In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert
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Citibank Online Saver Account

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Citibank Online Saver

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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

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert

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.

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

This account is now closed

This account is now closed to new customers. Existing customers will be able to keep their accounts open and unchanged, but new accounts will not be able to be opened.

Key features

Competitive variable interest rate of 4.6% p.a. for the first months for new customers

There is a variable interest rate of 4.6% p.a. offered for the first months you have the account. This introductory rate is available on your first Citibank Online Saver account only (so if you've previously held a Citibank Online Saver Account in your name you're not eligible).

After this period, the variable interest rate reverts to 4.6% p.a. To receive the bonus rate your balance must not exceed $500,001.

How is my interest calculated?

Interest is calculated daily and paid into the account monthly. The interest rate is variable, which means it could change according to the movements of the RBA cash rate. The introductory interest rate applies to the first Citibank Online Saver that you open and the balance must be under $500,001. You can compare savings accounts that award the maximum rate on balances $500,000 here.

Launch savings calculator


How to apply

Eligibility

Before doing so, you should first make sure that you are able to meet their eligibility requirements:

  • Age. All applicants must be at least 18 years of age.
  • Residency. This account is only available to legal permanent residents of Australia.

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Alison Finder

Editor

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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?


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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


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Vikash

July 07, 2022

Hi can I open a online saver account as a joint account?


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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


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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?


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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


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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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