Citigold
Citigold
- 0.01%
- Base Interest Rate p.a.
- 2.8%
- Max. Interest Rate p.a.
- S$250,000
- Total Relationship Balance
Get S$800 Cash via PayNow OR an Apple Bundle (worth S$987) [S$100 Cash via Paynow + Apple iPad Air WiFi, 64GB] when you start a Citigold relationship! PLUS get an additional $288 Cash Bonus when you sign up through MoneySmart! T&Cs apply.
Are you eligible?
MoneySmart Exclusive promotion is valid from 27-Jan-2023 till 31-Jan-2023
Applicable for New-to-bank account holders only
Customers must apply through MoneySmart to be eligible
What you need to know
Start a new Citigold banking relationship during the Qualifying Period
Open an Eligible Bank Account within one (1) month from application
Deposit a minimum sum of S$250,000 AUM, comprising of fresh funds, into the Eligible Bank Account within 3 months of account opening, including the month of account opening
Maintain AUM Fresh Funds of at least S$250,000 in the Eligible Citigold Account from the deposit period till 31st July 2023.
Please remember to login to your MoneySmart account and complete your Financial profile so you can submit a claim.
All Details
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Citi Wealth First Account (Citigold) Review 2022
A wholly-owned subsidiary of Citigroup, Citibank Singapore has been providing wealth management products and services, including investments, insurance, deposits and treasury products since 1902. With over $4.1 billion in total assets (as per its latest 2021 annual report), Citibank has a selection of savings accounts for you to choose from.
If you’re looking for investment-focused priority banking programmes, Citibank has 3 types — Citigold, Citi Priority and Citi Private Client. In this review, we’ll look at Citigold which offers you up to 2.8% p.a. bonus interest, and is mostly for high net worth individuals who can meet the required minimum deposit or investment amount of $250,000.
Let’s find out if this card is suitable for you as we consider the pros and cons of taking up a Citi Wealth First Account (Citigold).
Pros And Cons
Pros
- Base interest rate of 0.01% p.a. and up to 2.8% p.a. of bonus interest rate
- Instant payments and real-time balance updates
- Quick and convenient transactions via Citi Mobile App and Citibank's online website
- Access to in-depth global market insights and research knowledge over 400 research analysts in Citibank's global team
- No overseas cash withdrawal fee across Citibank ATMs worldwide
- No conversion or foreign transaction fees and administrative charges when using Citibank Debit Mastercard
- Dedicated relationship manager who helps you out in meeting your ideal investment portfolio goals
- Access to wealth advisory tools such as the Citigold Total Wealth Advisor (TWA) and the Citigold Diversification Index (CDI) via Citi Mobile App
- Lifestyle privileges such as dining and shopping discounts
Cons
- Need a minimum of at least $250,000 of deposit
- Required to spend at least $250 per month or make multiple retail spends amounting to at least $250 in a month using Citibank debit card to earn the Spend bonus interest of 0.20% p.a.
- Limited benefits that exclude airport lounge access and limousine transfer services
- To earn the Invest bonus interest of 0.80% p.a., you'll need to spend a single lump sum investment (unit trusts, structured notes and/or bonds) of at least $50,000 in a month
- $3,000 to be deposited every month to earn the 0.20% Grow bonus interest
- To get the 0.80% Insure bonus interest, a new insurance policy purchase with a single premium of at least $50,000 is required
- A new home loan purchase (excluding interest offset home loans) of at least $500,000 to be eligible for the 0.80% Loan bonus interest
Citi Wealth First Account (Citigold) Requirements
Unlike many other banks' requirements in Singapore with a minimum age requirement of 18 and above, Citi Wealth First Account (Citigold) allows individuals who are between 16 and 18 years old to be secondary account holders.
The primary account holders will need to be aged 18 and above and be a Singapore Citizen, Permanent Resident (PR) or foreigner with a valid Singapore Employment Pass, to be eligible to apply for this savings account.
Although there is no minimum monthly income requirement to apply for this account, you'll have to make a minimum deposit or investment of $250,000 for Singaporeans and PRs or foreigners with a valid pass and residing in Singapore.
Citi Wealth First Account (Citigold) Interest Rates & Fees
With Citibank’s latest promotion, you’ll be able to enjoy up to 2.80% p.a. on your savings with your Citi Wealth First Account (Citigold) (as per their advertised interest rate on 29 June 2022), but the actual interest rate you’re entitled to really depends on which spending category you fulfill, i.e. monthly deposits, retail spend, lump sum investment, insurance policy purchase, new home loan purchase. Another thing to keep in mind are the other fees that may eat into your savings, such as cash withdrawal fees, annual fees and foreign currency transaction fees, some of which are not usually published upfront on most banks’ websites. Citibank charges its own fees as well, so here are some of the fees which may be applicable to you if you open a Citi Wealth First Account (Citigold).
No overseas ATM cash withdrawal fee
One of the benefits of being a Citigold account holder is that you can withdraw cash anytime from your account from any Citibank ATMs worldwide without having to pay for any overseas cash withdrawal fee.
