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Citigold Priority Banking Service: Is It Suitable For You?

PROMO: Get Apple iPad Air Gen 5 (worth $879), Dyson Airwrap (worth $849) or $800 Cash.

Citigold Priority Banking Service: Is It Suitable For You?

4.0/5.0

ValueChampion Rating ValueChampion Icon

Pros

  • High EIR of up to 2.80% p.a. with Citi Wealth First savings account
  • Investment-focused priority banking service
  • Access to 340 Citigold Centres worldwide
  • Transact and withdraw cash in multiple currencies

Cons

  • Requires a minimum deposit/investment of S$250,000
  • Required to spend upwards of S$600k to earn maximum bonus interest rate
PROMO: Get Apple iPad Air Gen 5 (worth $879), Dyson Airwrap (worth $849) or $800 Cash.

Citigold is Citibank’s investment-focused priority banking service which comes with a whole host of perks and benefits, including a maximum EIR of 2.8% on the Citi Wealth First savings account, a dedicated Citigold relationship manager and a team of experts to grow your wealth, exclusive market insights from over 400 analysts from around the world and a wealth management tool to manage your finances.

The service is geared towards individuals with high net worth, and applicants are required to make a minimum deposit or investment of at least S$250,000 in order to qualify for the program. For individuals who fit the criteria and prioritise investment to grow their wealth, the Citigold priority banking service would be a perfect fit for their financial needs.

Citigold Priority Banking Service Features
Pros
  • High EIR of up to 2.80% p.a. with Citi Wealth First savings account
  • Investment-focused priority banking service
  • Access to 340 Citigold Centres worldwide
  • Transact and withdraw cash in multiple currencies
Cons
  • Requires a minimum deposit/investment of S$250,000
  • Required to spend upwards of S$600k to earn maximum bonus interest rate
Promotion:
  • Successful applicants of Citigold who make a SGD250,000 Deposit by 31 October 2022 will get Apple iPad Air Gen 5 (worth $879), Dyson Airwrap (worth $849) or $800 Cash.
  • Deposit of SGD250,000 in Assets Under Management have to be maintained up to the point of reward fulfillment. Applicable to new to bank only ie. users with no Citigold or CASA accounts. If a user has Citi Credit Card or Personal Loan, they will be eligible
  • Promotion period: 1 - 31 August 2022
Pros & Cons
Pros:
  • High EIR of up to 2.80% p.a. with Citi Wealth First savings account
  • Investment-focused priority banking service
  • Access to 340 Citigold Centres worldwide
  • Transact and withdraw cash in multiple currencies
Cons:
  • Requires a minimum deposit/investment of S$250,000
  • Required to spend upwards of S$600k to earn maximum bonus interest rate
  • Invest or deposit a minimum of S$250,000 to qualify
  • High spending in different categories to enjoy 2.8% p.a. Interest rate on Citi Wealth First savings account
Promotion:
  • Successful applicants of Citigold who make a SGD250,000 Deposit by 31 October 2022 will get Apple iPad Air Gen 5 (worth $879), Dyson Airwrap (worth $849) or $800 Cash.
  • Deposit of SGD250,000 in Assets Under Management have to be maintained up to the point of reward fulfillment. Applicable to new to bank only ie. users with no Citigold or CASA accounts. If a user has Citi Credit Card or Personal Loan, they will be eligible
  • Promotion period: 1 - 31 August 2022

What Makes Citigold Privilege Banking and Wealth Management Stand Out

Citigold is an investment-focused priority banking programme and it stands out for its various personalised services meant to accelerate clients’ financial plans, including detailed financial advice and regular insights from the Citigold team and staff on hand to assist with your banking needs.

The Citigold Total Wealth Advisor feature in Citibank Online or the Citibank app also allows members to keep track of their portfolio’s progress and easily modify them to fit Citi’s model portfolios if they go off-track.

An Investment Counsellor and Treasury Specialist will also work with customers to create wealth plans and strategies to achieve your financial goals faster as well as dispense advice on treasury products that are relevant to your portfolio.

In addition, the Citigold status gives members increased interest rate on funds in the Citi Wealth First savings account. By spending a minimum of S$250 with Citibank debit, purchasing investment of at least S$50,000 in a month, buying new insurance policies with premiums worth S$50,000, getting a new home loan of S$500,000, and growing their account balance by S$3,000, Citigold members can earn an EIR of up to 2.8% p.a. bonus interest on their Citi Wealth First savings account.

