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CitiBank Online Saver Account, 2.85% p.a Variable Interest Rate for First 4 Months, on Balances up to $500,000 (New Accounts)

1000
CitiBank Online Saver Account, 2.85% p.a Variable Interest Rate for First 4 Months, on Balances up to $500,000 (New Accounts)
Go to Deal
Lred sed on 16/07/2022 - 20:19 www1.citibank.com.au (1530 clicks)
Last edited 13/08/2022 - 20:58 by 2 other users

2.85% p.a.1
VARIABLE INTRODUCTORY RATE
(FIRST 4 MONTHS)
Competitive interest savings
Earn our variable introductory rate, currently 2.85%p.a. for the first 4 months when your balance remains under $500,000.
At the end of the 4 months or if at any time your balance exceeds $500,000 (including due to interest credited to your account*), your account will have our ongoing standard variable rate, currently 1.60%p.a.

  1. This offer is only applicable on the first Citibank Online Saver that you open. Interest rate may change at any time including during the first 4 months. ↩

Financial Bank Account Savings Account

Related Stores

Citibank Australia
Citibank Australia

closed Comments

  • CyberMurning on 16/07/2022 - 20:22
    +8

    with No Hoops!

    there is hoops, ie 4 months only

    • red sed on 16/07/2022 - 21:00
      +9

      thats not a hoop u goose!

      • vchoy on 16/07/2022 - 21:20

        hoop / limitation / gotchya's / fine print = all the same same spec on ozbargain

        • cookie2 on 17/07/2022 - 08:32
          +6

          A hoop is an additional hurdle to get the deal. A time limitation isn't a hurdle. It's just a set timeframe for the deal to apply. If you classify a time limitation as a hoop, then every OzB deal has a hoop!

  • mrcosmo on 16/07/2022 - 20:27
    +7

    So for the people who signed up in the past few weeks ago at 2.10% it should automatically increase to 2.6%?

    • pluto on 16/07/2022 - 20:31

      Would like to know as well.

    • red sed on 16/07/2022 - 20:59
      +3

      yes its gone up to 2.6%

      • theUnderdog on 16/07/2022 - 21:47
        +1

        Great news. Did they say that on their website?

        • aguitarfreak on 30/07/2022 - 10:26
          +1

          Can confirm its gone up to 2.6%. Just saw it in my statement šŸ‘

      • aguitarfreak on 17/07/2022 - 12:28

        Yes would like to know too. Did you have to call?

        • Going Broke on 18/07/2022 - 08:12
          +1

          I just logged on to my online account and nowhere it says the current interest rate on the balances. Would like to know where it shows the interest rate.

    • TAN on 19/07/2022 - 10:44

      Yes , I have two accounts and the last rate increase applied to the old account

    • kerfuffle on 30/07/2022 - 10:03
      +4

      Can confirm this is the case; statement issued yesterday says 2.6% (I opened mine at 2.1%)

  • AsukaST on 16/07/2022 - 20:28
    +2

    You actually earn $1083.33 a month for $500,000.

    • Penguin30 on 16/07/2022 - 20:51
      +4

      Not bad but wouldn't assume many people have $500k to just park in a savings account. That money has much better return options available better than a savings account.

      • Phreebee on 16/07/2022 - 21:11
        +15

        Perhaps, but not with the same level of low/no risk as a Savings account. The higher risk of negative returns in the current economic climate comes into play with most other investment options (e.g. most Super funds achieved negative returns last financial year despite all the investment diversification meant to minimise such risk. Admittedly the Super funds generally achieved excellent returns the year prior, hence the gamble/risk element of investing in markets). At least with a Savings account that earns some interest you can sleep at night knowing your bank balance isn't going to go suddenly backwards due to external forces outside of your control.

      • [Deactivated] on 16/07/2022 - 21:15
        +5

        Care to enlighten us? AMP? Doggy coin?

        • muncan on 16/07/2022 - 23:25
          +2

          Switched my savings from HISAs to ETFs precisely 2 years ago. Have gone from very good gains to heartbreaking losses.
          I canā€™t go back to HISA now, Iā€™m down. šŸ˜¢

          • mj7312 on 16/07/2022 - 23:32
            +4

            @muncan: Just hang in there, it will go back up. You don't invest in ETFs for the short term.

