If you’re looking for a high-interest savings account in Singapore, you may want to consider the Citi Interest Booster Account offered by Citibank Singapore. This account offers an upsized base interest rate and bonus interest when you perform other banking activities, allowing you to earn up to 4.0% p.a. interest on your savings. In this article, we’ll provide a quick review of the Citi Interest Booster Account and its features.
Citi Interest Booster Account is part of Citi Plus, an all-in-one digital wealth solution on the Citi Mobile App. With Citi Plus, you can manage your finances, invest in various products, and access exclusive rewards and privileges. The Citi Interest Booster Account is designed to help you save more without going to extreme lengths. You can open the account easily and start earning interest on your savings right away. In the next section, we’ll dive deeper into the features of the Citi Interest Booster Account and how it works.
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Don’t have time to read all this? Here’s a quick look at the Citi Interest Booster Account:
- Earn up to 4.0% p.a. interest on your savings by meeting specific bonus categories.
- Categories include everyday activities like spending, investing, and getting a birthday bonus.
- No minimum balance required to qualify for the base interest rate.
- Consider this account if: you want a high-interest savings account with easy-to-achieve bonus categories.
Pros:
- High potential interest rate: The Citi Interest Booster Account offers a potential interest rate of up to 4.0% p.a., which is among the highest in the market for savings accounts in Singapore. This can be a significant advantage for savers who are looking to grow their money quickly.
- Achievable bonus categories: The bonus categories for the Citi Interest Booster Account are relatively easy to achieve compared to some other high-interest savings accounts.
Cons:
- Interest rate depends on meeting bonus requirements: Unlike some savings accounts that offer a flat interest rate, the interest rate you earn with the Citi Interest Booster Account depends on whether you meet the bonus categories. This means that you will need to put in some effort to maximize your interest rate.
- Lower base rate compared to some competitors: The base interest rate on the Citi Interest Booster Account is 0.3% p.a., which is lower than the base interest rate offered by some other high-interest savings accounts in Singapore.
Overall: A good option for savers who can consistently meet the bonus categories to maximize their interest rate.
Key Features of the Citi Interest Booster Account
Are you looking for a savings account that offers attractive interest rates? Look no further than the Citi Interest Booster Account. Here are some of the key features you can enjoy:
Attractive Interest Rates
One of the most attractive features of the Citi Interest Booster Account is the interest rates it offers. With a base interest rate of up to 1.5% p.a., you can earn interest on your savings without doing anything extra. But that’s not all. By performing other banking activities, you can earn bonus interest of up to 2.8% p.a. This means you can earn up to 4.3% p.a. interest on your savings with the Citi Interest Booster Account.
Bonus Interest Categories
To earn bonus interest on your savings, you need to perform certain banking activities. These activities include spending with your Citi Plus Debit Mastercard®, investing in eligible unit trusts, and more. By completing these activities, you can earn bonus interest of up to 2.8% p.a. on top of the base interest rate.
Account Balance Tiers
The Citi Interest Booster Account offers different interest rates depending on your account balance. The more you save, the higher the interest rate you can earn. For example, if you maintain a balance of at least S$200,000, you can earn a base interest rate of 1.5% p.a. and bonus interest of up to 2.8% p.a. That’s a total of 4.3% p.a. interest on your savings.
Eligibility and Account Opening
If you are interested in opening a Citi Interest Booster Account, there are a few things you need to know. In this section, we will discuss the qualifying criteria, documentation required, and the Citi Plus New-to-Bank Welcome Programme 2024.
Qualifying Criteria
To be eligible for a Citi Interest Booster Account, you must be a Singapore citizen or Permanent Resident, aged 18 years old and above. For foreigners, you need to be aged 18 years old and above, and ensure that your Passport has at least 6 months validity and hold a valid pass. You also need to deposit at least S$20,000 into the account and maintain the funds until reward fulfilment. Additionally, you need to hold an eligible Citi Credit Card by the end of 2nd calendar month from the month of account opening to qualify.
