Citi Cash Investment Account

Are you looking for a bank account that lets you manage your cash requirements and investments under a single umbrella?

The Citi Cash Investment Account lets you consolidate your money and day-to-day banking needs.

Funds in your account earn interest in a tiered manner while you figure out what to do next. You get easy access to your money as and when required. There is no monthly account keeping fee to pay. You get a single account statement.

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Shirley Liu

Last Updated Dec 30, 2020

0.60% p.a.

Maximum variable rate

0.35%p.a.

Base interest rate

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Product Name	Citi Cash Investment Account
Maximum Variable Rate	0.60% p.a.
Standard Variable Rate	0.35% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Pros

Competitive interest rate on transaction account
Linked Gold Debit Mastercard
Free bottle of wine when you dine at eligible restaurants

Cons

Tiered interest rate structure

Shirley Liu

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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Key features

Account keeping fees

You don't have to pay any ongoing account keeping fees to maintain this account. All account holders get unlimited fee-free withdrawals every month.

Interest

Citi gives you the opportunity to earn variable interest through a tiered system.

Access to funds

You get a Debit Mastercard that you can use at ATMs and EFTPOS terminals the world over. You can use 3,000 Citi, Westpac, St.George, Bank of Melbourne and BankSA ATMs to withdraw money for free. This card comes with PayPass technology that lets you make contactless payments for purchases of up to $100 at participating merchants. You can use your card details to pay bills and make purchases online and over the phone. This account also lets you pay bills using BPAY.

Link to investments

You can use the investment component of this account to park your money and earn interest while you think about your next investment plan. A trading account lets you use your money to buy and sell shares and receive dividends. Using funds from this account to open terms deposits and receiving interest is simple. You can also use funds from this account to make payments towards property loans and to receive rental income.

Open two accounts

Individuals who run businesses or manage family trusts or SMSFs can think about opening two Cash Investment Accounts. One can look after your investment needs and the other can address your day-to-day banking requirements.

Citigold

When you invest $100,000 or more with Citi you get Citigold status. This gives you access to a personal relationship manager who can help you get to your financial goals. Account holders also get to enjoy a range of exclusive benefits along with global recognition.

Free wine

When you use your card to pay at restaurants that are part of the Citi Dining Program you stand to receive a free bottle of wine. How this works is simple. You visit a partner restaurant and mention you're a Citi cardholder, you select your free bottle of wine and you pay for the meal using your Citi Debit Mastercard. The Citi Dining Program also gives you access to reserved seating and a range of exclusive offers.

How to apply

Eligibility

You can apply for the Cash Investment Account by visiting any Citi branch, you can speak to a bank representative over the phone or you can submit an online enquiry. To apply, you have to meet some basic eligibility criteria:

You are an Australian resident and have an Australian residential address.
You agree to the account's terms and conditions.

Documentation needed

Completing the application successfully requires that provide the following information:

Identification. If you're a new Citi customer you'll have to go through an identity verification process, as mandated by the law. Prepare to provide an acceptable form of ID such as your driver's license or passport.
Tax file number (TFN). Providing your TFN is not necessary, but doing so ensures that the bank does not deduct withholding tax.
Other information. The application requires you to part with basic details such as your name, date of birth, phone number, residential address and email address.

What happens after I submit my application?

The bank opens your account soon after you complete the identity verification process. Once this happens, you'll receive your Debit Mastercard in the next seven to 10 business days.

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8 Comments

michael
August 2, 2018

Can business open a this account with Citi bank?

Reply
- Joel
  August 2, 2018
  
  Hi Michael,
  
  Thanks for leaving a question on Finder.
  
  Unfortunately, this account is only available for individuals. If you are looking to open a business account with Citibank, you can check out their Citibank Ultimate Business Saver. This account provides you with a convenient way to keep your business finances separate from your personal assets.
  
  You may also refer to our list of business bank accounts. You can use our comparison table to help you find the account that suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
  
  Cheers,
  Joel
  
  Reply
Colin
December 8, 2017

Does this account offer direct bank transfers and Bpay facilities online?
Also what is the daily maximum payment/withdrawal amount?

Reply
- Arnold
  December 8, 2017
  
  Hi Colin,
  
  Thanks for your inquiry
  
  1. Yes, this card comes with PayPass technology that lets you make contactless payments for purchases of up to $100 at participating merchants. You can use your card details to pay bills and make purchases online and over the phone. This account also lets you pay bills using BPAY.
  
  2. Yes, this account does offer direct bank transfers.
  
  3. No limit for monthly withdrawals and payments. All account holders get unlimited fee-free withdrawals every month.
  
  Hope this information helps
  
  Cheers,
  Arnold
  
  Reply
ST
May 27, 2016

As a non-resident but not living in Australia can we open a joint account with Citibank Australia? What is the requirement?

Reply
- finder Customer Care
  
  May
  May 27, 2016
  
  Hi ST,
  
  Thanks for your question.
  
  One of the eligibility criteria and requirements to apply for the Cash Investment Account with Citibank is that you must be an Australian resident and have an Australian residential address. As such, I’m afraid you won’t be able to apply for this account.
  
  Cheers,
  May
  
  Reply
David
January 10, 2016

I am retired 66 year old and my wife and I want a no fees account with a good rate of interest to transfer our SMSF monthly income stream into. We also want a fee free daily transaction account linked to the savings account. The daily account would need a Visa debit card or similar that could be used at fee free ATMs. What do you recommend? Would using RediATMs incur a fee?

Reply
- finder Customer Care
  
  Shirley
  January 11, 2016
  
  Hi David,
  
  Thanks for your question.
  
  The Citibank Cash investment account does not charge monthly fees though the interest rate is not that competitive. This account is not linked to the RediATM network – it’s linked to the Citibank networking including 3,000 Citibank, Westpac, St.George, BankSA and Bank of Melbourne ATMs throughout Australia.
  
  You can also compare Cash Management Accounts by entering your initial deposit, monthly deposit and period then select Calculate on the table. You can select More Info on the table of your preferred account to find out more about it’s features, details and compare rates. You can also contact the provider if you have further clarifications.
  
  A gentle reminder, please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.
  
  All the best,
  Shirley
  
  Reply

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