          • [Deactivated] on 17/07/2022 - 01:14

            @muncan: Sorry to hear that. I actually think interest rates for term deposits will go much higher yet myself.

          • Yola on 17/07/2022 - 03:29
            +1

            @muncan: Agree, do not crystallise your losses.

          • lazyevenings on 17/07/2022 - 07:56

            @muncan: What ETF's? Despite the historically bad first half to 2022, many ETF's should still be ahead.

            Including dividends in exactly the last two years :
            VAS is up 10.46%
            A200 is up 10.7%
            VTS is up 11.47%
            NDQ up 7.78%

            • muncan on 17/07/2022 - 13:08

              @lazyevenings: My current losses are from Vanguard Europe/Asia/Global funds I bought in July last year. AU/US/property funds which I bought 2 years ago are still ahead, but nowhere near their value before the tech sell-off began last Nov. It pains me to now pay tax on dividends with a capital loss.
              In hindsight I would have been better stick with ~1% interest in last 2 years, and think about buying ETFs now.
              Oh well, time in the market, not timing the market. Bah!

      • G-rig on 16/07/2022 - 22:12

        As long as not cryptos lol

    • JIMB0 on 16/07/2022 - 22:27

      Don't forget the extra one third of a cent.

  • gungirlyuna on 16/07/2022 - 20:54
    +2

    BOQ is a better deal for under 35s

    • akafinal on 17/07/2022 - 11:55

      I recently signed up with BOQ for the 3% and quit after couple of days. Probably I'm unlucky but the experience was the worst one I've had so far among 5 banks I've used.

      • gungirlyuna on 17/07/2022 - 20:11

        What happened?

        • akafinal on 17/07/2022 - 20:50
          +2

          After I figured that it will take a month with NO interest to generate my first interest in the second month, I decided to transfer the money back to ING. Then I realised that I was unable to transfer money out due to some glitches in the system so money got locked up for a while!?
          It took around 2-3 hours each time to reach to their technical department. After long verification process, the guy said that he did not know what's going on and he was not even from Tech but from general banking (probably due to staff shortage he got switched) and the best part, he was not even sorry.
          And as you're guessing, he couldn't do anything about my situation so the money was still locked. I ended up figuring out that I was able to transfer to another investment account of mine as I did a test transfer a day earlier. Thus, I transferred the money to that account instead of ING.
          It took another 3 days for the money to get back to ING due to another verification from the investment company. What an experience!
          Now, even BOQ raised their interest rate to 10%, I would never come back.
          You can have a look at their reviews on Product Review to see what happened to people. I read that before I opened the account to avoid those situations but no, I can't outsmart BOQ 'fancy' systems.

    • akafinal on 17/07/2022 - 20:53

      How's your experience with them?

  • arcticmonkey on 16/07/2022 - 20:58
    +6

    Wants me to verify my id the dumb thing even though I'm already a customer.

    Typical shitibank

    • timhn on 17/07/2022 - 18:53
      +1

      Same with NAB, AMP and Macquarie Bank when i tried open a TD account. They asked if you are existing customer and ask to login and prefilled name and phone number. Still have to put all personal info as if you are new customer.

      Not sure if the neo/digital banks would be better.

  • hippyhippy on 16/07/2022 - 21:18
    +5

    Citi is now nab…

    • OzBrogains on 16/07/2022 - 21:34

      Hey that's great.

    • G-rig on 16/07/2022 - 22:13

      Noticed instant transfer time from ubank to Citi now.
      Bit too convenient sometimes when it used to be a business day and no card/quick access to online saver.

      Will have to check ubank rate.. 0.4% isn't heaps to worry about unless people have tightened up in all order areas but heading in the right direction for saving at least.

      Ubank interest rate 0.1%.. boo

      • kerfuffle on 16/07/2022 - 23:57
        +1

        Ubank interest rate 0.1%.. boo

        Only if you don't meet the bonus interest criteria, which isn't that hard to maintain

        • G-rig on 17/07/2022 - 01:25

          Don't want to open the daily account and order a card etc, but to have a separate online saver that isn't linked to anything to avoid making it easy to withdraw etc. Even ING want you to link their cars account too I think to get the best interest rates

  • TurnipHead on 16/07/2022 - 21:58

    Anyone know if existing customers with an online saver can still open new accounts and get the intro rate?
    There was a loophole before but not sure if it's been closed.

