Very good words of wisdom BEYOU. This was the firsttimeever where we were not given what we agreed upon when we applied the second time with the addition of another added $25k. I guess that if it looks too goodto be true it probably might not be always true. But you do understand we got this 5% interest promotion with no downside short term committment...right?Former Citi IT staff here, and still a customer.
Yes they are deceptive on deposit and loan rates, even messed around with employees getting employee discounts on mortgages with nasty surprises.
That said, their in branch service is fantastic and for that reason I maintain an account there to pay my bills.
I wouldn't use ANY of their bank deposit products other than checking.
I keep an ETF there to maintain a balance sufficient for many free banking services that they perform well.
I have never had nor ever will open a savings nor CD with them or any bank. Why bother when you can buy portable ETFs with persistent great rates.
Look at SGOV, BIL, XHLF for examples of US Treasury Bill funds that are safe and persistently competitive rates.
Citi makes it easy to hold an ETF there and access it on the same login, transfer cash back and forth between checking and brokerage.
They can't game the rates this way, not their rates to set, they are set by the marketplace every single day.
Also note I have worked in many financial institutions in IT. Sales and Marketing folk are always coming up with schemes that IT can't keep up with automating properly. It is not cost effective to automate a new scenario that will be in effect for a few weeks. I really hate that they advertise these promotions that end up requiring manual intervention after IT either does not automate or they do an it's not fully tested before the promotion starts, and by the time bugs are fixed, the promotion is over. Bad idea all around, avoid them at ANY bank.
I get more interest in my money market funds and tbill ETFs than that, and don’t have to rely on calling to complain about the process.
Do you understand that it is the job of a mutual or money market fund manager to get you the highest possible return, but it is the job of a bank to pay you the lowest possible rate they can get away with and keep your $. Conflict of interest and I dont want to use a bank for savings when they do not have my interest as their primary objective.
Statistics: Posted by beyou — Sat Jul 13, 2024 11:11 pm
