Citibank Ultimate Business Saver

Citibank Ultimate Business Saver

Maximum Variable Rate

1.65

Standard Variable Rate

1.65

Earn a competitive interest rate on your business balance, trust funds or DIY Super Fund cash with the Citibank Ultimate Business Saver.

  • No monthly fees
  • Can be used for SMSFs, trusts or businesses
  • Free ATM withdrawals at Citibank, Westpac, St.George, Bank of Melbourne and BankSA ATMs in Australia

Product details

The Citibank Ultimate Business Saver account adds interest to your balance while at the same time giving you the freedom to access it when needed. You pay no fees for this account, and are allowed to make an unlimited number of transactions into and out of it each month.

This account provides you with a convenient way to keep your business finances separate from your personal assets.

Product Name
Citibank Ultimate Business Saver
Maximum Variable Rate
1.65% p.a.
Standard Variable Rate
1.65% p.a.
Bonus Variable Rate
0.00% p.a.
Introductory / Bonus Offer Conditions
Earn 1.65% p.a. standard variable rate on your balances between $10,000 to $999,999.99. A reduced rate applies for any balances exceeding $1 million.
Monthly Fee
$0
Minimum Opening Deposit
$10,000
Minimum monthly deposit for bonus interest rate
$0
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 features of the Citibank Ultimate Business Saver account?

The way in which you manage your excess working capital now will make a big difference in your financial future. Compare business savings accounts from various banks against this one, keeping in mind the following features. If you're not looking for a business account, take a look at the range of personal accounts Citibank offers instead.

No monthly account keeping fees.

You will pay no monthly fees for using this account.

Tiered interest rate up to 1.65%.

This account offers a maximum variable interest rate of 1.65% for balances between $10,000 and $999,999.99. Balances over this will earn a reduced rate of interest.

Interest calculated daily.

Interest on the account is calculated daily and deposited monthly.

Minimum balance requirement of $10,000.

You must be able to maintain a minimum balance of $10,000 for this account.

Unlimited transactions.

There is no limit to the number of transactions you can make with this account each month. This includes ATM withdrawals, eftpos transactions, phone and internet transactions.

Easy access.

You can access your savings using online banking, phone banking, cheque book, written instruction or a debit Mastercard.

Access free ATM withdrawals.

Free withdrawals are allowed at any Citibank, Westpac, St.George, Bank of Melbourne or BankSA ATM in Australia.

Overseas money transfers.

You can transfer money overseas from your Ultimate Business Saver account, but there is a fee attached to do so.

International transaction fee of 2.5%.

You are charged 2.5% for any international transactions where a currency conversion is required.

Access overseas ATMs.

You can use your debit card to access your account and make withdrawals with no charge from Citibank ATMs overseas. Other fees from the issuing bank may be applied.

Account is not for personal use.

This is an account designed for the exclusive use by a business, trust or DIY Super Fund.

Pros

  • Good for medium sized businesses with good cashflow
  • No account keeping fees
  • Funds are at-call

Cons

  • High minimum deposit
  • Not suitable for startups

How do you apply for the Citibank Ultimate Business Saver?

If this is the savings account that you think will help your business savings grow you will need to visit a local Citibank branch in order to complete the application. Before heading out, make sure that you are able to meet the eligibility requirements:

Eligibility requirements:

  • Minimum age. Applicants will only be considered if they are 18 years of age or older.
  • Residency requirements. You must be a current resident of Australia in order to have a Citibank Ultimate Business Saver account.
  • Depository requirements. While there is no minimum deposit requirement for this account, it is important to remind that with any balance under $10,000 no interest will be earned.
  • Business status. This is an account designed for the exclusive use by a business, trust or DIY Super Fund.

 

Documentation needed:

  • Tax file number. There is not a requirement for a tax file number (TFN) but by providing it or your exemption code you can avoid being taxed at the highest marginal tax rate for your earned interest.
  • Identification. You must bring along at least on photo identification document, such as a passport or driver’s licence, along with a one other form of identification.
  • Business documentation. An identification check will also be conducted for your business, trust or DIY Super Fund. Depending on which you have you will need to bring a; certificate of incorporation for a body corporate, certificate of registration for a business, signed partnership agreement, or trust instrument.

 

What happens next?

Once Citibank has received all of the necessary documentation and verified the contents, an account will be set up within three business days. Once opened, you will receive a welcome pack at the provided address which will give you the details of your account including the account number, along with the linked Debit Mastercard.

Back to top Back to top Back to top

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

6 Responses

  1. Default Gravatar
    AndreAugust 24, 2017

    I have 4 parties in a syndicate (not a company) and we need a joint account to use for our annual maintenance budget and then to pay out maintenance and running costs by any one of the 4 parties (ie each party has a debit card). Is this a suitable account?

    • Staff
      HaroldAugust 24, 2017Staff

      Hi Andre,

      Thank you for your inquiry.

      Citibank Ultimate Business Saver allows joint application. But you would need to clarify this first directly to the bank for further assistance. In line with this, you may also want to check the other options here for the accounts that allow more than two joint holders.

      I hope this information has helped.

      Cheers,
      Harold

  2. Default Gravatar
    AliceJune 10, 2016

    How to get the Maximum Variable Rate? Is there a maximum balance in this type of account

    • Staff
      ClarizzaJune 10, 2016Staff

      Hi Alice,

      Thanks for your question.

      This product offers 1.90% interest on savings between $10,000.00 and $999,999.99. Once you exceed this, you earn 0.70% interest p.a. There is no maximum balance on this account, however note that once your balance exceeds $999,999.99, you will earn interest at the rate of 0.70% p.a.

      Hope this helps.

      Clarizza

  3. Default Gravatar
    MinayApril 14, 2016

    hi.

    Can I open up a business bank account while im living overseas, however I have an Australian registered company?

    • Staff
      ShirleyApril 15, 2016Staff

      Hi Minay.

      Thanks for your question.

      It’s possible o open an account give you can meet all the requirements under the “how to apply” section. Please note that if you’re a new Citibank customer you may be required to verify your ID in person here in Australia.

Ask a question