Citibank Online Saver Account Review and Application

Posted June 7th, 2010 and last modified October 24th, 2013

Four months can be a long time, and even longer if you are saving up and going without to meet a savings goal for an important purchase. So instead of stretching yourself to meet a savings goal in four months, you should consider taking advantage of the introductory rate on the Citibank Online Saver account because you can earn 4.00% p.a. on balances between $0 to $499,999.99 for the first four months your account is open, helping you reach your goals faster with the help of higher interest returns instead.

Citibank Online Saver Account

Top features of the Citibank Online Saver:

  • A simple online application so you can be saving right away.
  • A $0 minimum balance required to open the account, or to earn the bonus interest rate.
  • A $0 fee online savings account.
  • A competitive 4.00% p.a. bonus variable interest rate for the first four months of your account.
  • A high standard rate after 4 months, currently 2.90% variable.

How You Can Benefit From the Citibank Online Saver High Interest Account

Opening an online savings account is a great start to help you achieve a particular savings goal, or to simply get you into the habit of saving, rather than spending. However, opening the account is just the first step, you still need to know about the features and benefits of an online high interest savings account, and how to make the most of them.

Features and benefits of the Citibank Online Saver include:

  • An online application form. 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 4.00% 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.

You can apply for a Citibank Online Saver online by following our secure link. You'll then receive a confirmation email informing you of your account status, and including all the details you need to make your first transfer and start earning your bonus interest.

Ask a Question

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

148 Responses to Citibank Online Saver Account Review and Application

  1. 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.

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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.

  7. Default Gravatar
    Pamela | November 5, 2013

    Is there a Citibank Branch in Hobart?

    • Staff
      Marc | November 6, 2013

      Hello Pamela,
      thanks for the question.

      There are no branches in Tasmania unfortunately. I’ve emailed you a list of Citibank branches.

      Cheers,
      Marc.

  8. Default Gravatar
    david | October 27, 2013

    your information is vague. Does the bonus variable rate form part of the 4.4% rate included in the maximum variable rate which is only available for 4 months. In order to get 4.4% interest on $200,000 over 12 month do I have to keep on taking my money in and out each 4 months or is there some way I can be paid 4.4% over the entire 12 months. If I put this $200,000 in for 12 months will I only be paid 4.4% for 4 months and 2.95% for the last 8 months

    • Staff
      Marc | October 28, 2013

      Hello David,
      thanks for the question!

      This is correct. The bonus variable rate in the table on this page is added to the standard variable rate to give you the maximum variable rate, which is what account holders would earn for the first four months. It should be noted that with most savings accounts where bonus introductory rates are offered these are only offered to new customers, which mean you can’t open a new account in your name and be eligible for the introductory rate. This means your final statement is correct, you’d receive the higher introductory rate for the first four months and this would then decrease to the standard variable rate for the remaining eight months.

      I hope this helps,
      Marc.

  9. Default Gravatar
    Arpit | October 23, 2013

    Have you got any branch in rockhampton.

    • Staff
      Marc | October 24, 2013

      Hello Arpit,
      thanks for the question.

      The only Citibank branch in Queensland is in Queen Street, Brisbane.

      Cheers,
      Marc.

  10. Default Gravatar
    Tonny | October 8, 2013

    If I get interest from anyone of those bank, do I have pay tax? And how many %?
    Thank u
    Tonny

    • Staff
      Marc | October 9, 2013

      Hello Tonny,
      thanks for the question.

      You’ll in most cases have to pay tax on any interest earned in a savings account. The amount of tax you pay will depend on what your total income is for the year. For more information you may want to check out the Australian Taxation Office website.

      Cheers,
      Marc.

  11. Default Gravatar
    sylvia | October 6, 2013

    I am interested in discussing accounts for my two sons but don’t want to discuss their business on this public forum.
    If someone sends me a private email in the morning I will send my phone number by return email.

    Thanks,

    Sylvia

    • Staff
      Shirley | October 7, 2013

      Hi Sylvia,

      Thanks for your comment.

      You can email me at shirley@finder.com.au though we do prefer email correspondence.

      Cheers,
      Shirley

  12. Default Gravatar
    Janie | September 13, 2013

    A few questions;
    1) How long does it take to open the account as I have to ID at a Citibank branch?

