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