Fact checked
Almost 60 years ago, Citibank opened its first branch in Australia to provide financial services to private companies, citizens and institutions. Founded in New York, the bank has since expanded across global markets and now offers its services across 100 countries.
In Australia, Citibank has about one million customers and 1,200 workers across four capital city offices. The institution also provides a handful of personal savings options, suiting long and short-term savers.
Comparing these with Savvy gives you the best shot at finding the right savings account for you. By considering your options with us, you can maximise your chances of finding a top rate, the best conditions and the lowest fees for your savings and earn the best return on your money.
*Please note that Savvy does not represent Citibank for their banking products. All product information and rates are correct as of May, 2022.
Compared to some of its competitors, Citibank has a limited range of savings products. The accounts open to new customers are:
Online Saver Account
This online savings account enables you to earn a high interest rate for the initial few months. You’ll earn an introductory interest rate of 1.35% p.a. for four months if your balance remains under $500,000. Once this high interest period ends or you exceed the balance cap, your variable rate drops to 0.60% p.a. Interest on this account is calculated daily and paid at the end of the month.
The Online Saver comes with no monthly fees or minimum balance requirements. Unlike some banks which only allow you to link to their everyday accounts, your Online Saver can be linked to a transaction account from any institution in Australia. You won’t be able to open this as a joint savings account.
Term Deposit
If you want more predictability in your savings growth, Citibank offers term deposits to new and existing customers. These are low-maintenance forms of investment tailored to the more risk-averse saver. You can lock your money in at a fixed interest rate and for a set term and let compound interest work its magic.
Citibank’s term deposit allows you to earn 0.65% p.a. interest over three, six, nine or 12-month terms. These term options are quite limited compared to other banks who offer terms of up to five years. Also, the bank requires you to make a minimum deposit of $10,000 when opening your term deposit, which is almost double what other institutions require. If you want to see how much interest you could earn on a term deposit, you can use Savvy’s compound interest calculator.
You won’t be able to deposit or withdraw from your term deposit until it’s reached maturity. However, if you need to access your funds or vary your terms, you can provide Citibank with 31 days' notice. If you are suffering financial hardship, you can talk to the bank about being granted faster access to your money.
Once you’ve found the best savings account for your money, you’ll need to provide your bank with your personal details and documents. Citibank requires you to provide the following details when opening your account online:
You’ll also need to provide two forms of identification to open a savings account, with one of these being photo ID. If you’re opening an online savings account, you can submit this online. However, if you’re opening a term deposit, you’ll need to be identified at an Australia Post outlet. Eligible forms of ID include:
You must be at least 18 years old to open either an Online Saver or a term deposit with Citibank. These age limit conditions are more stringent than other banks, who generally allow anyone older than 14 years old to open an account. Aside from this, you must also be an Australian resident.
Link up to any account
You can link your savings account to an everyday account from any bank in Australia, with no requirement to open a Citibank bank account.
No fees
Citibank doesn’t charge monthly account fees on their savings products, meaning you won’t run the risk of the interest you earn being eaten up by unnecessary costs.
No minimum balances
There’s no need to keep a minimum amount in your Online Saver. You can deposit as much or as little as you can afford into your savings account.
Lack of savings options
Citibank offers very few savings options to its customers, with only four personal banking products listed on its website. This is quite low compared to their competitors, who can have up to nine different savings options.
No joint availability for savings
While most banks allow couples to open joint savings accounts for a variety of reasons, Citibank only offers this arrangement on term deposits but won’t let you open them online.
High age restrictions
You must be over 18 years old to apply for a savings product with Citibank, which is substantially older than most other banks’ requirements.
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Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.