Set up a regular savings plan today with a Citibank Online Saver account. As long as your balance is under $500,000, you'll receive a competitive interest rate of 3.05% p.a. for the first 4 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.
Remember to keep your balance under $500,000 and that your interest rate will revert to the standard variable rate after the first 4 months.
What are the features of the Citibank Online Saver account?
The Citibank Online Saver is a high interest savings account that gives you numerous features to think about. Compare these with those offered by other banks and their online accounts to help you decide which will best help grow your savings at the fastest rate.
Competitive interest rate of 3.05% p.a. for the first 4 months for new customers
There is an extra 1.30% p.a. is offered on top of the standard rate for the first 4 months you have the account. The only stipulation to receive the bonus rate is that your balance does not exceed $500,000.
Standard interest rate of 1.75%
This is what you'll receive if you don't meet the bonus conditions.
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 bonus interest applies to the first Citibank Online Saver that you open and the balance must be under $500,000. 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.
- $0 monthly fee
- $0 opening balance required
- Link to any Australian Everyday bank account
- Set up a regular savings plan
- Must be over 18 to apply online
- Under 18's will need to apply over the phone or in-branch
How do you apply for the Citibank Online Saver?
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 to apply online
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.
Documentation for your online application
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've submitted the application online?
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.
Can I open an online saving account at a Citibank branch in Melbourne. If so where?
If you’d like to apply for the Citibank online saver account, you can visit your nearest branch. To locate a branch in Melbourne, you can use the ‘Find my Citi’ application on the Citibank website and search using your suburb or postcode.
Can I open two separate Citibank Online Saver Accounts linked to the same Citibank account offset account?
Generally, you can only use one linked account at a given time from an Australian financial institution. You can change this linked account at any time, but normally you can only have one linked account.
What are the ATM fees and which ATM’s should be used?
Please be mindful that you don’t have ATM access to this account. You’ll need to link this to an Australia bank account and access the funds through there.
What is the BSB number for Citibank, required for transfer of funds from linked account to Online Citibank Account?
The BSB number for Citibank Australia is 242200.
Can I directly transfer money from my online savers account to another international citibank account? What is the maximum amount that is allowed per day? Are there any fees for the transaction?
You can’t directly transfer money from your online savers account to another international Citibank account. You’ll need to transfer the funds first into your linked Australian bank account, and then transfer the funds again from there. Generally the limit is $10,000, but you can change this by contacting Citibank, or changing your account settings online. The fees and charges will ultimately depend on which transaction account you’re transferring from.
Can I use two linked accounts?
Generally these type of accounts only allow one linked account at a time from an Australian financial institution – you can change this account at any time but usually you can only link one.
I just wanted to confirm that the only way to withdraw money from this account would be to transfer?
Yes, the only way to move money in or out of your Citibank Online Saver is through your linked account.
Can I set an online saver account up for a Super Fund and link it to an Online Broker to buy and sell shares?
The Citibank online saver account is for personal use only, it isn’t available with an SMSF. Citibank has a separate products for its share trading platform.
What is the best interest rate I get on a Super fund deposit of about a $100,000?
You would need to speak to Citibank directly if trying to negotiate a rate for your deposit. We are a financial comparison site and therefore do not manage any of the products ourselves.
If I get interest from anyone of those bank, do I have pay tax? And how many %?
You’ll in most cases have to pay tax on any interest earned in a savings account. The amount of tax you pay will depend on what your total income is for the year. For more information you may want to check out the Australian Taxation Office website.
How long does it take to open an account? Once open, can I deposit amount by cheque at Citibank as the linked online account I am providing has daily limits, what is the daily limit to transfer to back into my linked account if I need the funds?
You’ll receive your account number once you’ve completed the online application form, then please check the mail within 5-7 working days for your Welcome Pack and your Internet Access Number (IAN). When the account is open, you’ll need to activate it by transferring money from your linked account to your Citibank Online Saver. Your linked account will be activated within five working days and you’ll be able to transfer funds between the two accounts from then. The Citibank Online Saver doesn’t have cheque facilities, all deposits are transferred online. You will have unlimited transfers back into your linked account.
I was interested in opening an online saver account but i realised you have to be a permanent resident to open one. I am a temporary resident, would there be any saving accounts i could open with Citibank?
These accounts unfortunately can’t be opened by temporary residents online. There are other savings accounts offered by Citibank and other providers that will allow this, although they may require a 100-point identification check.
Can I re-open an Online Saver account after the 4 months introductory rate?
The introductory rate only applies to new customers, which means that you’ve never held a Citibank Online Saver account before.
Can a Revocable Living Trust account have this type of account?
The Citibank Online Saver Account cannot be opened by a trust.
How much does it cost to pull your money out and close down the account after the 4 months?
There are no fees for closing the account, to do so, please call Citibank and request this.
For Citibank Online Saver Account, if we transfer from (or to ) on line account at CBA / St.George, any fee/charges? what’s the maximum daily transaction (to transfer out) , can we close the a/c anytime? any fee/charges for closing a/c?
There are no fees if you wish to transfer online from Citibank to CBA or St.George. The maximum will depend on your account settings, which you can check with you bank. If you do transfer funds within a branch it will incur a fee. Generally, there are no fees for closing an account but you may need to have a request in writing.
How do I get access to cash using this account? Would fees be applicable to cash withdrawals?
You can access your account through internet and phone banking and you get unlimited free withdrawals to your Nominated Linked account.
Can I apply for Citibank on line saver in the name of a company or does this offer is only for personal accounts?
This is a personal account only. For business accounts, please see our business savings accounts page.
Do I need to be a resident of Australia to open account with Citibank in Australia?
You need to be a resident of Australia to apply.
Is the a minimum period to keep moneys in money market account?
There is no minimum period, but if you close the account before the first month finished you will not accrue interest. Also, you get a bonus interest rate for the first 4 months with this saving account.
If I wish to open an online savings account how do I transfer funds to it from an account with another bank? Does that account need internet banking to achieve this?
Generally speaking online savers accounts will be able to link to your existing Australian transaction account to facilitate funds transfers. Most people prefer internet banking although you can also transact via phone banking with this account.
Just checking to make sure funds can be transferred without having to use a text message security code which would mean having to be in the country to make the transaction in or out?
Thanks for your question. This account requires an email address and doesn’t need a mobile phone number to operate the account.
Am I able to open a Citibank On-Line Saver account in the name of my SMSF? If so,what is the best procedure to use, I assume someone needs to view the trust deeds?
No, this account can’t be opened for SMSFs.
I am a temporary resident in Australia. Am I eligible? Also, please can you confirm that the interest is paid monthly? If yes, can it go back into the same account or do I need to nominate another account where the interest is paid into?
For this account, you need to be a permanent resident of Australia.The easiest way to test this out for all future online accounts is to click ‘apply’ and read the first page.
Is there a Citibank Branch in Hobart?
There are no branches in Tasmania unfortunately. I’ve emailed you a list of Citibank branches.
Have you got any branches in Rockhampton.
The only Citibank branch in Queensland is in Queen Street, Brisbane.
Do you have an office in Wollongong?
No, Citibank doesn’t have an office in Wollongong.