    • bird380 on 16/07/2022 - 22:23
      +2

      Yes, just close your existing online saver account then apply for a new one.

      • G-rig on 16/07/2022 - 22:31

        Will have to check on the PC, nothing on the app.
        So try to close, create new one and relink to Citi plus account (debit), balance transfer?

        • bird380 on 16/07/2022 - 22:58
          +5

          After logging in to online banking (PC version)
          1. Transfer all the money from the online saver account to Citi plus Transaction account or global currency account.
          2. Then on the "Services" tab click "DEPOSITS SERVICES" from the drop-down list and select "Close your Savings Account". Then fill in the form.
          3. Around 1-2 business days(my case is the next day), you will see the Savings account is closed.
          4. Then you can apply for a new online saver account.
          5. After 1-2 business days(my case is the same day), you will receive a welcome email from Citi stating the new account has been opened.

    • starburstyellow on 16/07/2022 - 23:22
      +1

      TBH I opened a second one when the existing one was still opened. I confirmed on the phone with Citi, as well as checked after, that the promo rate applied to my 2nd saver account.

      • Yola on 17/07/2022 - 03:31

        Yes I have done this a few times too.

        • mememe123 on 17/07/2022 - 06:38

          Do you think we could do it a few times with this offer? ie every 4 months

          • Yola on 17/07/2022 - 08:39
            +1

            @mememe123: Yes this is the offer that starburstyello and I are referring to. But as its against their T&C is good idea to check with their online chat once you have opened one what interest its getting just in case they fixed it.

      • ruprectaus on 13/08/2022 - 23:18

        I have been unable to open another account for a year or so ? I cant get past the first page, it just seems to think a mandatory field is missing after I click the Next button down the bottom and yet every field has something in it or has a drop down box selected, doesn't matter if I go and refill them (some I can't like name etc) Very odd

    • bird380 on 01/08/2022 - 20:41
      +1

      @TurnipHead Can confirm it's still working. Read my recent statement from 30 July, "As at the statement date, your interest rate is : 2.60%"

  • savara on 16/07/2022 - 22:48
    -7

    Citibank doesn't comes under government back 250k financial claim scheme guarantee.

    https://www.apra.gov.au/list-of-authorised-deposit-taking-inā€¦

    • Techie4066 on 16/07/2022 - 22:55
      +6

      Uh hell yeah it does.

      National Australia Bank Limited (ABN 12 004 044 937, AFSL and Australian Credit Licence 230686) (ā€œNABā€) is the issuer of Citi branded financial products. NAB has acquired the business relating to these products from Citigroup Pty Limited (ABN 88 004 325 080, AFSL and Australian credit licence 238098) (ā€œCitiā€) and has appointed Citi to provide transitional services. NAB is an Authorised Deposit-taking Institution (ADI). Under the Australian Governmentā€™s Financial Claims Scheme your deposits with NAB (including under these terms and conditions) may be guaranteed up to $250,000 per account holder
      per ADI.

  • JGreninja on 16/07/2022 - 23:00

    ING Saving Maximiser is already offering 2.6% and does not end in 4 months

    • airpoe on 16/07/2022 - 23:06
      +10

      yes but ING is only on 100k; need to grow your savings & 5 transactions a month.

      If you have under 100k, just go with ubank as they will be 2.35% next month & a lot less hoops. You get an extra $20.83 a month from ING v Ubank. Not really worth the hassle. imo

    • Harold Halfprice on 16/07/2022 - 23:28

      But requires 1000 deposited each month + 5 card transactions

      • LFO on 17/07/2022 - 11:10

        Which you can dully withdraw as soon as it is in !

        Like the 5 transacts, just another inexplicable hurdle.

        • Harold Halfprice on 17/07/2022 - 11:34
          +1

          Still a hurdle you have to jump through, and annoying if it's not your primary transaction account.

