Citibank Online Saver

Citibank Online Saver

Maximum Variable Rate

2.85

Standard Variable Rate

1.70
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Kickstart your savings plan with a variable introductory rate of 2.85% p.a. for the first 4 months.

  • Variable introductory rate of 2.85% p.a. for the first 4 months
  • $0 Account keeping fees
  • No minimum balance
  • Online, mobile and tablet banking available

Product details

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 variable introductory interest rate of 2.85% 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.

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.

Product Name
Citibank Online Saver
Maximum Variable Rate
2.85% p.a.
Standard Variable Rate
1.70% p.a.
Bonus Variable Rate
1.15% p.a.
Introductory / Bonus Offer Conditions
Introductory variable rate is valid for first 4 months while the account balance remains below $500,000.
Monthly Fee
$0
Minimum Opening Deposit
$0
Introductory Interest Period
4 month(s)
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Joint application?
Yes
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 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 variable interest rate of 2.85% p.a. for the first 4 months for new customers

There is a variable interest rate of 2.85% p.a. offered for the first 4 months you have the account. After this period, the variable interest rate reverts to 1.70% p.a. The only stipulation to receive the bonus rate is that your balance does not exceed $500,000.

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 $500,000. 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.

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Pros

  • Introductory rate of 2.85% p.a. for the first 4 months for new customers
  • $0 Account keeping fees

Cons

  • Interest rate drops to 1.70% p.a. after the 4 months
  • Introductory rate applies up to balances of $500,000

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.

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.

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.

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.

The BSB number for Citibank Australia is 242200.

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.

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.

Yes, the only way to move money in or out of your Citibank Online Saver is through your linked account.

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.

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.

 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.

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.

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.

The introductory rate only applies to new customers, which means that you’ve never held a Citibank Online Saver account before.

The Citibank Online Saver Account cannot be opened by a trust.

There are no fees for closing the account, to do so, please call Citibank and request this.

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.

You can access your account through internet and phone banking and you get unlimited free withdrawals to your Nominated Linked account.

This is a personal account only. For business accounts, please see our business savings accounts page.

You need to be a resident of Australia to apply.

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.

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.

Thanks for your question. This account requires an email address and doesn’t need a mobile phone number to operate the account.

No, this account can’t be opened for SMSFs.

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.

There are no branches in Tasmania unfortunately. I’ve emailed you a list of Citibank branches.

The only Citibank branch in Queensland is in Queen Street, Brisbane.

No, Citibank doesn’t have an office in Wollongong.

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148 Responses

  1. Default Gravatar
    TedAugust 1, 2017

    Can I deposit UK pounds and keep it in the account in pounds and not change it to AUS $ as I live in Australia?

    • Staff
      LiezlAugust 2, 2017Staff

      Hi Ted,

      Thanks for your question.

      You may only deposit Australian dollars to Citibank Online Saver Account. However, you may deposit and keep UK pounds to a multi-currency account. You may check this page for multi-currency account options available.

      Cheers,
      Liezl

  2. Default Gravatar
    BBJune 12, 2017

    Is the account backed by the 250,000 govt. guarantee?

    • Staff
      DanielleJune 12, 2017Staff

      Thank you for reaching out to us here at finder.com.au. We are a comparison website and general information service, we’re more than happy to offer general advice.

      Yes, it is covered by Government Guarantee (Up to $250,000 per person, per institution) To learn more, you may proceed by clicking the green “Go to Site” button. You may also contact them directly for additional advice and information.

      I hope this helps.

      Cheers,
      Danielle

  3. Default Gravatar
    MaxApril 20, 2017

    With Citibank on line saver …

    1. Do I have to link to another account, either with Citibank or another bank?
    2. Is there a minimum withdrawal amount?

    • Staff
      AnndyApril 21, 2017Staff

      Hi Max,

      Thanks for your question.

      Kindly note that Citibank Online Saver Account 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. Citibank allows you to link this account with any transaction account held by an Australian bank.

      With Citibank Online Saver Account, you get unlimited free withdrawals to your Nominated Linked account.

      Cheers,
      Anndy

  4. Default Gravatar
    ErrolJanuary 31, 2017

    How do I open an online saver account as I have a term deposit coming to maturity on 6-1-17 and I want to put it all into an online saver account that has 3 % int for 4 months…cheers

    • Staff
      ClarizzaJanuary 31, 2017Staff

      Hi Tomkins,

      Thanks for your question. You can simply open or rollover an online saver account by contacting Citibank directly. Be sure to check the conditions as banks require at least 31 days of notice before withdrawing or reinvesting your funds.

      You can also take a look at our online savings page to compare savings accounts you can open online.

      Please note, we are a general comparison website and can provide general advice only.

      Hope this has helped.

      Regards,
      Clarizza

    • Staff
      AnndyJanuary 31, 2017Staff

      Hi Tomkins,

      Thanks for your question.

      If you are interested to open an online saver account, you can check and compare your options here.

      Please do read the features of the product before clicking the “open button” to submit an application online.

      Cheers,
      Anndy

  5. Default Gravatar
    December 23, 2016

    Can I withdraw money from Citibank Online Saver account? Will I lost any interest if i withdraw money? Thanks.

    • Staff
      AnndyDecember 23, 2016Staff

      Hi Sarah,

      Thanks for your question.

      With Citibank Online Saver Account, you can access your money at any time through your nominated linked account. You’ll get the introductory variable rate for the first 4 months while the account balance remains below $500,000, regardless of your withdrawals. After that, the interest rate drops to 1.70% p.a.

      Cheers,
      Anndy

  6. Default Gravatar
    BarbNovember 28, 2016

    How do I apply for a 4 month variable 3.40% max online saver account. I live rural so do not have access to Citi Bank

    • Staff
      AnndyNovember 28, 2016Staff

      Hi Barb,

      Thanks for reaching out.

      Kindly note that the current maximum variable rate for Citibank Online Saver is only 3.00% p.a. and not 3.4% p.a.

      Yes, you can apply for Citibank Online Saver by clicking the green ‘open’ button on our page. Also, you can link this account with any transaction account held by an Australian bank.

      Cheers,
      Anndy

  7. Default Gravatar
    PETEROctober 26, 2016

    i am interested in 6 months term deposit
    Do i have to open any other accounts to qualify.
    Is there any exit fees, and when the six months are up do you automatically pay it into my designated account or do i have to notify you as such.

    • Staff
      ClarizzaOctober 27, 2016Staff

      Hi Peter,

      Thanks for your question.

      No you don’t have to open any other accounts to qualify. At maturity, Citibank will automatically renew your term equal to the term you started with. However if you would like to add additional investments or withdraw your funds from the term deposit, you must notify Citibank at least 2 business days before the term reaches maturity.

      Regards
      Clarizza

  8. Default Gravatar
    MoisesSeptember 18, 2016

    Hi

    What fixed interest rate is available to Term Deposits?

    Thanks

  9. Default Gravatar
    MicheleAugust 16, 2016

    I opened a Citibank online account last month but due to a problem with transferring funds and also a hold up with mail from Citibank, I have been un able to use the account. Would it be possible to start over again with a new account and get the full 4 months introductory rate? Or have I blown my chance for that?

    Also, can you pleased tell me will be able to get access to my funds straight away at the end of the 4 month period? I read that it takes at least 5 working days to clear.

    • Staff
      ShirleyAugust 17, 2016Staff

      Hi Michele,

      Thanks for your question and we’re sorry to hear that.

      We recommend that you speak to Citibank directly about your situation, they may be able to let you have the introductory bonus again.

      Electronic transfers usually vary from bank to bank. You may want to try depositing the funds directly into a Citibank branch; this is usually processed immediately.

      Hope this helps.

  10. Default Gravatar
    lukeAugust 16, 2016

    Hi, where can I find out when my bonus interest rate is no longer valid?

    • Staff
      AnndyAugust 16, 2016Staff

      Hi Luke,

      Thanks for your question.

      If you have a Citibank Online Saver Account, you’ll only receive the bonus rate for the first 4 months while your account balance remains below $500,000. After four months or for balances $500,000.00 or more, the standard 2.00% p.a. variable rate applies.

      Cheers,
      Anndy

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