Citi Lifts Savings Rates for Relationship Banking Customers

Citi has launched a new program that rewards customers who deepen their ties with the bank by offering higher savings rates.

The initiative, called Premium Boost, was announced in a press release and extends enhanced savings rates to clients already enrolled in one of Citi’s Relationship Tiers. Those tiers also come with perks such as access to wealth guidance, waived fees on certain banking services and lifestyle benefits.

Citi says its Relationship Tiers are determined by a customer’s combined average monthly balance across checking, savings, CD and investment accounts. Under the program, Citi Priority begins at $30,000, Citigold starts at $200,000 and Citigold Private Client starts at $1 million.

With Premium Boost, eligible customers can qualify for higher savings yields. Citi Priority and Citigold clients can do so by maintaining $5,000 in total direct deposits or other qualifying transactions each month in Regular Checking accounts, or by keeping a $25,000 average monthly balance in eligible investment accounts with Citi Personal Wealth Management. Citigold Private Clients can access the Premium Boost rate by holding a Citi Regular Checking account.

Savings-account rates are variable. At the time of the announcement, Citi Savings Standard APY was 0.05%, while Premium Boost APY stood at 3.50% for Citi Priority customers, 4.00% for Citigold and 4.35% for Citigold Private Client, according to Citi’s Banking Overview page.

“Citi Premium Boost is our vision for relationship banking in action, rooted in the belief that the value clients receive should grow as their relationship with Citi grows,” Kate Luft, head of U.S. retail banking and Citigold at Citi, said in the release. “By offering stronger savings benefits across our Relationship Tiers, we are rewarding the banking and investing they already do, while making their money work smarter for them.”

PYMNTS Intelligence’s report, “Click-and-Mortar™ Banking: Customer Loyalty Hinges on Both Digital and Physical Experiences,” found that banks must work harder to earn loyalty and that customers want more individualized experiences.

“Banks that embrace personalized, data-driven services are better able to satisfy evolving consumer needs and drive loyalty,” the report said. “By balancing these advancements with a consistent focus on traditional physical branches, FIs can strengthen customer relationships and differentiate themselves in an increasingly competitive market.”