Citigold Review (2024): An Abundance Of Wealth Solutions For The Well-Heeled

Citigold can help grow and protect your wealth. Here’s a full review of what you can expect when signing up for this wealth-focused priority banking programme.

With wealth accumulation at the fore, many Singaporeans have realised that investing regularly is key to achieving financial goals quicker. For the more affluent among us, priority banking programmes represent a way to accelerate that process.

Citibank's priority banking programme, Citigold, is geared towards affluent individuals, requiring applicants to make a minimum deposit of S$250,000 including investment and/or insurance holdings.

Find out all you need to know about Citigold in this review, from the financial advisory services offered to the various lifestyle perks you’re granted.

Table of contents

• Pros and cons of Citigold
• Why should you choose Citigold?
• Who is Citigold best suited for?
• Fees and charges
• What’s the eligibility criteria for Citigold?
• How do you apply?
• Frequently asked questions

Pros and cons of Citigold

Citigold is a wealth-focused priority banking programme with a bevvy of services in place to accelerate its clients’ wealth accumulation plans. These include personalised wealth solutions and tools, financial advice, global insights from the Citigold team, and supporting team of experts who are on deck to assist you with your banking needs and partner you on your wealth journey.

Pros

Promotion: New Citigold clients enjoy up to 7.51% p.a. max interest on your savings when you join Citigold and open a Wealth First account. T&Cs apply.

You also have access to a dedicated Relationship Manager who’ll work with you to determine the ideal investment portfolio for you after discussing your current financial situation, needs, and goals.

Using portfolio tools, your Relationship Manager will ‘stress-test’ the portfolio by simulating market events such as the 2007-2008 financial crisis. This helps you to understand the risks involved and lets you make an informed decision before you invest.

You can even put your existing investment portfolio through this ‘stress test’ to determine how you can shore up its weaknesses.

Additionally, an Investment Counsellor will assist in creating wealth plans and investment strategies to meet your goals. A Treasury Specialist will also advise you on market opportunities and treasury products to fit your investment strategy.

Lastly, there's also the Citigold Total Wealth Advisor feature in Citibank Online or the Citibank app. You can track the progress of your investment portfolio and modify it to fit Citi’s Model Portfolios if it veers off course.

Cons

However, Citigold is not without its flaws. Because the priority banking programme is so wealth-focused, there are relatively fewer lifestyle privileges offered.

Apart from access to the Citi Wealth Hub in Orchard Road to perform your banking activities in greater privacy and comfort, the other lifestyle privileges primarily consist of automobile, dining, and shopping discounts.

Keen to enjoy travel privileges such as airport lounge access and complimentary or discounted limousine transfer services? There's one extra step you need to take — sign up for the Citi Prestige Card.

This credit card gives you access to Citi Prestige Concierge, which will help you out with restaurant reservations, hotel room bookings, and the like. Plus, you can enjoy a complimentary night stay when you book a minimum consecutive four-night stay at any hotel or resort!

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Why should you choose Citigold?

#1: Holistic wealth advisory services

Citigold may be a wealth-focused priority banking programme, but it's more than just your Relationship Manager being supported by a Service Relationship Manager, Treasury Specialist, and Investment Counsellor.

A Mortgage Specialist helps you obtain financing to purchase property, whether locally or overseas. He/she can also determine the best interest rate package for your needs when you apply for the Citibank Home Saver loan.

An Insurance Specialist determines your insurance needs based on your existing coverage and recommends the appropriate policies for you. However, do note that Citibank’s insurance policies are underwritten by AIA.

#2: Ability to enhance your investment portfolio

Citigold’s host of wealth advisory services and tools ensure that you’ll be able to make better investment decisions. Even if you prefer to go at it alone, the wealth advisory tools such as the Citigold Total Wealth Advisor will aid you greatly.

In turn, your investment portfolio will be more well-diversified and ready to weather adverse market conditions.

However, the best tool that Citigold offers might just be the Portfolio Risk Evaluator. It allows your Relationship Manager to conduct the aforementioned ‘stress-test’ on a recommended portfolio or your existing assets.

This lets you quickly determine the best course of action and stay on track to achieve your financial goals.

#3: Retention of Citigold status worldwide

Citibank’s international footprint means Citigold clients can retain their Citigold status at overseas branches.

To be exact, this means that you can transact quickly and with greater privacy in 340 Citigold Centres worldwide.

Furthermore, you can keep tabs on all your local and foreign Citibank accounts via the Global View of Accounts feature. To complement that, you’re granted fee-free instant fund transfers between your Citibank accounts via Citibank Global Transfer, subject to a daily limit of S$250,000.

Speaking of ‘fee-free’, cash withdrawals at Citibank ATMs worldwide come with no charges when you’re a Citigold client.

#4: Preferential rates and services

Citigold clients gain access to preferential rates and services, such as the aforementioned Citi Home Saver property loan. As a Citigold client, you can utilise the interest adjustment feature to save on your monthly payments.

Refinancing your home loan is also easy, as you can freely switch between the various interest rate packages.

Then there’s the Citi Wealth First Account. This high-yield savings account is integrated closely with the Citigold priority banking programme, letting you earn up to 7.51% p.a. interest on an account balance of up to S$100,000.

