Posted by Chuck on May 8, 2016
Checking Accounts

Published on May 8th, 2016 | by Chuck

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Citi to Reserve Citigold for the Rich Starting November

Starting November 2016, Citi will only allow those who have $200,000 or more in assets with Citi to have Citigold accounts. Even existing Citigold members will be downgraded to a different Citi product at that time. They will be contacted about the change.

You can see this in the fine print on this page:

* Effective November 1, 2016, if you do not maintain a minimum combined average monthly balance of $200,000 in eligible deposits, retirement accounts, and investment balances, your Citigold Account Package will be converted to a different banking package and your accounts will be subject to the terms and conditions then in effect for that package. We will contact you prior to account conversion and send you complete information about the banking package to which your account will be converted.

This comes on the heels of Citi limiting their generous Citigold checking bonuses to those who received targeted communication about the offer.

The era of Citigold checking bonuses is coming to an end. There’s no credit card funding anymore, you can’t do their offers if you weren’t targeted, and now – even if you are targeted – you won’t be able to remain a Citigold account holder unless you have $200,000 with them.

HT: Reader Dan

 

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William Charles

No more $350 prestige AF. I wonder if they will finally update non gold accounts to not get the $100 discount and how people who applied in branch without gold will be affected.

joE
joE

There goes all my aspirations to get the prestige card.

jnrfalcon
jnrfalcon

Current DP is that those who signed up for 350 Prestige very early in branch without Citigold got second year annual fee posted as 350. Also they’ve gone through the T&C of the 350 Prestige and found no reference of keeping Citigold checking or the annual fee will increase or something like that. So hopefully Citi will still honor the old T&C and keep our 350 Prestige.

William Charles

Fingers crossed, but I think they might crack down once this change goes through. Although if there is no mention of it in the T&C they might just allow it go through.

wwllmm
wwllmm

Just to clarify: if you still have the downgraded citigold to standard checking that still “shows” as citigold during interactions with citi; this type of account as of right now still gets the 350 prestige discount? Anybody get it recently? We think this discount might stick around for awhile (till 11/1/16)?

Scott
Scott

Since when does $200k make someone “rich”?

Jared
Jared

Seriously? lol

themanwhocan
themanwhocan

First world problems.

At least US Bank Gold checking is available for the tired, the poor, and the huddled masses yearning to be free.

Daniel
Daniel

In this country, considering the savings rate and average savings amount even amongst the upper-middle class, if you have 200k in savings, you are pretty well off. Rich doesn’t mean you have to Carnegie level rich. It means you are in the upper strata of the economic ladder. It’s not a stretch.

William Charles

I’d consider holding $200k in an account with an APY of basically zero to either be rich or stupid, maybe both.

MSer
MSer

Plenty of rich stupid people – the financial industry thrives off them

DC
DC

Wonder if this will impact folks who got CitiGold bec/of CitiBusiness relationships.

William Charles

Will be interesting to see…

John T
John T

Those sign up bonuses always looked risky to begin with. I’m glad I never took the bait.

SDO
SDO

Yeah, those grapes were definitely sour.

Joseph
Joseph

I just chatted with a rep. He said that “I have checked my resources and see that, this message is only if an Investments or Retirement Accounts is linked to your checking accont.” He confirmed that my account would not be downgraded in November as I do not have one of the above accounts. Not sure how accurate this is, but that’s what he said.

gary
gary

I hope thats true as i dont have an inv or retirement accounts with them and have minimal $ in the account. my monthly fee is on “permanent waive” for reasons i can not share, I do get no af AA, prremier cards which would go into effect if i get downgraded.

Jesse
Jesse

It also says right under that message that starting November 1, the $30 monthly fee is removed for CitiGold. Not sure what Citi is planning.

Paul
Paul

Any updates on this?
I noticed this message upon login.

“To avoid a change in your Citigold package please increase your combined average monthly balance to at least $200,000.”

My question is changed to what?

William Charles

Probably downgrade to Citi Priority?

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