If you’re looking for a safe and secure way to invest $100,000 or more and enjoy reliable returns, the Citibank Term Deposit is well worth a look. This account pays a competitive fixed interest rate of 3.00% p.a. on 12 month terms, allowing you to enjoy a high rate of return on your large investment amount. If you're not looking for a 12 month term, there's also three, six and nine months terms available.
The 12 month interest rate offered on this term deposit is higher than most high interest savings accounts in the market today. There are also no establishment or account-keeping fees to worry about.
What are the features of the Citibank Term Deposit?
Fixed interest rate of 3.00% p.a. for 12 months
The Citibank Term Deposit pays a competitive fixed interest rate of 3.00% p.a. for 12 months, allowing you to enjoy the peace of mind that comes with secure, guaranteed returns. This interest rate is only available to new Citibank customers and interest on your account is paid at maturity.
Investments of $100,000 or more
This account is only available to customers who have a minimum of $100,000 to invest. If you have a smaller deposit, consider one of Citibank's savings accounts instead.
Fixed terms of 3, 6, 9 or 12 months
The Citibank Term Deposit offers a range of terms lengths including 3, 6, 9 and 12 months terms. The interest rate varies for each term, and is generally more competitive for longer term lengths.
$0 establishment fees
There are no setup or administration fees to pay when you open this account.
$0 account-keeping fees
There are also no ongoing account-keeping fees you need to worry about paying, which means all of the money you invest in your Citibank Term Deposit will go towards earning interest and helping you reach your savings goal.
31-day notice period
If you wish to withdraw funds from your account, you will need to provide Citibank with 31 days’ written notice. Other fees and deductions may also apply to your account.
Making your initial deposit
You can deposit the initial funds into your account by cheque or telegraphic transfer from your bank account. You cannot deposit funds via EFT (electronic funds transfer). Existing Citibank customers can also transfer funds from their Citibank transaction or savings account.
Unless you advise Citibank otherwise, when your deposit matures it will be automatically reinvested in a Citibank Term Deposit with the same term and notice period.
Earn 3.98% p.a. for 6 months when you pair your term deposit with eligible investments
This 6 month term deposit and investment offer is for eligible wholesale investors (clients with a gross income over $250,000 a year or with net assets of at least $2.5 million) with a deposit of at least $250,000. By splitting your deposit between the 6 month term deposit and eligible investment products with Citibank, you’ll receive a competitive interest rate of 3.98% p.a. on your term deposit balance.
- A fixed interest rate with guaranteed returns
- 3, 6, 9 and 12 month terms available
- Competitive 3.00% p.a. for 12 months
- $0 establishment or account-keeping fees
- $100,000 minimum investment required
What you’ll need to know before applying
If you’re looking for a safe investment and the security of guaranteed returns this account offers, click the “Go to site” link above. This will take you to the Citibank website where you can fill out an online enquiry form. Simply provide your name, phone number, email address, investment amount and preferred contact time, and a Citibank staff member will get in touch to discuss your account requirements.
Existing Citibank customers who have access to Citibank Online (Citibank’s internet banking facility) can apply online. You’ll need to hold a Citibank transaction Account or savings account to transfer the funds over from.
If you're looking to invest a smaller amount, you can consider one of Citibank's savings accounts instead.
You will need to meet the following criteria if you want to apply for a Citibank Term Deposit:
- 18 years or older. You must be at least 18 years of age to apply for this account.
- Australian residents only. You must be an Australian resident if you want to open this Term Deposit.
- Minimum investment $100,000. You will need to have a sum of $100,000 or more to invest in the account.
- New customers only. The special 3.00% p.a. interest rate on this Term Deposit is only available to new Citibank customers.
Information and documentation needed
You’ll also need to provide some information and documentation to become a new Citibank customer and open an account, including:
- Your Tax File Number (TFN). While it’s not mandatory to provide your TFN or TFN exemption code, if you don’t complete this step then Citibank will withhold tax on the interest paid on your account at the marginal tax rate.
- Proof of ID. You will also need to provide proof of ID before you can open an account.To do this you must provide two forms of identification (one of which must be photo ID such as a driver’s licence or passport) at a Citibank branch or an Australia Post outlet.
- Personal details. Finally, when you apply you will also be asked to provide your residential address, phone number and current email address.
The Citibank Term Deposit is well worth a look for anyone who has a large sum to invest and wants the security of guaranteed returns. Compare it with a range of other term deposits to see whether it offers good value for your money.