Documentation Required
To open a Citi Interest Booster Account, you will need to provide the following documentation:
- NRIC (for Singapore citizens and Permanent Residents) or Passport (for foreigners)
- SingPass for identification verification
- Proof of Address (e.g. utility bill or bank statement) that is not more than 3 months old
Citi Plus New-to-Bank Welcome Programme 2024
If you are a new-to-bank customer, you are eligible for the Citi Plus New-to-Bank Welcome Programme 2024. This programme offers up to S$150 cash reward and S$30 Welcome Booster. To qualify, you need to deposit at least S$20,000 into your Citi Interest Booster Account by the end of the 2nd calendar month from account opening month and maintain the amount till the end of the 6th calendar month.
Maximising Account Benefits
To fully maximise the benefits of your Citi Interest Booster Account, there are a few things you can do to get the most out of it. Here are some tips to help you make the most of your account:
Utilising the Citi Mobile App
Make sure to download the Citi Mobile App to manage your account and stay up-to-date on promotions. The app allows you to check your account balance, track your spending, and transfer funds. You can also set up notifications to alert you when you receive bonus interest or cashback rewards.
Taking Advantage of Promotions
Citi frequently runs promotions for their Citi Interest Booster Account, such as sign-up bonuses and cashback rewards. Keep an eye out for these promotions and take advantage of them when they are available. For example, you can receive up to S$150 cash reward and S$30 Welcome Booster when you deposit at least S$20,000 into your Citi Interest Booster Account by the end of the 2nd calendar month from account opening month and maintain the amount till the end of the 6th calendar month [1].
Birthday Month Perks
During your birthday month, you can receive additional bonus interest and cashback rewards. Make sure to check the terms and conditions to see what you need to do to qualify for these perks. For example, you can receive up to S$76 in Spend and Birthday bonuses from the Citi Interest Booster Account [2].
By utilising the Citi Mobile App, taking advantage of promotions, and keeping track of your birthday month perks, you can maximise the benefits of your Citi Interest Booster Account and earn more interest and rewards. Remember to always read the terms and conditions carefully and stay up-to-date on any changes or updates to the account.
Investment and Wealth Management Options
If you’re looking to grow your wealth, the Citi Interest Booster Account is a great place to start. But did you know that Citibank also offers a range of investment and wealth management options to help you achieve your financial goals? Here are some of the options available to you:
Investment Funds and Stocks
Citibank offers a wide range of investment funds and stocks to help you build your investment portfolio. Whether you’re looking for high-risk, high-reward options or more conservative investments, Citibank has something for everyone. You can choose from a range of funds, including equity, fixed income, and multi-asset funds, as well as individual stocks and bonds.
Citi Wealth Management Services
If you’re looking for more personalised wealth management services, Citibank also offers Citi Wealth Management. This service provides you with a dedicated relationship manager who will work with you to understand your financial goals and create a customised wealth management plan. Your relationship manager will also provide you with ongoing advice and support to help you achieve your financial goals.
Financial Advisors and Trading Strategy
Citibank also offers financial advisory services to help you make informed investment decisions. Whether you’re a seasoned investor or just starting out, a financial advisor can provide you with valuable insights and advice to help you maximise your returns. Additionally, Citibank offers a range of trading strategies to help you navigate the complex world of investing.
In addition to these options, Citibank also offers a Citibank Brokerage Account, which allows you to buy and sell stocks, bonds, and other securities online. With low commissions and access to a range of research and analysis tools, the Citibank Brokerage Account is a great option for investors looking to take a more hands-on approach to their investments.
Tip
Looking to maximize your savings with your Citi Interest Booster Account? Consider setting up automatic transfers from your primary account to your Citi Interest Booster Account regularly. By automating your savings, you ensure consistent contributions towards your financial goals without the hassle of manual transfers.
Additionally, keep an eye on promotional offers from Citi. They frequently roll out special deals and bonuses for account holders, giving you opportunities to boost your savings even further.
Lastly, take advantage of the Citi Mobile App to conveniently monitor your account activity, track your savings progress, and stay updated on exclusive offers.
Insurance and Protection
If you’re looking for a savings account that also offers insurance policies, the Citi Interest Booster Account might be a good option for you. Here are some things you need to know about the insurance policies available with this account.
Insurance Policies Available
With the Citi Interest Booster Account, you can get insured with the following policies:
- Personal Accident Insurance
- Hospital Cash Insurance
- Cancer Insurance
These policies offer varying levels of coverage and protection, so it’s important to read the terms and conditions carefully before signing up.
Insuring with Citi Interest Booster
To get insured with Citi Interest Booster, you will need to purchase a regular premium insurance policy. This policy will require you to make regular payments to maintain your coverage.
The insurance premiums will be automatically deducted from your Citi Interest Booster Account, so you don’t need to worry about making manual payments. This makes it easy for you to stay protected without having to worry about missing any payments.
Digital Wealth Solutions and Financial Tools
If you are looking for a comprehensive digital wealth solution that offers a range of financial tools, the Citi Interest Booster Account is worth considering. With this account, you can access a host of financial wellness modules that can help you manage your finances better and achieve your financial goals.
Citi Financial Wellness Modules
One of the key features of the Citi Interest Booster Account is the financial wellness modules that are available on the platform. These modules are designed to help you improve your financial literacy and make better financial decisions. They cover a range of topics such as budgeting, saving, investing, and retirement planning.
Using these modules, you can learn how to create a budget, save money, invest in the stock market, and plan for your retirement. The modules are interactive and engaging, making it easy for you to learn and apply the concepts to your own financial situation.
Goal-Tracking and Missions
Another useful feature of the Citi Interest Booster Account is the goal-tracking and missions tool. This tool allows you to set financial goals and track your progress towards achieving them. You can set goals for saving money, reducing debt, investing, or any other financial objective that you have.
Once you have set your goals, you can create missions to help you achieve them. These missions are designed to be fun and engaging, making it easier for you to stay motivated and on track. You can earn rewards for completing missions, which can help you stay focused on your financial goals.
Comparative Analysis with Other Savings Accounts
If you are looking for the best savings account in Singapore that offers high interest rates, you may be wondering how the Citi Interest Booster Account compares to other popular savings accounts in the market. In this section, we will compare the Citi Interest Booster Account with other savings accounts such as CIMB Fastsaver, DBS Multiplier, UOB One Account, and BOC Smartsaver.
CIMB Fastsaver vs Citi Interest Booster
CIMB Fastsaver is a popular savings account in Singapore that offers a base interest rate of 0.5% p.a. with no minimum balance required. However, it does not offer any bonus interest rates. On the other hand, the Citi Interest Booster Account offers a base interest rate of 0.05% p.a. and up to 4% p.a. bonus interest rates for performing certain banking activities. If you are looking for a savings account that offers higher interest rates, the Citi Interest Booster Account may be a better option for you.
DBS Multiplier vs Citi Interest Booster
DBS Multiplier is another popular savings account in Singapore that offers a base interest rate of 0.05% p.a. and bonus interest rates of up to 3.8% p.a. for performing certain banking activities. However, the bonus interest rates are tiered and require a higher minimum balance compared to the Citi Interest Booster Account. If you are looking for a savings account that offers higher interest rates with a lower minimum balance, the Citi Interest Booster Account may be a better option for you.
UOB One Account vs Citi Interest Booster
UOB One Account is a savings account that offers a base interest rate of 0.05% p.a. and bonus interest rates of up to 2.5% p.a. for performing certain banking activities. However, the bonus interest rates are also tiered and require a higher minimum balance compared to the Citi Interest Booster Account. If you are looking for a savings account that offers higher interest rates with a lower minimum balance, the Citi Interest Booster Account may be a better option for you.
BOC Smartsaver vs Citi Interest Booster
BOC Smartsaver is a savings account that offers a base interest rate of 0.4% p.a. and bonus interest rates of up to 3.55% p.a. for performing certain banking activities. However, the bonus interest rates are also tiered and require a higher minimum balance compared to the Citi Interest Booster Account. If you are looking for a savings account that offers higher interest rates with a lower minimum balance, the Citi Interest Booster Account may be a better option for you.
Understanding the Fine Print
When it comes to opening a savings account, it’s important to read the fine print to avoid any surprises. Here are some key terms and conditions to keep in mind when considering the Citi Interest Booster Account:
Terms and Conditions
The Citi Interest Booster Account requires a minimum deposit of S$10,000 and is subject to a cap of S$100,000. Interest rates are tiered and depend on the average daily balance (ADB) maintained in the account. To earn the highest interest rate of 4% p.a., you’ll need to maintain an ADB of S$200,000 or more.
Additionally, the account is subject to the Monetary Authority of Singapore’s (MAS) regulations, which means that the effective interest rate (EIR) takes into account the compounding of interest. This means that the advertised interest rate may not be the same as the EIR, which is the true cost of borrowing.
Interest Calculation and Payout
Interest is calculated based on the ADB and credited monthly. The interest calculation is based on a tiered system, with different interest rates applied to different tiers of ADB. For example, if your ADB is between S$10,000 and S$24,999, you’ll earn an interest rate of 1.5% p.a. If your ADB is between S$25,000 and S$199,999, you’ll earn an interest rate of 3% p.a.
Interest is paid out monthly and credited to your account on the last day of each month. However, if you close your account before the end of the month, you will not receive any interest for that month.
Customer Support and Service Locations
If you have any questions or concerns regarding the Citi Interest Booster Account, Citibank Singapore’s customer support team is available to assist you. Here are the different ways you can reach out to them:
Citibank Branches and ATMs
Citibank Singapore has several branches and ATMs located across the island, making it easy for you to access your account and speak to a representative in person. You can find the nearest branch or ATM to you by visiting the Citibank Singapore website.
At the branches, you can speak to a customer service representative who can help you with any questions you have about the Citi Interest Booster Account, as well as any other Citibank services you may be interested in. You can also withdraw cash, deposit cheques, and perform other banking transactions at the branches and ATMs.
Online and Mobile Support
Citibank Singapore also offers online and mobile support for your convenience. You can access your account information and perform transactions through the Citibank Online portal or the Citi Mobile App. These platforms allow you to check your account balance, transfer funds, pay bills, and more, all from the comfort of your own home.
If you need further assistance, you can also reach out to Citibank Singapore’s customer service team through the online chat feature on the website or through the Citi Mobile App. This allows you to speak to a representative in real-time and get your questions answered quickly.
No matter which method you choose, Citibank Singapore’s customer support team is dedicated to providing you with the best service possible. So, if you have any questions or concerns about the Citi Interest Booster Account or any other Citibank services, don’t hesitate to reach out!
Frequently Asked Questions
What’s the minimum balance required for the Citi Interest Booster Account?
To open a Citi Interest Booster Account, you need to deposit a minimum of SGD 15,000. However, to unlock the full potential of the account, you need to maintain a minimum average daily balance of SGD 70,000.
How does the Citi Plus account interest rate compare to other banks in Singapore?
Citi Plus offers one of the most competitive interest rates in Singapore. With a base interest rate of 1.5% p.a., you can earn up to 4.0% p.a. interest on your savings in the Citi Interest Booster Account when you complete simple missions such as spending with your Citi Plus Debit Mastercard®. This interest rate is higher than what most other banks in Singapore offer.
Can you tell me the perks of opening a Citi Plus savings account?
By opening a Citi Plus savings account, you get access to a range of benefits, including a higher interest rate, free fund transfers, free cash withdrawals at Citibank ATMs worldwide, and a complimentary Citi Debit Card. In addition, you can earn bonus interest rates by performing other banking activities with Citibank.
What are the steps to open a Citi Plus account in Singapore?
To open a Citi Plus savings account, you can apply online through the Citibank website or visit any Citibank branch in Singapore. You will need to provide your identification documents and proof of address. Once your application is approved, you can start enjoying the benefits of a Citi Plus savings account.
Are there any exclusive benefits offered by Citi Plus through SingSaver?
Yes, SingSaver offers exclusive benefits to Citi Plus customers, including cash rewards and welcome gifts. You can visit the SingSaver website to learn more about the latest promotions and offers.
How frequently does the Citi Accelerate Savings account pay out interest?
The Citi Accelerate Savings account pays out interest monthly. This means that you can earn interest on your savings every month and watch your money grow over time.
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