Citibank Term Deposit

Citibank Term Deposit

Min. Opening Deposit

100,000

Account Keeping Fee

0.00
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Invest $100,000 or more for 12 months and earn a very competitive 3.00% p.a.

  • Competitive 3.00% p.a. for 12 months
  • $0 Setup and account-keeping fees
  • Guaranteed interest rate
  • Minimum investment of $100,000

Product details

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.

Product Name
Citibank Term Deposit
3 month interest rate
2.60%
6 month interest rate
2.80%
9 month interest rate
2.90%
12 month interest rate
3.00%
Min Deposit
$100,000
Max Deposit
$2,000,000
Minimum Age Requirement
18
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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.

Automatic reinvestment

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.

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Pros

  • 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

Cons

  • $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.

Eligibility criteria

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.

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14 Responses

  1. Default Gravatar
    DebSeptember 14, 2018

    Are u guareenteed by the government for $250,000 investment in term deposits

    • finder Customer Care
      JoelSeptember 14, 2018Staff

      Hi Deb,

      Thanks for leaving a question on finder.

      The Citibank Term Deposit account is covered by Australian Government Guarantee for amounts of up to $250,000 per person, per institution.

      Cheers,
      Joel

  2. Default Gravatar
    MonteSeptember 14, 2018

    I understand Citibank require 31 days notification period to break a term deposit, but what are the break fees involved? I’m looking at depositing 100K @ 3%.

    • finder Customer Care
      JhezelynSeptember 14, 2018Staff

      Hello Monte,

      Thank you for your comment.

      If you want to withdraw your funds prior to the maturity of your term deposit, you would be paid back the principal amount as well as the interest either at a lower interest rate or after deducting a penalty.

      You should watch out for these things when you withdraw your term deposit prematurely:
      – Lower rate of interest
      – Premature closure penalty (Penalty of .5–1% lower interest is levied as premature close penalty)

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  3. Default Gravatar
    HenryJuly 17, 2018

    I am looking at opening up a term deposit account with CITIBANK. It says you can only transfer funds via a cheque or telegraphic transfer but not EFTPOS. How do you go about doing a telegraphic transfer?

    • finder Customer Care
      JhezelynJuly 17, 2018Staff

      Hello Henry,

      Thank you for your comment.

      A telegraphic transfer (TT) is an electronic means of transferring funds. Historically, this is a method of payment in which funds are transferred via telegraph or cable. Wire transfer is the new TT. I hope this helps.

      Regards,
      Jhezelyn

  4. Default Gravatar
    DebJune 8, 2018

    Is Citibank term deposits up to $250,000 protected by the government guarantee of funds?

    • finder Customer Care
      JhezelynJune 8, 2018Staff

      Hello Deb,

      Thank you for your comment.

      The Citibank Term Deposit account is covered by Australian Government Guarantee for amounts of up to $250,000 per person, per institution.

      Regards,
      Jhezelyn

  5. Default Gravatar
    TerriannAugust 16, 2017

    Can I use this term deposit to invest money from our SMSF (just my husband and I) ?

    • finder Customer Care
      MayAugust 16, 2017Staff

      Hi Terriann,

      Thanks for your inquiry.

      The Term Deposit ($250,000) with Citibank if for a personal account only. If you are looking to invest using your SMSF funds, you may have to get in touch with Citibank as they have products that specifically designed for SMSF.

      Meantime, you may check this page to find out another SMSF TD account aside from Citibank’s.

      Cheers,
      May

  6. Default Gravatar
    DarrenMay 10, 2017

    We are looking at a term deposit of min 500k. At present it is with WBC. How can we transfer to citi bank and what is the best rate and deposit terms on this amount.

    • finder Customer Care
      HaroldMay 11, 2017Staff

      Hi Darren,

      Thank you for your inquiry.

      Typically, once your Term Depost with WBC has end you can withdraw your funds and deposit to your another preferred bank. At Citi bank term deposit page you can check the rate depending on the months (term). Alternatively, you may also check this page to compare your other options. You can take advantage of the calculator on top of the page to see which option can give you the highest interest earnings.

      I hope this information has helped.

      Cheers,
      Harold

  7. Default Gravatar
    DanApril 25, 2017

    Are Citibank term deposit accounts 100% Australian government guaranteed?

    • finder Customer Care
      JasonApril 26, 2017Staff

      Hi Dan,

      Thank you for your enquiry.

      The Citibank Term Deposit account is covered by Australian Government Guarantee for amounts of up to $250,000 per person, per institution.

      Kind regards,
      Jason

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