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.
The Citibank Ultimate Saver could give your savings a boost with a competitive interest rate, with the added benefit of accessing your funds when required.
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. If you decide this account isn't the best fit for you, take a look at the alternative accounts offered by Citibank.
No monthly fees
There are no monthly account keeping fees with this account.
Standard variable interest rate of 1.65%
For balances between $10,000 and $1 million a competitive interest rate of 1.65% p.a. is applied to your account. For balances of $1 million or more, the standard variable interest rate drops to 0.45%
Minimum balance of $$10,000
You must be able to maintain a minimum balance of $$10,000 - if not, Citibank reserves the right to close the account.
Access to your funds
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.
Free ATM access
You can make unlimited free transactions at Citibank, Bank of Melbourne, BankSA, Westpac and St.George ATMs in Australia.
Internet and phone banking
You can also transact with this account using internet and phone banking as well as written instruction.
Mobile app available
Take advantage of the Citibank mobile banking app to easily manage your money on the go.
Overseas transaction fee of 2.50%
An amount of 2.50% 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 calculated daily
Interest is calculated on your balance every day and paid into the account once a month.
Personal use only
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 beginning your application, check to make sure that you are able to meet the following eligibility requirements and you have the necessary documents handy.
- 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. You must be able to maintain a balance of $$10,000 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.
- 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.
What happens next?
You will 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.