To cater to the younger generation with their banking needs, Citibank Singapore has launched Citi Plus, its first digital wealth solution that extends from its Win in Wealth strategy.
With this one-stop solution catered to the growing affluent population in Singapore, the bank aims to provide younger and more digitally savvy customers with a comprehensive suite of digital banking tools they need to better manage their wealth.
Here's a deep dive into what it entails and how it compares to other accounts in the market.
What exactly is the growing emerging affluent?
There’s a new class of digital banking consumers, and they’re younger, wealthier, and savvier when it comes to personal finance. These millennials tend to have higher-than-average incomes, growing household wealth, and a firm grasp of financial concepts coupled with a healthy appetite for investing.
In general, the emerging affluent can be defined as those with assets under S$150,000 and a monthly personal income between S$8,000 and S$16,000.
According to Ashmita Acharya, Citibank Singapore’s retail banking head, there is fast-growing demand for a digital banking experience with wealth management and investing tools, particularly among the generation that grew up with social media and messaging apps.
To cater to this group of people in Singapore, Citibank offers Citi Plus to get them started on their wealth management journey.
What is Citi Plus?
Delivered through the Citi Mobile app, Citi Plus is a wealth management account that comes with digital banking tools designed to help customers save, invest, spend, get insured and build financial literacy. These tools include a Citi Interest Booster Account that offers customers up to 2.8% interest per annum if they meet certain criteria, as well as a digital wealth platform specially designed to help customers manage money, grow wealth and achieve their financial goals.
Think of it as a wealth management pack with a potential channel to grow your wealth and become a Citigold client.
What Makes Citi Plus Stand Out?
These are some key features of Citi Plus.
Financial Wellness Education
Citi Plus offers financial wellness modules specially designed to educate customers in making personal financial decisions. These modules can help to foster healthy financial habits and help customers achieve their goals prudently.
On top of that, the Wealth Smart financial literacy guide features quizzes, easy-to-follow courses, and bite-sized content that help customers approach typically daunting topics like investments and insurance with more confidence.
Wealth Digest, a series of wealth-related articles, videos and insights, is also updated continually to help customers make informed financial decisions.
Citi Interest Booster Account
To encourage more people to save, Citi Plus offers the Citi Interest Booster Account to, well, boost your interest rates earnings.
Customers can earn up to 2.8% in interest per annum by saving and completing missions, such as spending, investing, buying insurance, and taking a home loan.
So, for instance, if you have three or more qualifying investment transactions, such as buying at least S$1,000 worth of investment funds and at least S$5,000 in stocks, you can earn a bonus interest of 0.6% a year per month. Compare this with a 0.2% a year per month of bonus interest with minimum S$500 eligible spending on Citi Cash Back+ Mastercard or Citibank Debit Mastercard, and you’ll see why the Citi Interest Booster Account is a smarter choice.
You can even enjoy bonus interest during your birthday month. Until 31 December 2023, there will also be no minimum account balance fee imposed.
Convenience in Investing and Insuring
With the aim of encouraging customers to get insured and build their wealth, Citi Plus is lowering barriers to entry. Through the Citi mobile app, you can start investing in mutual funds from as little as S$100, as well as diversify your portfolio with investment funds, stocks and forex.
If you’re looking to get insured, you can also explore the various insurance content — from offers to product catalogues to educational pro-tips and articles — aimed at responding to your needs. To help you get started, Citi offers bonus interest when you begin with a regular premium insurance policy (with a minimum annualised premium of S$5000).
Citi Plus also offers a personal financial goal-tracking tool that can help you define your financial objectives and track your progress towards your goals. Members can also earn up to 2% cashback on eligible spending with the Citi Cash Back+ Mastercard, as well as enjoy a range of offers and privileges that comes with the card.
Who Is Suitable For This Account?
Tailored for the emerging affluent, Citi Plus’s tools can also be employed for those aspiring towards wealth accumulation. If you seek a convenient way to consolidate and manage your wealth, as well as glean invaluable tips on growing and managing your money, then Citi Plus is a multi-purpose solution that can help you attain your financial goals What You Should Know Before You Apply
You need to be at least 18 years of age.
All Citi Plus customers are automatically enrolled in the Citi Plus Total Relationship Balance (TRB*) Waiver Promotion, where they are entitled to receive a monthly waiver of the S$15 Account service fee, even if they do not meet the minimum monthly TRB balance of S$15,000. This waiver applies till 31 December 2023.
Terms and conditions apply.
- TRB refers to the sum of:
- the average daily balance of your checking, savings and deposit accounts,
- the average daily value of your investments, and
- all outstanding amount(s) payable on your secured loan accounts as of the date of your last statement.
If you're using SingPass to apply:
- For existing Citi Credit Cardholders, no documents are required for application.
- For Singaporeans/PRs, no documents are required for application as your details will be retrieved and prefilled in your application.
- Foreigners are to provide their passport and proof of address.
- Student pass holders are to show their matriculation card from their school in Singapore or a valid letter of acceptance restricted to official letters from educational institutions or schools.
If you’re not using SingPass to apply:
- Singaporeans/PRs will need to show their NRIC and Proof of address if their current address is different from the address in NRIC.
- For Foreigners, a show of passport, valid work pass and proof of address is required.
- Student pass holders must show their matriculation card from their school in Singapore or a valid letter of acceptance restricted to or schools.