Citibank 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 Citibank 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, Citibank offers an account that can give you a good start.
Maximum variable rate
Base interest rate
Bonus interest rate
for 4 months
We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
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 0.35%. 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 Citibank 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.
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 0.35% 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 Citibank 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
Citibank 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 Citibank 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 Citibank 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 Citibank does have savings accounts available for business owners. You can also take a look at other Citibank products here.
How to applyIt will take only a few minutes to apply online for the Citibank Online Saver, which you can start by clicking 'Go to Site'.
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.
If you meet the requirements and believe that the online saver from Citibank 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 Citibank 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, Citibank 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.