Note: For more Citi Wealth First Account T&Cs and merchant exclusions, refer here.

However, each bonus interest category requires a fairly large sum to be saved, spent, invested, or borrowed.

For example, the ‘investment’ bonus interest category requires you to invest at least S$50,000 in a calendar month. Therefore, it’s clear that the Citi Wealth First account is aimed at Citigold clients and rewards them for actions they would perform anyway.

Additionally, you'll also enjoy preferential foreign exchange rates, preferential remittance charges, and a waiver of Cashier's Order charges (limited to two per Citigold account per day).

#5: Other exclusive offers & lifestyle privileges

Can't shake off your perpetual wanderlust bug? With Citigold, you'd be treated to preferential hotel rates alongside seasonal walk-in gifts at Citigold's Client Centre. But that's not all.

In addition, Citigold clients are entitled to these other offers too:

• 6-month commission-free buy trades online for U.S. and Hong Kong markets. T&Cs apply.
• 2-month USD Time Deposit at 6.50% p.a. interest. T&Cs apply.
• Annual fee waivers on Citi credit cards, applicable to one Citi core credit card and one Citi co-branded credit card (excluding Citi Ultima and Citi Prestige Cards)

But besides the above Citigold offers, here are other stackable rewards you'll get to enjoy if you apply for Citigold through us on SingSaver!

💰 SingSaver Citigold sign-up offer 💰

• Multiply your rewards and enjoy S$250 cash for every S$50,000 investment and/or insurance purchase. T&Cs apply.
• Enjoy Citigold preferential rate of up to 3.1% p.a. on a 6-month SGD Time Deposit. T&Cs apply.
• Complete Investment Risk Profile and Fact Find Report and receive S$100 cash. T&Cs apply.
• Be a valid primary Citi credit cardholder and get S$100 bonus cash reward. Take up a Citi Home Loan and get S$500 bonus cash reward. T&Cs apply.

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Who is Citigold best suited for?

Citigold is suited for those looking to grow their wealth for the long-term. With a dedicated Relationship Manager and an arsenal of exclusive wealth management tools available for Citigold clients, it’ll be easier to build and protect your wealth, manage your investment portfolio and achieve your financial goals.

Citigold is suitable for overseas use as well. Retaining your status at Citibank branches overseas is a huge advantage, especially if you don’t spend much time in Singapore in the first place.

Finally, potential Citigold clients looking to grow and protect your wealth also wouldn’t mind that the priority banking programme has comparatively fewer lifestyle benefits.

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Fees and charges

Although Citigold exempts you from several fees and charges that personal banking customers are subject to, there are several that you need to watch out for:

• S$15 account service fee if your Total Relationship Balance drops below S$15,000 per month. Total Relationship Balance refers to the sum of your account balances, value of your investments, and outstanding amounts payable on your secured loan accounts.
• 1/8% commission (min. S$20 or max. S$200 per transaction) when you’re transferring money to non-Citibank accounts overseas via online Telegraphic Transfer
• S$10 per transaction for local fund transfers via Citibank branches or CitiPhone
• S$5 per transaction for local fund transfers via MAS Electronic Payment System (MEPS)

However, do take note that Citibank can also remove your Citigold status if your Total Relationship Balance falls below S$15,000 per month. Remember, the qualification requirement for Citigold is S$250,000.

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What’s the eligibility criteria for Citigold?

As mentioned above, you’ll need to make a minimum deposit and/or investible assets under management (AUM) totalling at least S$250,000. Additionally, you’ll need to be at least 18 years old. There is no minimum income requirement.

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How do you apply?

Applying for Citigold is straightforward because there's no need to register your interest and wait for an invitation from Citibank. In fact, you can speed up the application process by using SingPass MyInfo.

Frequently asked questions

Q: What actions do I need to take to earn up to 7.51% p.a. bonus interest on my Citi Wealth First Account?

You'll need to fulfil the following criteria to score the maximum bonus interest:

• Spend at least S$250 of eligible retail purchases per month on your Citibank debit card
• Either invest in at least S$50,000 of a single lump sum investment (unit trusts, structured notes, bonds) or accumulate multiple lump sum investments aggregating to at least S$50,000 per month
• Either pay at least S$50,000 in a single new insurance policy premium, or pay single premiums of multiple insurance policies aggregating to at least S$50,000 in a month
• Take up a new home loan of at least S$500,000
• Increase your account's average daily balance from the previous month's average by at least S$3,000

Q: What is the bonus interest per qualifying transaction category for Citi Wealth First Account?

• Spend – 1.5% p.a. interest
• Invest – 1.5% p.a. interest for 12 months
• Insure – 1.5% p.a. interest for 12 months
• Borrow – 1.5% p.a. interest for 12 months
• Save – 1.5% p.a. interest

Q: How is my bonus interest calculated?

To put simply, your Citi Wealth First Account's bonus interest is calculated monthly and is based on your average daily balance. The average daily balance is derived from your retail spend, investments, insurance, home loan mortgage payments, and/or accumulated savings.

Q: Can you open more than one Citi Wealth First Account?

Yes, you can. However, if you're the primary accountholder of more than one account, the bonus interest computed from your activities will only be rewarded on your first account.

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