Sign Up Promotion:
- Receive an Apple iPhone 15 Plus 256GB (worth S$1623.85) or S$1,200 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. Also, you get to enjoy 3.0% p.a. on a 6-month SGD Time Deposit. Valid till 2 June 2024.
- Terms and Conditions Here
Promotion Criteria:
- Eligibility: Open to new Citibank customers only (no existing Citigold or current/savings accounts).
- *if you have a Citibank credit card or personal loan but no existing bank account with Citi for the last 13 months, you can qualify as new-to-bank.
- Minimum deposit: S$250,000 within 3 months of account opening (funds must be maintained for 3 months).
- Stackability: with existing Citi New-to-Bank Welcome Programme 2024, not others (I will explain below).
- Promotion period: April 16th – 2 May, 2024
- Optimal benefit window on your funds for 3 months:
- Assume you sign up in April 2024
- Fill up the Rewards Redemption Form with your Application Reference Number within 14 days to secure your rewards after you applied
- Open Account within 1 month from application
- Deposit S$250K by June 30th, 2024
- You should receive a confirmation of redemption of gift email by Singsaver within 4 weeks after verification of criteria (by 31 Jul) – if you do not receive it, please email info@singsaver.com.sg and give about 1 week from them to reply.
- By 1st Sept, you should receive your gift from SingSaver (Apple IPhone 15 Pro Max 256GB or IPad Air bundle or S$1500 plus S$200 cash)
- By 1st Oct, you should have fulfilled the three months criteria for the welcome gift of S$300 + S$100 = S$400 from Citigold.
- Withdraw S$250K after gift fulfilment period on Oct 1st, 2024. You should also withdraw after you have received the confirmation email to be safe.
If you signed up before 16 April, the T&Cs are here
If you signed up on 16 April and after, the T&Cs are here
| Month of Account Opening | Deposit min. S$250,000 AUM in fresh funds |
Verification of Criteria | SingSaver Gift Fulfilment Period | Citigold Gift Fulfilment Period |
| April 2024 | By 30 June 2024 | By 31 July 2024 | By 31 August 2024 | by 30th Sept 2024 |
To be Eligible:
– Not a U.S. Person
– Does not have any AUM in each of the last thirteen (13) calendar months before the Enrolment Month
– Opens a primary sole Banking Account or a primary joint Banking Account with a person who does not have any Banking Account/ relationship with Citi.
– Must be approved by Citibank.
Note that you will not be eligible for this deal if you choose the Citigold Direct Bank Promotion on the Citigold website which is giving S$880 or 3.5% p.a for 3 months Fixed Deposit. The ROI is much lower than this deal. I have excluded it.
What is the Total Rewards Can You Expect to Receive?
When you maintain your Citigold relationship & fulfill various qualifying criteria, you can receive the below rewards. However, some required a high amount of effort:
Account Rewards | Level of Effort | |
Sign Up Promotion | Receive an Apple iPhone 15 Pro Max 256GB (worth S$2,017.50) or [Apple iPad Air (5th Generation) 10.9″ WiFi 256GB + Apple Magic Keyboard + Apple Pencil (2nd generation) Bundle] (worth S$1,779.50) or S$1,500 Cash PLUS S$200 Cash | Low |
Complete an Investment Risk Profile and Fact Find (you don’t have to buy anything!) | S$100 | Low |
Hold a valid Citi Credit Card within the period of Enrollment Month till the end of the Welcome Period | S$300 | Low |
Get a Citi Home Loan of at least S$800,000 within 3 month of account opening. | S$500 | maybe high |
Buy S$100,000 worth of investments/insurance | S$600 | maybe skip this |
Maintain at least S$250,000 for at least a year (if you enroll in Apr 2024, you have to maintain the funds till 31 Mar 2025) | S$960 | your ROI will be less |
Terms and Conditions apply.
Where does Citigold sit in the Citibank Premier Banking tier:
- Citibank Premier Banking has these tiers with their respective minimum Assets Under Management (AUM) criterias:
- Citigold Private Client – S$1,500,000
- Citigold – S$250,000
- Citi Priority – S$70,000
- Citi Plus status – S$15,000
*Citigold sits right at the 2nd highest tier in the Premier banking
Eligibility and Fees:
- Minimum Age: 18 years old and above
- Assets Under Management (AUM) of at least S$250,000
- Valid for Singaporeans and PRs or foreigners with a valid pass and residing in Singapore.
Key Features of Citigold status:
- Global premier banking benefits – So your Citigold status in Singapore is equivalent to Citigold status in any country where Citi is at.
- You will be assigned to a dedicated Relationship Manager who is able to give you access to certain investment products that are not available to retail investors.
- You will also enjoy preferential interest rates for SGD and USD time deposits, investment, and insurance time deposit bundle.
- You will also receive lower foreign exchange rates and remittance fees.
- You will receive no administrative fees and no foreign exchange conversion fees at any Citibank ATM worldwide.
