Banking » Reviews » Citigold Private Client: Personalized Service, Higher Requirements
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Citigold Private Client: Personalized Service, Higher Requirements

For those who have at least $1 million in liquid assets, The Citigold Private Client offers prestigious features and personalized service.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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Citigold® Private Client

Fees

$0

Minimum Deposit

$1,000,000

Promotion

None

Our Rating

4.4
4.4/5

Citigold® Private Client

Fees

$0

Minimum Deposit

$1,000,000

Promotion

None

Our Rating

4.4
4.4/5

Citigold Private Client is an account package offering an all in one banking solution, designed to simplify cash management for Citibank’s wealthier clients. The Citigold Private Client package includes Citibank checking, money market and checking accounts with client perks including personalized guidance from wealth professionals and waived fees.

This service is available to those who have at least $1 million in liquid assets, which can be kept in the various linked Citigold accounts. At this level, there are no tiered structures, you’ll receive personalized service with help towards your specific investing goals.

Citigold® Private Client : Account Features

In addition to the regular checking account features, Citigold® Private Client offers premium benefits for customers. Here's a summary of what you can expect for:

As a Citigold Private Client, you’ll have access to the wealth team, which includes a wealth advisor who can help you with your planning and investing needs. The wealth team also includes a Wealth Relationship manager and additional specialists.

Citigold Private Clients have a dedicated service center offering 24/7 support including a remote relationship management team, so you can have any queries or concerns addressed at any time of the day or night.

Citigold clients can enjoy a unique metal debit card that offers World Debit Mastercard benefits including exclusive offers. There are higher daily limits for cash withdrawals and debit card purchases, with no fees for network ATMs and refunds on ATM fees with non Citibank ATMs around the world.

In addition, you'll be eligible to choose a premium Citi credit card.

You can pay bills online , send money to friends and family using Zelle and manage other aspects of your account using your mobile device. You can also easily transfer funds between your linked accounts including your checking, savings and investment accounts.

As a Citigold private client, you can enjoy waived fees on a number of Citibank account services. This includes sending domestic and international money transfers to other eligible Citi accounts via the Citibank Global Transfer Service.

There are also no foreign exchange fees when you use your Citigold Private Client debit card abroad and fees are waived for standard or personalized checks, overdrafts, incoming and outgoing wire transfers, money orders, and stop payments.

You can also enjoy relationship pricing on select credit products including mortgages.

Unlike the fee charged on other Citibank accounts, you’ll not pay a monthly service fee on the checking account in your Citigold account package.

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The Pros And Cons Of Citigold® Private Client Account

The Citigold® Private Client account may be good for your needs if you carry over 1 million dollars.

However, as with any financial product or service, there are both pros and cons associated with Citigold Private Client, which can help you discover if it is the right option for you.

Pros
Cons
Personalized Service
You Need at least $1 Million
Access to Citigold Concierge
Heavily Biased to Citibank Products
Unlimited Non Citibank ATM Fee Refunds
Higher Limits

Citigold Private Clients can access a truly personalized service, with dedicated service that can be accessed 24/7. 

This includes help with investing and financial planning.

Citigold Private Client customers can access an exclusive concierge service. 

This can help you to make travel plans, make restaurant reservations, and access tickets to concerts and shows.

 

If you’re using a non Citibank ATM anywhere in the world and you incur an ATM fee, you can enjoy unlimited ATM fee refunds

The Citigold metal debit card has higher daily ATM cash withdrawal and debit card purchase limits compared to the standard Citibank debit cards.

 This makes it easier to make larger purchases without the risk of an embarrassing transaction rejection.

You need to have at least $1 million in liquid assets across your Citigold accounts.

If your combined balances drop below $1 million, you’ll lose your Citigold status and your accounts will be moved across to standard Citibank products.

While you can get access to some great features and perks, you will need to tie up $1 million in heavily limited Citibank products and investments.

Which Type of Customer is Best For Citigold Private Client?

Citigold Private Client is designed for high net worth individuals who have at least $1 million in liquid assets and who are prepared to use products heavily biased towards Citi. These types of customers are also likely to prioritize personalized service and may need help with financial planning and investing.

However, other types of customers who may be best suited to this service are those who can meet the minimum balance requirements of $1 million, but tend to rack up a lot of fees and charges on their existing accounts.

Since Citigold Private Client has very few fees, including wire transfer fees, if these customers tend to make a lot of transfers, travel frequently and use debit cards abroad, there is the potential to save a great deal on a month to month basis.

Is Citi a Good Bank to Work With?

Citi is one of the largest banks in the U.S and it has an impressive product line. As a Citigold Private Client, you will have access to relationship rates on a number of credit products including mortgages and Citi has a wide selection of products to choose from.

However, as with most traditional banks, one of the drawbacks of Citibank is that it does not have the best reputation with consumers. There are a number of review comments and complaints about the level of customer service. But, bear in mind that as a Citigold Private Client, you will have access to exclusive customer support, so you could eliminate this potential red flag.

Citigold® Private Client benefits
The Citigold® Private Client benefits include 24/7 dedicated service, minimal fees and wealth planning. However, you'll need at least $1,000,000. (Photo by VictorHuang/depositphotos)

How to Open a Citigold Private Client Account

Unfortunately, unlike the conventional Citibank account opening process, you cannot simply open a Citigold Private Client account online. If you’re a new customer, you will need to call Citi and speak to a representative or visit a local branch to schedule an appointment.

Existing customers who want to upgrade their account to Citigold Private Client can log in to schedule an appointment or call the customer support line.

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FAQs

There are no advertised rates for Citigold Private Client accounts since the products are tailored to the individual client. However, there are savings and investing options within the product portfolio, which will provide a return.

This is an exclusive financial product, so Citi does not typically have promotions.

If you want to close your Citigold Private Client account, you will need to call your relationship manager who will be able to guide you through the closure procedure.

How We Review Checking Accounts: Our Methodology

The Smart Investor team has conducted a comprehensive review of checking accounts offered by various banks, taking into account several key factors to provide a thorough evaluation. Here's how we rated them across four important categories:

  • Checking Account Features (60%): We meticulously assessed the features and benefits associated with each bank's checking accounts. Factors considered include account fees, minimum balance requirements, ATM access, overdraft protection, online and mobile banking functionalities, and additional perks such as rewards programs. Higher ratings were awarded to banks offering a wide range of features and benefits that cater to diverse customer needs, ensuring convenience and flexibility in managing finances.

  • Customer Experience (20%): A positive customer experience is essential in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.

  • Diversity of Other Financial Products (10%): We also considered the diversity of other financial products offered by each bank, such as savings accounts, loans, credit cards, and investment options. Higher ratings were given to banks with a comprehensive suite of financial products, allowing customers to meet their various banking and financial needs in one place.

  • Bank Reputation (10%): The reputation of a bank is a crucial factor in decision-making. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were assigned to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.

By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when selecting a checking account

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Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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