Term deposits earn 0.13% p.a. interest for 3 months with at least $10,000 invested. With the Citibank Term Deposit you can withdraw your funds at any time provided that you give the bank at least 31 days notice of your intent. The early withdrawal fee is equal to 40% of the interest earned on the Term Deposit before closure.
Investment bundles diversify your portfolio and earn more interest, but are not guaranteed and require higher minimums.
What are the features of the Citibank Term Deposit?
The Citibank Term Deposit is designed for serious investors who want a low risk way to continue seeing a return on their savings.
$0 account keeping fees
With this account you will pay no establishment fees or a monthly maintenance fee.
High, minimum investment amount of $10,000
There is a $10,000 balance minimum needed to open an account. If you have over $75,000 to invest in a term deposit, you may want to consider Citibank's $75k deposit instead.
There is no limit to the amount you can invest with Citibank Term Deposits.
With this term deposit, you are allowed the option of terms ranging from eight days to five years. This can be with or without the 31 day notice period.
Guaranteed interest earned
Term deposit interest earnings are guaranteed. Other Citibank investment products included in the Investment Bundle option do not necessarily guarantee returns.
Interest payments: monthly, quarterly, annually or at maturity
Interest is calculated on your balance everyday and you can choose to have it paid monthly, quarterly, annually or at maturity. Interest payments are made into a selected Citibank transaction or savings account, or can be combined with your principal balance when the account matures.
You have five business days once the account matures to let Citibank know whether you will be withdrawing your balance, or rolling it over into a new term deposit. If you instruct Citibank to roll the account over during that period you will be able to continue receiving the same interest rate on your deposit.
31 day notice to access funds early
Unless you are experiencing a financial hardship, you must give Citibank 31 days notice if you intend to withdraw all or part of your balance before the terms mature. This is only applicable for terms where there are at least two years remaining. The interest income will be reduced by 40% of what you have earned starting from the day the account was opened until the date that Citibank processes the request for account closure and depending on how the balance is paid you could be subjected to other charges.
You have the choosing a Citibank foreign currency term deposit account to invest international currencies. Compare other Citibank products today.
- Choose terms of up to 5 years
- $0 establishment fee
- $0 account keeping fees
- Investment bundle options for higher earnings
- $10,000 minimum balance required
- Investment bundles do not have guaranteed returns
How do I apply for the Citibank Term Deposit online?
Check eligibility your requirements before application.
Eligibility to apply
- Minimum age. Applicants for this account must be at least 18 years of age.
- Residency requirements. Citibank must be able to verify that you have an Australian residential address.
- Depository requirements. There are no minimum deposit requirements, but interest earned is tiered by the amount you invest.
You will also need certain documentation to complete your application.
- Tax file number. Your tax file number (TFN) or valid exemption is not required, but without it Citibank is obligated to deduct tax from your interest earnings at the top marginal rate.
- Identification. You will have to provide at least two forms of identification, one of which contains a photo, when applying. Citibank must also be able to confirm that you are currently in Australia before the account can be opened.
What happens after opening an account?
Once a Citibank representative has confirmed all of the information you have provided, they will deposit your funds into your account and provide you with the details needed to help manage it.