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 $499,999.99 for the first four 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 and balances up to $499999.99. End of introductory period or for balances $500,000.00 or more Standard Variable Rate 2.60% p.a. 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 four 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 four 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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156 Responses to Citibank Online Saver Account Review and Application

  1. 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

  2. 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.

  3. 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

  4. 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

  5. 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.

  6. Default Gravatar
    rob | December 22, 2013

    If after4 months i close the account and open one up 4 months later am I classed as a new customer and qualify for the introductory rate?

    • Staff
      Shirley | December 23, 2013

      Hi Rob,

      Thanks for your comment.

      Unfortunately the bonus interest only applies to the first Citibank Online Saver you open.

      Cheers,
      Shirley

  7. Default Gravatar
    Stim | November 30, 2013

    can i use two link account?

    • Staff
      Shirley | December 2, 2013

      Hi Stim,

      Thanks for your comment.

      Generally these type of accounts only allow one linked account at a time from an Australian financial institution – you can change this account at any time but usually you can only link one.

      Hope this helps,
      Shirley

  8. Default Gravatar
    Citibank | November 21, 2013

    I just wanted to confirm that the only way to withdraw money from this account would be to transfer?

    thanks, Sarah

    • Staff
      Shirley | November 21, 2013

      Hi Sarah,

      Thanks for your comment.

      Yes, the only way to move money in or out of your Citibank Online Saver is through your linked account.

      Hope this helps,
      Shirley

  9. Default Gravatar
    Michael | November 11, 2013

    Can I set an online saver account up for a Super Fund and link it to an Online Broker to buy and sell shares?

    • Staff
      Shirley | November 11, 2013

      Hi Michael,

      Thanks for your comment.

      The Citibank online saver account is for personal use only, it isn’t available with an SMSF. Citibank has a separate products for its share trading platform.

      Hope this helps,
      Shirley

  10. Default Gravatar
    Serbo | November 7, 2013

    What is the best interest rate I get on a Super fund deposit of about a $100,000?

    • Staff
      Marc | November 8, 2013

      Hello Serbo,
      thanks for the question.

      You would need to speak to Citibank directly if trying to negotiate a rate for your deposit. We are a financial comparison site and therefore do not manage any of the products ourselves.

      Cheers,
      Marc.

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