Citibank Cash Investment Account
Are you looking for a bank account that lets you manage your cash requirements and investments under a single umbrella?
The Citibank 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.
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.
Citibank 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 Citibank, 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.
When you invest $100,000 or more with Citibank 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.
When you use your card to pay at restaurants that are part of the Citibank 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 Citibank cardholder, you select your free bottle of wine and you pay for the meal using your Citibank Debit Mastercard. The Citibank Dining Program also gives you access to reserved seating and a range of exclusive offers.
How to apply
You can apply for the Cash Investment Account by visiting any Citibank 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.
Completing the application successfully requires that provide the following information:
- Identification. If you're a new Citibank 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.