When announcing the program, Premium Boost, in a Sept. 24 press release, Citi said it adds enhanced savings rates to the other benefits it already offered to clients who belong to one of its Relationship Tiers. Those benefits include access to wealth guidance, waived fees on select banking services and lifestyle perks.
Citi’s Relationship Tiers are based on combined average monthly balance in their checking savings, CD and investment accounts, with Citi Priority starting at $30,000, Citigold starting at $200,000 and Citigold Private Client starting at $1 million, according to the release.
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With Premium Boost, clients can earn higher savings rates. Citi Priority and Citigold members can do so by having $5,000 total in direct deposits or other qualifying transactions in Regular Checking accounts each month, or $25,000 Average Monthly Balance in eligible investment accounts with Citi Personal Wealth Management. Citigold Private Clients can earn the Premium Boost rate by owning a Citi Regular Checking account, per the release.
The rate for savings accounts are variable. As of Monday, the Citi Savings Standard APY was 0.05%, while the Citi Premium Boost APY was 3.50% for Citi Priority, 4.00% for Citigold and 4.35% for Citigold Private Client, according to a Citi 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.”
The PYMNTS Intelligence report “Click-and-Mortar™ Banking: Customer Loyalty Hinges on Both Digital and Physical Experiences“ found in 2024 that banks have to work harder for consumers’ loyalty and that banking customers want 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.”
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