Citi Online Saver Account

Kickstart your savings plan with a variable introductory rate of 1.35% p.a. for the first 4 months.

Set up a regular savings plan today with a Citi Online Saver account. As long as your balance is under $500,001, you'll receive a competitive variable introductory interest rate of 1.35% p.a. for the first 4 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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Alison Banney

Last Updated Jan 5, 2021

1.35% p.a.

Maximum variable rate

0.6%p.a.

Base interest rate

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Product Name	Citi Online Saver
Maximum Variable Rate	1.35% p.a.
Standard Variable Rate	0.60% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Pros

Introductory rate of 1.35% p.a. for the first 4 months for new customers
$0 Account keeping fees

Cons

Interest rate drops to 0.6% p.a. after the 4 months
Introductory rate applies up to balances of $500,000

Go to site More info

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This account offers a maximum bonus rate of 1.35% for the first 4 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 0.6%. 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 Citi 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.

Key features

Competitive variable interest rate of 1.35% p.a. for the first 4 months for new customers

There is a variable interest rate of 1.35% p.a. offered for the first 4 months you have the account. This introductory rate is available on your first Citi Online Saver account only (so if you've previously held a Citi Online Saver Account in your name you're not eligible).

After this period, the variable interest rate reverts to 0.6% 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 Citi 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.

$0 Transaction fees

You are allowed unlimited transactions without fees.

Link with any Australian bank account

Citi allows you to link your online saver with any transaction account held by an Australian bank. Check first with your own bank to ensure that they allow you to link with another financial institution.

$0 Minimum opening balance

There is no minimum balance requirement to open the Citi Online Saver.

Access your account online or through the mobile banking app

This is an online account only, which you can manage from your computer, telephone or mobile device through the Citi app. It does need to be linked to a transaction account in order to make deposits and withdrawals.

Available for personal accounts only

This account is only intended for personal use, but Citi does have savings accounts available for business owners. You can also take a look at other Citi products 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.

Contact details. You will have to possess a valid email and Australian residential address.

Documentation needed

If you meet the requirements and believe that the online saver from Citi meets your savings needs, put the following documentation together in order to help you in completing the online application quickly:

Linked account. You will need to be able to provide details for a transaction account that you plan to link the savings account with. If choosing an account with a bank other than Citi check with them first to ensure that they allow for this.
Personal details. Your personal information along with that of any joint applicant will be needed to complete the application.
Tax file number. While not mandatory, Citi will be required to deduct tax from your savings at the top marginal rate if you do not provide your tax file number (TFN).

What happens after I submit my application?

Once you have completed the application online you will be issued an account number. Within five to seven business days, a welcome pack will arrive to your provided residential address with your internet access number. With that, you will activate the account by making your first transfer from your linked account.

It typically takes up to five working days for the linked account to be activated, but once it is there will be no trouble moving money into and out of the savings account.

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177 Comments

Kara
May 6, 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

Reply
- finder Customer Care
  
  Alison
  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
  
  Reply
Brian
March 2, 2022

Does the Online Saver account qualify for the Australian Government guarantee of $250,000?

Reply
- finder Customer Care
  
  Alison
  March 7, 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”
  
  Reply
Alastair
January 8, 2022

Hi,

If I have $20,000 in the savings account with .035% pa, how much interest would be generated per month?

Regards,
Alastair

Reply
- finder Customer Care
  
  Alison
  January 26, 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
  
  Reply
Hopeful
December 6, 2021

Hi
Can I withdraw the full sum after 4 months?
Can this be actioned online?
Thanks

Reply
- finder Customer Care
  
  Alison
  December 11, 2021
  
  Hi,
  
  Yes, you can withdraw your money from the Citibank Online Saver account whenever you’d like. It’s not a locked account.
  
  Thanks,
  Alison
  
  Reply
Bernard
April 30, 2019

Can we have a joint online saver account?

Reply
- finder Customer Care
  
  Charisse
  May 1, 2019
  
  Hi Bernard,
  
  Thanks for reaching out to Finder.
  
  If you are referring to Citibank Online Saver account, this can only be used as a personal account and not as a joint or business account.
  
  You may want to compare joint savings accounts and see your available options.
  
  I hope that helps.
  
  Cheers,
  Charisse
  
  Reply

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