Get the Finder app 🥳

Connect your accounts & save

Citibank Online Saver Account

Last updated:  

Kickstart your savings plan with a variable introductory rate of 2.05% 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 2.05% 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.

2.05% p.a.

Maximum variable rate

0.35% p.a.

Base interest rate

1.7% p.a.

Bonus interest rate

for 4 months

Details

Product NameCitibank Online Saver
Maximum Variable Rate2.05% p.a.
Standard Variable Rate0.35%
Bonus Variable Rate1.70%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18

Expert review

Alison Banney

Review by


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.

Expert review

This account offers a maximum bonus rate of 2.05% 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.

Key features

Competitive variable interest rate of 2.05% p.a. for the first 4 months for new customers

There is a variable interest rate of 2.05% 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.

Launch savings calculator


How to apply

It will take only a few minutes to apply online for the Citibank Online Saver, which you can start by clicking 'Go to Site'.

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.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

169 Comments

  1. Default Gravatar
    Bernard
    April 30, 2019

    Can we have a joint online saver account?

    • Avatarfinder 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.

      If you are looking to compare joint savings account, you can head on to this page to see your available options.

      I hope that helps.

      Cheers,
      Charisse

  2. Default Gravatar
    mandy
    December 12, 2018

    I’m looking at opening this account for approx 4 to 6 months knowing that I can withdraw anytime without fees. If I need to withdraw the cash rather than transfer can I do this in the nearest Citibank?

    • Avatarfinder Customer Care
      Jhez
      December 18, 2018

      Hello Mandy,

      Thank you for your comment.

      Yes, you can withdraw cash from your Citibank account in the nearest branch.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  3. Default Gravatar
    Joshua
    November 1, 2018

    I want to have a Citibank online saver account. does it allow me to apply and open that account via online or have to go to the branch? If I open this account a few weeks before the real money is transferred in, when is the date you start to calculate 4 months periods, is it the date of opening account or the date of the money is actually in? thanks so much

    • Avatarfinder Customer Care
      John
      November 1, 2018

      Hi Joshua,

      Thank you for leaving a question.

      You may be able to complete the application entirely online for this product. The calculation of the 4 month period would start from the date the account was opened and not the date the money was deposited. Hope this helps!

      Cheers,
      Reggie

  4. Default Gravatar
    Sharyn
    October 2, 2018

    Is this Online Saver available to Non For Profit organisations?

    • Avatarfinder Customer Care
      Charisse
      October 3, 2018

      Hi Sharyn,

      Thanks for reaching out to finder.

      Citibank online saver account can only be used as a personal account and not as a business or joint account. You can check out Citibank savings accounts available for business owners on this page.

      You can also contact Citibank directly for further assistance in opening bank account for non-profit organizations.

      Hope this helps.

      Cheers,
      Charisse

  5. Default Gravatar
    John
    September 19, 2018

    How often is intrest paid

    • Default Gravatar
      Nikki
      September 19, 2018

      Hi John!

      Thanks for your message and for contacting finder.

      For the Citibank Online Saver Account, as per our page it says:

      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 $500,000.

      Hope this helps! Feel free to message us again for any follow up.

      Regards,
      Nikki

  6. Default Gravatar
    Celine
    July 28, 2018

    I am currently a Citibank customer. I know you have indicated the Citibank online saver is only for new customers. so does that mean if I am a Citibank customer but have not had an online Saver account I am not eligible?

    • Default Gravatar
      Joel
      July 28, 2018

      Hi Celine,

      Thanks for leaving a question on finder.

      The introductory rate only applies to new customers, which means that you’ve never held a Citibank Online Saver account before. If you did not have a saver account from Citibank yet, you are eligible for the current offer.

      Cheers,
      Joel

  7. Default Gravatar
    Jo
    July 24, 2018

    Can I withdraw my funds at anytime without penalty?

    • Default Gravatar
      Nikki
      July 24, 2018

      Hi Jo!

      Thanks for leaving an inquiry on our page.

      Yes, with the Citibank Online Saver account, you can withdraw your funds at any given time. It’s free and unlimited.

      Hope this helps!

      Nikki

  8. Default Gravatar
    Despina
    July 23, 2018

    Hi with the 3.05% interest option, am I penalized for withdrawals?
    Also, traveling to Europe in 4 weeks and would like the best card to use overseas.
    Regards

    Desie

    • Default Gravatar
      Nikki
      July 24, 2018

      Hi Despina!

      Thanks for leaving a comment on our page.

      With the Citibank Online Saver account you are allowed unlimited transactions without fees.

      Here is a page for travel money debit cards you can use in Europe or you may go to this page to check out credit cards to use in Europe.

      Hope this helps!

      Regards,
      Nikki

  9. Default Gravatar
    Gloria
    May 24, 2018

    Hi, is an online saver or progress saver account a transaction account for transferring funds from my current bank to Citibank and if so is it a no hassle process to do this once I open a new account with no daily limit for the withdrawal transfer of the funds

    • Default Gravatar
      Nikki
      May 25, 2018

      Hi Gloria,

      Thanks for getting in touch with finder.

      Question #1 “Is an online saver or progress saver account a transaction account for transferring funds from my current bank to Citibank?”

      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.

      Question #2 “Is it a no-hassle process to do this once I open a new account with no daily limit for the withdrawal transfer of the funds?”

      Yes, it is a no-hassle process when you open a new account and you are allowed unlimited transactions without fees.

      Hope this was helpful.

      Cheers,
      Nikki

  10. Avatarfinder Customer Care
    May
    March 28, 2018

    Hi James,

    Thanks for your inquiry.

    Yes, you would have to leave space for the interest so you can keep your account balance below $500,000 and earn the maximum variable rate, currently 2.85% p.a. At the end of the introductory period (or if your balance is $500,000 or more) you’ll receive the 1.70% p.a. standard variable rate on the entire balance.

    There are no restrictions in terms of withdrawals. It’s free and unlimited. You will be able to make withdrawals to your Nominated Linked Account.

    Hope this helps.

    Cheers,
    May

Ask a question
Go to site