Our relationship with banks, insurance providers and brokerage platforms are fragmented. Most of us do not bank, save, insure, and invest with the same bank or service provider.
Enter Citi Plus – Citibank Singapore’s first holistic digital wealth solution built for the emerging affluent segment.
As a Citi Plus customer, you will get to save, invest and learn more about wealth – all within Citi Mobile® App.
Learn with Citi Plus
No one is born with the natural ability to manage finances. We often have to pick up financial literacy basics on our own as we transition to adulthood. While the internet is rich with resources, it can sometimes lead to an overload of information, which makes it hard for us to separate the signal from the noise.
Delivered through the Citi Mobile® App, Citi Plus is an all-in-one digital solution with financial wellness modules and curated content to help educate customers and guide them in making better decisions on managing money, building wealth and achieving financial goals – without any additional cost to users.
For a total newbie approaching wealth or investments, ‘Wealth Digest’ is a financial literacy page featuring bite-sized content to help customers attain a better understanding and approach investments with greater confidence.
Save with Citi Plus
As interest rates around the world are rising, depositors are always on the lookout for ways to make their money work harder. As a Citi Plus customer, you get to apply for the Citi Interest Booster Account and earn up to 2.8% p.a. interest. T&Cs apply1.
Of course, there are some requirements to meet in order to attain the 2.8% p.a. interest.
The baseline interest rate is 0.3% p.a. on the first S$50,000 until 2023 so you don’t have to do anything for this. There are ‘missions’ to clear to enjoy the rest of the 2.5% p.a.
#1 Birthday + 0.1% p.a.
The first is easy. You get an additional 0.1% p.a. if you keep your account open for the entire period of your birthday month.
#2 Save + 0.2% p.a.
This saving mission shouldn’t be difficult too. You just need to increase your account’s average daily balance by at least S$1,500 from the previous month to enjoy the additional 0.2% p.a. interest on the incremental balance.
#3 Spend + 0.2% p.a.
We have observed quite a number of our friends have Citibank cards and there’s a chance you might have already been actively using them. The good news is that spending with Citibank Debit Cards and/or Citi Cash Back+ Mastercard® would earn you another 0.2% p.a. interest on your savings. You just need to make at least S$500 in qualifying spend within the calendar month.
#4 Insure + 0.6% p.a.
You can also consider insurance products offered by AIA Singapore through Citibank. Purchase a new regular premium insurance policy with an annual premium of at least S$5,000 to enjoy an additional 0.6% p.a. interest on your savings.
#5 Mortgage + 0.8% p.a.
Looking to buy your first property? Taking up a home loan with Citibank (minimum S$500,000) will unlock an additional 0.8% p.a. interest on your savings. Bear this in mind when comparing mortgage loans!
#6 Invest + 0.6% p.a.
Last but not least, enjoy an additional 0.6% p.a. interest when you make 3 investment transactions of S$1,000 or more with Citibank. T&Cs apply.
To sum it up, you can enjoy 2.8% p.a. interest on your savings when you perform all of the above.
There’s an additional benefit to housing all your finances within one account – you have a complete view of your wealth and investments whenever you log in to the Citi Mobile® App. No more going through countless apps and statements, or even having to compile your own spreadsheets.
You may also be interested to know that Citi Plus offers a ‘Money Goals’ tool – an intuitive financial goal setting and tracking tool. You can use it to track your progress towards the goals you have set and be reminded when you are behind them.
Spend with Citi Plus
Cash back lovers rejoice!
Citi Plus customers can enjoy up to 2% cash back (compared to the usual 1.6% for non-Citi Plus customers) when they spend on the Citi Cash Back+ Mastercard® Credit Card, in addition to ongoing offers and privileges of the credit card.
With the Citi Cash Back+ Mastercard® Credit Card, there is no min. spend required and NO CAP on the ‘standard’ 1.6%2 cash back earned. Plus, earn bonus cash back of 0.4%3 for Citi Plus customers when you make minimum of S$500 retail purchases within a calendar month (cash back capped at S$8).
Your cash back earned DOES NOT EXPIRE!
Invest with Citi Plus
Let’s face it, not many banks integrate their investing service seamlessly with their banking services – but for Citi Plus customers, customers can manage their investments via the same app!
