Consolidated thread for Priority/Privilege Banking

[Wombatking]

Citi-Priority Newbie

Hello All,

Im a newbie into the priority banking space and would only qualify for citi priority banking.

My assets are largely liquid in only equity

Isit worth the hassle to shift my equity to Citi-Priority to enjoy the status of "Priority Banking"? A practical benefit I see would be to get the $1k sign up bonus..

 

[Wombatking]

• $160 = Deposit S$70,000 fresh funds
• $100 = Additional base reward for primary Citi Credit Card holders
• $450 = Purchase S$50,000 in Investments
• $208 = Interest in Citi Wealth First Account with balances maintained at S$20,000 (Spend, Save, Insure, Invest, Home Loan)
• $360 = Citi Priority 12-month Loyalty Reward
• $100 = Successfully opens banking account via online account opening form
• Total Rewards = S$1,378

This is what I took off their website, with a low AUM of only $70,000, there is the potential reward of $1378. This could be the only thing attracting me to citi priority.


My equity is mainly all under custodian holdings, so they should be easy to make the switch

How useful are the wealth management services? I don't see any use of their services as I would usually pick stocks by myself as a small retail investor. Ill usually buy & hold too, so i wont be touching the account much too

 

[Wombatking]

I see, thanks for the advice.

Any idea if you get a better credit rating or a better home loan rate?

 

[natnaes]

• $160 = Deposit S$70,000 fresh funds
• $100 = Additional base reward for primary Citi Credit Card holders
• $450 = Purchase S$50,000 in Investments
• $208 = Interest in Citi Wealth First Account with balances maintained at S$20,000 (Spend, Save, Insure, Invest, Home Loan)
• $360 = Citi Priority 12-month Loyalty Reward
• $100 = Successfully opens banking account via online account opening form
• Total Rewards = S$1,378

This is what I took off their website, with a low AUM of only $70,000, there is the potential reward of $1378. This could be the only thing attracting me to citi priority.


My equity is mainly all under custodian holdings, so they should be easy to make the switch

How useful are the wealth management services? I don't see any use of their services as I would usually pick stocks by myself as a small retail investor. Ill usually buy & hold too, so i wont be touching the account much too

There is risk in investments and with $50,000 in investments, it can be quite easy to lose more than $1378 within a couple months. (-2.75%)

 

[oceanicmanta]

Citigold giving $1.1k total for Singaporeans/PR ($800 if foreigner residing in SG), AUM requirement $250k, also need to be new-to-bank (zero account/balance for past 13 months).

how to check if I already "served" the 13 months in Citi's system to re-apply ?

 

[Wombatking]

That sounds good, should i need a home loan in the future, then this preferential rates will be a very practical benefit.

 

[Wombatking]

Good timely reminder not to be rash in investments just to fulfill certain entry criterias

In my case - I am currently invested heavily in equity using another brokerage firm. And i could do a share transfer. The investment risks remains the same but citibrokerage fees are generally higher. This is mitigated as my investment strategy is to buy and hold long term with minimal trading.

 

[oceanicmanta]

Staff in Citi can assist to check for new-to-bank status with customers' permission. Basically we will make sure customers have either no deposit/investment accounts with Citi for at least the past 13 months, or have existing accounts but zero balance for at least the past 13 months.

if I had closed my banking account less than 12 months ago, can I rejoin Citi to be eligible for this Top-Up promotion ?

https://www.citibank.com.sg/global_docs/pdf/CITI_TOPUP.pdf?lid=SGENCBLNFCAYLtncsRKF

ie open account with min. required balance & then top up

 

[kwokwing]

Any promotion from ocbc and uob?

 

[geekroute]

No more personal bankers for Citi Priority Clients

Revision to Citi Priority features

Dear

At Citi, we are always closely monitoring the evolving needs of our clients to ensure our service model is relevant and suited to your current requirements. As part of this on-going strategy and our digital transformation to simplify your banking interactions, we have enhanced our digital platform with added advanced security features that allow you to access your accounts securely, find your account details easily, and instantly complete your banking enquiries. As such, with effect from 1 January 2021, we will no longer offer the service of Personal Bankers for our Citi Priority clients.

You can continue to enjoy the flexibility and convenience of the
Citi Mobile® App that provides access to your accounts for your transactional needs and invest or perform trades seamlessly anytime, anywhere. All other benefits that you enjoy as a Citi Priority client remain unchanged.

 

[savior1]

Citigold self invest enquiry

Dear all especially those currently with Citigold

Can you self purchase unit trust through Citigold platform?

For example in UOB the platform allows u to buy unit trust funds at a much lower sales charge compared to when going through the RM (UOB is 0.8% if I'm not mistaken).

Does anyone know if Citigold has the same?

Cheers

 

[Imhthc]

Dear all especially those currently with Citigold

Can you self purchase unit trust through Citigold platform?

For example in UOB the platform allows u to buy unit trust funds at a much lower sales charge compared to when going through the RM (UOB is 0.8% if I'm not mistaken).

Does anyone know if Citigold has the same?

Cheers

Yes. Citigold can self purchase unit trust but not sure whether the sales charge is lower via this platform. Same platform as Citi brokerage and foreign exchange under wealth tab. However, you can purchase not higher than your risk assessment result conducted while opening your investment account.
Currently i am using the platform for brokerage. So far so good. Low Comm rate and no minimum Comm.

 

[ac3knight]

Regarding citigold, does transfer-in of stocks (not UT but I have US stocks with UOB) count towards total AuM?

 

[chopra]

What's the deal for citigold? Maxigain still??

Sent from Samsung SM-P605 using GAGT

 

[Unforgettable]

anyone know which bank offer credit card/loan to long term visit pass holder? annual income $67k...

 

[streetfighter]

You need to pay custody fee 0.0165% pm?
(Just like DBST 0.2% pa)

Yes. Citigold can self purchase unit trust but not sure whether the sales charge is lower via this platform. Same platform as Citi brokerage and foreign exchange under wealth tab. However, you can purchase not higher than your risk assessment result conducted while opening your investment account.
Currently i am using the platform for brokerage. So far so good. Low Comm rate and no minimum Comm.

 

[Imhthc]

You need to pay custody fee 0.0165% pm?
(Just like DBST 0.2% pa)

For sgx, there is no custodian fee. However, there are for HKSE an US stock market.

 

[streetfighter]

You don't diversify & invest outside SG?

For sgx, there is no custodian fee. However, there are for HKSE an US stock market.

 

[chopra]

You can find the full promo details via the link below, but minimally as a new-to-bank client you can get about $1,100 cash just for depositing $250k.

https://www.citibank.com.sg/citigold/banking-privileges/promotions/index.htm

0.44% pa. still ok ok. u know must put how long?

edit 3+2 months? ie 1.056% pa

edit: still got loyalty rewards of 130/mth
i.e. 1.68%pa??

 

[Imhthc]

You don't diversify & invest outside SG?

Nope. I bought those stocks listed in Singapore exchange only. Quite good saving especially when I was using iocbc previously. Nowadays I do not have to care bout min of $25 comm and 0.275%. Citi is no min and 0.12% Comm so I can buy as and when and what amount I like. Also coz it is under custodian, they show how many shares I have and can sell. No need to worry of naked sell when I key in a wrong qty to sell.