Get App
Citi Savings Accounts
Please note: Citi is no longer be accepting new applications for Citibank Online Saver, Citibank Plus Account and the Cash Investment Account. Citibank Term Deposits will only be available for existing customers. Please check with Citi for more details.
What savings accounts does Citi offer?
Citi offers the following savings accounts at the time of writing (2019):
Online Saver
Offers a variable introductory interest rate for the first four months while the account balance is below $500,000. At the end of the introductory period (or if your balance is above $500,000), you’ll receive the standard variable rate. Interest is calculated daily and paid monthly.
Ultimate Saver
Citi says this savings account is ideal for those looking to maximise returns without requiring a cheque book facility. At the time of writing, the Ultimate Saver account requires a minimum ongoing balance of $10,000. Interest is calculated daily and paid monthly. This product is only available to customers via a Citi branch and is not available via online applications.
Global Currency Account
This account allows you to consolidate all your international bank accounts into one place. The Global Currency Account can hold up to 10 currencies and hold it until you want to exchange it. While in some respects it’s not like a traditional savings accounts, Citi says its Global Currency Account offers interest on any AUD funds in the account.
You can view the current interest rates of some Citi savings accounts in Canstar’s comparison tables.
Do Citi savings accounts require a linked transaction account?
Citi does require you to have a linked account to make use of their Online Saver Account. Citi allows you to nominate any Australian bank account as your linked account as long as your bank lets you transfer money to other bank accounts.
You can compare transaction accounts with Canstar here to potentially find one that suits your requirements.
Does Citi charge fees on its savings accounts?
Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. At the time of writing, Citi charges no monthly fees on its Online Saver, Ultimate Saver and Global Currency accounts.
What does Citi offer in terms of mobile banking for savings accounts?
Citi offers both online and mobile banking for its savings products, with its app available in both the Apple and Google store. Notable features of Citi’s mobile banking include:
- Fingerprint authentication
- Generate a one-time pin instantaneously
How do I apply for a Citi savings account?
Before applying for a Citi savings account, consider comparing it against other savings accounts on the market to ensure it is the right one for you.
You can then apply for a Citi savings account online, provided you have the correct documentation.
For example, to apply for the Citi Online Saver account you must:
- Be over 18 years old and a resident of Australia
- Have a valid email and Australian residential address.
- Provide a Tax File Number (TFN)
- Provide details of the bank account you’d like to link your Citi Online Saver to
- Only use the account as a personal account
Once your account is opened, Citi may require you to transfer in a minimum amount before your account can be activated – check the PDS document for more information on how much you might need to deposit.
About Citi
Citi Australia was formed in 1977 as the Citicorp Australia Holdings in 1977. It then commenced consumer operations in Australia in 1985, the first foreign bank to be granted a banking licence.
Today Citi says it serves over 1 million customers in Australia, making it the largest international bank in the country. Citi Australia is part of Citigroup, one of the world’s largest providers of financial services.
National Australia Bank Limited (ABN 12 004 044 937, AFSL and Australian Credit Licence 230686) (“NAB”) is the credit provider and issuer of Citi branded financial and credit products. NAB has acquired the business relating to these products from Citigroup Pty Ltd (ABN 88 004 325 080, AFSL and Australian Credit Licence 238098) (“Citi”) and has appointed Citi to distribute and assist to administer the products.
“Citi”, “Citibank”, “Citigroup”, the Arc design and all similar trade marks and derivations thereof are used temporarily under licence by NAB from Citigroup Inc. and related group entities.
