Citi Priority Banking: A Great Savings Account for Investors

Citi Priority Banking: A Great Savings Account for Investors

Building Wealth Through Investing Made Easy

Good for

  • High income customers
  • Customers who would like full-service banking via mobile phone
  • Travelers and those conducting business overseas
  • Customers seeking larger returns for long-term investments
  • Investing and stock trade enthusiasts

Bad for

  • People who cannot afford the high initial deposit
  • Customers who want to maximize earnings via interest

Editor's Rating

4.0/5.0

Citibank Priority Banking is a reliable and trusted option for customers who aim to do more with their money. Specifically, the account is designed with avid investors in mind as its primary beneficiary. The Citibank Priority account answers the call of investing enthusiasts through streamlined stock trading services, connectivity between securities and savings accounts, and trading-specific privileges, while providing the familiarity and convenience afforded by Citibank.

ProsCons
  • Opportunities to earn cashback from promotional offers
  • Access to Citibank's convenience and large network
  • Tools to help stock traders
  • Additional promotional opportunities when signing up through MoneySmart
  • Very high minimum deposit required to sign up
  • High minimum deposit to qualify for some promotions
  • Flat savings rate of 0.0010%
Promotion You may earn an up to HK$700 cash rebate when you sign up for your Citi Priority account via the Citi Mobile app.
Pros & Cons
Pros::
  • Opportunities to earn cashback from promotional offers
  • Access to Citibank's convenience and large network
  • Tools to help stock traders
Cons:
  • Very high minimum deposit required to sign up
  • High minimum deposit to qualify for some promotions
  • Flat savings rate of 0.0010%
  • Promotion You may earn an up to HK$700 cash rebate when you sign up for your Citi Priority account via the Citi Mobile app.

What Makes Citi Priority Banking Stand Out?

Citi Priority banking stands out mostly due to its premium services for investors. With a high minimum deposit threshold of HK$500,000 barring many customers from signing up, this account caters to Hong Kong's wealthy and business-minded class. With this in mind, it is no surprise that Citi Priority transcends the usual deposit-to-interest nature of regular savings accounts and instead features investing at its forefront. Customers benefit from $0 commission when buying HK stocks and $0 charges for foreign currency spending, along with cashback opportunities from several investing-based promotions. Citibank's Priority platform is ideal for global citizens to build wealth.

Citi Priority Banking Interest Rates

Deposit AmountInterest Rate
Minimum/Base Rate0.0010%

Citi Priority Banking Interest Rates

Deposit Amount

Interest Rate
Minimum/Base Rate0.0010%

Citi Priority Banking Details & Requirements

Details and Requirements
Minimum Age RequirementN/A
Proof of Identification / Address
  • Hong Kong Citizens: HK identity card and residential address proof
  • HK Non-Permanent Residents: HK identity card or valid travel document (e.g. passport), and current residential address proof
  • Non-HK Residents: valid travel document and current residential address proof
Minimum Initial DepositHK$500,000
Minimum Average Daily BalanceHK$500,000
Max EIR
Fall-Below FeeN/A

Promotional Offers

Citibank Priority's great promotional packages offer new customers many ways to earn cash rebates. Customers are especially encouraged to invest, as many of Citibank's promotional offers incentivise trading stock. By simply signing up through the Citibank Mobile App and trading at least one stock, new customers can earn HK$200 while benefiting from no-fee trading and other cashback opportunities from Citibank's Stock Offer. Our partner, MoneyHero, has sweetened the deal with its own bonus sign up offer.

Mobile Account Opening Welcome Offer You can earn HK$200 when you open a securities account and buy or sell at least one HK stock with the Citi Mobile App. To be eligible, you must make this transaction within the first three months of opening your Citibank stock account and fulfill New Funds Offer requirements (see below).

New Funds and Product Balance Offer You can earn a HK$500 cash rebate when you deposit a new fund amount greater than or equal to HK$1,000,000.

Stock Offer Citi Priority makes investing easier for its customers, offering new clients free waivers for HK stock buy fees and permanent waivers of custodian fee(s), along with no minimum brokerage. Furthermore, clients can earn up to HK$3,000 in cash when they transfer in HK, US, and/or SH stock.

Payroll Account Offer New customers can earn cash rebates when they deposit their monthly salaries in their Priority Account based on the following scheme:

  • Monthly salary above or equal to HK$80,000 = HK$800 cash rebate
  • Monthly salary above or equal to HK$50,000 = HK$500 cash rebate
  • Monthly salary above or equal to HK$30,000 = HK$300 cash rebate

MoneyHero Bonus Offer When you sign up for Citi Priority Banking through our partner, MoneyHero, you can earn a HK$200 supermarket cash voucher.

How does Citi Priority Compare to Other Options?

Read our comparisons of Citi Priority Banking with other savings accounts in Hong Kong and learn what makes each account unique in its own way. We compare and contrast each account to help you to identify which best suits your needs.

Citibank Priority Banking v. Standard Chartered Premium Banking

Consider this if you are a high-income customer interested in premium banking services such as customizable financial management and on-demand expertise.