    2) Once Open can I deposit amount by cheque at citibank as the linked online account I am providing has daily limits?

    3) Once opened what is the daily limit to transfer to back into my linked account if I need the funds?

    • Staff
      Shirley | September 16, 2013

      Hi Janie,

      Thanks for your comment.

      You’ll receive your account number once you’ve completed the online application form, then please check the mail within 5-7 working days for your Welcome Pack and your Internet Access Number (IAN).
      When the account is open, you’ll need to activate it by transferring money from your linked account to your Citibank Online Saver. Your linked account will be activated within five working days and you’ll be able to transfer funds between the two accounts from then.

      The Citibank Online Saver doesn’t have cheque facilities, all deposits are transferred online.

      You will have unlimited transfers back into your linked account.

      Hope this helps,
      Shirley

  13. Default Gravatar
    Nata | July 20, 2013

    I have few questions, appreciate your answer to each:

    1) What is the annual effective rate with your compounding accounts?

    2) How regular the interest compounding happens? annually? monthly?

    Thanks

    • Staff
      Shirley | July 23, 2013

      Hi Nata,

      Thanks for your comment.

      The introductory bonus interest rate is applicable for the first four months of opening and then the standard variable rate will apply thereafter.

      Interest is calculated daily and then paid monthly.

      Hope this helps,
      Shirley

  14. Default Gravatar
    stephen | July 7, 2013

    is interest earn daily and paid monthly?
    can you withdraw before end of 4 months without penalty?

    • Staff
      Shirley | July 8, 2013

      Hi Stephen,

      Thanks for your comment.

      Interest is calculated daily and paid monthly.

      You can withdraw before the end of the first four months without a penalty to your introductory interest rate.

      Cheers,
      Shirley

  15. Default Gravatar
    Sam | July 2, 2013

    How simple is it really to open the account? I have a large sum of money in a reward saver account – below $100K – I can’t transfer it from that account online as I have a $10k maximum daily limit – so how does the transaction take place in 10 mins?

    • Staff
      Shirley | July 2, 2013

      Hi Sam,

      Thanks for your comment.

      You can open the account online, but it may take a few business days for your account to be established.

      Depending on your financial situation, you may be able to change the maximum daily limit. If you have an existing account you may want to call Citibank and enquire about this. Usually if you’re transferring funds between linked Citibank funds, the fund appear instantly. However, if you’re transferring between different financial institutions it can take up to 3 business days.

      Hope this helps,
      Shirley

  16. Default Gravatar
    lorraine | June 19, 2013

    Hi there, i was interested in opening an online saver account but i realised you have to be a permanent resident to open one. I am a temporary resident, would there be any saving accounts i could open with citibank?

    • Staff
      Marc | June 19, 2013

      Hello Lorraine,
      thanks for the question!

      These accounts unfortunately can’t be opened by temporary residents. There are other savings accounts offered by Citibank and other providers that will allow this, although they may require a 100-point identification check.

      I hope this helps,
      Marc.

  17. Default Gravatar
    Eric | May 23, 2013

    Can I re-open an Online Saver account after the 4 months
    introductory rate?

    • Staff
      Shirley | May 24, 2013

      Hi Eric,

      Thanks for your comment.

      The introductory rate only applies to new customers, which means that you’ve never held a Citibank Online Saver account before.

      Cheers,
      Shirley

  18. Default Gravatar
    Tom | May 7, 2013

    Can a Revocable Living Trust account have this type of account?

    • Staff
      Shirley | May 7, 2013

      Hi Tom,

      Thanks for your comment.

      The Citibank Online Saver Account cannot be opened by a trust.

      Cheers,
      Shirley

  19. Default Gravatar
    Leanne | May 7, 2013

    Are Australian MM accounts in banks insured like FDIC insurance in America?

    • Staff
      Shirley | May 7, 2013

      Hi Leanne,

      Thanks for your comment.

      Most term deposits are covered by the Australia Government Guarantee, which is insured up to $250,000 per person per institution. This page has more information.

      Cheers,
      Shirley

  20. Default Gravatar
    Justin | May 2, 2013

    How much does it cost to pull your money out and close down the account after the 4 months?

    • Staff
      Shirley | May 3, 2013

      Hi Justin,

      Thanks for your comment.