Citi Wealth First Interest Rates (Citigold Members)

Rate TypeDetails & RequirementsInterest Rate
Base RateNo Requirements; applied to entire balance0.01% p.a.
Grow Bonus
  • Grow your account balance by S$3,000 per month (Bonus interest added to base rate)
+0.20% p.a. on first S$75k
Spend Bonus
  • A new Citibank debit retail spend of at least S$250 per month or multiple retail spends amounting to at least S$250 in a month (Bonus interest added to base rate)
+0.20% p.a.
Investment Bonus
  • A new single lump sum investment (unit trusts, structured notes and/or bonds) of at least S$50,000, multiple lump sum investments aggregating to at least S$50,000 in a month (Bonus rates added to base rate)
+0.80% p.a.
Insure Bonus
  • A new insurance policy with a single premium of at least S$50,000, multiple insurance policies with aggregated single premiums to at least S$50,000 in a month (Bonus rates added to base rate)
+0.80% p.a.
Loan Bonus
  • A new home loan (excluding interest offset home loans) of at least S$500,000 (Bonus rates added to base rate)
+0.80% p.a.
Max Effective Interest Rate:2.8% p.a
Citi Wealth First Savings Account Interest Rates (Citigold members)
Base Rate: No requirements (applied to entire balance)
  • 0.01% p.a.
Grow Bonus: Grow your account balance by S$3,000 per month (bonus interest added to base rate)
  • +0.20% p.a.
Spend Bonus: A new Citibank debit retail spend of at least S$250 per month or multiple retail spends amounting to at least S$250 in a month (bonus interest added to base rate)
  • +0.20% p.a.
Invest Bonus: A new single lump sum investment (unit trusts, structured notes and/or bonds) of at least S$50,000, multiple lump sum investments aggregating to at least S$50,000 in a month (Bonus rates added to base rate)
  • +0.80% p.a.
Insure Bonus: A new insurance policy with a single premium of at least S$50,000, multiple insurance policies with aggregated single premiums to at least S$50,000 in a month (Bonus rates added to base rate)
  • +0.80% p.a.
Loan Bonus: A new home loan (excluding interest offset home loans) of at least S$500,000 (Bonus rates added to base rate)
  • +0.80% p.a.
Max Effective Interest Rate:
  • 2.8% p.a

Unlike other typical savings accounts, Citi Wealth First does not give you bonus interest rates based on bands, nor do they impose a limit on the fund eligible for them. This means that Citigold members are able to start earning the highest bonus interest rate right off the bat. However, this is not meant for the average consumer as Citigold members have to spend upwards of S$600K to enjoy the maximum EIR.

Nonetheless, Citigold Privilege Banking and Wealth Management is still an exceptional option for the high-end consumer because of the host of personalised services available to accelerate your financial plans.

Citigold Privilege Banking and Wealth Management Fees & Eligibility

Details & Requirements
Minimum Age Requirement18
Minimum Initial Deposit250,000
Minimum Balance RequirementS$15,000 (Total Relationship Fee)
Fall-Below Fee
  • S$15
  • *Citigold status can be removed if your Total Relationship Balance falls below S$15,000

How Does Citi Wealth First Savings Account (Citigold members) Compare to Other Accounts?

Read our comparisons of Citi Wealth First Savings Account (Citigold status) with other savings accounts and learn what makes each account unique in its own way. We compare and contrast each account to help you to identify which best suits your needs.

Citi Wealth First Savings Account v. Standard Chartered Bonus$aver Account

Consider this if you're a high-earner open to a banking relationship with Standard Chartered
  • Min. Age Requirement
    • 18
    • Min. Initial Deposit
      • S$0
      • Min. Balance Requirement
        • S$3,000

        Standard Chartered Bonus$aver Account offers affluent consumers the chance to earn the highest effective interest rate on the market.

        Account-holders who can credit a S$3k+/month salary, buy a S$12k+ insurance policy, make a S$30k unit trust subscription, spend S$2k+/month on a Bonus$aver credit or debit card and pay 3+ monthly bills via GIRO can earn up to 2.38% p.a. interest. This rate is achieved at an S$80k balance.

