CITIBANK STEP-UP INTEREST ACCOUNT

Earn up to 5X more interest.

Earn up to 5X more interest.

The Citibank Step-Up Interest Account is a checking account that gives you increased interest rates as you increase your monthly Average Balance. Simply put, the more you save, the higher your interest.

Benefits

Rewarding

  • Yields monthly interest rates of up to 2.30% p.a which is 5X higher than most conventional Current Accounts.
  • 'Safety Net' feature available to ease the stepping-up of interest rate.

Affordable

  • Only RM 2,000 is required to open a Citibank Step-Up Interest Account.
  • Only top-up RM 500 on your monthly Average Balance.

Global Access

  • Transfer funds in an instant between Citibank® accounts across multiple countries via Citibank Global Transfer
  • View your Citibank accounts across participating countries with a single login via Online Global View
  • Complimentary cash withdrawal at more than 20,000 Citibank ATMs worldwide.
  • Emergency cash withdrawal of up to USD 10,000 at any Citibank branches worldwide.

Convenient

  • Personalized Citibank check book.
  • Interbank funds transfer.
  • Access to over 11,000 MEPS ATMs network nationwide.
  • Make banking inquiries anytime, anywhere via live e-Chat, 'Call Me' function and 20 seconds1 call pickup.

Secure

  • Eligible for protection by Perbadanan Insurans Deposit Malaysia (PIDM)*.

* Click here for more details on PIDM protection.

1From the moment you press 0 to speak to a CitiPhone officer.

Features

Interest

Interest Calculated Daily
Interest Paid Monthly

Global Access

Complimentary instant online fund transfer worldwide Up to USD 12,500 daily for Citibank® customers and USD 25,000 daily for Citigold® customers.
Emergency cash withdrawal at Citibank branches worldwide Up to USD 10,000
Online Global View of accounts via single login
Telegraphic Transfer
Complimentary Citibank ATM withdrawal worldwide

Convenient

Minimum opening balance RM 2,000
Monthly top-up amount RM 500
Daily cash withdrawals Up to RM 5,000 for Citibank customers and RM 10,000 for Citigold customers.
Interbank funds transfer (Interbank GIRO) RM0.11 (including 6% GST) per transaction
Notice: This will be waived (effective 24th March 2015) until further notice.
Complimentary monthly e-statement
Cash withdrawal, check balance and pay credit card bills more than 11,000 MEPS ATM
Online e-Chat
Call-Me back function

Access

Debit & ATM card
Check book
Citibank or Citigold Online
How It Works
  • You only need RM2,000 to open a Citibank Step-Up Interest Account which will entitle you to a Base Interest of 0.50% p.a.
  • Subsequently, you can step up your interest by 0.15% p.a. (Bonus Interest) when you increase your current month's Average Balance by RM500 over a 12-month period
  • Hence, the total interest rate that you will be able to enjoy is up to 2.30% p.a.

Total Accumulated Interest Rate

In the event that your current month's Average Balance falls below that of the previous month's, your Step-Up Counter will be reset to 9, 6, or 0, based on the 'Safety Net' feature**. The illustration below provides an example of the 'Safety Net' feature whereby the Average Balance in Month 7 is lower than Month 6.

Total Accumulated Interest Rate

The 'Safety Net' feature in Month 6 has prevented the Step-Up Counter from being reset to 0. As such, you can still enjoy a Bonus Interest of 0.90% if your Month 7's Average Balance is lower than Month 6.

Upon attaining the maximum 2.30% p.a. (after 12 counters of step-up), you can fulfil either one of the following requirements to continue enjoying the interest rate of 2.30%:

  1. maintain an Average Balance of RM10,000 in the consecutive months
  2. ensure that your current month's Average Balance is RM500 greater than the previous month's

**Please refer to Citibank Account Terms and Conditions for further details on the 'Safety Net' feature.

FAQs

General questions

It is a checking account which yields high interest and is ideal for savings. Grow your wealth as you step-up your interest to a maximum 2.30% p.a.
This Citibank Step-Up Interest Account is a checking account which yields attractive interest rates on a monthly basis.
Upon successful Account opening, you will be able to obtain your Citibank Debit & ATM card as well as your cheque book within 3 working days.
Yes you can. All existing Citibank customers are welcomed to apply for a Citibank Step-Up Interest Account.
Yes, you can do so, be it for Account opening, or to increase your Account's monthly Average Balance. As long as your Citibank Step-Up Interest Account's current month's Average Balance is RM500 greater than the previous month, you will be entitled to the Bonus Interest of 0.15% p.a.