Their all-in-one investment platform provides access to stocks, investment funds and FX, so you can manage your investments easily on the go.
Citibank brokerage customers can access not only the Singapore stock market, but also the U.S. and Hong Kong stock markets as well.
On the analysis portion, a brokerage account with Citibank also grants you access to the Thomson Reuters (TR) Stock Analytics, an analytics tool usually used by professional fund managers and traders. Customers get exclusive insights to Thomson Reuters broker ratings, stock target price and also peer performance comparisons.
As for trading fees, trades on the US and Hong Kong stock markets are charged a commission rate (per contract) of 0.3% with a minimum commission of USD 25 for U.S. and HKD 120 for Hong Kong stocks. For Singapore securities, the commission rate is 0.25% with a minimum commission of SGD 28 per contract.
What’s more, you can opt for Direct Crediting Service (DCS) for a hassle-free way to receive cash dividends from your Singapore stocks and REITs straight in your Citibank account.
For individuals who prefer to start investing in smaller amounts, Citi Plus lets you invest in investment funds with as little as S$100 through the mobile app, anytime and anywhere.
Insure with Citi Plus
Users can choose from a wide selection of insurance options offered by AIA Singapore through Citi Plus, ranging from life insurance, accident and health insurance, to credit insurance plans. You can also get up to 16.88% p.a.⁴ on a 2-month SGD or USD Time Deposit and/or receive vouchers⁴ with purchase of any eligible AIA insurance plan through Citi.
Explore insurance options and articles all in one location within the Citi Mobile® App.
One banking app to rule them all
Citi Plus bundles banking services, savings, investments and insurance into an all-in-one, comprehensive solution offered on the Citi Mobile® App.
It lets users get a holistic view of their finances and be more in charge when it comes to managing their financial goals now that everything is consolidated under one app. Better financial planning and decisions can now be made, whether it is for short- or long-term plans.
What’s more, Citibank Singapore is offering rewards of up to S$656 to welcome you as a new Citi Plus customer. Receive these rewards when you apply for Citi Plus today. T&Cs apply.
Footnotes:
- Citi Interest Booster Account Terms and Conditions apply: www.citibank.com.sg/CIBTCs
- Citi Cash Back+ Mastercard® Cardmember’s Agreement: www.citibank.com.sg/pdf/1121/cashback-plus-card-members-agreement.pdf
- Citi Cash Back+ Mastercard® Bonus Cash Back Promotion Terms and Conditions: www.citibank.com.sg/cashbackplus/bonuscashback/
- Citi-AIA Promotions: https://www.citibank.com.sg/static/all-promo/?lid=SGENCBGISMITLPromotions&filter=insurance
This article is for general information only, and should not be relied upon as advice. The information provided does not have regard to any individual’s investment objectives, financial situation or particular needs. This webpage and its contents are not an offer nor solicitation to purchase, nor endorsement or recommendation of, any products or services by Citibank Singapore Limited, its related entities and their respective directors, agents and employees (together “Citigroup”).
This article and its contents do not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution, offer or solicitation is not authorised or to any person to whom it is unlawful to distribute such information or make any offer or solicitation.
Citigroup is under no duty to update this article and shall not be liable for any complaint, suit, action, claim, expense, loss or damages directly or indirectly arising out of or in connection with any person’s reliance on, or acting upon, or use of, any contents on this article. The article is subject to amendment without notice. Investment Products are (i) not insured by any government agency; (ii) not a deposit or other obligation of, or guaranteed by, the depository institution; and (iii) subject to investment risks, including possible loss of the principal amount invested. The information contained herein is not intended to be tax or legal advice, or an exhaustive discussion of the strategies or concepts mentioned herein. Please seek advice from your tax, legal or financial adviser as appropriate about the contents discussed herein or before investing in any investment products. Should you choose not to seek such advice, you should carefully consider the risks associated with any investments and make a determination based upon your own particular circumstances and assess whether such investment product is suitable for you.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Important Insurance Disclosures
The insurance plans are underwritten by AIA Singapore Private Limited (Reg. No. 201106386R) (“AIA”) and distributed by Citibank Singapore Limited (“Citibank”). All insurance applications are subject to AIA’s underwriting and acceptance. Protected up to specified limits by SDIC. Insurance products are not bank deposits or obligations of or guaranteed by Citibank or any of its related entities.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
