In response to DBS’s Multiplier program (review here), OCBC’s 260 account (review here), Citibank has rolled out a new InterestPlus Savings Account with up to 2.5% p.a. Is this a good alternative?
Citibank InterestPlus Savings Account
As you can see, this program is very different from DBS or OCBC whose emphasis is more on savings and credit card spending. Citibank’s InterestPlus savings requires you to invest with them, placing a sum of $250 monthly for 12 months (i.e. $25k) into a regular savings plan or a lump sum of $25k into a unit trust and a similar sum into an insurance plan. Anyone who has an existing home loan of at least $250,000 with Citibank will benefit instantaneously if you make the switch.
I guess it’s only a matter of time before UOB rolls out another “combo” savings account like this. Keep a lookout for it!
Visit the Citibank page here