      There are no fees for closing the account, to do so, please call Citibank and request this.

      Cheers,
      Shirley

  21. Staff
    Shirley | April 23, 2013

    Hi Nigel,

    Thanks for your comment.

    You need to be 18 years of age to be eligible for the Citibank Online Saver Account.

    Cheers,
    Shirley

  22. Default Gravatar
    Carol | April 18, 2013

    Maximum Internet transfer amount per day

    • Staff
      Shirley | April 19, 2013

      Hi Carol,

      You have unlimited withdrawals to your Nominated Linked Account from the Citibank Online Saver.

      Cheers,
      Shirley

  23. Default Gravatar
    anita | April 8, 2013

    For Citibank Online Saver Account, if we transfer from (or to ) on line account at CBA / St.George, any fee/charges? what’s the maximum daily transaction (to transfer out) , can we close the a/c anytime? any fee/charges for closing a/c?

    • Staff
      Shirley | April 9, 2013

      Hi Anita,

      There are no fees if you wish to transfer online from Citibank to CBA or St.George. The maximum will depend on your account settings, which you can check with you bank.
      If you do transfer funds within a branch it will incur a fee. Generally, there are no fees for closing an account but you may need to have a request in writing.

      Cheers,
      Shirley

  24. Default Gravatar
    Patrick | April 1, 2013

    Hi

    How do I get access to cash using this account?

    Would fees be applicable to cash withdrawals?

    Thanks

    • Staff
      Shirley | April 3, 2013

      Hi Patrick,

      You can access your account through internet and phone banking and you get unlimited free withdrawals to your Nominated Linked account.

      Cheers,
      Shirley

  25. Default Gravatar
    eva | March 28, 2013

    Can I apply for Citibank on line saver in the name of a company or does this offer is only for personal accounts?
    Thank you
    Eva

  26. Default Gravatar
    Sevag | March 14, 2013

    do i need to be a resident of Australia to open account with citibank in Australia

    • Staff
      Shirley | April 3, 2013

      Hi Sevag,

      You need to be a resident of Australia to apply.

      Cheers,
      Shirley

  27. Default Gravatar
    Sevag | March 14, 2013

    is the a minimum period to keep moneys in money market account

    • Staff
      Shirley | April 16, 2013

      Hi Sevag,

      There is no minimum period, but if you close the account before the first month finished you will not accrue interest. Also, you get a bonus interest rate for the first four months with this saving account.

      Cheers,
      Shirley

  28. Default Gravatar
    Kim | February 28, 2013

    They’ve done it again – dropping their rate by 10 bp from today, 28th Feb; only 5 days before the RBA next meet. I know they are operating within legal limits but I find their lack of transparency unnerving – I cannot find another institution that has dropped its online savings account rate since the Dec 2012 RBA decrease flow-on.

    I have considerable funds invested so I’m finding another institution.

    • Default Gravatar
      Kim | February 28, 2013

      Edit : I have found a couple of other institutions who have lowered their rates (not in line with the RBA) BUT they all send letters to their customers informing them of the decrease (a courtesy not required by law). My main gripe is that Citibank treat their customers with such disdain. When I broached the issue in January they told me it was up to me to follow rate fluctuations. This maybe so & I consider myself vigilant but I still missed the decrease for 10 days. Why can’t they shoot off a bulk email? The answer is they know people are busy and will not check the rates online constantly. One thousand customers with 200 thousand dollars invested at a decrease of .10% equals $548 per day they don’t have to pay in interest. You can see what the figure would be if we (realistically) increase the number of customers to 50,000 (which is still conservative), that equates to $2794 per day or $83,820 per mth. AND, now they have done it twice!!

    • Staff
      Jacob | April 23, 2013

      Hi Kim. I understand your pain. We do have to be vigilant and keep on top of interest rate movements. The main power we have as consumers is the ability to vote with out feet. We can give you the information you need to make effective decisions as a consumer. This page might be of interest to you. It’s our Reserve Bank Cash Rate page, and it has the most up to date information on lending you’re likely to find. We publish information about the cash rate as soon as we get it, and we keep tabs on what all the lenders are doing. Have a look at this page, and if it’s something you think you would be interested in, you can sign up and have this information delivered to your inbox the minute it happens. We can’t really do more than send you an email, but as you said, ‘you have to be on top of these things, and setting a reminder to check rates is all part of your due diligence as a saver, spender and general consumer. Please let us know if there’s anything we can do. Kind regards. Jacob.

  29. Default Gravatar
    Lisa | February 28, 2013

    Is there any penalty for closing this account after 4 months?

    • Staff
      Isaiah | February 28, 2013

      Hi Lisa.

      Thanks for your enquiry, funds can be withdrawn at the end of the four month period and according to the terms and conditions for this account, there aren’t any charges for withdrawal to your linked account, nor closure of your account.

      I hope this helps,
      - Isaiah

  30. Default Gravatar
    Peter | February 27, 2013

    Hi, If I wish to open an online savings account how do I transfer funds to it from an account with another bank? Does that account need internet banking to achieve this?

    • Staff
      Isaiah | February 28, 2013

      Hi Peter,

      Generally speaking online savers accounts will be able to link to your existing Australian transaction account to facilitate funds transfers. Most people prefer internet banking although you can also transact via phone banking with this account.

      Kind regards,
      Isaiah

  31. Default Gravatar
    Biliana | February 21, 2013

    Hi,
    Are there any fees or penalties for withdrawing all the money and closing the account after 4 months?

    • Staff
      Isaiah | February 22, 2013

      Hi Biliana,

      In General savings accounts don’t have any fees for closing accounts. This account appears to be the same.

      All the best,
      Isaiah

  32. Default Gravatar
    Tina | February 19, 2013

    When you say 5% introductory rate for 4 months does that mean I still get the same rate if I decide to take my money after three months.

    We will have $1.576m to invest in two weeks and I am shopping for the highest rate.

    • Staff
      Adrian | February 19, 2013

      Hi Tina,

      The introductory rate is only available for sums of $500,000 or less. But yes, the intro rate applies despite an early exit from the account.

      Off the top of my head, I know that the Bankwest TeleNet allows balances of up to $5,000,000 for the maximum introductory rate. Some of the larger banks may also have such products.

      Good luck shopping around!

  33. Default Gravatar
    Vincent | February 11, 2013

    Hi

    Just checking to make sure funds can be transferred without having to use a text message security code which would mean having to be in the country to make the transaction in or out?

    Thanks

    • Staff
      Adrian | February 11, 2013

      Hi Vincent.

      Thanks for your question. This account requires an email address and doesn’t need a mobile phone number to operate the account.

      I hope this helps, Adrian.

  34. Default Gravatar
    Lisa | February 8, 2013

    If I invest funds for 4 months then close the account, do I get the full 5% interest rate for those 4 months or does this account require the funds to be lodged for a term longer than the introductory period of 4 months? Is there a penalty for closing the account after the 4 month period has completed?

    • Staff
      Adrian | February 11, 2013

      Hi Lisa.

      Yes, the full interest rate applies irrespective of your decision to close the account at the conclusion of the introductory rate period.

      There are no fees for doing this.

      Cheers, Adrian.

  35. Default Gravatar
    David | February 7, 2013

    Is there a way to search up our accrued interest as the month progresses? Interest is calculated daily and paid at the beginning of each month. So, if it is the 14th of January, is there a section within our Citibank Account that allows us to see the accrued interest from 1-14th January?

    Commbank has this system in place already, how will Citibank counter-act this?

    Cheers.

  36. Default Gravatar
    Kay | February 6, 2013

    Am I able to open a Citibank On-Line Saver account (that earns 5% – for the first four months) in the name of my SMSF?

    If so,what is the best procedure to use, I assume someone needs to view the trust deeds?

    • Staff
      Adrian | February 6, 2013

      Hi Kay.

      No, this account can’t be opened for SMSFs.

      Cheers, Adrian.

  37. Default Gravatar
    Sam | February 4, 2013

    I am a temporary resident in Australia. Am I eligible? Also, please can you confirm that the interest is paid monthly? If yes, can it go back into the same account or do I need to nominate another account where the interest is paid into?

    • Staff
      Adrian | February 4, 2013

      Hi Sam.

      For this account, you need to be a permanent resident of Australia.

      The easiest way to test this out for all future online accounts is to click ‘apply’ and read the first page.

      All the best, Adrian.

  38. Default Gravatar
    Darryl | January 29, 2013

    do you have an office in Wollongong ?

