Power Savings is an innovation from Citibank Savings, the latest addition to the Citigroup family. After having been launched early this year, it has already acquired P1 billion in deposits for the bank, gaining popularity from referrals alone. With such positive feedback from customers, the product is fast achieving Citibank Savings’ vision of being the Filipino’s bank of choice.
"We’re loading our products with a lot of unique benefits, and competitive surveys reveal that the Power Savings Account really is best-in-class in terms of rates, flexibility, and convenience," says retail branch banking director Noemi Azura. Think of it as an introduction to global banking. It allows for international banking — you can access your account through 800,000 ATMs worldwide — as well as local transactions through 6,500 ATMs nationwide, sans the transaction fees.
For an initial deposit of as low as P500, you can open a Power Savings Account and be entitled to up to five percent interest, which is a time deposit rate on a savings account. It also has no maintaining balance and a daily withdrawable limit of P15,000. "Not requiring huge balances is a huge step forward. We want to make saving hassle-free and accessible for customers and offer products with real value," Azura adds.
Citibank Savings was launched after Citigroup’s acquisition of Insular Savings Bank in May 2005. The acquisition came with a 36-branch licensing, which gave Citigroup access to the Visayas and Mindanao markets. "We then started re-branding all branches and moving them to different locations to serve more Filipinos in better areas," says Jeff Choa, president of Citibank Savings. "Part of our task was to revive traditional architecture and freshen up the whole community. Of course, we also introduced Citigroup standard products and services such as inter-branch banking, international ATM access, personal loans and savings accounts to name a few."
"Our clients appreciate the convenience of withdrawing from a huge network of ATMs and that they don’t have to worry about being charged P10, P12 or P15 for checking their balance or making a withdrawal. We also offer a high daily ATM withdrawable limit, which can be useful in cash emergencies," he adds.
Citibank Savings branches follow a Citigroup Global Standard in branch design, with each one offering cozy interiors that welcome clients when transacting their business.
"When you step inside a Citibank Savings branch, it’s not at all like stepping into a bank. Each branch has a lounge area where you can relax while your transactions are being processed; semi-private areas for consultations with our well-trained financial sales offices; clean and comfortable telling areas; and furniture and equipment at par with global standards," says Choa. Twenty-four branches have been re-branded so far.
Depositors can also expect the convenience provided by a 24-hour customer hotline and Internet banking.
Power Savings is among the many trailblazing products customers can expect from Citibank Savings. Last July, the bank launched a new withdrawable time deposit product that allows you to book your time deposits in smaller denominations, so that the rate of one portion will not affect the others when you withdraw. Of course, if you don’t need to withdraw, you enjoy the maximum interest rate of your account. Citibank Savings has also developed an easy application process for personal loans, with which you can borrow as high as P1 million for as low as one percent interest a month.
The Citigroup brand of service is likewise present in every Citibank Savings branch. "Our service is individualized — we know that our relationship with our clients does not end at giving them brochures and selling them products. You have to get to know your clients to be able to provide them with what they need. We want to be our customers’ trusted advisors when it comes to handling their money," says Choa.
Citibank Savings offers innovative products that prove to be best-in-class. Choa adds, "We want to promote the value of saving, as well as tell everyone that we’re here, we’re affordable, we offer world-class products, and we’re happy to serve you."
To open a Power Savings Account, visit any of the following branches in Metro Manila: Kalookan, Sucat, Ermita, Binondo, Shaw Boulevard, Alabang, Ortigas, Ayala Avenue, Pasong Tamo, Pasay Road, Legaspi Village, Katipunan, Congressional Avenue, Tomas Morato, Del Monte, and West Triangle. Citibank Savings will also welcome you in Batangas, Dagupan City and San Pablo City in Luzon, Cebu, Bacolod and Iloilo City in Visayas, Cagayan de Oro and Davao in Mindanao.