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Citi Wealth First Account: High Rates & Best for Citigold Clients

SingSaver team

SingSaver team

Last updated 11 May, 2023

Have a pool of savings and wondering how to make the best use of them? The Citi Wealth First Account could help you accelerate your financial goals in more ways than one.

Best Priority Banking Accounts: Citigold | HSBC Everyday Global Account (Premier) | Standard Chartered Wealth$aver Priority Banking

Best Savings Accounts: UOB One Account | DBS Multiplier Account | OCBC 360 Account | Citi Plus | Citi Wealth FirstStandard Chartered Bonus$aver Account | UOB Stash Account | UOB Lady’s Savings Account | HSBC Everyday Global Account | KrisFlyer UOB Account

First things first - The Citi Wealth First Account isn’t your typical savings account.

It’s an account that helps you grow your wealth by rewarding you for your banking and wealth relationship. If you are a Citigold customer or join Citigold, you will be able to earn high interest rates on your savings.

There is no minimum monthly income requirement, although to enjoy the bonus interest rates the minimum deposit is S$250,000 fresh funds.

The eligibility criteria is to be 18 and above. With that out of the way, let's find out how this account rewards you on the journey of reaching your financial goals.

Table of contents:


How does Citi Wealth First Account work?

Earn up to 7.51% p.a. interest on your savings. Here’s how:

How to earn interest
Interest rate (p.a.)
Details
Base interest
0.01%
The base interest is calculated on the full balance in the account with no cap.
Spend (debit card spend)
1.50%
Spend a minimum of S$250 (or its equivalent in foreign currency) on eligible retail transactions per calendar month on your Citibank Debit Mastercard. 
Save 
1.50%
Increase your account's average daily balance from previous month's average daily balance by at least S$3,000.
Invest
1.50%
Buy new single lump sum investment (or combination of single lump sum investments) of at least S$50,000 in a calendar month.
Insure 
1.50%
Buy a new single premium insurance policy (or multiple single premium policies) with total premiums of at least S$50,000 in a calendar month.
Borrow
1.50%
Take up a new home loan of at least S$500,000.

 

Citibank-logo-01-300x173

 

 

Do note that the minimum balance for every account is S$15,000. If your bank balance falls below that, there is a S$15 monthly account fee.

There is also a cap on the amount that earns interest in your account based on your banking relationship with Citi:

Balance tier
Citigold
Citigold Private Client
Average daily balance; incremental balance
First S$100,000
First S$150,000
Minimum Total Relationship Balance (TRB) maintained
S$250,000
S$1,500,000

Click here for their interest calculator to find how much interest you can earn per month based on your lifestyle.

Pros
Cons
Offers high interest of up to 7.51%  p.a. and rewards you for your usual banking activities, and when you insure and invest
Have to jump through some hoops to earn higher interest rate
There is no cap on base interest earned
There is a cap on how much bonus interest you can earn
Decent attainable interest rate of 3% as long as you spend and save
Spending category is only applicable to Citibank Debit Mastercard

Read these next:
UOB One Savings Account Review 
UOB Stash Account Review 
CIMB StarSaver (Savings) Account Review
Standard Chartered Bonus$aver Account Review 
OCBC 360 Account Review 


Why should I apply for Citi Wealth First Account?

#1 It offers high interest rates.

Offering up to 7.51% p.a. on up to your first S$100,000 as a Citigold customer, they’re offering a very generous interest that could go up to S$6,055 per year!

If you're asking whether it is suitable for middle-income earners, the answer is yes. All things considered, the interest you can earn is actually pretty decent.

Of the five categories that you can fulfil, two of them are very achievable if you don’t want to go through that many hoops — spend and save. 

Under the spending category, you’ll have to spend a minimum of S$250 on your Citi Debit Mastercard per month. Under the saving category, simply increase your account's average daily balance from previous month's average daily balance by at least S$3,000, which can be easily achieved by crediting your salary of at least S$3,250 (factoring in the S$250 you’ll have to spend on your debit card).

For that, you’ll be earning a respectable interest rate of 3.01%, which translates into S$1,555 worth of interest each year based on the interest calculator.


