It was with disappointment and dismay that I have received the letter from Citibank, notifying the upcoming changes to be made to their prized savings account. Following the recent change on 2 January, Citibank will be revising the terms and conditions on the Citi MaxiGain Account for the second time with effect from 2 December 2019.
This article aims to provide an overview of the upcoming changes and how the existing account holders may be affected by the revision. You may also wish to refer to the revised Terms & Conditions for more information.
Revision of Interest Rates for Citi MaxiGain Account from 2 Dec 2019The base interest rate will be revised to 50% of the 1-Month SIBOR. The 1-month Singapore Dollar Interbank Offer Rate (SIBOR) forms the main component for the base interest rate. Now, with a 20% decline in the benchmark, the existing account holders will inevitably find their shares of the pie shrank substantially.
As of 29 November, the 1-month SIBOR