Good Deal: Citigold Offering 3% p.a. Time Deposit With S$1,400 Bonus or iPhone 15 Plus

If you have S$250,000 casually lying around between the crevices of your sofa, you might want to know that Citigold is currently have a time-limited promo that is pretty compelling – get a choice of S$1,200 bonus cash or iPhone 15 Plus (256GB, retailing S$1,623.85) when you start a Citigold relationship with the link below and fulfil the terms and conditions. This is on top of S$200 cash rewards for meeting a couple of simple requirements from Citibank!

If you’re thinking that this looks less attractive than previous promos, this current offer is unique because you can now stack the welcome rewards with Citigold’s preferential rate of 3% p.a. for its time deposit. This is worth S$3,750 on a S$250,000 deposit!

In all, this can be a decent deal to consider if you have S$250,000 to set aside for 6 months.

Promo Details

You need to not own a Citibank account for the past 13 months to qualify. Citibank cardholders are not affected and still can qualify for this promo.

Citigold Premier Banking


New to Citi bank accounts

Apply with link and start a Citigold Relationship with S$250,000 funding and completion of Investment Risk Profile and Fact Find Report to qualify.

Choose SingSaver gifts:

  1. 40,000 Max Miles (sign up for heymax account here for bonus 1,000 miles) or
  2.  S$800 Cash

Whichever you choose, get more rewards from Citibank:

  • 3% p.a. rate on 6-month SGD Time Deposit (S$3,750 for S$250,000 deposit)
  • Extra S$100 for holding a Citibank credit card
  • Extra S$100 for completing Investment Risk Profile and Fact Find Report
  • Extra S$500 for taking up a Citi Home Loan

Terms and Conditions:

Until 30th June 2024

Sign-up Process

  1. Apply with the link
  2. Important: find SingSaver email and fill in redemption form after application; no form no reward
  3. If you prefer Citibank’s offer, inform the Relationship Manager assigned to you and note that you will not be getting the SingSaver promo
  4. Fulfil requirements as stated in terms and conditions

Get personalised wealth management, a dedicated Relationship Manager, and other lifestyle and banking privileges.


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Total Yield

For a S$250,000 deposit held for 6 months, here is what you can expect:

  • S$1,200 from SingSaver (or iPhone 15 Plus)
  • S$200 from Citi (completing the easy requirements of having a Citi credit card and completing Risk Profile/Fact Find)
  • S$3,750 from 3% p.a. time deposit

By my calculation, this is an effective yield of about 4.13% p.a. for a period of 6 months. This rate might not be the absolute highest figure one can get for funds, but if you are looking for a place to house S$250,000 of savings for half a year, it’s pretty difficult to think of better alternatives. This is essentially a 6-month time deposit that offers more than 4% p.a. rate which is non-existent currently.

You can get more rewards from the bank for things like taking a home loan, though you should obviously do so only if the rate is competitive.

Definitely sign up for a Citibank card

If you don’t already have a Citibank credit card, there is an all-time high reward of S$450 eCapitaVouchers up for grabs right now. You can also choose a gadget of your choice.

Other perks and benefits

As a Citigold customer, you will be part of Citibank’s privilege banking segment, and the benefits range from relatively useful to being of dubious value. There’s a bunch of dining and travel benefits which you can see whether they relate to you, a few more banking perks, and yet more dining deals. A cursory look through the different pages doesn’t yield me anything of interest, though it could be more relevant to you.

There will also be a Relationship Manager assigned to you and long-time readers would know that I’m always highly sceptical of what banks tend to recommend to their clients in terms of insurance and investment.

What I find most useful would be the doubling of Citi Prestige’s relationship bonus:

Tenure with Citibank Singapore Limited0-5 years6-10 years>10 years
With Citigold/Citigold Private Client relationship+0.06 mpd+0.08 mpd+0.12 mpd
Without Citigold/Citigold Private Client relationship+0.02 mpd+0.04 mpd+0.06 mpd

Of course, some may accord some value to being a bank’s priority customer, whether it is for bragging rights or skipping the queue at bank branches. I am, for one, okay to forgo such intangible benefits if the rates don’t make sense, but in this case I think it’s pretty good.

Time deposit of >4% p.a. for 6 months for S$250,000

In short, if you have S$250,000 to set aside for 6 months, this is a time deposit from Citibank that essentially offers you a yield of more than 4% p.a. if you factor the sign-up rewards. You also become a priority customer with the bank for doing so.

You could consider other options available this month, and definitely stay subscribed as returns on savings are a common topic I explore alongside other updates and great deals.

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