as per https://www.ozbargain.com.au/node/113317 - citibank plus is the best, if not only, totally fee-free transaction account :)
$120 Cashback After 12 Mths When You Deposit $3000 Into Citibank Plus Each Month - New Customers
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too much work for $10/mo
yeah lol
That's $10 a month for what? Doing a couple of clicks? Imagine your mobile plan just got $10 cheaper per month.
Of more interest to me though is the interest rate on that plus account. Do they offer any?
did you forget to "+" the bargain then?
still undecided. considering that if I set up automated transfer the money would be 10 days of the month in transit. That's 120 days per year when it will not earn any interest. So 1/3 of the interest I could make on a 4% term deposit (or online saver) gone - meaning this deal just got approx. $36 less attractive making it $84 or $7 per month.
Got to see next whether my daily transfer limit on my current account needs adjustment and whether online verification works for me at citibank. If not, I'm likely to agree with "too much hassle" but still worth it for a true ozbargain hunter.
Let's not forget the Citibank website is a PITA. How I managed to stay a customer for this long with their horrible website and OTP system is beyond me. Damn stickiness and direct debits.
EDIT: For the benefit of non-Citibank customers, the website is not the most user friendly. OTP is the requirement to receive an SMS or use their iPhone app to generate a one-time access PIN in order to do any transfers or view any balances. Problem is that it can take some time to arrive. The login process is also painful because you need to click your secure password in using an on-screen keyboard with buttons which move around (a major pain with a trackpad). It's also perplexing how clicking on most links take you outside the secure/logged-in area of the Citibank website.
Also this (re to PITA) — completely agree.
Yeah the on-screen keyboard drives me up the wall! Seriously, next they'll require all users to wear tin foil hats…
I wouldn't use them if not for their awesome annual fee-free credit card offer…
Let's not forget the Citibank website is a PITA. How I managed to stay a customer for this long with their horrible website and OTP system is beyond me. Damn stickiness and direct debits.
I can live with the OTP as you can generate it with your phone, but the clunky-ness of the web interface and having to enter in password with the mouse/trackpad (and it doesn't allow all characters such as '@' in passwords) annoys me the most
OTP is the requirement to receive an SMS or use their iPhone app
or ask for a physical hard token instead :)
jace88 - use lastpass. it populates your password intsead of having to use that crappy popup keyboard
what physical hard token ? can't find the info on their website..
how do you figure 10 days? 3 days to get in 4 days in account and 3 days to get out?
Wouldn't it be more like 5 days in transit? 60 days total and therefore only $18 less attractive?
Hard token is a good idea except it blocks you from using the iPhone app. Sigh.
On another note of Citibank pain- wait until you need to use fax to send in any forms, confirm changes to your account or do international transfers. I was gobsmacked that they don't allow email communications.
Will look into it- I'd be worried about security except you have the safety of OTP >_>
I agree that the internet bank interface is crap. No argument there. I think they are launching a new interface later this year but I am not sure when. Hope it will be better.
With regards to the OTP generated through the mobile app, I have to disagree.
Yes, it can be annoying BUT you all need to keep in mind that this account was designed to serve customers while they are both in Australia and overseas and receiving an SMS code to your Australian number while overseas is a major pain!Furthermore, you can also be in a spot in Australia where you don't have signal.
IMHO, OTP via the mobile app is a MAJOR improvement over code delivered by SMS which is still used by most banks. As your phone (or Tablet for that matter) is usually with you wherever you go and the app can generate the OTP code WITHOUT an internet connection, this is actually a major selling point for the citibank product.
I can say from my personal experience of my last 2 month overseas trip that this app and the offline OTP generation feature have saved my bacon many many times.
As some of you might be aware, finding the BEST banking products is a bit of a passion of mine and I conduct extensive research on the matter cause I simply enjoy it and I can tell you without a doubt that this product is definitely the best account in Australia for travellers and probably the second best in the entire world.
Btw, If you are curious, the ABSOLUTE BEST transaction account on the planet is this account which has all the features of the Citibank product plus they refund all ATM operators fees ,anywhere in the world! Unfortunately, you need to be American to get it ;)
refund all ATM operators fees ,anywhere in the world!
this was offered - and i had/miss - pre eftpos interchange fee reform :(
And then a few more clicks to set up a transfer to my other account. And then a few days waiting for the transaction to clear.
would hate to forget a month
That's what automated transactions are for. Can probably set up a regular deposit from your current account to Citibank and 5 days later citibank to your account. To do the maths properly though you need to consider the time the money is in transit and/or not earning any interest.
