Are you money-savvy?

Are you money-savvy?

Fast-track your savings goals and take advantage of competitive foreign exchange rates

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With the right account and app, growing your savings in the digital age can be a relatively simple, fuss-free affair. Photos: Shutterstock

Remember when Grandma reminded you to save for a rainy day, and how this usually involved setting aside part of your allowance in a money box?

Living in the digital age means you don’t have to bother with upcycled beverage tins. Manual tracking and calculations should also be a thing of the past. With the right account and app, growing your savings can be a relatively simple, fuss-free affair.

So what is the catch to enjoying the full benefits of many high-interest-rate savings accounts today? They often come with strings attached that require tedious tracking – like crediting your monthly salary or spending a minimum amount on your credit card over a period of time. To earn higher interest, you may also be required to purchase financial products like investments or insurance, which you may already have.

Maximising your savings shouldn’t be this hard. Instead of jumping through so many hoops and keeping track of the numerous variables to maximise your savings, you are better off spending this time on wealth creation tools – like investment analyses – that could potentially lead to much greater returns.

If you’re putting your cash into a savings account, wouldn’t it be ideal – and much simpler – if you could just deposit your money and leave it to grow?

LEVEL UP WITH A SAVVIER WAY TO GROW YOUR SAVINGS

The Citi MaxiGain Savings Account is one way to grow your money by up to 2.2 per cent per annum with minimum fuss. Plus, it may even allow you to earn more than that. You can earn more as SIBOR (Singapore Interbank Offered Rate) increases.

You’ll earn a base interest rate, which is pegged at 70 per cent of the one-month SIBOR. Let’s say the one-month SIBOR is 1 per cent per annum. This means you will earn a base interest of 0.7 per cent per annum. If the SIBOR rises, your base interest rate rises along with it, which can help to hedge against rising interest rates on your other loans.

SIBOR rates have generally been on a stable rise in the past year, so it may be a good time to deposit your savings in this unique savings account that can automatically help you to reap more, alongside market movements, with lesser risk compared to investment accounts.

The account also earns you a bonus interest rate of up to 1.2 per cent per annum. This starts from 0.1 per cent per annum and increases by 0.1 per cent per annum each month provided conditions are met, up to a maximum of 1.2 per cent per annum in the 13th month.

You will earn the bonus interest rate if the lowest balance in your account for that month is equal to or greater than the lowest balance in the preceding month. The bonus interest rate applies to the lowest end-of-day balance in the previous month.

The simple takeaway here is to deposit your savings and let it grow. In fact, you will earn high interest rates applied to balances up to S$150,000, which is a higher cap than many other high-interest savings accounts.

HIGH INTEREST COMES WITH PRIORITY BANKING BENEFITS

To enjoy the base interest rate offered by the Citi MaxiGain Savings Account, you need to maintain an end-of-day balance of at least S$70,000. With this amount of Assets Under Management with the bank, you will be elevated to a Citi Priority client status.

With Citi Priority, wealth is closer than you think. Look forward to preferential rates, personalised services, exclusive Citi Priority lifestyle privileges and a dedicated team of personal bankers. Plus, grow your wealth further with monthly bite-sized tips on financial planning and a suite of digital investment solutions that are time- and fee-saving.

FUSS-FREE TRAVELS WITH A SAVVIER WAY TO CONVERT FOREIGN CURRENCIES

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Are you a global traveller or a global citizen? Most of us can be either, and it only makes sense that our banking accounts are as mobile as our lives. With the Citi Priority Debit Mastercard, you can travel light and forget about carrying wads of cash or worrying about hefty currency conversion rates.

It’s the digital age. You can not only view live FX rates and create preferred rate alerts, but also convert currencies at your preferred rate instantly on the Citi Mobile app. The conversion can even be automated to convert currencies when the market hits your preferred rates.

After converting your currencies, shop and dine like a local when you travel with your Citi Priority Debit Mastercard. Charge point-of-sale transactions at no additional currency conversion fees or enjoy the same benefit when you shop online. What’s more, the Citi Priority Debit Mastercard comes with a host of Citi World Privileges that includes travel, shopping, dining and hotel offers.

With Citi’s global footprint, you can enjoy fee-free withdrawals at over 13,000 Citi proprietary ATMs worldwide. Plus, if you lose your cash or debit card while travelling, you can withdraw emergency cash of up to US$5,000 from your account at any Citi branch worldwide.

It’s a savvy yet simple solution that lets you grow your savings without needing to jump through hoops – or hunt around on foot for the money changer that offers the best exchange rates.

With a myriad of savings options, building wealth is closer than you think. Get started here.

Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. For more information, please visit sdic.org.sg.

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