In one year, if your minimum balance increases month by month, you could earn up to a total of 1.2% p.a. interest on your savings. And it all happens automatically, without you having to manage or move your funds around.
If your minimum balance is lower than the previous month, with the improved Step-Up interest feature, effective from 1 May 2008, depending on the minimum balance in your account, your Step-Up counter will be either:
(i) Reset to the base interest rate; or
(ii) Only be reduced to Step-Up counter 9 or Step-Up counter 6.
This means that you may still continue to earn Step-Up interest on top of the base interest.
Upon attaining a maximum of 1.2% p.a.*, your interest rate will be maintained if your minimum balance in the account does not fall below $20,000.
Do note however the following points:
| No initial deposit required if salary is credited into the account monthly. Customer can also choose to open an account with a min. of S$500 and enjoy 3-mth fee waiver. Thereafter, customer has to maintain a min. of S$2,000 to continue enjoying the fee waiver. Failing which, the Citibanking or Citigold fee of S$5 or S$50 respectively will be imposed into the account Base interest is computed by taking the daily average balance at the end of the month. Step-Up interest is computed based on the preceding month's minimum balance. Interest rates are subject to periodic review and may be revised at the bank's discretion. For Step-Up Interest Account with salary credit, Step-Up interest will take effect 2 months after your first salary credit. You will get to enjoy the superior base interest of 0.3% p.a.* during the first two months and thereafter. Account service fee is waived so long as you credit your salary to this account. |
Disclaimer: The author has a MayBank iSavvy savings account but does not currently have a Citibank Step-Up Interest Account.
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