Set up a regular savings plan today with a Citibank Online Saver account. As long as your balance is under $500,001, you'll receive a competitive variable introductory interest rate of 4.6% p.a. for the first months for new accounts. You won't need to worry about minimum balance requirements or conditions to get the bonus interest. There are also no account keeping fees. If you are looking for a way to save online, Citi offers an account that can give you a good start.
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Citibank Online Saver Account
- Maximum variable rate
- 4.60% p.a.
- Base interest rate
- 4.6%p.a.
Our verdict
Kickstart your savings plan with a variable introductory rate of 4.6% p.a. for the first months.
Firstly, note that this account is no longer available to new customers. If you've already got this account you can keep using it, however new accounts can no longer be opened.
This account offers a maximum bonus rate of 4.6% for the first months after opening the account. You don’t need to meet any deposit conditions or spending requirements to get this rate.
After the introductory period it’ll revert to the standard base rate of 4.6%. The standard rate is quite low but there are no conditions to meet to earn it, which could appeal to you if you don’t want to commit to deposit a certain amount each month and you want easy access to the money.
You may be able to get a slightly higher bonus rate with another introductory saver account, however the Citibank Online Saver offers the bonus rate on balances up to $500,000. Most savings accounts only pay bonus interest on balances up to $100,000 or $250,000, so this account could be suited to you if you’ve got a large balance.
Pros
-
Introductory rate of 4.60% p.a. for the first months for new customers
-
$0 Account keeping fees
Cons
-
Interest rate drops to 4.6% after the months
-
Introductory rate applies up to balances of $500,000
Details
Key details
| Product Name | Citibank Online Saver |
| Maximum Variable Rate | 4.60% p.a. |
| Standard Variable Rate | 4.60% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
Must Read:
On 1 June 2022, Citi's consumer banking business was acquired by NAB. This means all bank accounts, savings accounts and term deposits are now provided by NAB, and any contract you may have with Citi is now with NAB. You can find all the details on Citi's website.
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Alison Finder
Editor
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Alison Banney Finder
November 11, 2022
Hi Johhny,
It is possible to open an account on behalf of someone else if you’re the power of attorney. However, each bank will have its own policies around this, so we suggest you speak directly with your bank about this.
Thanks,
Alison
Vikash
July 07, 2022
Hi can I open a online saver account as a joint account?
Alison Banney Finder
July 09, 2022
Hi Vikash,
The Citibank Online Saver can only be used as a personal account. It’s not applicable for a business or joint account.
If you’re interested in joint savings accounts, you can visit this page to see your banking options.
Just a reminder, when applying for any financial product, always read the terms and conditions, and eligibility requirements to make sure that it would suit your needs.
I hope this helps!
Regards,
Alison
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Kara
May 05, 2022
Hi just wondering is there a condition of money each month needs to be deposited to get the interest rate or can I skip a month sometimes and still get interest in the money in the account
Alison Banney Finder
May 13, 2022
Hi Kara,
There are no deposit conditions, spending requirements, or minimum balance required for this account. You can get the maximum bonus rate of 1.1% p.a. for the first 4 months as long as your balance does not exceed $500,000.
After this period, the variable interest rate reverts to 0.35% p.a.
I hope this helps!
Thanks,
Alison
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Brian Corboy
March 01, 2022
Does the Online Saver account qualify for the Australian Government guarantee of $250,000?
Alison Banney Finder
March 07, 2022
Hi Brian,
Generally, the government guarantee covers most deposit accounts which include Citibank Online Saver Account under Citigroup. This means your deposit of up to $250,000 is protected. Feel free to check the complete list of covered banks on APRA’s website.
Thanks,
Alison”
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Alastair
January 08, 2022
Hi,
If I have $20,000 in the savings account with .035% pa, how much interest would be generated per month?
Regards,
Alastair
Alison Banney Finder
January 25, 2022
Hi Alasdair,
The Citibank Online Savings Account has an ongoing base rate of 0.35% p.a., with interest paid monthly.
The amount of interest paid each month would slightly increase, as your balance increases (unless the rate changes).
You can use this savings account calculator to get a calculation of your interest.
Thanks,
Alison
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Johnny
November 01, 2022
Hi,
I have Power of Attorney for my mother who is in aged care with dementia and I managed her finances apart from other things. Am I able to open an account in her name so that I can maximise her financial situation?