Citibank Cash Investment Account

Citibank Cash Investment Account

Maximum Variable Rate

2.15

Standard Variable Rate

2.15

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

  • Competitive interest rate on transaction account
  • Linked Gold Visa debit card
  • Free bottle of wine when you dine at eligible restaurants

Product details

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.

Product Name
Citibank Cash Investment Account
Maximum Variable Rate
2.15% p.a.
Standard Variable Rate
2.15% p.a.
Monthly Fee
$0
Minimum Opening Deposit
$0
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Minimum Age Requirement
18
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Citibank Cash Investment Account?

  • 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. Citibank gives you the opportunity to earn variable interest through a tiered system.
  • Access to funds. You get a Visa debit card 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 payWave 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 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.
  • Free wine. 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 Visa debit card. The Citibank Dining Program also gives you access to reserved seating and a range of exclusive offers.
Pros
  • Competitive interest rate on transaction account
  • Linked Gold Visa debit card
  • Free bottle of wine when you dine at eligible restaurants
Cons
  • Tiered interest rate structure

How do I apply for the Citibank Cash Investment Account?

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 enquire online, simply click on the ‘Go to Site’ button. 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.

The bank opens your account soon after you complete the identity verification process. Once this happens, you’ll receive your Visa debit card in the next seven to 10 business days.

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4 Responses to Citibank Cash Investment Account

  1. Default Gravatar
    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?

    • Staff
      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

  2. Default Gravatar
    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?

    • Staff
      Shirley | January 11, 2016

      Hi David,

      Thanks for your question. Please note that we can’t recommend specific products and services.

      The Citibank Cash investment account doesn’t charge monthly fees though the interest rate isn’t that competitive. You can compare Cash Investment accounts here.

      Unfortunately it’s 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.

      All the best,
      Shirley

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