Citibank Singapore customers with $50,000 to $200,000 of assets invested with the bank can join a new service called Citi Priority.
These customers, who comprise about 10 per cent of the bank's retail clientele, tend to be between 25 and 40, well-educated, investment savvy and with rising incomes, Citi said yesterday.
They are seen as being keen on achieving financial success, frequent travel and priority services.
Citi Priority offers higher interest rates on deposits, lower rates on loans, and benefits when clients purchase unit trusts and insurance policies through the bank.
Savings rates could go up to 2.5 per cent a year while borrowing rates could be close to 30 per cent lower than the normal levels. The effective interest rate on a one-year loan is 10.9 per cent for Citi Priority clients, but 15.8 per cent for regular clients, for instance.
They will also stand to gain rewards such as shopping vouchers if they buy insurance policies and unit trusts through Citibank that meet certain criteria.
Fee waivers on certain Citi credit cards will apply if they maintain a certain minimum annual spending. Personal bankers will also be on hand to offer Citi Priority customers financial advice.
Mr Charles Wong, the head of retail banking at Citibank Singapore, said in a statement that the product allows the bank to be more focused in creating and delivering wealth management solutions that are better aligned to this customer segment. There seems to be few banking products tailored specifically at this wealth range at the moment.
UOB provides customers who have $100,000 to $300,000 of investible assets with financial services and advice through dedicated relationship managers, among other means. DBS provides customers who have assets of $350,000 or more with preferential rates and services through the DBS Treasures programme.
Regular savers, however, still stand to enjoy relatively high savings interest rates of up to 2 per cent and more with DBS, OCBC and UOB subject to certain conditions, including crediting their monthly salary to their bank accounts and buying financial products at their bank.