NAB Reward Saver - Citibank Variation: Variable 4.35%pa Interest (+Variable 1%pa Monthly Bonus If Deposit & No Withdrawal) @ NAB

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adamm12 on 07/09/2023 - 15:00 nab.com.au (497 clicks)
Last edited 25/10/2023 - 23:48 by 3 other users

Citi branded accounts
The following Citi branded accounts will be migrated to a NAB Reward Saver account starting from 28 October 2023:

Citibank Online Saver
Citibank Plus Linked Savings Account
Money Market at Call Account

1. Variable bonus rate is applicable when at least one deposit is made to the NAB Reward Saver account on or before the second last banking day of the month, and there are no withdrawals in the relevant month.
2. A banking day is any day that isn’t a weekend or an Australia-wide public holiday.
3. Rates are effective 4th September 2023 and are subject to change at any time in accordance with the account terms and conditions.
   Rates are available on this page at any time.

This seems like a good account to park my millions, looks like NAB is offering Citibank customers a better deal than their own.

Need to make a deposit during the month and not withdraw to get the additional bonus interest of 1%.

Related Stores

National Australia Bank Group (NAB)

Citibank Australia

• 

  netsurfer on 07/09/2023 - 15:09

  +10

  No Citibank branch at the moment so Citibank will happily take your millions, but when you try to take even just a small bit of it out online, it could easily trigger scam protection, locking your online account access. Scam protection team prefer to assume your account got hacked. You can't go to a NAB branch to sort out account locking issue.

  I only had a tiny amount in my Citibank account and was incorrectly locked out by Citibank's scam protection team twice. I now only have $1 in my Citibank account.

  • 

    adamm12 on 07/09/2023 - 15:21

    +2

    Something to be aware of, thanks for the feedback.

  • 

    markathome on 07/09/2023 - 15:56

    +2

    netsurfer is right. Got caught in the rain trying to withdraw cash. Had to ring up Citi and it took ages. