Citi Priority – Benefits & Preferential Rates (2019)
Citi Priority, Citibank’s priority banking programme, has the distinction of being perhaps the easiest priority banking programme to qualify for in Singapore. The minimum deposit or investment you have to leave with Citibank is $70,000, which is achievable for many of us mere mortals.
So, what does Citi Priority get you?
Summary of Citi Priority benefits
|Minimum assets required||$70,000|
|Travel benefits||Withdraw up to 9 foreign currencies for free at Citibank ATMs worldwide |
Travel perks including special fares on Emirates, 8% off Hotels.com bookings and 12% savings on Expedia bookings
|Preferential rates||Interest of up to about 2.2% with Citi MaxiGain Account. |
Preferential time deposit interest rates
1% sales charge for online unit charge
0.3% US stock market brokerage charge
|Other benefits||Dining and entertainment discounts|
Citi Prestige and other Citi Priority credit cards
While there doesn’t seem to be a specific credit card attached to the Citi Priority programme, you do get a Citi Priority Debit Mastercard that entitles you to free withdrawals at Citibank ATMs worldwide. Considering the fact that Citibank’s network is quite wide, that’s a useful perk to have.
The card can be linked to foreign currency accounts with Citibank and enables you to withdraw 9 different foreign currencies. This, coupled with the free ATM withdrawals at Citibank ATMs, makes this a good card to have if you are a frequent traveller.
The card also comes with some lifestyle perks including discounted tickets at Cathay Cineplexes, dining discounts at Sentosa, Resorts World and Refinery Concepts restaurants, as well as online shopping discounts on Zalora, Strawberrynet and more.
While the Citi Prestige Card isn’t strictly a card for Citi Priority members, it should also be mentioned here as it is quite popular.
It offers an air mile earning rate of 2 miles for every $1 spent overseas, and 1.3 miles for every $1 spent locally. That being said, the minimum income requirement is $120,000, which not all Citi Priority customers might be able to meet.
Minimum requirement to become a Citi Priority customer
The most notable thing about Citi Priority is its low entry requirements. You just need to park $70,000 in either deposits or investments with Citibank.
Citi Priority travel benefits
As mentioned earlier, the Citi Priority Debit Mastercard lets you withdraw up to 9 foreign currencies, and offers fee-free withdrawal at Citibank ATMs overseas.
The Citi Priority Debit Mastercard also comes with some travel perks, including special fares on Emirates, 8% off Hotels.com bookings and 12% savings on Expedia bookings.
Citi Priority preferential rates
The Citi MaxiGain Savings Account offers up to 2.2% interest on your savings. When you maintain a $70,000 daily end of day balance (which would qualify you for Citi Priority status), you get interest equivalent to 70% of the 1-month SIBOR (this 70% would be equivalent to well over 1% now). You then get bonus interest of up to 1.2% depending on how long you leave the money in your account.
Time deposit and investment time deposit bundles are also offered at more attractive rates to Citi Priority customers.
The sales charge for online unit trust purchases is only 1%, and US market brokerage commissions are 0.3%.
Other Citi Priority benefits
Citi Priority members get to enjoy wealth planning packages customised to their needs. They’ve put together a few investment programmes targeted at people who want to invest in unit trusts or trade stocks or forex.
Being a Citi Priority customer also lets you take advantage of some lifestyle privileges, including a free subscription to Home & Decor Magazine, 1 for 1 spa services at The Ultimate, 15% off cold brew coffee and tea at 1 degree C.
Citi Priority private client benefits
Citibank private clients are called Citigold customers, one tier above Citi Priority. The minimum deposit/investment amount to qualify as a Citigold customer is $250,000. There is one more tier above Citigold, known as Citigold Private Client, which requires assets of at least $1,500,000.
Citigold customers get VIP treatment and greater support when it comes to investing and wealth banking, with a dedicated Relationship Manager and team of Citibank employees to help you manage your money.
Citibank also dangles better interest rates on time deposits, more generous welcome rewards and more generous referral fees.
You’ll have the right to use the Citigold queue at bank branches that even Citi Priority members are excluded from.
Finally, Citigold members can get their hands on the coveted Citi Prestige Credit Card, which has perks such as 20% off restaurants at Marina Bay Sands, the ability to earn 25 miles per $1 spent on hotel bookings on Kaligo.com and more.
Citi Priority outlets
Citi Priority members use the same Citibank outlets as everyone else. See full addresses of all the Citi Priority outlets. The good news is that Citibank branches are usually nowhere near as crowded as local banks’ branches, so even without a dedicated Citi Priority centre, you should not have to wait long.
Have you ever been a Citi Priority customer? Share your reviews and tips in the comments!
Tags: Priority Banking