        While lower than the Citi Wealth First Savings Account’s maximum EIR of 2.81% p.a. interest rate for Citigold members, you have to keep in mind that the amount required to hit the various categories for bonus interest is lower for the Standard Chartered Bonus$aver Account.

        The bonus interest rate for Standard Chartered Bonus$aver Account, however, will only apply to the first S$80,000 account balance, and any amount above that will earn the base rate of 0.05% p.a.

        It's worth mentioning that there's a S$3k minimum balance requirement and S$5 fall below fee, both of which are relatively high, but those most likely to benefit from SC Bonus$aver Account are unlikely to be affected.

        Rate TypeDetails & RequirementsInterest Rate
        Base Rate
        • No Requirements
        • (Applied to entire balance)
        0.05% p.a.
        Credit/Debit Bonus
        • Spend/mo on Bonus$aver card
        • (Bonus added to base rate)
        +0.21% p.a. w/ S$500-S$1.99k spend
        +0.41% p.a. w/ S$2k+ spend
        Salary Credit Bonus
        • Credit S$3k+/month salary
        • (Bonus added to base rate)
        +0.10% p.a. on 1st S$80k
        Invest Bonus
        • Invest with Standard Chartered
        • (Bonus added to base rate)
        +0.90% p.a. on 1st S$80k
        Insure Bonus
        • Buy an eligible insurance plan from Standard Chartered
        • (Bonus added to base rate)
        +0.90% p.a. on 1st S$80k
        Bill-Pay Bonus
        • Make 3+ bill payments via GIRO
        • (Bonus added to base rate)
        +0.07% p.a. on first S$80k
        Max Effective Interest Rate:2.38% p.a. (at S$80k balance)
        Promotional rates, if any, are not included
        SC Bonus$aver Account Interest Rates
        Base Rate: No requirements (applied to entire balance)
        • 0.05% p.a.
        Spend Bonus: Spend monthly on a Bonus$aver credit or debit card (bonus added to base rate)
        • +0.21% p.a. w/ S$500-S$1.9k spend
        • +0.41% p.a. w/ S$2k+ spend
        Salary Credit Bonus: Credit S$3k+ salary to account (bonus added to base rate)
        • +0.10% p.a. on first S$80k
        Invest Bonus: Invest with Standard Chartered (bonus added to base rate)
        • +0.90% p.a. on first S$80k
        Insure Bonus: Buy an eligible insurance plan from Standard Chartered (bonus added to base rate)
        • +0.90% p.a. on first S$80k
        GIRO Bill-Pay Bonus: Pay 3+ bills online via GIRO (bonus added to base rate)
        • +0.07% p.a. on first S$80k
        Max Effective Interest Rate:
        • 2.38% p.a. (at S$80k balance)
        Promotional rates, if any, are not included

        Citi Wealth First Savings Account v. DBS Multiplier Account

        Consider this if you're a high-earning DBS loyalist with financial savvy
        • Min. Age Requirement
          • 18
          • Min. Initial Deposit
            • S$0
            • Min. Balance Requirement
              • S$3,000

              DBS Multiplier Account is an exceptional option for high-income earners and spenders who feel very comfortable managing their personal finances.

              Consumers accrue bonus interest by engaging with DBS products such as credit cards, insurance, home loans and investments, as well as by crediting their monthly salary to the account.

              Interest rates are ultimately determined by monthly transaction volume with these products, with higher volumes tied to higher interest rates, as well as by the account's overall balance size.

              The maximum EIR at which consumers can earn is 3.00% p.a., which is the highest on the market. However, enjoying such a rate requires substantial activity and tracking of said activity, which can be overwhelming for some.

              Consumers looking for an easier-to-manage account with personalised tools and services that still offers high rates might prefer Citi Wealth First Savings Account with Citigold status.

