Bank VIP programs or private banking options are generally geared towards individuals or businesses with more money available specifically to invest. In exchange, you benefit from personalized service from often better advisors than you get with standard banking.
People with more liquid assets available that want to invest can see benefits when using these VIP programs. Most banks offer some type of option with varying minimum requirements, such as Chase, Bank of America Private Bank, Union Bank, and Wells Fargo.
Is Citigold Private Client Worth It?
Citigold Private Client is worth signing up for when you have at least $1 Million in liquid assets that you can invest and keep in your Citigold accounts. You receive a wide range of benefits, personalized assistance with investing and banking overall, and you can get better rates on loans and day-to-day banking.
- Fees are waived on all transactions.
- Dedicated team for your financial needs, with access to specialists.
- Concierge service to book almost anything at preferred rates.
- Multiple travel benefits
Citigold Private Client is not worth it for anybody not looking to invest at least $1 Million, even if you have that much to put into Citigold accounts.
If you’re not investing it all, the benefits provided will be much worse than a standard Citi account or a checking account with another bank.
How Does Citigold Private Client Work?
Citigold Private Client offers completely personalized service with dedicated financial advisors and managers to help you invest your money, retain wealth through the best strategies, and offers competitive day-to-day banking services.
You don’t get lumped into tiers as everything is personalized, so you have a personal tier.
You must have $1 Million in liquid assets that can be split between any of your Citigold accounts. If you fall below that limit for a while, you may be moved out of Citigold Private Client and into one of the standard Citibank accounts.
How is Citigold Private Client Different?
Citigold Private Client gives you a dedicated team to help you plan your finances and specific investment goals.
Instead of random advisors or bankers, your team gets to know you and your requirements and objectives, making for a better approach than trying to lump you into standard options.
When investing with Citigold, you don’t just have to have a savings account or invest in stocks. Instead, you get access to a wide range of investment opportunities, including private equity, private real estate, access to hedge funds, and the first opportunity to invest over standard Citi customers.
You also get a 24/7 team dedicated to assisting you, whether you’re traveling and need help with foreign currency or emergency funds.
As well, you get a concierge to book all of your restaurants, hotels, and other services, and even get you access to private events and attractions that wouldn’t be possible outside of Citigold.
Citigold Private Client Pros & Cons
What are the Main Reasons People Sign Up with Citigold Private Client?
The primary reason people sign up for Citigold Private Client is to get a dedicated team of financial advisors who can assist in the best strategies to invest high amounts of money for the best results.
Anybody not looking to invest large sums of money would not see benefits in Citigold Private Client.
Exclusive Citigold Investments
Many of the investment options through Citigold Private Client are exclusive to Citigold, so you’re getting access to opportunities not available to standard customers or people outside of the bank.
As a Citigold Private Client, you also get first access to investment opportunities. So while all Citi customers may have a chance to invest, you get the first opportunity, which includes better rates and less potential for missing out due to lack of supply.
Citigold Private Client also offers a wide range of alternative investment opportunities. Instead of just offering savings accounts and access to stocks, Citigold provides an array of different and changing options for you to invest in so that your portfolio is highly diversified.
You get access to private equity, private real estate options, top-tier hedge funds, and 100s of alternative options for you to discuss with your dedicated team to meet your specific requirements.
When really looking to diversify, Citigold Private Client includes investments worldwide, with research from hundreds of top-ranked analysts to ensure you have the best information on local investment opportunities so that you’re not locked into any single country if there are significant dips there.
Citigold Private Client vs. Competitors
|Wells Fargo Private||Chase Private Client||Bank of America Private||Citigold||Union Bank Private|
|Monthly Cost||$0||$0 – $35||$0||$0||$0|
|Fees Waived On Checking Accounts||✓||✓||✓||✓||✓|
|Dedicated Advisor Team||✓||✓|
|Day-to-Day Banking and Saving||✓||✓||✓||✓||✓|
|Loans Backed By Investments||✓||✓||✓|
|Commission Free Online Trading||✓|
How Do I Become a Citigold Private Client?
To sign up for Citigold Private Client you can email them, call them, or walk into a Citibank to talk to one of their account managers. It would be best to call or email first to ensure somebody is available.
The account manager will discuss your requirements and goals and ensure that you have the minimum balance to start investing. Once reviewed, you’ll get a fast answer and may even be able to convert an existing Citi bank account into a Citigold Private Client account.
If you don’t meet the minimum investment requirements, or there are other issues opening the account, you will need to check other banks for their investment programs or look to use one of the standard Citi accounts and invest through those. Citi offers investing through all accounts and even provides advisors where appropriate.
Benjamin is a certified financial advisor, with over 10 years of experience in the industry. He is knowledgeable about various business and financial topics, such as retirement planning and investment management. Ben has been recognized for his work in the financial planning industry. He has also been featured in various publications.