack account to redeem the $2 Cashback. HPB will send a redemption code by 14 April 2019 to redeem your $2 Cashback.

If you do not have a Shopback account yet, click here to signup and get a $10 bonus!

Changes to Citibank MaxiGain Savings account from 2 Jan…

December 17, 2018December 16, 2018
by Cheaponana

Citibank Maxigain‘s Savings account had been a little known secret (see article in Nov 2018), where you can tuck away unused cash for a relatively high interest rate (better than fixed deposit yo!), by simply… doing nothing at all! The above formula is important for you to understand the discussion below.

Come 2 Jan 2019, there will be some changes that may impact some of us, so read on!

Base interest will be reduced from 80% to 70% of 1 month Sibor

Instead of 80% of 1 month Sibor, the base interest rate will be reduced to 70% 1 month Sibor – which isn’t that bad if Sibor continues to rise… but those with outstanding mortgage loans will suffer as we end up paying more during our monthly instalments. Citi’s 1 month sibor is still 1.52% for 1 Nov (Dec one not out yet), so this rate is still pretty decent.

2. Minimum sum required to earn base interest has gone up from $10k to $70k

This will be the part that may affect most people. Citibank has a requirement of a minimum balance of $15k to avoid a monthly $15 account service fee. Now, for you to earn the base interest, you will require a minimum end-of-day balance of $70k whereas this was $10k previously. Now, you may have to rethink if you need to pool your money together.

3. Bonus interest rate limited to $150k

The above is a screenshot taken from Citibank’s Maxigain website. As you can see, there was a cap of $150k on the base interest rate, but there was no mention of a cap on the bonus interest rate. Now, moving forward, this $150k cap will be imposed on the bonus interest rate as well.

Bottomline

For those who have $150k sitting around and have no need to use this sum of money in the near future, then the changes will be very minimal – prob just a 0.15% drop in terms of interest rate. However, those with less than $70k in their accounts should consider topping up their accounts to ensure that they continue to earn the base interest, and for those who have committed to this savings account, try not to remove the money inside unnecessarily, as any reduction in account balance will mean that the Step-up counter will drop – and this will be quite drastic from 12 to 6 if you are already maxed out! You can also look it another way and treat it like a fixed deposit, where you should put the money away and try not to take it out or else suffer a loss in terms of deposit.

If you are interested, do sign up through this link here and you may receive a bonus $750 if you sign up with a balance of $70k or more.

Citibank MaxiGain Savings Account… a little known secret that…

November 6, 2018November 4, 2018
by Cheaponana

In this day and age, as we grapple with higher interest rates due to rising SIBOR, wouldn’t it be great if there were a savings account that has a floating interest tagged to SIBOR? The Citibank MaxiGain Savings account is actually a little known secret that provides an excellent interest rate for people who is keen to do a bit of work every month.

So this account is really very simple. There are 2 components to the interest rate – the first being 80% of the 1 month SIBOR rate, which is currently 1.52% as of 1 Oct (meaning an effective rate of 1.21%).

And the second is a step up counter (capped at 1.2%), which is essentially an increment of the current month’s balance compared to the previous month. So far there’s no minimum stated, so you can easily transfer $1 every month electronically to allow this step-up counter to increase to a maximum of 12. Do note if you decide to withdraw some money from the account, then the account balance will fall and the step-up counter will fall. If you are already at 6-12, then it will drop to 6. If you have 5 or less, then it will drop to 0.

For Citibank, the minimum balance to keep in the account is $15k, and the maximum is $150k for the bonus interest. If you are interested, do sign up through this link here and you may receive a bonus $750 if you sign up with a balance of $70k or more.