CITI Smarts is the hottest new financial program that's hitting the online banking scene hard right now. A lot of people have been very impressed with this program and the bonuses it offers to account holders. If you are considering signing up for one of these programs, you may not even know what all you should look out for. This article will discuss a few tips for getting the most from your CITI Simplicity savings account. Take a look at these 3 tips below:
Tip 1: Go with a well-known bank that you're familiar with. The best banks out there all have good reputations and if you go with one of these established firms you won't have any worries about the bank's security when dealing with your money. You'll also be able to get the most perks from the program since you already know how reputable the company is. That's important, since you're investing so much of it.
Tip 2: Be sure you have a stable source of income. CITI Simplicity gives their account holder's access to money from various investment options. However, it's important that you're able to pay off your debts regularly or else you'll be barred from accessing the cash. You'll need to prove to them that you're able to do this before you can start using the account. This will mean documenting your monthly expenses as well as your income.
Tip 3: Be sure you don't cancel your existing CITI account. You don't want to lose all your money in a heartbeat because you didn't realize you needed more money when signing up for the program. Since you'll only be given $300 with which to invest, you'll definitely need to make sure you can manage to pay it back. You should also make sure that you cancel your credit cards and other such accounts. CITI Simplicity will not be a problem as long as you continue to maintain these accounts with other companies.
Tip 4: Get as much money as possible out of your investments. In order for you to do this, you need to look at the investment options carefully. There are various investments available, but the one that gives you the best ROI (return on investment) is real estate. If you've any cash left over after paying off your monthly expenses and repaying your secured loan, you should consider investing it in this field. You'll get the highest returns and the benefit of having property in your name alone.
Tip 5: Don't close your current CITI account. If you think about it, you'd rather lose all the money in your account than simply let it go. Closing the account won't help you at all – it will just release the line of credit that you already have. The best thing to do here is to transfer all your monies into a new checking account. Any money you have left over from previous investments should be treated as liquid cash. CITI will only lend money on that amount if you show them that you have sufficient funds in your checking account to repay the loan in full.
Tip 6: Be sure to make periodic deposits into your Simplicity account. This will ensure that your money is available should you find yourself needing it. The best way to make a deposit is by getting a direct deposit from your checking account, since CITI provides free direct deposit to its customers. If you don't have a checking account, you can also use the funds from an IRA, mutual fund, or your savings.
Tip 7: Invest in both stocks and bonds. A good CITI Simplicity investment advisor will recommend both stocks and bonds. Remember, your total investment will be much higher than what you initially invested so make sure you're making a gain. The investment advisor will also guide you with regard to what types of investments to put your money into. For example, if you have money in a savings account, you shouldn't put money into risky high-risk investments like Forex trades. The investment advisor will keep you apprised of which types of investments to suit your current financial situation and lifestyle.
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