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CitiBank Online Saver Account, 3.20% p.a. Variable Interest Rate for First 4 Months, on Balances up to $500,000 (New Accounts)

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CitiBank Online Saver Account, 3.20% p.a. Variable Interest Rate for First 4 Months, on Balances up to $500,000 (New Accounts)
Go to Deal
kerfuffle on 23/09/2022 - 11:52 www1.citibank.com.au (175 clicks)
Last edited 18/11/2022 - 22:48 by 1 other user

Copied and pasted from the last deal by red sed, with minor adjustments. Not as great compared to other accounts, but no hoops and if the introductory rate is increased, so will yours, until your four-month period is over. Signed up at 2.10% myself at the end of June and now it's 3.10 3.20% as of October 17.

3.20% p.a. 1
VARIABLE INTRODUCTORY RATE
(FIRST 4 MONTHS)
Competitive interest savings
Earn our variable introductory rate, currently 3.20% 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 2.85% 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 & Loan Savings Account

Related Stores

Citibank Australia
Citibank Australia

closed Comments

  • ttkc on 23/09/2022 - 11:56
    +1

    Current best interest rate is 3.6% with ING right?

    • Junnyjun on 23/09/2022 - 12:08

      Boq has 4%

      • kerfuffle on 23/09/2022 - 12:09
        +2

        Isn't that age restricted?

        • payless69 on 23/09/2022 - 12:59
          -5

          Discrimination is forbidden to be discussed by our communist moderators?

        • Junnyjun on 23/09/2022 - 13:06

          Oh it is…. Sorry

        • red sed on 23/09/2022 - 23:57

          Hey Chicky, thnx for the update but yea we can get better! Ive gone to latrobe financial paying 4.1% variable but locked in for 6 months! There are shorter options so worth chacking out!

    • render on 23/09/2022 - 13:17
      +4

      https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

      This spreadsheet is generally kept up to date with the offerings.

      3.6% (or 4% for under 35s)

  • Gazpacho on 23/09/2022 - 11:59
    +1

    Thanks for sharing!

  • payless69 on 23/09/2022 - 12:06
    -1

    After 4 Mo you are screwed like the Maquarie scam?

    • kerfuffle on 23/09/2022 - 12:07
      +3

      Read the OP. You wouldn't need to ask the question had you read it.

      Macquarie isn't a scam. They just don't adjust your welcome rate so you're stuck at whatever you signed up at.

      • glyptothek on 23/09/2022 - 21:21

        Sure kerfuffle no scam
        Except that it is a scam in that Macquarie use a hook to draw you in, and that hook can be removed. Shame on us for even trusting MCQUARRY Needless to say we drained our multiple MCQUARRY accounts and dumped it into Citibank, soon into UBANK

    • izkai67 on 24/09/2022 - 08:53

      macquaire is still better than citibank, after 4 months you'd get 2.75%

      • payless69 on 24/09/2022 - 08:57

        Took around 2 hrs to setup such a TD. Then could not stop them from auto renew. All in all would be better of at Ubank!

  • Ryk on 23/09/2022 - 12:13
    -1

    3.60 % p.a.
    https://www.ing.com.au/savings/savings-maximiser.html

    • kerfuffle on 23/09/2022 - 12:14
      +1

      That has hoops though unlike the Citibank one.

      • Ryk on 23/09/2022 - 13:02
        -2

        we weren't discussing hoops, but now that you mention it, citibank have hoops too; new accounts only, and 4 months only.

        • kerfuffle on 23/09/2022 - 13:04
          +2

          Those are hardly hoops compared to the ING ones, which apart from requiring an additional transaction account and card spending, also requires the balance to grow.

          And I did discuss hoops. Guess you didn't read the OP either:

          no hoops and if the introductory rate is increased, so will yours, until your four-month period is over. Signed up at 2.10% myself at the end of June and now it's 3.10%

          • Ryk on 23/09/2022 - 13:06
            -4

            @kerfuffle: I disagree, opening a new account every 4 months in order to receive a bonus interest rate is not nothing.
            ING only require you to use the accounts you have opened, quite reasonable.

            • kerfuffle on 23/09/2022 - 13:08
              +4

              @Ryk:

              ING only require you to use the accounts you have opened, quite reasonable.

              Not true. These are the hoops.

              The additional variable rate (that is added to the Savings Maximiser standard variable rate) applies on one nominated Savings Maximiser per customer for the next calendar month when you also hold an Orange Everyday account and in the current calendar month you do the following:

              • deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super, Personal Loans and Orange One),
              • also make at least 5 card purchases that are settled (and not at a 'pending status') using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions), and
              • ensure that the balance of your nominated Savings Maximiser account at the end of the current month is higher than it was at the end of the previous month. When we assess whether you've met this balance growth requirement, interest earned in the current month is not taken into account.

              So if you make any withdrawals from the Savings Maximiser, the rate ends up being 0.55%.

              Makes Citibank look a lot like nothing, doesn't it?

    • johnyBgood on 23/09/2022 - 13:17

      Sorry for stupid question but let's say I have 10k deposited in my ING account and satisfied all the requirements, does that mean I'll get additional $360 in the first month? and keep getting additional 3.6% in next month as long as the requirements are satisfied?

      • kerfuffle on 23/09/2022 - 13:19

        does that mean I'll get additional $360 in the first month

        Your calculations are off. A long way off.

        • johnyBgood on 23/09/2022 - 13:24
          +2

          Thanks mate, so what's the right calculation ? Please share as I'm pretty bad at maths.

      • lakers1222 on 23/09/2022 - 13:22
        +3

        You found an Infinite money glitch.

        But sadly it’s 3.6% per annum (not per month)

        So you’ll get 360/12= $30 if you have $10k sitting in the account from the first of the month

        • johnyBgood on 23/09/2022 - 13:25

          Ok thanks, that makes more sense, I thought it's per month. :)

          • kerfuffle on 23/09/2022 - 13:26
            +1

            @johnyBgood: No one ever advertises interest rates as per month FYI; it's always per annum (or p.a.)

            • johnyBgood on 23/09/2022 - 13:28
              +2

              @kerfuffle: Got it thanks, got confused with term below and ignored the "p.a".

              "Eligible customers could get a great variable rate of 3.60% p.a. every month."

  • red sed on 24/09/2022 - 00:02

    Hey Chicky, thnx for the update but yea we can get better! Ive gone to latrobe financial paying 4.1% Variable so with every RBA increase this will increase byt the same %. One hoop is that its locked in for 6 months! There are shorter options so worth checking out Latrobe Financial.

    • BuyNow Think Later on 24/09/2022 - 07:38

      Is it eligible for the $250k government guarantee?

    • izkai67 on 24/09/2022 - 08:54

      latrobe is not a bank?

  • izkai67 on 24/09/2022 - 08:56
    +1

    3.1%, then 2.6% after 4 months, no thanks, not worthed it changing bank.

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