Today, I went to Citibank branch at Church Street to close my Citibank step up interest account and withdraw the balance.
First, I filled up the account closure form at the customer service counter. Apparently or coincidentally, there was a queue of people closing their step up interest account as well.
Second, take a queue number. When it is your turn, the bank teller will tell you she needs to inform some banker to come down from the second floor to authorize and pass you the money. I waited for almost an hour before she called me and tell me I can collect my money.
Why am I closing my Citibank step up interest account?
Better Interest Rate Elsewhere
At maximum 0.13% pa, you are better off parking your money elsewhere with OCBC 360 or UOB One account.
Minimum Total Relationship Balance of 15K
Most of you who has a Citibank step up interest account should have received the following email notification.
From 1 February 2017, we will increase
i. The minimum Total Relationship Balance (as defined below) from S$5,000 to S$15,000 and
ii. the account service fee from S$10 to S$15.
The account service fee will apply at the end of each month should your Total Relationship Balance fall below S$15,000.
Seriously, this is the second time I have seen Citibank raising the minimum total relationship balance. Personally, I felt it very inconvenient to deposit money and withdraw money from Citibank. There is a lack of automated teller machines (ATM) island wide. There are many times that I thought of depositing money but didn’t know where to find a Citibank deposit machine. Branches at nearby train stations do not take in cash deposits.
Second, I felt it is totally unreasonable to charge $15 for the account service fee. We are depositing (lending) money to banks and we have to pay for it? Absurdly ridiculous.