The Citibank Ultimate Saver could give your savings a boost with a competitive interest rate, with the ability of assessing your funds when required. This combo-banking account provides you with the benefits that come with a linked Debit MasterCard – including purchases and withdrawals in Australia and overseas – with the money being deducted straight out of your account.
What are the features of the Citibank Ultimate Saver account?
When comparing the Ultimate Saver to similar accounts offered by Australian banks, you need take into account the features that not only help you reach your savings goals, but those that assist you with your everyday banking transactions:
- Monthly fees. There are no monthly fees with this account.
- Minimum balance. You must be able to maintain a minimum balance of 10000 , if not Citibank reserves the right to close the account.
- Funds availability. This is an on call savings account that gives you instant access to your money.
- Linked Debit MasterCard. The account is linked to a Debit MasterCard that can be used to make cash withdrawals and purchases at point of sale terminals, over the phone and online.
- ATM access. You can make unlimited free transactions at Citibank, Bank of Melbourne, BankSA, Westpac and St.George ATMs in Australia.
- Other accessibility. You can also transact with this account using internet and phone banking as well as written instruction.
- Overseas transactions fees. An amount of 2.5% of the total transaction will be applied to each transaction made at an overseas ATM or point of sale transaction.
- Overseas money transfers. You can transfer money from this account to one overseas and be charged $25 per transaction. If you receive an international transfer into the account you will not be charged a fee.
- Interest earnings. For balances between 10000 and $1 million a competitive interest rate is applied to your account. For balances of $1 million or more, the interest rate drops.
- Interest payments. Interest is calculated on your balance every day and paid into the account once a month.
- Personal use. This account is only available for personal use.
- $0 monthly fee
- unlimited free transactions
- 24/7 access
- Debit MasterCard
- $10000 minimum ongoing balance
How do I apply for the Citibank Ultimate Saver online?
If you like the idea of earning a competitive interest rate on your money, while having instant access to it at all times, you can start an online application for the Ultimate Saver.
Before accepting your application, Citibank will check to make sure that you are able to meet the following eligibility requirements:
- Minimum age. You must be at least 18 years old to qualify for the Ultimate Saver.
- Residency requirements. You must be an Australian resident and be available to be identified in Australia when opening the account.
- Depository requirements. There is no minimum initial deposit required, although you must be able to maintain a balance of 10000 once the account has been activated.
- Other requirements. In addition, Citibank will require that you have access to the internet with a valid email address that they can use to contact you. You will have to agree to receiving electronic statements and notices as a part of accepting the terms for this account.
When sending in your application, you will also be asked to provide Citibank with the following documentation:
- Tax file number. A tax file number (TFN) or a valid exemption is not mandatory to provide, but without one of these Citibank will be required to deduct tax from your earned interest at the highest marginal rate.
- Identification. You will need at least two of the following identifying documents; an Australian driver’s licence, passport, or Medicare card.
- Joint account. If applying for a joint account, all of the documentation and requirements will apply to both applicants.
You are going to need to print out and complete the forms to send in to Citibank in order for your application to be processed. Once those documents have been received and reviewed by Citibank, you will be sent confirmation that your account has been opened. Within ten business days after the account has been opened you should receive the Debit MasterCard through the Australian post.