Citibank Accounts Review
Discover the Citibank's banking account offerings.
Since 1902, Citibank has established its presence in Singapore and has represented in nearly every asset class. It is currently the largest foreign banking employer in Singapore, and offers a broad spectrum of current accounts. It also offers savings, checking, time deposits or business accounts.
In this guide, we cover the types of accounts offered by Citibank in Singapore so you can better understand their features and fees.
S$0
Monthly fee
S$15,000
Minimum Initial Deposit
S$0
Fall below monthly fees
What features come with Citibank current accounts?
Depending on the type of account you sign up for, Citibank accounts come with different features to suit varying needs. However, Citibank accounts generally come with the following features:
- Online banking
- Mobile payments
- Reward schemes (e.g. cash rebates, bonus interest earn and more)
- Competitive interest rates
- Wide coverage of ATMs islandwide with fee-free cash withdrawals
What Citibank current accounts are available?
Citibank offers a wide array of banking accounts, ranging from tiered savings accounts to high yield checking accounts. Find out which Citibank account best suits your needs:
- Citibank MaxiSave Account. This interest-bearing checking account only requires $1 minimum to earn attractive interest and take advantage of checking facilities. Receive your first cheque book upon account opening at no charges.
- Citibank Step-Up Account. Maximise your interest earn with this checking account when you save more each month, starting from a base rate of 0.01% p.a. and up to 0.13% p.a.
- Citibank Tap and Save Account. Earn 1% cashback when you spend on everyday necessities at participating merchants. The Citibank Tap and Save Account also offers competitive interest up to 0.13% p.a.
- US$ Checking Account. Enjoy the convenience of managing day-to-day transactions in US$.
What other types of Citibank accounts are there?
Savings accounts
- Citi MaxiGain Savings Account. Earn up to 0.61%* p.a. on your savings with this stash-type savings account when you maintain a minimum $70,000 balance. Accrue bonus step-up interest for monthly increment in your account balance.
- Citibank Junior Savings Account. A savings account designed for children under 18 years old, who must apply with a parent or guardian. There’s no minimum deposit or fall-below fees. However, if you as a parent have a Citibank account too and the total balance of yours and your child’s account falls below $15,000, a $15 service fee will be charged to your account.
- Basic Banking Account. This no-frills savings account comes with an ATM card as well as online and mobile banking facilities.
- Money Market Account. A high yield account with higher interest potential than ordinary savings accounts as the interest is based on the daily prevailing Singapore Dollar Interbank Bid Rate
- US$ Savings Account. Transact in US$ with this USD interest-bearing account.
Foreign currency accounts
- Global Foreign Currency Account. Transfer foreign currencies to other Citibank accounts and withdraw cash at overseas Citi ATMs with no additional processing fee.
- CitiAccess. An interest-bearing USD denominated checking account that comes with a free Citibank Debit Card and first cheque book.
Time deposit accounts
- S$ Time Deposit. Grow your money with high fixed deposit interest rates at minimal risk. A minimum deposit of S$10,000 is required and you may opt for tenures as short as 1 week to a maximum of 48 months.
- Foreign Currency Time Deposit. Enjoy potentially higher interest rates than S$ deposits when you deposit foreign currency for a pre-set amount of time
What fees are charged with Citibank accounts?
Citibank bank accounts come with different fees. Here are some fee types you might encounter:
- Fall-below fee. Citibank charges a S$15 fee if your bank balance drops below S$15,000.
- Early account closure fee. There will be a $50 penalty if you close your account within 6 months from the date of opening.
- Cheque book replenishment fee. For accounts with checking facilities, you’ll be entitled to one complimentary cheque book. Subsequent cheque book will cost S$15 per copy.
- Miscellaneous fees. Different Citibank accounts are equipped with features that may incur additional fees such as trading fees, cashier orders, outward remittance transfer fees and demand draft handling commissions.
How will I know which Citibank account is best for me?
Every Citibank account caters to a different banking need. For example, the Citibank InterestPlus Savings Account will be ideal for individuals with multiple product activities that will help boost their bonus interest, while a someone seeking for a no-frills savings account will most likely go for a Citibank Basic Banking Account. The account that’ll be most suitable for you will ultimately depend on your banking needs and financial profile.
How do I open a current account with Citibank?
You can open a Citibank account just like any other Singapore bank account.
If you’re an existing Citibank account holder, you can apply for a new account conveniently through online banking. New applicants (Singapore citizens and PRs) can apply with their SingPass, a simple and secure application process that speeds up the process by retrieving your personal details and income information directly from MyInfo. Alternatively, you can also fill up an online application form if you don’t have a SingPass account.
Before you apply, make sure to meet the eligibility requirements for the specific Citibank account you’re interested in and have all the relevant documents and details you need on hand.
Eligibility criteria
The specific eligibility criteria may vary depending on the specific Citibank account you’re applying for, but here are typically the requirements you’d need to meet:
- Age. You must be at least 18 years of age
- Initial deposit. As Citibank requires a S$15,000 minimum Total Relationship Balance (TRB), you’ll need to make a first deposit of at least S$15,000 if you don’t have any other accounts, investments or loans with Citibank.
Required documents
Make sure you have the following information and documents ready when you apply:
- Singapore citizens and permanent residents. NRIC
- Foreigners. Valid passport, employment pass and proof of residential address (e.g. Local utility bills or bank statements with your residential address. Make sure that the name matches your passport and employment pass)