    • Staff
      Adrian | January 29, 2013

      Hi Darryl. No, Citibank doesn’t have an office in Wollongong.

      Is there anything you’d like to know about this account?

      Cheers, Adrian.

  39. Default Gravatar
    Richard | January 29, 2013

    Can I open this account as an Australian living abroad, but depositing Australian funds coming from within Australia?

    • Staff
      Adrian | January 29, 2013

      Hi Richard. I’ll be asking a range of institutions this question for you including Citibank and will loop you in on the responses.

      Cheers, Adrian.

    • Staff
      Adrian | January 30, 2013

      Hi Richard. I get the impression that online savings accounts can be opened by anyone with an Australian Tax File Number. I hope this helps.

      Cheers, Adrian.

  40. Default Gravatar
    Tina | January 22, 2013

    Is this 5% applied for business account or just personal account. What happen if the amount is greater than $500,000?

    • Staff
      Adrian | January 22, 2013

      Hi Tina. This is just a personal account. For amounts over $500,000, there is no introductory interest rate. The maximum variable interest rate at current is 3.50%.

      I hope this helps, Adrian.

  41. Default Gravatar
    Carli | January 16, 2013

    Hi Adrian

    I signed up with Citibank saver at the time(Mid December) it was 5.35%. Only a few days later it went down to 5.1%.Now I see it advertised at 5 %?
    Does this mean its gone down again in mater of a few weeks to 5% with out notice?

    As I have a large sum of money and would have moved it if so.

    Awaiting you reply

    • Staff
      Adrian | January 17, 2013

      Hi Carli.

      Thanks for your comment. Variable online saver accounts aren’t really required to give notice to customers that their rates are going down. Although this may change in future.

      One of the incentives for these providers to keep their rates competitive is the low barriers to exit for online saver accounts. There are no exit fees or account closing fees nor account opening fees. So switching to the most competitive suitable product is easy.

      All the best, Adrian.

  42. Default Gravatar
    Rose | January 16, 2013

    Is the interest compounded monthly?

    • Staff
      Adrian | January 17, 2013

      Hi Rose.

      Yes. interest is compounded monthly on most online saver accounts, including this one.

      Cheers, Adrian.

  43. Default Gravatar
    john | January 14, 2013

    I recently sold my home and until I am ready to buy again I would like to invest my money in a safe bank and yield the most in a short time, can you advise? What happens after the 4 months? Can I pull out or reinvest. What is the rate after 4 months and how safe is my money?.
    Thank. You. John

    • Staff
      Adrian | January 15, 2013

      Hi John. Thanks for your question.

      Yes, deposits in Citibank are safe. The government has a guarantee of deposits in Citibank of up to $250,000. If you have an amount above this figure, and you want it to be covered by the government guarantee, then you’ll have to take it to another financial institution covered by the scheme.

      The variable interest rate is applicable after the first four months on this account. As this rate is variable, it is subject to change at the discretion of Citibank.

      Cheers, Adrian.

  44. Default Gravatar
    Ros | January 5, 2013

    I presently have a term deposit with a building society which is due for renewal 9 January. Can I open an Online Saver account today with a nil balance and then transfer the funds on the 9th January?

    • Staff
      Adrian | January 7, 2013

      Hi Ros. Thanks for your question. Citibank allows for the Online Saver account to be opened with $0 balance. They reserve the right to close your account due to inactivity, but this would have to be a $0 balance for around a month.

      All the best.

  45. Default Gravatar
    Malinda | January 4, 2013

    At the end of the 4 month period can I transfer the money in to my everyday account with another bank and if so what costs are involved in doing so and closing the account?

    • Staff
      Adrian | January 7, 2013

      Hi Malinda. Closing an Online Saver account is free. As are the online transfers to and from your nominated linked transaction account.
      All the best.

  46. Default Gravatar
    Joey | January 3, 2013

    Please email me the progress of my application.

    • Staff
      Adrian | January 3, 2013

      Hi Joey. Please contact Citibank on 13 24 84 to follow up on the progress of your account.
      All the best.

  47. Default Gravatar
    Romesh | January 2, 2013

    Hi. I wish to check, should I open an online saver account and wish to close the account say in 6 months. What fees, charges and other costs would I need to pay?