              DBS Multiplier Interest Rate Grid
              Transactions/Mo
              • 1 Category
              • (first S$25k)
              • 2 Categories
              • (first S$50k)
              • 3 Categories
              • (S$50k-S$100k)
              < S$2k0.05%0.05%0.05%
              S$2k – below 2.5k0.40%0.60%1.20%
              S$2.5k – below S$5k0.40%0.70%1.40%
              S$5k – below S$15k0.50%0.80%1.60%
              S$15k – below S$30k0.50%1.00%1.70%
              S$30k+0.60%2.00%3.00%
              • Interest Rates rewarded by specific bands of balance: Up to S$25k or S$50k & from S$50k–S$100k
              • Categories include Credit Card spend, Home Loan Instalments, Insurance and Investments
              • Salary and/or dividends must be credited to account to qualify for bonus interest
              Max Effective Interest Rate:3.00% p.a. (at S$100k balance)
              Promotional rates, if any, are not included
              DBS Multiplier Interest Rate Grid
              Transactions/Mo
              • 1 Category
              • (first S$25k)
              • 2 Categories
              • (first S$50k)
              • 3 Categories
              • (S$50k-S$100k)
              < S$2k0.05%0.05%0.05%
              S$2k – below 2.5k0.40%0.60%1.20%
              S$2.5k – below S$5k0.40%0.70%1.40%
              S$5k – below S$15k0.50%0.80%1.60%
              S$15k – below S$30k0.50%1.00%1.70%
              S$30k+0.60%2.00%3.00%
              • Interest Rates rewarded by specific bands of balance: Up to S$25k or S$50k & from S$50k–S$100k
              • Categories include Credit Card spend, Home Loan Instalments, Insurance and Investments
              • Salary and/or dividends must be credited to account to qualify for bonus interest
              Max Effective Interest Rate:3.00% p.a. (at S$100k balance)
              Promotional rates, if any, are not included

              Citi Wealth First Savings Account v. Maybank SaveUp Savings Account

              Maybank SaveUp Account
              Maybank SaveUp Account
              Consider this if you're a moderate saver in charge of the household
              • Min. Age Requirement
                • 16
                • Min. Initial Deposit
                  • S$500 for Singaporeans & PR, S$1,000 for foreigners
                  • Min. Balance Requirement
                    • S$1,000

                    Maybank SaveUp Savings Account is a great match for moderate savers who are in charge of their households.

                    Consumers are rewarded for everyday activities like salary crediting, spending with a Maybank credit card, and paying monthly loan instalments.

                    Engaging in 1 or more of these activities–which is fairly reasonable for the average consumer–earns an interest boost ranging from +0.30% p.a. up to +2.75% p.a. on top of the base rate.

                    Ultimately, account holders can earn an EIR of 3.00% p.a., with interest peaking at just S$50k balance–yet another reason why Maybank SaveUp Account is ideal for moderate savers.

                    Rate TypeDetails & RequirementsInterest Rate
                    Base Rate
                    • No requirements
                    • (Rate varies according to band of balance)
                    0.15% p.a. on 1st S$3k
                    0.25% p.a. on next S$47k
                    0.25% p.a. beyond S$50k
                    Product Bonus
                    • Use at least 1 Maybank service or product,
                    • ie loan, insurance, investment, credit card etc.
                    • (Bonus interest based on number of products
                    • & applied to entire balance, up to 1st S$50k)
                    +0.10% p.a. for 1 product
                    +0.7% p.a. for 2 products
                    +2.75% p.a. for 3+ products
                    Max Effective Interest Rate:3.00% p.a. (at S$50k balance)
                    Promotional rates, if any, are not included
                    Maybank SaveUp Savings Account Interest Rates
                    Base Rate: No requirements (rate varies according to band of balance)
                    • 0.15% p.a. on 1st S$3k
                    • 0.25% p.a. on next S$47k
                    • 0.25% p.a. beyond S$50k
                    Product Bonus: Use at least 1 Maybank service or product, ie loan, insurance, investment, credit card etc. (bonus interest based on number of products & applied to entire balance, up to 1st S$50k)
                    • +0.10% p.a. for 1 product
                    • +0.7% p.a. for 2 products
                    • +2.75% p.a. for 3+ products

                    Consumers who want to find out more about other bank accounts before making a decision can read check out our other reviews on bank accounts to find the one best fit for your needs.

                    Read Also:

                    Tan Boon Hun

                    Boon Hun spent over five years in the content marketing space as the managing editor of Goody Feed creating interesting and relevant content for the social media generation. In 2022, he moved to the FinTech space while remaining true to his roots, intending to bring financial literacy to more people in Singapore. When not doing his work, he can be found watching people build homes on YouTube.