- Free Access to Citigold Centres
- Lounges and Meeting Rooms
- Boundless use of phones, fax machines, and the Internet for free
- Citigold comes with a Citi Wealth First Account that lets you earn up to 7.51% p.a. interest on an account balance of up to S$100,000 based on below criterias:
- SPEND: Earn 1.5% p.a – Citibank debit mastercard of eligible retail spend of at least S$250 per month or;
- INVEST: Earn 1.5% p.a for 12 months – A new single lump sum investment (unit trusts, structured notes and/or bonds) of at least S$50,000, multiple lump sum investments aggregating to at least S$50,000 in a month or;
- INSURE: Earn 1.5% p.a for 12 months – A new insurance policy with a single premium of at least S$50,000, multiple insurance policies with aggregated single premiums to at least S$50,000 in a month or;
- BORROW: Earn 1.5% p.a for 12 months – A new home loan (excluding interest offset home loans) of at least S$500,000 or;
- SAVE: Earn 1.5% p.a – An increase in your account’s average daily balance from previous month’s average daily balance by at least S$3,000
- Base interest of 0.01 p.a
ROI Comparison:
We will chose the first three criterias with the lowest amount of effort to calculate our ROI:
Account Rewards | Level of Effort | |
Sign Up Promotion Above | Receive an Apple iPhone 15 Pro Max 256GB (worth S$2,017.50) or [Apple iPad Air (5th Generation) 10.9″ WiFi 256GB + Apple Magic Keyboard + Apple Pencil (2nd generation) Bundle] (worth S$1,779.50) or S$1,500 Cash PLUS S$200 Cash | Low |
AND Complete Below: | ||
Hold a valid Citi Credit Card within the period of Enrollment Month till the end of the Welcome Period | S$300 | Low |
Complete an Investment Risk Profile and Fact Find (you don’t have to buy anything!) | S$100 | Low |
Total Rewards Received: | ||
Sign up Promotion Above | min. S$2,100 cash or S$2,617.50 (iPhone) | ROI: ~3.34% p.a or 4.17% p.a |
Effective 3 May until 16 May 2024:
Receive an Apple iPhone 15 Pro Max 256GB (worth S$2,017.50) or 100,000 Max Miles + or S$1,500 Cash
My Take:
The Apple iPhone 15 Pro Max 512GB Apple iPhone 15 Pro Max 256GB will give the best deal. However, getting cold-hard cash of S$1500 is not a bad option. The promotion allows for depositing funds by June 30th and withdrawing them by September or October 1st, potentially yielding a return (~3.34 – 4.17% p.a for 3 months) via the Singsaver deal. The ROI reduced as I previously saw that the requirements was to hold funds till gift fulfilment (2 months) from SingSaver. But Sethisfy pointed out to me that his interpretation was that there is a 3 months holding period for the Citigold side for the extra S$300 + S$100 cash. I encourage you to check with your RM to verify the terms before going ahead to deposit the money.
Important Considerations:
While opening a regular fixed deposit later might earn additional interest, it won’t be at the promotional rate.
- This calculation excludes base interest and any additional benefits available through Citigold’s Wealth First Account (spending, saving, insurance criteria).
- Potential sign-up bonuses for new Citibank credit card customers are also not included.
Overall, this is an option for short-term investment of S$250,000 if the funds are readily available. However, it’s not ideal for long-term savings goals.
Additional Information:
During the account opening process, a dedicated Relationship Manager (RM) might discuss investment-linked policies or other investment plans. It’s always a good practice to carefully consider any financial products and there is no harm consulting another independent trusted source who understand your individual financial situation and risk tolerance to look at the proposed policy before making a decision.
Apply For The Citi Prestige Card For Future Optimisation For Mile Chasers:
Maintaining Citigold status after this promotion allows you to apply for the Citi Prestige credit card as a new cardholder and potentially receive a separate sign-up bonus. You would be able to apply for the Citi Prestige Credit card if you hold a Citigold status. Upon doing so, you will be considered a new-to-Citi-Prestige credit cardholder and receive the Citi Prestige Sign up bonus which is separate from the other Citibank credit cards. Citi Prestige card is great for the unlimited free lounge passes, 4th night free stay amongst its other perks. The perks more than cover the non-waivable annual fee if you are able to utilise them well. I did a Tiktok video comparing three S$120K income range cards and Citi Prestige came up tops in my books. You may refer below to the sign up promotion happening right now and sign up below if you are interested.
Citi Prestige Card
Earn 1.3 miles per dollar on local spend and 2 miles per dollar on foreign currency spend
12 Priority Pass visits per calendar year
💳 Credit cards change their T&Cs every so often and it is difficult to stay updated. That’s why I created a Telegram Broadcast where you can receive timely bite-sized updates to get the most out of your spending.
💡 We believe in always paying our credit card bills on time and in full. It is only by doing that, can we fully maximise our credit card benefits.
