Citibank Savings Accounts

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Citibank, or just Citi as it is now commonly known, is a provider of savings accounts, as well as other banking products such as term deposits, transaction accounts, credits and loans.

Compare Citibank savings accounts 

Considering a savings account from Citibank? The table below displays a snapshot of Citibank savings accounts on Canstar’s database, sorted by Star Rating. These results are based on a regular saver profile in NSW with $10,000 in current savings. If you are considering a Citibank savings account, check upfront with Citibank and read any relevant product documents to ensure the product meets your needs before committing to it.

Compare Savings Accounts

What savings accounts does Citibank offer?

Citibank offers the following savings accounts at the time of writing:

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

Citibank 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 Citibank 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, Citibank says its Global Currency Account offers interest on any AUD funds in the account.

You can view the current interest rates of some Citibank savings accounts in Canstar’s comparison tables.

Do Citibank savings accounts require a linked transaction account?

Citibank does require you to have a linked account to make use of their Online Saver Account. Citibank 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 Citibank 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, Citibank charges no monthly fees on its Online Saver, Ultimate Saver and Global Currency accounts.

What does Citibank offer in terms of mobile banking for savings accounts?

Citibank offers both online and mobile banking for its savings products, with its app available in both the Apple and Google store. Notable features of Citibank’s mobile banking include:

  • Fingerprint authentication
  • Search and book Citibank dinings program partner restaurants
  • Generate a one-time pin instantaneously

How do I apply for a Citibank savings account?

Before applying for a Citibank savings account, consider comparing it against other savings accounts on the market to ensure it is the right one for you. 

Compare Savings Accounts

You can then apply for a Citibank savings account online, provided you have the correct documentation.

For example, to apply for the Citibank 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 Citibank Online Saver to
  • Only use the account as a personal account

Once your account is opened, Citibank 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 Citibank

Citi Australia was formed in 1977 as the Citicorp Australia Holdings in 1977. It then commenced consumer operations in Australia in 1985 as Citibank, the first foreign bank to be granted a banking licence.

Today Citibank says it serves over 1 million customers in Australia, making it the largest international bank in the country. Citibank Australia is part of Citigroup, one of the world’s largest providers of financial services. 

Written by: Tamika Seeto | Last updated: February 13, 2019