    • Staff
      Adrian | January 2, 2013

      Hi Romesh. Thanks for your question. Whether you take up an online saver account is a decision which is entirely up to you. Closing online savings accounts is free and if you clear your account, it will usually be closed anyway due to inactivity.

      People tend to jump between savings accounts to chase introductory rates. In most cases, using an online savings account should be free. Especially if your transactions are online.

      All the best.

  48. Default Gravatar
    Martin | December 28, 2012

    When trying to open an account and entering my suburb Mount Lawley 6050 your stupid website always comes up with: enter a valid suburb. I think I know where I have been living for the last 16 years.

    Martin

    • Staff
      Adrian | January 2, 2013

      Hi Martin. Thanks for raising this with us. Please call 13 24 84 to speak to Citibank to work through your problem.

  49. Default Gravatar
    Helen | December 20, 2012

    Can you calculate the interest that will be paid in a twelve month period on $50 per week in this account (5.35%pa for four months then 3.5%pa for the remaining 8 months)
    Thank you

    • Staff
      Adrian | December 21, 2012

      Hi Helen. By my calculations, the interest is around $10. You should use a savings calculator to double check this.
      All the best.

  50. Default Gravatar
    Barbara | December 20, 2012

    Does this Online Saver Account calculate interest daily and pay monthly?

    • Staff
      Adrian | December 20, 2012

      Hi Barbara. This account does calculate interest daily and pays interest on the first business day of the month.
      All the best.

  51. Default Gravatar
    Martin | December 19, 2012

    Is the linked account the one I transfer money from my present bank account into Citibank, or the one I want to transfer money from Citibank sometimes to the other bank account?

    • Staff
      Adrian | December 20, 2012

      Hi Martin. Thanks for your question. Your linked account is the everyday transaction bank account which your use to transfer money from and to. Most savings accounts will allow you to only nominate only one account as your linked account to deposit funds from and to withdraw funds to.

      Does this answer your question?

  52. Default Gravatar
    Langdon | December 10, 2012

    If I withdraw more than $10,000 in a single transaction from my Citibank online saver account, will there be a fee? (I am referring to this note from the schedule fee: Fee-free withdrawal limit applies to ATM withdrawals at Citi and Partner* ATMs within Australia, EFTPOS, cheque withdrawals, direct debits, BPAY, Internet and Phone
    Banking, but NOT ATM withdrawals at non-Citi and non-Partner ATMs, bank cheques, telegraphic transfers and transfers over $10,000.)

    • Staff
      Adrian | December 10, 2012

      Hi Langdon. For this account, you can only withdraw online to your linked transaction account. Withdrawals to your nominated linked account are unlimited and without fees.
      All the best.

  53. Default Gravatar
    Ken | December 6, 2012

    In another 6 months I will be looking for another rate like yours, and whilst I understand rates could change the question remains the same. If at the end of the period can you just collect your Interest and go elsewhere and do you have to make a certain dollar deposit figure each month?

    • Staff
      Adrian | December 7, 2012

      Hi Ken. This account doesn’t have a minimum deposit or no withdrawal clause to earn the bonus interest rate. The bonus interest rate on this account is for an introductory period of four months.

      If wanted to leave Citibank at the end of this four month period, this is possible without incurring any fees. In short, you can change to any account which suits your needs, so if you don’t want an account which has minimum deposits, you don’t have to. There are plenty of products with introductory interest rates and some accounts with just a high standard variable interest rate.

      All the best.

  54. Default Gravatar
    Tom | December 4, 2012

    At the end of 4 months for term deposit 5.35% can funds be withdrawn without penalty or any fee charges? Are there any fees or charges for the 4 month term?

    • Staff
      Adrian | December 4, 2012

      Hi Tom. Funds can be withdrawn at the end of the four month period and according to the terms and conditions for this account, there aren’t any charges for withdrawal to your linked account, nor closure of your account.
      All the best.

  55. Default Gravatar
    Sharon | December 3, 2012

    Hi can you tell me is there a limit to the amount of money that can be transferred/withdrawn from the account per day. It would be sent to an ANZ linked account. Thanks

    • Staff
      Adrian | December 4, 2012

      Hi Sharon. According to the terms and conditions for this account, the full amount of your account is available at call to be transferred in full to your nominated linked accounts.
      I hope this helps.

