Citi Plus Review: All-In-One Wealth Management Platform + Savings Account

Deborah Gan

Deborah Gan

Last updated 29 September, 2022

More than just your usual savings account, Citi Plus is a holistic digital-only wealth management account that lets you save, invest and insure yourself all within the Citi Mobile App.

Holistic financial planning goes way beyond merely parking your funds into a high-yield savings account and calling it a day. It requires diversifying your investment portfolio, safeguarding yourself against uncertainty and piling up knowledge on all things financial literacy.

And guess what, Citi Plus allows you to do just that. It rewards you with bonus interest when you carry out proper financial planning and works towards your financial goals.

Want to know if it’s the right account for you? We deep dive into everything you need to know about the new kid on the block, Citi Plus.

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How does Citi Plus Account work?

Citi Plus offers interest of up to 2.8% p.a. on your savings with the Citi Interest Booster Account. With a base interest of 0.3%, you’ll be able to level up your interest rate when you increase your balance, investment with Citibank, purchase an insurance plan policy and more.

Besides that, Citi Plus also provides a host of educational materials at your fingertips where you can learn about anything finance-related and improve your financial literacy. They also offer a wealth of insights to help you make sounder financial decisions.


CITIPLUS_150_BLOGARTICLE

SingSaver's Exclusive Promotion: Receive a S$50 cash reward when you open a Citi Plus account. Plus, receive an additional S$100 in cash when you make a min. deposit of S$15,000 within 2 months of account opening and maintain it for 4 months. Valid till 31 January 2023. T&Cs apply.

Receive your S$100 cash reward for opening a Citi Plus account in just three weeks!

In addition, enjoy up to 2% cashback on all qualifying spend when you join Citi Plus and apply for a Citi Cashback+ Mastercard. T&Cs apply.

Apply Now <https://singsaver.link/citi-plus>


What are the benefits of Citi Plus?

#1 Offers high interest of up to 2.8% p.a.

While other wealth management solutions focus solely on other aspects, Citi Plus doesn’t neglect its savings account and offers an attractive interest of up to 2.8% p.a with its Citi Interest Booster Account.

Though there are many hoops to jump through, you start with a base interest of 0.3% p.a. (interest rate applicable from 17 September 2023 to  31 December 2023, and on first S$50,000 balance). This is still much higher than the base interest of many savings accounts, allowing your money to work hard for you even if you don’t want to tick any other boxes to earn bonus interest.

If you do, you’ll be thrilled to know that there are a total of six requirements you can fill that earn you bonus interest, on your first S$50,000.

Bonus interest (p.a.)

Category

Action required

0.1%

Birthday

  • Keep account open during birthday month
  • Get bonus interest for birthday month

0.2%

Save

  • Increase your balance by S$1,500 or more
  • Get bonus interest on incremental balance from previous month

0.2%

Spend

  • Spend minimum S$500 of eligible spending on Citi Cash Back + Mastercard or Citibank Debit Mastercard
  • Get bonus interest per month

0.6%

Invest

  • Perform three investments of S$1,000 or more
  • Get bonus interest per month
  • Qualifying transactions include:
    • min S$1,000 investment funds purchase
    • min S$1,000 forex conversion
    • min S$1,000 stocks purchase

0.6%

Insure

  • Purchase a new regular premium insurance policy with minimum annual premium of S$5,000
  • Get bonus interest for 12 months

0.8%

Mortgage

  • Take up a minimum home loan of S$500,000
  • Get bonus interest for 12 months

From now till 31 December 2023, Citibank has waived their minimum account balance fee.

#2 Up your financial literacy game

Which other savings account lets you learn and save at the same time? Citi Plus does! Their digital wealth platform called Elevate is equipped with many financial wellness modules that are specially catered to customers who want to learn more about financial literacy. 

They aim to guide you in your financial decision-making skills to manage your money more efficiently, build wealth and achieve your financial goals.

Elevate has three segments to equip you with more educational materials to make sounder financial decisions:

  • Wealth Smart: financial literacy guide that has easy-to-follow courses and quizzes, coupled with bite-sized digestible content to help you build your confidence when it comes to investing
  • Wealth Digest: A host of articles, videos and insights featuring wealth-related content which are constantly renewed and updated to help you make wiser financial decisions
  • Money Goal: A tailor-made financial goal-tracking tool for personal use to help you set out their financial goals and track their progress towards them

#3 Invest on-the-go

Why just save when you can invest on the same platform too? Citi Plus Account offers a wealth of investment products, including investment funds, stocks and forex for you to invest on the go.

