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

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 Interest Booster Account work?

Citi Plus Interest Booster Account offers interest of up to 4.0% p.a. on your savings with the Citi Interest Booster Account. You start with a base interest of 1.5% p.a.. However, you’ll be able to level up your interest rate when you increase your account balance, make an investment with Citibank, purchase an insurance plan policy, take a home loan, and spend with your Citibank Debit Card or Citi Cash Back+ Mastercard.

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

What are the benefits of Citi Plus?

#1 Offers high interest of up to 4.0% 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 4.0% p.a. with its Citi Interest Booster Account.

You start with a base interest of 1.5% p.a. on your first S$50,000 balance, which is much higher than the base interest rate 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. 

On top of the base interest, you’ll be thrilled to know that there are a total of six requirements you can fill that earn you bonus interest:

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

#2 Up your financial literacy game

Which savings account lets you learn and save at the same time? Citi Plus does!

Their digital wealth platform, 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 for purchase, all conveniently within the app. 

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.!

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Comparison of other savings accounts

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, it provides 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, assuming a min S$500 credit card spend and credit salary of S$3,000.

Is Citi Plus Account worth it?

Citi Plus Account is most beneficial for those who are attempting to consolidate their financial portfolios.

For those who're just starting out, you may be looking into opening a savings account, applying for a new credit card, investing and insuring yourselves.

This is where Citi Plus Account will come in handy, as doing all these will give you bonus interest, not forgetting the bonus interest earned during your birthday month. 

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.

This account is ideal for customers who are kickstarting their financial journey and wouldn’t mind consolidating their portfolios in a single account. After all, it is a digital-only wealth management platform beyond a savings account.

How do I sign up for Citi Plus?

To be eligible for SingSaver's rewards, you'll need to apply through this link. 

For Singaporeans and Permanent Residents, you can use your SingPass and create an account with no documents needed. You must be at least 18 years old.

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?

Here are the rewards you can look forward to:

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