#2 There is no cap on base interest earned.

Though there is a cap for the bonus interest you can earn, the base interest of 0.01% can be earned for your full account balance, regardless of how much you have.

For instance, on a S$150,000 bank balance, the base interest without making any transaction is S$15.


#3 It offers other benefits.

Aside from those that’s been mentioned, there are a ton of other benefits that comes with the Citi Wealth First Account when you apply:

  • Mobile and online banking — instant payments and transfers, and real-time balance updates
  • Citibank Debit Mastercard — free Citibank debit card and access to SGD and multiple foreign currencies with no conversion charges and transaction processing fees
  • Complimentary ATM withdrawals — no foreign exchange conversion fee and administrative charge at all Citibank ATMs
  • Phone banking — CitiPhone Banking available

In short, they make banking on the go (and your life) super convenient, no matter which part of the world you're at. 


Who is Citi Wealth First Account best suited for?

If you’re a Citigold or Citigold Private Client customer, the Citi Wealth First Account might be best suited for you because of the higher amount that you can earn interest on, at S$100,000 and S$150,000 respectively. 

It’s also for individuals who already have products purchased from Citibank and meet the requirements, or someone who would like to earn high interest simply through their usual banking activities such as saving, spending, investing and insuring.

Imagine you’re a Citigold client who has deposited S$100,000 into your Citi Wealth Account. If you manage to hit every category, you’re able to earn the full 7.51% p.a. on your account balance. The annual interest you can earn is S$6,055, just like that!

With that said, the Citi Wealth First Account is a very respectable savings account even for middle-income earners.

It can earn you 3.01% p.a. if you spend at least S$250 on your Citi Debit Mastercard, and increase your account balance by S$3,000 each month.

Both of which are easily achievable if you credit your take-home salary of at least S$3,000 to this account.


What promotions are there for applicants?

 

Citigold_Tactical_47_BLOGARTICLE_800x250

⚡Flash Deal⚡: Get an Apple iPhone 15 Pro Max 512GB (worth S$2,340.45) or an Apple Products Bundle [Apple iPad Air (5th Generation) 10.9" WiFi 256 GB + Apple Magic Keyboard Bundle + Apple Pencil (2nd generation) + Airpods Pro (Gen 2)] (worth S$2,145.20) or S$1,500 cash when you successfully apply for a Citigold account and make a S$250,000 deposit within 3 months of account opening and maintain these funds until gift fulfilment. Valid till 21 April 2024. T&Cs apply.

Applicable to new-to-bank only (i.e. users with no Citigold or Current and Savings Accounts). If a user has applied for Citi Credit Card or Personal Loan, they will still be eligible.

Plus, score over S$2,460 bonus cash when you maintain your Citigold relationship and fulfil the following qualifying criteria (T&Cs apply):

  • Complete an Investment Risk Profile and Fact Find Report and get S$100 cash
  • Hold a valid primary/main Citi Credit Card and get a S$300 bonus cash reward.
  • Take up a Citi Home Loan with min. loan size of S$800,000 within 3 months of account opening and get a S$500 bonus cash reward.
  • Purchase S$100,000 worth of investments and/or insurance from Citibank to enjoy a S$600 bonus cash reward.
  • Maintain a Citigold relationship for 12 months from date of approval and get a S$960 cash reward.

 

Click here for more information.

Read these next:
8 Ways To Accelerate Your Wealth In Singapore
Uniquely Singaporean Ways To Accumulate Wealth
Achieve Financial Success in 2023: How to Set & Track Goals
How To Plan And Achieve Your Financial Goals For 2023
Investment Guide: SingSaver's One-Stop Solution


Eligibility

Aside from having to be at least 18 years old, there are no other requirements for opening a Citi Wealth First Account.


How to apply?

Click on the ‘Apply now’ and fill in your details when you get redirected to Citibank’s landing page.

Citibank-logo-01-300x173

 

 

Read more:
Ultimate Credit Card & Savings Account Combo
The Only Credit Card Guide You Need in Singapore

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