Citibank Online Saver

Citibank Online Saver

Maximum Variable Rate

3.40

Standard Variable Rate

2.60

Enjoy a competitive interest rate and give your savings a boost with the Citibank Online Saver.

  • No monthly account keeping fees
  • No minimum balance
  • Online, mobile and tablet banking available

Product details

Consider taking advantage of the introductory rate on the Citibank Online Saver account because you can earn 3.40% p.a. on balances between $0 to for the first 4 months your account is open. You can also nominate any Australian bank account to be your linked account.

You can also set up a regular savings plan and access your accounts through online, mobile, phone and your tablet.

Product Name
Citibank Online Saver
Maximum Variable Rate
3.40% p.a.
Standard Variable Rate
2.60% p.a.
Bonus Variable Rate
0.80% p.a.
Introductory / Bonus Offer Conditions
Introductory rate is valid for first 4 months while the account balance remains below $500,000. End of introductory period or for balances $500,000.00 or more, 2.60% p.a. standard variable rate is applicable.
Monthly Fee
$0
Minimum Opening Deposit
$0
Introductory Interest Period
4 month(s)
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)

Features and benefits for the Citibank Online Saver

  • Interest rate. A competitive 3.40% p.a. bonus variable interest rate for the first 4 months of your account. A high standard rate after 4 months, currently 2.60% p.a. variable.
  • You can apply online. This means you can apply for a new Citibank Online Saver account in less than ten minutes and be earning interest on your savings as soon as the next business day. Rather than having to wait in line at a branch or hang around on hold with a bank, you can apply online whenever you have a few spare minutes, plus, if you're already a Citibank customer the application is even quicker.
  • You're not required to have or maintain a minimum balance. So no matter what your financial situation or your savings goal, you don't have to feel excluded because your deposit is not large enough. Instead, you can use a Citibank Online Saver to give your savings a boost in the first 4 months, at the end of which you may have reached a goal balance for a special purchase, or you now have enough funds to look at higher yield investment options.
  • Fee free saving. With the Citibank Online Saver account you don't have to worry that this offer is too good to be true, because there are no hidden fees to open the account and you won't be charged any transaction fees by Citibank for making deposits or withdrawals from your account.
  • A 4 month promotional interest rate. Being able to earn 3.40% p.a. interest on your savings for an entire 4 months after you open a Citibank Online Saver account gives you a real opportunity to kick start a savings plan. A 4 month promotional interest rate period is also much longer than the promotional period you will find with any other online savings account and is perfect if you have a short to medium goal like a holiday or a home renovation.
  • You can link to any existing personal bank account. You don't have to nominate a Citibank transaction account as the linked account for your Online Saver account, you can link to any personal account you already have so you don't have to switch transaction account providers if you are happy. Plus, linking to a non-Citibank account means that while your funds are at call and available if you need them in an emergency, they are not immediately available and this means there is less chance you'll make an impulse buy, with an instant savings transfer.
  • Your savings are at call. While you are able to earn an interest rate comparable to most fixed term deposit accounts, you still have access to your funds and you won't be penalised with fees or lower interest rates for accessing your savings. You can also manage your account entirely online, at any time of the day or night to make transfers in or out, or just to monitor your progress.
  • You can set up direct deposits to your savings account. Not only can you set up an automatic savings plan from your transaction account to your Citibank Online Saver, you can even have your wages or other interest income deposited directly into your Online Saver, so you don't have to remember to make the transfer, and you're not tempted to spend your savings before they reach your savings account.
  • Anyone over 18 can open a Citibank Online Saver. This means that just about anyone with any income stream can start a regular savings plan with a high interest online account from Citibank. You can even open the account in joint names to boost your contributions from two wages, or encourage your children to open an Online Saver when they finish school and start working to get them into good financial habits for life.
Pros
  • $0 monthly fee
  • $0 opening balance required
  • Free international Citibank ATM use
Cons
  • Must be over 18 to apply

How to apply for the Citibank Online Saver

If you would like to find out more information about this account, please click on our secure links to be taken to the Citibank enquiry page.

Joint accounts are available.

Eligibility
  • You are at least 18 years old
  • You're a permanent resident of Australia
  • You have the details on your linked account handy
I've already held a Citibank Online Saver in the past, do I still qualify for the bonus interest?

If you've already held this account in your name, you won't be eligible for the bonus interest. However, you still receive the standard variable interest rate.

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166 Responses to Citibank Online Saver Account Review and Application

  1. Default Gravatar
    Pam | June 30, 2015

    hi there, what’s the daily limit for withdrawals from the Citybank Online Saver?

