Posted by Chuck on August 7, 2016
Checking Accounts

Published on August 7th, 2016 | by Chuck

21

Citi Introduces New ‘Priority’ Banking Package, Transitions from Citigold (Works to Lower Prestige Annual Fee)

Citi Priority

Citi Priority Link

Citibank introduces a new banking package called Citi Priority. The package will have a $30 monthly fee, waived with a combined average monthly balance of $50,000 or more in eligible deposits, retirement balances, and investment balances.

Citi Priority members will have the ability to earn ThankYou points on their checking account, same as Citigold members.

Citi Prestige Discount

This new Citi Priority banking package will be eligible for the $100 discount on the Citi Prestige annual fee. Both Gold and Priority members will get the reduced annual fee of $350.

Here’s from the FAQ:

Q: Will I lose the discount on the annual fee for the Citi Prestige card? No. You will continue to have that same discount available for Citi Prestige.

Gold Transitions to Priority

In November, Citi will be limiting the Citigold account package to those with $200,000+ in deposits, retirement accounts, and investment balances. At that time, Citigold members will be transitioned to the new Citi Priority account package.

Here’s a letter received by Citigold member @Roar_Singh:

citigold citi priority change

Account Options

To recap, here the various banking packages which will be offered by Citi, as they’ll be from November 7 and on:

  • Citigold Account – no monthly fees, requires $200k in assets with Citi to qualify *Benefits: Prestige discount, relationship bonus, earns ThankYou points
  • Citi Priority Account – $30 monthly fee, waived with $50k in assets with Citi *Benefits: Prestige discount, earns ThankYou points
  • Citibank Account – $25 monthly fee, waived with $25k in assets with Citi
  • Basic Banking – $12 monthly fee, waived with $1500 balance or with direct deposit and bill pay
  • Access Account (checkless banking) – $10 monthly fee, waived with $1500 balance or one direct deposit or one bill pay

Find more information on the current details of Citi account packages here.

Final Thoughts

Citi is instituting a minimum $200,000 combined-balance requirement for their Citigold account package starting November. Apparently, they didn’t want to push all Citigold members to basic levels. Instead, they’re merely creating a new package called Priory which will be similar to what’s currently the Citigold package. And the new Citigold package will become the fee-free version of the Priority for clients with $200k+ in assets with Citi.

There are likely other benefits that will be exclusive to Citigold. For example, the Citigold Client Center in Manhattan might not be for Priority members. Also, the 15% Citigold relationship bonus for Prestige cardholders might not apply to Priority members. We’ll have to wait to find out more on this point.

 

If it were possible to put $50,000 in an unmanaged index fund, more people might be interested in this new Citi Priority. It sounds like they do offer such an option, but I don’t know what fees they charge and whether it makes sense to pursue.

 

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Bryan M Yankton
Bryan M Yankton

Will this affect those of us who downgraded from Citigold?

Bryan M Yankton
Bryan M Yankton

Will this affect those of us who downgraded from Citigold in regards to prestige discount?

Johnny
Johnny

What is the point of having a CITIGOLD (actually Private client) account with CITI? I don’t see any additional benefits beyond citi prority accounts. And CITI made a big deal out of downgrading a lot of people humiliatingly to priority accounts for no reasons.

William Charles

As Chuck mentioned, Citigold will probably have additional benefits added to it.

Dustin
Dustin

Just received the Citigold benefits starting November 7. Free ATMs world wide seems to be the only perk unless you need a mortgage.

Jonathan
Jonathan

Will we still have the 20% TY point bonus for the spending on Prestige that was already made while as a Citigold member?

Grace Miller
Grace Miller

Can we still use the citi gold card till it expires or not? Glad to know that theres no fee using atm everywhere is that real? I ididnt know that.

William Charles

Not sure I understand the question sorry?

Robert
Robert

Hi. Does the $100 discount on the Prestige card reflection on the application page? I ask because the AF is still $450 even if I log into my Citi Priority Account.

William Charles

No doesn’t show on the application page. From memory they charge you the $450 AF and then rebate you $100.

Frequently Traveling
Frequently Traveling

William Charles,

I have called the Citi credit card department and the Citi banking department. If you applied for the Prestige credit card 1st and when later added a Citi Priority checking account you are not eligible for the $100 reduced annual fee of $350.

Have you had success get them to reduce the annual fee after opening the Citi Priority checking account?

Thank you.

William Charles

I don’t think that’s true, but don’t know for certain sorry.

Gin
Gin

Hi. Do they say it works the other way around with priority checking first and credit card later?

Simon
Simon

I opened my citigold with the AA bonus back in 2015, then downgraded to basic checking in 2016. My account on both citi.com and the citi app had been shown as citigold, until this week when it was changed to citi priority. I got the prestige card in 2016 and paid the $350 annual fee both last year and this year. I do hope the prestige discount stays..

XenaWP
XenaWP

I used to be Citigold this year until I was downgraded to Citi Priority. I ultimately cancelled my Citi checking account so that I could take advantage of future Citi checking promotions (and to avoid any Citi Priority checking fees); however, when I log into my Citi account online to see all my credit cards, the banner at the top still shows as Citi Priority. It’s been this way for months now after I cancelled the checking account.

I was hoping that because my account still shows up as Citi Priority, I would receive the $100 discount on the Prestige card. I applied for my second Prestige card about 2 months ago, and the annual fee recently posted as $450 – not $350.

So, in summary:
If you no longer have a Citi checking account but your Citi account online still shows as Citi Priority, you likely won’t qualify for the reduced Prestige annual fee.

Andrew

rob
rob

is it possible to open the Priority account for one month, swallow the $30 fee, and open the Prestige card during that month to get the $100 discount, then close the Priority account before the next monthly fee hits, and just do this once a year to get the $100 prestige discount, netting a $70 discount on the card’s annual fee?

so people were able to just go in branch and be like “yeah i read the fee is $350 in branch?”

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