For any enquiries, you may contact Citibank's 24-hour Citiphone Banking at:

03-2383 0000 03-2383 0000 (Kuala Lumpur & Klang Valley)

04-296 0000 04-296 0000 (Penang)

07-268 0000 07-268 0000 (Johor)

1800-82-1010 1800-82-1010 (Sabah & Sarawak)

09-509 0000 09-509 0000 (Kuantan)

Yes, you can do a standing instruction to transfer funds from another bank to your Citibank Step-Up Interest Account on a monthly basis. You only need to visit the bank which you are planning to transfer the funds from and obtain a standing instruction form from them. Fill up the form and submit the form back to the bank, and your funds will be transferred automatically on a monthly basis. Do take note that not all banks would have this standing instruction service.

Product features

The minimum amount required to open a Citibank Step-Up Interest Account is RM2,000.
Base Interest is the basic interest you will earn, just like any other normal savings account. With the Citibank Step-Up Interest Account, we are giving you a Base Interest of 0.50% p.a.
Bonus Interest is a unique component in addition to your Base Interest. This is innovatively designed to reward you more as you increase your savings with us.

Average Balance is the total sum of Daily Balance for the month divided by the number of calendar days of the same month. The calculation is demonstrated as below:

Average Balance = Total sum of Daily Balance for the month / Number of days for the month

Step-Up Counter is the determinant of how many consecutive times you manage to increase your Average Balance by RM500, which in turn determines the rate of your Bonus Interest. For example, if you manage to increase your Average Balance by RM500 for 3 consecutive months, you would have 3 Step-Up Counters. As such, the Bonus Interest that you will be entitled to is:

0.15% p.a. Bonus Interest x 3 Step-Up Counters = 0.45% p.a. Bonus Interest

The maximum Step-Up Counter you can achieve is up to 12.

You can step-up your Account's interest rate to 2.30% p.a. by adding up your Base Interest and Bonus Interest. The Base Interest entitled to you upon successful Account opening is fixed at 0.50% p.a. On top of that, when you have achieved 12 Step-Up Counters, you will be entitled to another Bonus Interest of 1.80% p.a. Therefore, you will be able to enjoy a maximum interest rate of 2.30% p.a. The calculation is as illustrated as below:

Base Interest of 0.50% p.a. + [Bonus Interest of 0.15% p.a. x 12 Step-Up Counters] = Maximum interest rate of 2.30% p.a.

You may also refer to How It Works here.

In the event that your current month's Average Balance falls below, or did not increase by RM500 as compared to the previous month, your Step-Up Counter will be reset to 6, 9, or 0 based on the 'Safety Net' feature. This unique 'Safety Net' feature is designed to ease you in your efforts to increase your Step-Up Counter and enjoy the growing interest. Please refer to the table below on how the 'Safety Net' feature works:

Existing counter Conditions New Counter Reset to Bonus Interest Rate p.a.
0 - 5 Minimum Growth Amount each month is less than RM500. 0 0%
6 - 11 Minimum Growth Amount each month is less than RM500. 6 (First Safety Net) 0.15% x6
12
(1)
Minimum Growth Amount each month is less than RM500 and the current month's Average Balance is less than RM10,000
9 (Second Safety Net) 0.15% x9
(2)
Minimum Growth Amount each month is at least RM500 OR the current month's Average Balance is at least RM10,000
12 0.15% x12

You can continue enjoying the maximum interest rate of 2.30% p.a. by fulfilling either one of 2 requirements:

  1. ensuring that your current month's Average Balance is greater than previous month's by RM500.
  2. ensuring that your monthly Average Balance is at least RM10,000.

The Base and Bonus Interest (if applicable) will be credited into your Account on the last calendar day of the month.

Calculation

Earn up to 5X more interest compared to conventional Current Accounts.

With the Citibank Step-Up Interest Account, there is a huge difference in terms of the interest you'll be receiving. Please refer to the illustration* below which compares the Citibank Step-Up Interest Account with a conventional current account in Malaysia.

Earn up to 5X more interest compared to conventional Current Accounts

Your interest starts accumulating from day 1 itself. A year on and you would have earned a total of up to RM71.96 in interest. That is an amount 5X more than most other conventional Current Accounts in Malaysia!

*The comparison above is based on the assumption that RM2,000 is the initial deposit and RM500 is the monthly increment in Average Balance from months 0 - 12.

For the Citibank Account Terms and Conditions, click here.

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