Citibank Peso Bonus Saver Account MoneySmart Review 2020

Citibank Peso Bonus Saver Account MoneySmart Review 2020

Do you want a savings account that rewards you for saving? You might want to check out Citibank’s Peso Bonus Saver Account. Enjoy high bonus interests that will help you meet your financial goals faster.

Citibank Peso Bonus Saver at a glance

  • Minimum balance of 50,000 PHP
  • Increase your Peso Bonus Saver account balance by a minimum of 20,000 PHP every month consecutively until the 12th month
  • Earn up to 2.04% gross per annum interest in total after 12 months

How it works

Image screenshot from Citibank

You can earn .60% base interest gross per annum if you have at least 50,000 PHP account balance and a bonus interest of .12% gross per annum if your account meets the following:

  1. At least 50,000 PHP account balance
  2. Current average balance of the month is consistently higher than the average balance of the previous month by at least 20,000 PHP
  3. Meet criteria 1 and 2 consecutively for the next 12 months and get .12% gross per annum bonus interest
  4. A cap of 12 increments or a maximum bonus interest rate of 1.44% per annum as long as the first three criteria are met
  5. Bonus interest will be credited to your Bonus Saver account on the last day of the month
  6. Base and bonus rates are subject to change

You may refer to this Bonus Saver Interest Rate table below.

Image screenshot from Citibank

Other things to note

Should you miss to deposit at least 20,000 PHP to increase your average balance within the first 6 months, your interest rate will go back to the base rate of .60% gross per annum.

If you fail to increase your balance by at least 20,000 PHP anytime within the 7th to 12th month, applicable interest rate will go back to 1.32% gross per annum, which is the 6th month rate.

You will continue to get the 2.04% gross per annum after the 12th month if you keep increasing your average balance by 20,000 PHP monthly and consecutively. Or if you maintain 5 million PHP in your account balance.

With your Bonus Saver Account, you can also enjoy unlimited withdrawals for free.

All interest rates stated are subject to a withholding tax, and Bonus Saver Account features are subject to periodic reviews and revisions.

Requirements to open a Bonus Saver Account

If you wish to open your own Citi Bonus Saver Account, a minimum of 50,000 PHP is required.

This is subject to a 1 million PHP Total Relationship Balance for Citi Priority and 4.5 million PHP for Citigold each month.

There’s no minimum balance requirement per month. Your Total Relationship Balance (average daily balance from deposits + investment accounts) will be used to compute the monthly balance.

Your balance in your Bonus Saver Account will be included in computing your Total Relationship Balance.

The required TRB each month is 1,000,000 PHP, and a fee of 1,000 PHP will be charged if you fall below the TRB.

Final Thoughts

The Citibank Peso Bonus Saver Account is ideal for high-income earners who can guarantee a monthly deposit of at least 20,000 PHP in their savings account.

It’s also ideal for people who have availed of other investment products from Citibank amounting to at least 1 million PHP.

As long as you can keep making your monthly deposit requirement of 20,000 PHP, you will continue to enjoy the specified interest rates.

The deposit requirements are quite steep for the regular Filipino, so this is not a savings account for everyone.

But if you qualify, withdrawals from this type of savings account are free of charge and unlimited.

Do you have 50,000 PHP to spare? Does the Bonus Saver Account sound like a good option to put your 50,000 PHP in? Let us know what you think in the comments.