  56. Default Gravatar
    Christine | December 3, 2012

    I opened a new acc on Friday. Should i have rec my email by now

    • Staff
      Adrian | December 4, 2012

      Hi Christine. Please call Citibank on 13 24 84 to follow up with them on this. Let me know how you get on.
      All the best.

  57. Default Gravatar
    jim | December 2, 2012

    how do you close this account, and does it have to be active for a certain period of time or can it be deactivated at any time? even as soon as a week?

    • Staff
      Adrian | December 3, 2012

      Hi Jim. This should be possible.
      All the best.

  58. Default Gravatar
    Roslyn | December 1, 2012

    Is Citibank a part if the NAB im asking this more for security reasons only

    • Staff
      Adrian | December 3, 2012

      Hi Roslyn. Citibank is listed on the website of the Australian Prudential Regulation Authority as a Foreign Subsidiary Bank. It is not a division of NAB.
      All the best.

  59. Default Gravatar
    Jeff | December 1, 2012

    Is this online savings account available for business entity ?

    • Staff
      Adrian | December 3, 2012

      Hi Jeff. Citibank does have a business savings account, but this particular savings account is for personal use only.
      All the best,

  60. Default Gravatar
    Gary | November 29, 2012

    Can SMSF money be invested in your on line saver account.

    • Staff
      Adrian | November 30, 2012

      Hi Gary. This is a personal account which isn’t compatible with a SMSF. There are a fair few SMSF online savings accounts available. They are sometimes called DIY Super accounts. Although we don’t yet have an online comparison, a Google search should reveal some of your options.
      Good luck.

  61. Default Gravatar
    Christine | November 28, 2012

    How long does the bonus variable rate of 1.60% p.a. last for?

    • Staff
      Adrian | November 29, 2012

      Hi Christine. The introductory period for the bonus variable rate is four months.
      All the best.

  62. Default Gravatar
    Terry | November 26, 2012

    Hello,
    At the end of the 4 month term can I withdraw all my money without any penalties?

    • Staff
      Adrian | November 27, 2012

      Hi Terry. Generally, savings accounts don’t have any fees for closing accounts. This account appears to be the same.
      All the best.

  63. Default Gravatar
    Chiz | November 23, 2012

    Hi,

    This 5.35% variable interest rate you are offering for 4 months, is it for personal bank accounts only or can we open an account in the name of Self Managed Super Fund?

    • Staff
      Adrian | November 26, 2012

      Hi Chiz. This account can’t be opened for an SMSF. We don’t yet compare SMSF savings accounts but we will in the future. Many of the companies which provide high interest savings accounts will have a SMSF account on their website.
      Thanks for your question.

  64. Default Gravatar
    Alec | November 23, 2012

    Is the interest paid monthly? Cheers

    • Staff
      Adrian | November 26, 2012

      Hi Alec. The interest on savings accounts is paid monthly.
      All the best.

  65. Default Gravatar
    Langdon | November 21, 2012

    What amount is covered by the government guarantee?

    • Staff
      Adrian | November 21, 2012

      Hi Langdon.
      The government guarantee is $250,000.
      All the best.

  66. Default Gravatar
    Terri | November 19, 2012

    Hello,
    What happens at the end of the 4 month term? can I withdraw all my money without any penalties?

    • Staff
      Adrian | November 20, 2012

      Hi Terri. After the introductory period the interest rate will revert to the standard variable interest rate.
      Thanks for your question.

  67. Default Gravatar
    Lisa | November 8, 2012

    Does this account have a maximum amount that can be deposited or that attracts the high rate?

    I don’t want to deposit any funds till 30 November. I’m assuming I’m best waiting till the 27th or 28th to open this account? Can a settlement agent deposit funds directly to this account, or does it have to be done online?

    • Staff
      Adrian | November 9, 2012

      Hi Lisa. The maximum that attracts the higher rate is $499,999.99.

      Deposits can b made through the following methods:

      • Your Nominated Linked Account
      • Any direct credit (from an Australian source)
      • Cheque (made out to the account holder)
      • Dividend Payments*
      • Any other electronic credit
      • Note that cash deposits are not available into this account.

      *Dividends paid through cheque will need to be deposited at National Australia Bank
      *Dividends paid through cheque will need to be deposited at National Australia Bank.

