Citibank Online Saver

Citibank Online Saver

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Maximum Variable Rate

3.05

Standard Variable Rate

1.70

Kickstart your savings plan with a variable introductory rate of 3.05% p.a. for the first 4 months.

  • Variable introductory rate of 3.05% 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 3.05% 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.

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
3.05% p.a.
Standard Variable Rate
1.70% p.a.
Bonus Variable Rate
1.35% 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 Citibank Online Saver account features?

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 3.05% p.a. for the first 4 months for new customers

There is a variable interest rate of 3.05% 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.

Launch savings calculator

Pros

  • Introductory rate of 3.05% 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.




























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159 Responses

  1. Default Gravatar
    CelineJuly 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?

    • finder Customer Care
      JoelJuly 28, 2018Staff

      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

  2. Default Gravatar
    JoJuly 24, 2018

    Can I withdraw my funds at anytime without penalty?

    • finder Customer Care
      NikkiJuly 24, 2018Staff

      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

  3. Default Gravatar
    DespinaJuly 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

    • finder Customer Care
      NikkiJuly 24, 2018Staff

      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

  4. Default Gravatar
    GloriaMay 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

    • finder Customer Care
      NikkiMay 25, 2018Staff

      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

  5. finder Customer Care
    MayMarch 28, 2018Staff

    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

  6. Default Gravatar
    LindaFebruary 23, 2018

    With the online saver – if it is NOT linked to another bank account, could you explain how you make deposits and withdrawals please. Thank you.

    • finder Customer Care
      JhezelynFebruary 23, 2018Staff

      Hi Linda,

      Thank you for your comment.

      Deposits can be made electronically via domestic funds transfer. To withdraw the funds, you must assigned a nominated linked account where you can transfer your funds out as Citibank Online Saver account doesn’t have a debit card and cheque book access. Therefore, you must have a nominated linked account to access your funds from this account. Hope this helps.

      Regards,
      Jhezelyn

  7. 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?

    • Default Gravatar
      LiezlAugust 2, 2017

      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

  8. Default Gravatar
    BBJune 12, 2017

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

    • Default Gravatar
      DanielleJune 12, 2017

      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

  9. 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?

    • finder Customer Care
      LouApril 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

  10. 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

    • finder Customer Care
      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

    • finder Customer Care
      LouJanuary 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

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