Citibank Foreign Term Deposit
Invest your foreign currency savings wisely and benefit with a guaranteed return over a set period of time.
Holders of a Citibank 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.
Up to 0.18% p.a.
3 months interest rate
Minimum opening deposit
Account keeping fee
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).
You must be able to make a minimum deposit of $10,000 or the equivalent in your chosen currency.
There are no monthly fees to pay with this account.
You can choose terms that range from seven days to up to one year with this term deposit account.
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 will be paid to you when the terms mature either into the term deposit account for reinvestment or by having it paid into another Citibank account nominated by you.
You can manage your Citibank 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 Citibank in writing. This will result in you receiving a lower interest rate on your deposit.
How to applyIn order to apply for the Foreign Term Deposit Account, Citibank 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:
- 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.
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. Citibank 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 Citibank representative will confirm the details and then assist you in making your initial deposit so that your foreign funds can begin earning interest.