    • Staff
      Belinda | July 1, 2015

      Hi Pam,

      Thanks for your enquiry.

      When using the Citibank Online Saver account, the daily withdrawal limit of $10 000 applies.

      Thanks,
      Belinda

  2. Default Gravatar
    Rex | June 16, 2015

    Unable to reach “find my citi”for Australian Melbourne branches.

    • Staff
      Belinda | June 17, 2015

      Hi Rex,

      Thanks for your enquiry.

      I’ve sent you an email with instructions and search results for Citibank Melbourne branches.

      Kind regards,
      Belinda

  3. Default Gravatar
    Rex | June 15, 2015

    Can I open an online saving account at a Citibank branch in Melbourne. If so where?

    • Staff
      Belinda | June 16, 2015

      Hi Rex,

      Thanks for your enquiry.

      If you’d like to apply for the Citibank online saver account, you can visit your nearest branch. To locate a branch in Melbourne, you can use the ‘Find my Citi’ application on the Citibank website and search using your suburb or postcode.

      Thanks,
      Belinda

  4. Default Gravatar
    cath | May 24, 2015

    Hi, can I open two separate Citibank Online Saver Accounts linked to the same Citibank account offset account ?

    • Staff
      Belinda | May 26, 2015

      Hi Cath,

      Thanks for your enquiry.

      Generally, you can only use one linked account at a given time from an Australian financial institution. You can change this linked account at any time, but normally you can only have one linked account.

      I hope this helps.

      Thanks,
      Belinda

  5. Default Gravatar
    Nigel | May 7, 2015

    I have $600,000 to invest for three to four months before buying a house. What is the best place to lodge it to earn maximum interest please?

    • Staff
      Marc | May 8, 2015

      Hi Nigel,
      thanks for the question.

      Unfortunately as we’re a comparison service we’re not able to provide personal advice on where to lodge your funds to earn the maximum interest on your savings. I would recommend contacting a financial advisor to find out the best type of account or investment to earn maximum interest.

      Cheers,
      Marc.

  6. Default Gravatar
    Leeza | March 20, 2015

    What are the ATM fees and which ATM’s should be used?

    • Staff
      Shirley | March 23, 2015

      Hi Leeza,

      Thanks for your question.

      Please be mindful that you don’t have ATM access to this account. You’ll need to link this to an Australia bank account and access the funds through there.

      Cheers,
      Shirley

  7. Default Gravatar
    Vince | January 7, 2015

    I have $490,000.00 available to deposit for 4 months. Please advise what interest rate is available for this term.
    Thank you

    • Staff
      Marc | January 8, 2015

      Hi Vince,
      thanks for the question.

      At the time of writing, the interest rate for this account is 4.00%p.a. for four months on balances up to $499,999.99. For balances above $500,000, the rate at the current time of writing is 2.90%p.a. for four months.

      I hope this helps,
      Marc.

  8. Default Gravatar
    Lyndsay | December 6, 2014

    What is the BSB number for Citibank , required for transfer of funds from linked account to online (citibank) account ?

    • Staff
      Shirley | December 8, 2014

      Hi Lyndsay,

      Thanks for your question.

      The BSB number for Citibank Australia is 242 200.

      Cheers,
      Shirley

  9. Default Gravatar
    Andrew | April 23, 2014

    Can I directly transfer money from my online savers account to another international citibank account? What is the maximum amount that is allowed per day? Are there any fees for the transaction? Thank you

    • Staff
      Shirley | April 24, 2014

      Hi Andrew,

      Thanks for your question.

      You can’t directly transfer money from your online savers account to another international Citibank account. You’ll need to transfer the funds first into your linked Australian bank account, and then transfer the funds again from there.

      Generally the limit is $10,000, but you can change this by contacting Citibank, or changing your account settings online. The fees and charges will ultimately depend on which transaction account you’re transferring from.

      Cheers,
      Shirley

  10. Default Gravatar
    Jo | January 6, 2014

    If I open an Online Saver account and have a balance of say, $100,000; If I make a small withdrawal during any one month, do I lose any of the interest for that month? Thank you.

    • Staff
      Marc | January 7, 2014

      Hello Jo,
      thanks for the question.

      The Online Saver from Citibank doesn’t require regular deposits to be eligible for the bonus interest. Rather, the bonus interest is paid on balances regardless of your balance for the first four months. After this the rate reverts to the standard variable rate in the table above.

      I hope this helps,
      Marc.

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