Standard Chartered Premium Banking and the Citibank Priority Account are both intended for wealthier customers. However, SCB's Premium Banking is a better option for those interested in financial tools and money management, while Citibank Priority is more focused on building wealth through investment. Citi Priority's promotional Stock Offer, consisting of cash rewards and a permanent fee waiver for the trading platform, contrast strongly with SCB's Online Unit Trusts Offer, which only provides six months of no-fee online trading.

Overall, Citibank Priority Account and SCB Premium Banking are both great options for more affluent customers in that they have more features than regular savings accounts. Although Citi Priority requires a higher deposit threshold, both accounts grant customers access to Citi's and SCB's major branch and ATM networks, mobile banking platforms, online trading, and impeccable reputation in Hong Kong.

Details & Requirements
Proof of Identification / AddressHK identity card
Minimum Monthly SalaryHK$20,000+
Minimum Initial DepositHK$200,000
Minimum Balance RequirementHK$200,000
Mortgage RequirementMortgage outstanding amount = sum of HK$1,500,000+
Max EIR
  • Minimum/Base Rate: 0.0010%

Citibank Priority Banking v. HSBC One Account

Consider this if you value convenience, brand reputation, promotional offers, and integration of savings accounts to other banking products.

The HSBC One Account consists of some of the features—such as foreign currency support and integration to other banking accounts—that draw customers to the Citibank Priority Account, without the latter's high minimum deposit threshold. In this sense, it is a better option for customers who would like a more integrated banking experience but cannot meet deposit and income requirements. Moreover, the simple application and promotional offers attributed to the HSBC One Account are surely a draw to most consumers.

Compared to the Citibank Priority Account, there are a few major differences between the accounts. For instance, unlike the Citibank Priority Account, HSBC One's platform does not support stock trading. Furthermore, as a JETCO member, Citi customers have access to no-fee cash withdrawals at some 1,600 more ATMs than HSBC customers. Thus, if qualified for the minimum requirements, City Priority customers are getting a more comprehensive account for building wealth, not just saving and earning interest.

Details & Requirements
Minimum Age Requirement
  • 18 to sign up for your own account
  • Customers aged 11-17 can apply with parental/guardian sponsorship
Proof of Identification / Address
  • Hong Kong citizens: HK identity card and residential address proof
  • HK non-permanent residents: HK identity card or valid travel document (e.g. passport), and current residential address proof
  • Non-HK residents: valid travel document and current residential address proof
Minimum Initial DepositHK$0
Minimum Balance RequirementN/A
Max EIR0.0010%
  • 0.000% (under HK$5,000)
  • 0.0010% (HK$5,000+)

Citibank Priority Banking v. Bank of China HK Dollar Savings Account

Consider this if you would like to earn a marginally higher interest rate on deposits over HK$1,000,000 or a slightly wider range of no-fee ATM access.

The Bank of China HK Dollar Savings Account is an ideal savings account for beginners in that it carries no minimum balance, no fees, and no fee cash withdrawal at over 2,600 Bank of China and JETCO ATMs. For most accounts and purposes, it does not appeal to the same customer base as the Citibank Priority Account does, but one particular feature may appeal to wealthy clients: the interest rate increases to 0.0020% when total deposits surpass HK$1,000,000. If you are a wealthy customer who would like to earn primarily from the account's savings rate, as opposed to investments, you may find the Bank of China account more appealing to you.

Details and Requirements Minimum Age RequirementN/A
Proof of Identification / AddressHK identity card and proof of residence
Minimum Initial DepositHK$0
Minimum Average Daily BalanceN/A
Max EIR
  • 0.000% (under HK$3,000)
  • 0.0010% (HK$3,000 - HK$999,999)
  • 0.0020% (HK$1,000,000+)

Citibank Priority Banking v. DBS Savings Account

Consider this if you value DBS's brand reputation and large ATM network.

DBS Savings Accounts and Citibank Priority Accounts share many of the common features you will find across Hong Kong: a flat interest rate of 0.0010%, access to a widespread ATM network for no-fee cash withdrawals, integrated current and savings accounts, and mobile banking apps. Whether you choose to bank with DBS or Citi, you will surely find your banking experience streamlined and convenient overall.

Of course, Citi Priority is more heavily tailored for higher-income consumers, meaning that its services are more applicable to this clientele. Securities accounts, no-fee foreign currency exchanges, and rewards for stock trading aree among the features that allow Citi Priority to be a more appealing account to Hong Kong's business class. If these qualities are not directly relevant to your financial portfolio, DBS may present a better option for you.

Details and Requirements Minimum Age RequirementN/A
Proof of Identification / AddressHK permanent identity card or HK/foreign country identity card and valid travel document and proof of residence
Minimum Initial DepositHK$0
Minimum Average Daily BalanceN/A
Max EIR0.0010%
  • Minimum/Base Rate: 0.0010%
黄奭彤

黄奭彤 (Seaton Huang) is a Junior Research Analyst covering consumer finance products in Hong Kong. As an alumnus of Columbia University (M.A., 2020), Northeastern University (B.A., 2019), and a former Fulbright Fellow at Shaanxi Normal University (2018), he has significant academic and analytical expertise in the economic and political terrains of China, Hong Kong, and Asia Pacific. His past research has concerned the socioeconomic effects of mobile payment systems in China and the efficacy of China's Belt and Road Initiative in Central Asia, among other poignant topics in contemporary Asia.