Beverages, bank accounts… and why you should be mixing the two
So before I get into this article, I just want to disclose that I had no idea about any of the things I’m about to tell you, until last week when we were invited to a dinner with some Citi execs. Don’t worry, I’m not about to try and sell you anything because I don’t get anything out of doing this except sharing this juicy info with you. If you don’t believe me, just skip to the #juicy bit.
Now, when was the last time you checked out what your bank was doing for you? I have a savings account with one of the big four banks and they charge me a monthly fee for the privilege to keep my hard earned cash with them. They put my savings into the overnight money market which yields them an excellent interest earning whilst spitting a measly 2.75% interest payout in my face. That whopping interest I receive quickly gets absorbed in the monthly fees and ATM access fees I get charged for trying to get access to my own cash.
Much like you, I hadn’t thought about any of this until I realised what I was missing out on. So there’s this account called the “Citibank Plus”, which is pretty much a fee free account. No monthly fee, no withdrawal fees, no international transaction fees and no international ATM withdrawal fees. That’s a pretty good start…
Skip to here for the #juicy bit.
What if I told you that with this account you can get a free bottle of wine every time you dine at one of the Citibank Dining Program partners? Whaaaaaaaaat!? Yeh, that’s the one that got me. There’s a Citibank Au app that lets you know which restaurants are partners in this program, and there are heaps. At first I thought they might be shitty restaurants but they’re actually really good ones including some of my favourites like Din Tai Fung, Bondi Pizza, The Bentley Restaurant & Bar, Black by Ezard, Sokyo and Sepia. You can easily pay $40+ for a bottle of wine.. use this once or twice a month and you’d need to have a lot of money in your savings account to earn enough interest to beat that. (And then the tax guy takes part of it.. but they can’t take part of your wine).
So that’s it. Maybe it’s time to rethink your banking?