Citi Foreign Term Deposit

Invest your foreign currency savings wisely and benefit with a guaranteed return over a set period of time.

Holders of a Citi Multi Currency Account can increase their wealth securely by investing in the Foreign Term Deposit. From quick turnarounds to investments that grow over the course of a year, this flexible account gives your cash a safe home while still earning a competitive interest rate.

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Shirley Liu

Last Updated Jan 5, 2021

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Details

Product Name	Citi Foreign Term Deposit USD
3 month interest rate	1.27%
6 month interest rate	1.53%
12 month interest rate	1.93%
Minimum Opening Deposit	$10,000
Minimum Age Requirement	18

Minimum Age Requirement	18
Joint account availability	No
Min Deposit	$10,000
Available to children	Not available for children

The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

Pros

Guaranteed returns on your foreign currency
Available in up to 10 currencies
Terms range from 7 days to 12 months

Cons

Minimum investment of AUD $10,000 or equivalent

Key features

Available currencies

You can invest in ten different currencies with this account. That includes the; Euro (EUR), Canadian dollar (CAD), Hong Kong dollar (HKD), Japanese Yen (JPY), New Zealand dollar (NZD), Pound sterling (GBP), Singapore dollar (SGD), South African dollar (ZAR), Swiss franc (CHF), and United States dollar (USD).

Minimum deposit

You must be able to make a minimum deposit of $10,000 or the equivalent in your chosen currency.

Monthly fees

There are no monthly fees to pay with this account.

Optional terms

You can choose terms that range from seven days to up to one year with this term deposit account.

Interest rates

The fixed interest rates applied to your balance are competitive and will be applied to your daily balance. Keep in mind that different rates do apply depending on the currency you are investing with, and that it will be higher if you choose longer terms.

Interest payments

Interest will be paid to you when the terms mature either into the term deposit account for reinvestment or by having it paid into another Citi account nominated by you.

Account management

You can manage your Citi Foreign Term Deposit with written instruction or by phone banking.

Breaking the terms

If you do find yourself in a position where you have to access the money before the end of the terms you will need to contact Citi in writing. This will result in you receiving a lower interest rate on your deposit.

How to apply

In order to apply for the Foreign Term Deposit Account, Citi requires that you visit a branch to fill out the necessary forms. They will ask you questions first to make sure that you are eligible:

Eligibility

Minimum age. You must be at least 18 years of age to open this account.
Residency requirements. You must be identified in Australia when this account is opened. You should also be able to provide a valid Australian residential address.

Depository requirements. You will have to be able to make a deposit of at least $10,000 AUD or the chosen currency equivalent.

Documentation needed

Once you have determined that you are eligible for this account, you should gather together the following documentation which will be asked for as you are filling in the application forms:

Tax file number. Your tax file number (TFN) or exemption code may be asked for, but it is not required that you provide it. This just aids in ensuring that the withholding tax deducted from your interest earnings is at the correct rate. If you choose not to provide it, tax will be deducted at the highest marginal rate.
Identification. Citi requires that you provide two forms of photo identification when applying for the account, one of which must be a photo identification document such as a passport or driver's licence.

What happens after I submit my application?

After completing the application a Citi representative will confirm the details and then assist you in making your initial deposit so that your foreign funds can begin earning interest.

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.

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2 Comments

Josh
August 14, 2019

What interest rate does Citibank offer on a $70000 term deposit for 6 months?

Reply
- Nikki
  August 14, 2019
  
  Hi Josh,
  
  Thanks for visiting our page.
  
  According to the Citibank website on Foreign Currency Term Deposit, You can earn 3.00% p.a. on a USD TERM DEPOSIT AND FX.
  
  Exchange minimum USD $50,000
  
  3 or 6-month term deposit
  Exchange minimum of USD $50,000 on eligible foreign currencies
  Earn 3.00% p.a. equal to or less than exchange amount
  
  Eligible Foreign Exchange Transaction are funds converted into minimum of USD $50,000 up to a maximum of USD $2,000,000 from the following currencies AUD/EUR/GPB/JPY/CAD/HKD/NZD/SGD at the standard FX rates. The Foreign Exchange Transaction funds must be used to setup a USD term deposit. The USD term deposit amount cannot exceed the foreign exchange transaction (minimum of USD $50,000 up to a maximum of USD $2,000,000).
  
  The Term Deposit will automatically renew for the same term at maturity unless you have nominated otherwise. Please note that the interest rate that will apply to your reinvestment will be the interest rate current on the date of maturity which may be less than what may be available to you had you made a new investment.
  
  For more information, you may visit Citibank’s term deposit page.
  
  Hope this helps. Feel free to reach out for further assistance.
  
  Best,
  Nikki
  
  Reply

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