      Thanks for your question.

  68. Default Gravatar
    Gavin | November 7, 2012

    is there a minimum that i can transfer out of the online savings account to my personal bank account with NAB on any day or at any time?

    • Staff
      Adrian | November 8, 2012

      Hi Gavin. There is no minimum or maximum amount that can be transferred from or to your linked account. Funds are cleared on business days, and on the same day if processed before 4pm.
      All the best.

  69. Default Gravatar
    susan | August 31, 2012

    are there any hidden costs involved in the citibank online saver account?
    Is there a fee for closing a citibank online saver account?

    thank you Sue

    • Staff
      Shirley | April 23, 2013

      Hi Susan,

      Thanks for your comment.

      There are no fees involved with the Citibank Online account, and there are no fees for closing the account.

      Cheers,
      Shirley

  70. Default Gravatar
    helen | June 16, 2012

    please explain whether or not i’ll get 5.7 or 6.4 if i open today and leave for more than 6 months before withdrawing or maybe moving to a fixed term account.

    • Staff
      Adrian | April 24, 2013

      Hi Helen,

      The information in the table is correct for the current interest rates. The introductory period is 4 months.

      Kind regards, Adrian.

  71. Default Gravatar
    Alejandro | May 27, 2012

    A six month promotional interest rate?
    Regards.
    Alejandro

    • Staff
      Adrian | April 24, 2013

      Hi Alejandra,

      Thanks for your comment. The interest rates in the table and text reflect the current interest rates.

      Many thanks, Adrian.

  72. Default Gravatar
    chris | November 25, 2011

    Would I be able to set up an automatic monthly transfer of a fixed amount out of the Citibank Saver into another account at a different bank ?

    • Staff
      Shirley | April 23, 2013

      Hi Chris,

      Thanks for your comment.

      Before you apply for this savings account, you need to verify if you can link this account to the Citibank Online Saver. Usually it needs to be an account that’s based in Australia, most credit unions are usually not eligible.

      Hope this helps,
      Shirley

  73. Default Gravatar
    Duncan | October 6, 2011

    Upon opening the new account the 6.41% interest is calculated daily? and is fixed at 6.41 for the duration of the 6 months irrespective of interest rate changes in the economy.

    • Staff
      Shirley | April 23, 2013

      Hi Duncan,

      Thanks for your comment.

      The interest is calculated daily and then paid monthly. The interest rates will depend on Citibank – each time the interest rate changes, Citibank will notify you.

      Cheers,
      Shirley

  74. Default Gravatar
    Michael | August 26, 2011

    can you get a visa/mastercard debit card with this account ?
    Can you open an overseas account (Citibank Inowroclaw Poland) for transfer of funds with this account ?

    • Staff
      Shirley | April 23, 2013

      Hi Michael,

      Thanks for your comment.

      You don’t receive a Visa Debit Card with the Citibank Online Saver, but if you combine it with the Citibank Plus Transaction account you will receive a Visa Debit Card for online, domestic and overseas purchases.

      Cheers,
      Shirley




Top High Interest Savings Accounts*

All of these accounts are FREE to open and require no minimum deposit. They all have easy internet banking access with no transaction fees.

Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit
RaboDirect High Interest Savings Account
RaboDirect High Interest Savings Account
A high introductory rate for 4 months, and a high ongoing variable rate. 4.30% 3.20% 1.10% $0 $0 / $0 OpenMore
ME Bank Online Savings Account
ME Bank Online Savings Account
Earn 4.60% p.a. for 5 months on balances up to $250,000 when linked to a ME Bank Transaction Account. Plus no monthly account keeping fees. 4.60% 2.90% 1.70% $0 $0 / $0 OpenMore
ING DIRECT Savings Maximiser
ING DIRECT Savings Maximiser
A high interest savings account with no account keeping fees. Earn a up to 4.35% p.a. variable rate for 4 months. 4.35% 2.75% 1.60% $0 $0 / $0 OpenMore
Bankwest TeleNet Saver
Bankwest TeleNet Saver
No Fees. No minimum monthly deposit. For balances up to $5,000,000. Earn a high 4.30% p.a. variable rate for 6 months. 4.30% 2.70% 1.60% $0 $0 / $1 OpenMore
Ask a question