No conversion or foreign transaction fees and administrative charges
What is also great about having a Citi Wealth First Account (Citigold) is that you can enjoy zero foreign exchange conversion fee and administrative charge when you withdraw cash from any Citibank ATMs globally. In addition, you have access to SGD and multiple foreign currencies (up to 10 different currencies) with zero conversion charges and transaction processing fees as well when you pay with your Citigold Debit Mastercard.
If you're unsure about what a foreign transaction fee is, it actually comprise of 3 components: a fee that is charged by a credit card network such as MasterCard or Visa, and another fee that is charged by your card issuer company i.e. Citibank in this case, and lastly, the third component which is the dynamic currency conversion fee (only if you pay in SGD instead of overseas currency).
Account service fee
An Account Service Fee of $15 per month will be charged if once there’s less than $15,000 in your Citi Wealth First Account (Citigold) at the end of each month.
Citi Wealth First Account (Citigold) Application
As you are in the midst of considering whether to apply for a Citi Wealth First Account (Citigold) or any other type of savings accounts, you've got to set your goals right before making a decision. Deciding on a suitable savings account that is compatible with your lifestyle needs can really help you maximise the benefits that the bank offers to you.
So if you're one who is well heeled and can comfortably manage a having to fund a single lump sum investment of at least $50,000 in a month, have at least $3,000 deposited into your Citi Wealth First Account (Citigold) every month, get a new insurance policy purchase with a single premium of at least $50,000, or even a new home loan purchase of at least $500,000, then perhaps being a Citigold account holder will be great for you as you can take advantage of the bonus interest rates without having to struggle to pay off your loans.
Here are 3 simple steps to apply for Citi Wealth First Account (Citigold)
Prepare the necessary documents
You'll need to provide all the necessary documentation in order for Citibank to approve your application. This list of documents include:
- NRIC or other identification details
- Latest/current employment details
- Latest computerised payslip
- Latest 12 months' CPF Contribution
- Latest addresses for the past 12 months
Apply via Citi Mobile® App or a Relationship Manager
If you’re a new customer who is a SingPass holder, you can apply on Citibank’s mobile app or website with MyInfo for a quicker application. Alternatively, you can pick your preferred Citigold Relationship Manager or just call 24-Hour Citigold Hotline (+65) 6225 5226 for assistance.
Be informed of your account confirmation
Upon your successful account application, you’ll either receive a call from your Citigold Relationship Manager and/or a confirmation message will be sent promptly to your handphone and registered email address.
Frequently Asked Questions
Am I eligible for a Citi Wealth First Account (Citigold)?
- As long as you’re a Singapore Citizen or Permanent Resident (PR) or foreigner with a valid Singapore Employment Pass residing in Singapore, you’re eligible to apply for a Citi Wealth First Account (Citigold). You’ll also need to be aged 18 and above, and there’s no minimum monthly income required but you’ll have to make a minimum deposit or investment of $250,000.
Where do I apply for a Citi Wealth First Account (Citigold)?
- For SingPass holders, you may apply through the Citi mobile app or Citibank's website with MyInfo. Alternatively, you can contact your preferred Relationship Manager, or call Citigold’s 24-Hour Hotline at (+65) 6225 5226.
Are there any fees if I get a Citi Wealth First Account (Citigold)?
- As a Citigold account holder, you won’t be charged any overseas cash withdrawal fees and foreign transaction fees. There’s an Account Service Fee of $15 per month if there’s less than $15,000 in your Citi Wealth First Account (Citigold) at the end of each month.
How many types of currencies does my Citi Wealth First Account (Citigold) support?
- Every Citi Wealth First Account (Citigold) can support up to 10 different currencies with zero conversion charges and transaction processing fees when you pay with your Citigold Debit Mastercard.
Is there a difference between a Citi Wealth First Account (Citigold) and a Citi Wealth First Account (Citi Priority)?
Yes. You'll get to enjoy more benefits when you qualify for and open a Citigold account as compared to a Citi Priority account. Having a Citi Wealth First Account (Citigold) means you get to earn a base interest rate of 0.01% p.a. and up to 2.8% p.a. of bonus interest rate, you're also entitled to a dedicated Relationship Manager to help you manage your investment portfolios, access to wealth advisory tools such as the Citigold Total Wealth Advisor (TWA) and the Citigold Diversification Index (CDI) via Citi Mobile App, all these which are much more than what a Citi Priority customer can get.
While there is no minimum monthly income required to have a Citi Wealth First Account (Citigold), the minimum deposit or investment of $250,000 is needed to be in your Citi Wealth First Account (Citigold) at any point of time, which is more than triple the amount required for a Citi Wealth First Account (Citi Priority).
What if I encounter problems in my Citi Wealth First Account (Citigold) application?
- You may contact your preferred Relationship Manager, or call Citigold’s 24-Hour Hotline at (+65) 6225 5226 whenever you need help in your application.