Citi Plus 1 Year Anniversary: Increased Interest Rates Of Up To 4.0% p.a. And Up To S$150 Sign-Up Promo!

This article is brought to you by Citibank. All views expressed in the article are the independent opinions of Read’s editorial policy.

Citi Plus is turning one year old! To celebrate its first birthday, Citibank has increased the rates of the Citi Interest Booster Account. Coupled with the attractive sign-up promo provided by SingSaver, it is a birthday anniversary Citi Plus is sharing with everyone.

S$50 for account opening, S$100 or Sony WF-C700N upon account funding

By starting a relationship with Citi Plus, in other words, opening an account, you can get S$50 in cash transferred to you via PayNow through SingSaver! That’s a nice deal on its own, but you can also get more rewards by funding the account.

You have 2 months from the account opening to deposit S$20,000 into the account. Thereafter, maintain the funds for at least 4 months till month 6, and you can choose to either receive another S$100 or Sony WF-C700N wireless earphones! The earphones retail for S$199 and it’s a great gift for someone special… which could always be yourself 😉

Note that you need to make the choice while applying for the bank account. After applying for the account, remember to fill out the SingSaver rewards redemption form to secure your sign-up gift. No form means no reward!

Interest Booster Account

Until 29th February 2024

Apply for Citi Plus Interest Booster Account and fill up SingSaver form in email ⚠️ no form, no rewardS$50 cash
(fulfilled by SingSaver)¹
Deposit minimum S$20,000 in fresh funds within 2 months of account opening and maintain until Month 6Additional S$100 Cash or an TP-Link Smart Tapo RV10 Lite Robot Vacuum (worth $259)
(fulfilled by SingSaver)¹
Upon opening an account and funding S$20,000 in fresh funds. S$30 cash reward from Citi²
Holding a valid primary/main Citi Credit CardExtra S$30 bonus card reward from Citi²
Base interest of the account (no salary, spend etc. requirement)1.5% p.a. up to the first S$50,000 deposit
Total: S$210 + interest

For reference only. Terms and conditions apply (save a copy for your own future reference):

  1. SingSaver terms and conditions
  2. Citibank terms and conditions

Note that there is an early closure fee of S$50 if account is closed within 6 months but fall-below fees are waived until 31 December 2024.

Increased interest rates (up to 4.0% p.a.)

On top of the sign-up rewards, the birthday celebration continues with increased rates. The base interest of Citi Interest Booster Account has been upsized from 0.3% p.a. to 1.5% p.a. 

You can also get more interest when you complete different criteria:

CriteriaInterest Rate
Base Interest1.5% p.a.
on first S$50,000 savings
Increase your balance by S$1,500 or more
0.2% p.a.
on incremental savings
Spend a minimum of S$500 on eligible retail transactions
0.2% p.a.
Make 3 investments of S$1,000 or more
0.6% p.a.
Policy of minimum S$5,000 regular premium
0.6% p.a.
Home loan of at least S$500,000
0.8% p.a.
Extra interest in the month of your birthday!
0.1% p.a.
Total Possible4.0% p.a. 

Even if you do nothing, the base interest of 1.5% p.a. is still much higher than quite a few savings accounts without meeting any conditions (e.g. salary crediting, fresh funds etc). This means that you will get around S$100 of interest simply by depositing S$20,000 for 4 months. It’s a decent return when combined with the sign-up offer.

Boosted 2% cashback with Citi Cash Back+ Mastercard®

Citi Plus also synergises with the Citi Cash Back + Mastercard®. With Citi Plus, Citi Cash Back+ Card gives an enhanced 2% cashback instead of the card’s usual 1.6% rate (cashback is capped at S$120). This boosted rate kicks in when you spend at least S$500 on eligible retail spending every month for a period of 12 months.

The 2% bonus cashback is capped at S$2,000 monthly, which is good enough for most large purchases. 2% isn’t the highest rate when it comes to cashback cards of course, but it is relatively fuss-free with very few category exclusions. Without many conditions apart from a usual list of excluded transactions, it could prove useful depending on the situation.

Moreover, when you reach S$500 of spend, you also unlock the Spend bonus of the Citi Interest Booster Account. That provides an additional 0.2% p.a. boost to the first S$50,000 balance within the account.

Here’s to another year

So, there you have it, folks – Citi Plus is now a year older and a little more grown- up. The base interest rate is bigger too and you get sweet sign-up gifts for signing up as if it were your own birthday.

Don’t forget to check out the terms and conditions while signing up, and here’s looking forward to more updates that Citibank will bring us over the next year!

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