          Citibank you can leave your money there for 4 months and not have to think about it.

          • HcNguyen111 on 17/07/2022 - 12:29

            @Harold Halfprice: FYI: Coles/Woolworth self checkouts have the ability to split payments. You can do your transaction requirements in one shop.

            (But yeah, I hate these hurdles too.)

            • bbking18 on 18/07/2022 - 14:46
              +1

              @HcNguyen111: Yep, did this the other day in order to earn bonus interest on my BOQ Smart Saver account, currently 2%. I didn't realize self checkout lady called the manager over. I was in the middle of doing split payments the manager came from behind and asked me what was I doing. I showed her my debit card and explained to her. Gosh, all eyes on me, like everyone at selfcheckout are looking at me. Another couple of employees came over too. I felt like I was caught doing something illegal. But manager was really nice. She immediately apologized and told me it was fine and asked me to carry on. But the other girls were still whispering. Then the manager told them I didn't do anything wrong. I swore to myself at the time I would not do it again.

              • HcNguyen111 on 18/07/2022 - 14:51

                @bbking18: Haha! I did the same (for my BOQ too, what're the chances) and also got questioned. I won't be printing a receipt next time - I already have a scarf. (The receipt is extra long due to the multiple card transactions.)

                • bbking18 on 18/07/2022 - 14:52
                  +1

                  @HcNguyen111: Now I am laughing. You are right that the receipt was so long I got embarrassed as well.

                • Yola on 18/07/2022 - 16:44

                  @HcNguyen111: You can do it with PayPal in the privacy of your home.

                  • BuyNow Think Later on 18/07/2022 - 17:37

                    @Yola: Pls shared with us the steps?

                    • Yola on 18/07/2022 - 19:12
                      +3

                      @BuyNow Think Later: You need to make a .01 cent (or more) payment from your PayPal account to someone else's PayPal account. I have set up my son's account as a contact and let him keep the 20 cents per month. ( I have to do 4x5) Possibly you could set up a second account for yourself. Then you link the card (not account) in your wallet. Much easier if you set the card you want to use as the preferred payment method while doing the payments. Then can change back as its instantaneous. Takes a few days to be settled. No charge for this.
                      Credit to Bluesky.

                      • BuyNow Think Later on 18/07/2022 - 21:03

                        @Yola: Thanks for your reply.
                        Do you click on Send money on Paypal -> key in registered @username, Paypal email or mobile # to find your son's account in order to send money from your linked ING debit card?

                        Do you choose then "For goods and services" or "For friends and family"?
                        There is no charge for the former but a charge for the latter.

                        • Yola on 19/07/2022 - 08:16
                          +2

                          @BuyNow Think Later: I have been doing this for over 12 months, since BeemIt stopped working, and cannot remember how I did set it up. My son gave me his details and I set him up as a contact. I just had a look and if you go Dashboard then More you can set up a profile and Create your PayPal.Me page
                          Help your friends and customers know it's you they are paying.
                          So, I think he must have done this.
                          Yes, at one stage I was getting charged 1 c per transaction so each time I paid 2 c. At some stage I must have done goods and services and did not get charged the extra. Both methods worked for meeting the bonus criteria for the last 12 months.

                          • BuyNow Think Later on 19/07/2022 - 11:17

                            @Yola: Thanks, Yola. I'll give it a try. BeemIt works on Westpac and BOQ but doesn't work on ING.

                  • BluebirdV on 22/07/2022 - 10:54
                    +1

                    @Yola: I was doing the PayPal trick in the Philippines to get the International ATM fees refunded with ING in 2018. Send 1 c to my dad using Paypal 5 times a month. I ended up getting $700 of ATM fees refunded in just over a year while I was living there

    • bird380 on 16/07/2022 - 23:33

      But your account balance needs to be higher than previous month.

      • muncan on 17/07/2022 - 00:37

        Wouldnā€™t monthly interest take care of that?

        • buddysayshi on 17/07/2022 - 02:58
          +2

          Nope. Your balance needs to increase every month (even by a cent will do) compared to the previous month's balance including interest earned.

          • LFO on 17/07/2022 - 11:09

            @buddysayshi: In the last day of the month, that is when.