$5 per click not good?
$5 a click + another $3000 to move in and out , not as good $5/click
Automate $120 to be transferred in & out on a daily basis. That'll cover your $3000 monthly minimum, and you get your 365th (366th?) transfer on the house for your troubles! Plus, it would be super fun if/when receiving a paper statement…
Does it need to be $3000 because I only have $2k in cash. Can I put the 2k in and out twice?
"as long as you've deposited a minimum total of $3,000 during the course of the month into your Citibank Plus account."
Put into the $3000 into a 12 month term deposit for 4%, you will get $120 with less hassle.
But wouldn't you also be earning interest on the $3000? It's a bonus $120 which really gives more value
citibank plus: zero fees, zero interest
Alternatively you could keep $3000 in a high interest savings account and switch the money in and out of the Citibank plus account each month for 12 months - you'll get the $120 plus interest!
+1 :)
I'm wondering if moving #3000 from Citibank Plus to Citibank Online Saver and back would count as depositing $3000 per month?
Yes it will
how do you know? Not that I don't trust a stranger on the internet ;)
then why ask the question here in the first place?
how do you know?
because you have moved 3k into this account. It doesn't matter where it comes from.
@erd seriously…?
agree just set and forget fund transfer btw two bank accounts
'New Customers Only'
Does this mean new customers to Citibank or new customers to the Citibank Plus Account?
Ca they beat ubank interest rate?
Would it be better to open up a Citibank online saver account? That way you could easily shuffle $3,000 between the two.
The interest rate for the online saver are 4.2% for the first four months and 2.9% thereafter
But then it's obvious that you're just transferring the money between accounts.. Transferring it out and back in again from a completely separate bank, they'd be none the wiser.
Their computer program for determining whether $3000 has been deposited each month for 12mths is not going to care where the money came from.
Isn't it essentially the non-Crcard version of 28 °?> ie: avoid Foreign fee just you don't borrow.
Strangers getting in early the 100 should be pretty right, just no iron clad the bankers do just bend it to their meaning..at the eleventh Month (NEW terminology — Salary Deposit; External banks required.. we ask.. rebate on hold partner).
also with free wine and international transfers :)
Could you just deposit $3k and take it out again? will that work? I have a mortgage with 100% offset acc, so it make sense to keep my money in my offset acc all the time. But if could score extra $120 by depositing and withdrawing, i don't mind doing it once a month .
Yes, it shouldn't matter where the cash is going once it's dipped its toes in the citibank pool.
That's what 90% of us are/will be doing. Otherwise if you don't have a mortgage offset account then transfer it out someplace else, bpay it to pay off monthly credit card bill, or transfer it into your favorite high interest savings account or equivalent. Get that money out of there asap before it catches cooties!
As long as you have had 3k incoming into the transaction account each month, no matter how long it stays in there for or where it goes afterwards, you should be fine. At least that's what I'm "banking" on happening ;)
Note/Tip on automating this process: bank-to-bank transfers should only take 1 business day to clear, but be careful of weekends if setting up a transfer on say the 15th of the month, your funds won't always be there on the 16th or 17th to transfer back out again.
good to know I'm on the right boat, just waiting for their ID verification now..
This card could be really useful for my Europe trip soon (so yes, i'm technically still wish to "deposit" money in there, but just for a month ;) Hate to go on holiday with too much cash on hand.
Hi guys, if I already had a citibank Signature reward card as per one of the deal last time, would i still be qualified to get the cashback if i open a citibank plus acc now?
Yessss, do it! It's for new "citibank plus accounts" so apply now before the cutoff date!
To posit the question on my mind, I have no idea if the transfer has to happen by 31 march which would be unpossible as it takes a few days to be processed, and then you have to do an ID check at Aust Post (yes, even if you have a CC account). So I would assume that since you won't get your account numbers until mid-April that the first 3k transfer just needs to happen by 30 April.
Note to others if they extend this deal past today: I recommend applying for this early in the month, or very late in the month. If you apply mid-month like I did then you run the risk of not getting your account details in time to make the 3k transfer in the same month which disqualifies you for the bonus $120!
fear not buddy, i already applied last week, verified and approved. just haven't got the card yet.should be able to meet the cutoff..Thanks for clarifying..=)
Can I take the $3000 out the following day?