Citibank Savings Accounts
Citibank has the distinction of being the first foreign bank to be given a licence to carry out banking business in Australia when the age old restrictions on overseas banks operating here was lifted by the Federal Government in 1985. Citibank set up business in Australia at that time as part of Citigroup, one of the largest financial services establishments in the world.
| Savings Account | Maximum Variable Rate p.a. | Standard Variable Rate p.a. | Bonus Interest p.a. | Fees | Min Balance/Min Deposit | |
|---|---|---|---|---|---|---|
 Citibank Online Saver |
5.7% | 4.25% | 1.45% | $0 | $0 / $0 |
|
Citibank’s arrival in Australia occurred during a period when banking here was going through revolutionary change and Citibank took this opportunity to introduce to Australians some of the world’s most popular financial services to that time. This involved great advances in foreign currency deposits and investments, credit cards, deposit accounts, mortgages, charge cards and insurance.
Today Citibank remains one of the countries leading online banking establishments as it offers a world class range of high interest online savings accounts to suit all business and individual requirements.
Citibank Online Saver is a prime example of the standard of online banking it offers todays busy saver. With Citibank Online Saver you earn a high variable introductory interest rate for the first six months that you hold the account . After the first six months has expired the interest rate reverts to the great Citibank standard variable interest rate and during this whole time there are no account fees to pay and no minimum balances to worry about keeping.
To take advantage of Citibank Online Saver all you have to do is to link it to any other Australian bank account you might have and continue carrying out your normal financial transactions by transferring money in and out as required. The main points to be made about Citibank Online Saver are the following:
- Introductory low interest rate for the first six months.
- After the first six months finishes the interest reverts to Citibank’s standard variable interest rate.
- No account fees.
- No minimum balances needed to keep the interest being paid.
- No hidden catches like fixed terms.
- Access to your account 24 hours a day 7 days a week either online or by phone.
- All savings up to $1 million are guaranteed by the Australian Government Guarantee.
Other major features a Citibank Online Saver account offers include an unlimited amount of deposits that can be made from any Australian source as well as an unlimited number of withdrawals, as long as the withdrawals are made to your nominated linked account. Interest is calculated daily and paid monthly and access can be obtained at any time through either phone or online. Branch access can be made during bank opening hours.
Other prime Citibank saving options include the following:
- Citibank Ultimate Saver. A transaction account designed for everyday use that pays high interest, unlimited free transactions and no monthly fees. With Citibank Ultimate Saver you will earn 5 percent on your balance held between $10,000 and $1 million with the first $10,000 earning 1 percent p.a. The minimum balance to be held in this account is $10,000 and access to your money can be made through a Visa debit card, phone or online at any time.
- Citibank Plus Linked Savings Account. With a Citibank Plus Linked Savings Account you can link up to three high interest earning savings accounts to your Citibank Plus Transaction Account. In this way you can have the benefit or receiving high interest on all your savings and pay no fees on any of them.
- Ultimate Business Saver. You can have high interest earnings on your business accounts, trust accounts and DIY superannuation accounts as well as have ready access to you funds at any time through ATM, phone or the internet with Citibank’s Ultimate Business Saver.
- Citibank Term Deposits You have guaranteed earnings and terms of your choice, from just 8 days to five years, with high interest Citibank Term Deposits. You will not be hassled with any establishment or account keeping fee because there isn’t any. And these term deposits are available in a wide range of currencies.
Since becoming established in Australia in 1985 Citibank has remained one of the leaders in phone and online banking. Its vast experience worldwide is passed on to its customers with a wide variety of saving options at high interest earnings and no fees.