            • buddysayshi on 17/07/2022 - 18:57

              @LFO: Is your reply a statement or a question? Definitely previous monthā€™s balance refer to the balance on the last day.

  • Qwer on 17/07/2022 - 06:56

    Can someone please tell me where in their app I can check my current interest rate for my savings account! I checked everywhere. Or maybe not… Thanks.

    • kerfuffle on 17/07/2022 - 06:58
      +1

      Nowhere. Either ask Citibank or wait for your monthly statement

      • Qwer on 17/07/2022 - 07:00

        Thanks for the prompt response!
        You have to call them? Weird way to push user engagement….

        • kerfuffle on 17/07/2022 - 07:00

          I think they have live chat as well

          • Yola on 17/07/2022 - 08:39
            +1

            @kerfuffle: Yes the live chat is easier.

            • FujiFruit on 17/07/2022 - 09:45

              @Yola: Yes definitely easier than other banks

  • Qwer on 17/07/2022 - 07:01

    I'll check it out. Thanks

  • mitty on 17/07/2022 - 08:42
    +2

    For those who are worried about endtimes scenarios and have more than 250K they need to park in savings accounts, Citibank and Ubank are both owned by NAB so you really only want to use one or the other. Yes, the chances of one of them going belly up is remote, but never say never. Same with Virgin being owned by BOQ.

  • Sydneygirl22 on 17/07/2022 - 09:02
    -3

    If you want worst customer service sure join Citibank and ING.

  • rifter on 17/07/2022 - 09:31
    +2

    Citibank Australia now owned by NAB. UBank also owned by NAB.

    Warning: Australian Govt $250k guarantee only valid for the first $250k from the sum of all NAB accounts - that includes NAB, UBank and Citibank deposits.

    • LFO on 17/07/2022 - 11:16
      +1

      that includes NAB, UBank and Citibank deposits.

      BUMMER!!!!!!!!!!

  • lily99 on 17/07/2022 - 09:44
    +3

    I'm not going to bother for JUST 4 months of special rate.

  • ExeGNR on 17/07/2022 - 10:16
    -6

    Why would you dump 500k at 2.6% interest if the inflation could reach to 7% until the end of the year?
    You would be loosing money because inflation and just helping banks to increase their cash flow.

    • expertreader on 17/07/2022 - 11:19
      +5

      You would be losing money wherever you invest. This is the safest option.

      • ExeGNR on 17/07/2022 - 20:14

        Safest? If youā€™re sitting in 500k and ā€œinvestingā€ losing half because inflation welllā€¦ good luck.

    • orbital on 17/07/2022 - 12:05
      +1

      *lose, never loose

    • [Deactivated] on 17/07/2022 - 16:42
      +2

      So if the buying power of 500k decreases, and real estate goes down the tube, what's your ingenious way of not 'losing money'?

      • ExeGNR on 17/07/2022 - 20:15

        There isnā€™t a single bullet otherwise everyone would be millionaire right? But have a look at bonds, ETFs, specific shares, even at your super taxing at 16% making contributionsā€¦

    • G-rig on 18/07/2022 - 07:48

      How would you lose half or any of the capital in an online saver?

    • BluebirdV on 22/07/2022 - 11:04
      -1

      Where can I put my money right now that will be almost guaranteed to best the 7% inflation?

  • Boogerman on 17/07/2022 - 10:18
    +1

    uBank is a better option, because no 4 month limit

    • Sudoku6 on 17/07/2022 - 13:05

      Wait does uBank have the same 2.6% rate?

      • muncan on 17/07/2022 - 13:11

        2.35%

        • G-rig on 18/07/2022 - 08:15
          +1

          Shame you need to accept the card and other account to get that rate?

  • LFO on 17/07/2022 - 11:15
    +1

    VARIABLE INTRODUCTORY RATE (FIRST 4 MONTHS)

    Not the first nor the only bank putting this inexplicable "condition".

    What is the point of offering an enticing interest rate and then taking the lollies away after 4 months?
    Who will stay at a lower interest?

    What is the point? Expecting dumb investors to deposit and forget?????

    Again, this in not just Citibank but HSBC and other big ones. Why? What for?

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