If you’re a student or someone with no fixed monthly income, fret not. You don’t need large sums of money to start investing, You can start investing in mutual funds with as little as S$100. With their user-friendly Citi Mobile app, you can invest on the go anytime, anywhere, with just a touch of a button.

Else, you can kickstart your investment journey by signing up for an account with one of these brokerage accounts in Singapore.


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#4 Safeguard yourself

Solidify your financial portfolio by safeguarding yourself too! Citi Plus Account offers a wide range of insurance policies available for purchase, all conveniently within the app. 

Not just that, but if you’re a beginner to the world of insurance, Citi got your back too! They also offer various educational content regarding insurance, including articles, product catalogues and educational pro-tips to help you choose the right policy catered to your needs.

The cherry on top? Purchasing an insurance policy of at least S$5,000 for regular premiums will also earn you a bonus interest of 0.6% p.a.!

Check out the best insurance plans out there for you and your loved ones.


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Comparison of other savings accounts

Citi Plus Account isn’t the only savings account out there. If you’re still thinking of which high-yield savings account to pick, here’s a side-by-side comparison of the interest rates you’ll be able to earn with other strong contenders. 

While there is no salary component to the Citi Plus account, what it does provide is 0.2% bonus interest for incremental savings of S$1,500 and above. 

Here’s how Citi Plus Account fares against some of its competitors out there. 

Savings account

Minimum interest rate (p.a.)

Maximum interest rate (p.a.)

Practical interest rate for S$30,000 (p.a.)

Citi Plus

0.3%

2.8%

0.8% 

CIMB FastSaver

0.8%

3.8%

1.5%

DBS Multiplier

0.05%

3.5%

0.9%

UOB One Account 

0.05%

3.6%

1.4%

BOC SmartSaver

0.1%

3%

0.7%

OCBC 360 Account

0.05%

4.05%

0.85%

Is Citi Plus Account worth it?

Based off the interest table above, you can see that in terms of interest rate, Citi Plus doesn’t fare really well if you don’t want to jump through any hoops. Neither having a high bank balance nor crediting your salary will give you bonus interest, unlike other savings accounts.

However, Citi Plus Account may still be beneficial for those who are attempting to consolidate their financial portfolios. For those just starting out, you may be looking into opening a savings account, applying for a new credit card, investing and insuring yourselves. This is when Citi Plus Account may come in handy as doing all these will give you bonus interest, not forgetting the bonus interest during your birthday month. Though the maximum interest to be earned is high, it requires a lot of hoops to jump through.

On top of that, those who are new to investing, insurance and other finance-related topics will greatly benefit from this account too, as it offers a wide range of educational materials.

So while it may not be the holy grail savings account for those who just want to park their money in a no-frills but high-yield account, it will be good for customers who are just kickstarting their financial journey and wouldn’t mind consolidating their portfolios in a single account. After all, it is marketed as a digital-only wealth management platform instead of a sole savings account.

How do I sign up for Citi Plus?

To be eligible for an account, you’ll need to be at least 18 years old. For Singaporeans and Permanent Residents, you can use your Singpass and create an account on their website, with no documents needed.

But if you don’t want to use your Singpass, you will need your NRIC and proof of address if your current address is different from the address in your NRIC. For foreigners, you’ll need your passport, valid work pass and proof of address. Student pass holders will need their matriculation card from a school in Singapore or a valid letter of acceptance restricted to your school.

 

What promotions are there?

CITIPLUS_150_BLOGARTICLE

SingSaver's Exclusive Promotion: Receive a S$50 cash reward when you open a Citi Plus account. Plus, receive an additional S$100 in cash when you make a min. deposit of S$15,000 within 2 months of account opening and maintain it for 4 months. Valid till 31 January 2023. T&Cs apply.

Receive your S$100 cash reward for opening a Citi Plus account in just three weeks!

In addition, enjoy up to 2% cashback on all qualifying spend when you join Citi Plus and apply for a Citi Cashback+ Mastercard. T&Cs apply.

Apply Now <https://singsaver.link/citi-plus>

Here’s how your rewards can add up:

Citi Plus Table Updated

 

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A mahjong addict with an undying love for dogs, Deborah is always on the hunt for cheap deals because she is always broke. That is why she is attempting to be more financially savvy to be.. less broke