Citibank Singapore launches digital offering for younger affluent clients
SINGAPORE — Citibank Singapore has launched Citi Plus, an all-in-one digital wealth solution for the growing emerging affluent population who are younger and more digitally savvy.
Citi Plus is the bank's first digital-only wealth solution and is an extension of its Win in Wealth strategy, the bank said in a statement on Saturday (17 September).
Citi Plus, which is delivered through the Citi Mobile app, offers a whole suite of digital banking tools designed to help customers save, spend, invest, get insured and build their wealth-related literacy.
The Citi Interest Booster Account on Citi Plus offers customers up to 2.8 per cent interest per annum if they meet certain criteria, as well as a digital wealth platform specially designed to help customers to manage money, build wealth and achieve financial goals. There will be no minimum account balance fee until 31 December 2023.
Citibank Singapore already offers a Wealth First Account that offers up to 2.8 per cent bonus interest a year, but it has different criteria across the transaction categories compared with Citi Plus.
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"There is fast-rising demand for an engaging digital banking experience with tools to help with wealth management and investing, especially among those who grew up with messaging apps and social media," Ashmita Acharya, Citibank Singapore's retail banking head, said.
"Thus, Citi Plus aims to help these individuals begin their wealth journey while providing a potential channel if they aspire to grow their wealth and progress to be Citigold clients."
She explained that the bank wants to encourage people to get into the habit of investing so the interest rate for investing and insuring is higher.
For example, the bonus interest is 0.6 per cent a year per month when they have three or more qualifying investment transactions, including buying at least S$1,000 of investment funds and S$5,000 or more in stocks. This compares with a 0.2 per a year bonus interest per month of minimum of S$500 eligible spending on Citi Cash Back+ Mastercard or Citibank Debit Mastercard.
A launch event, headlined by local personalities such as Benjamin Kheng and Rishi Budhrani, was held at Ngee Ann City Civic Plaza on Saturday. This will be accompanied by a "Get Ahead With The Bank That Knows Wealth" brand campaign which will run on digital, social media and out-of-home platforms.
Those interested can find out more at this website.
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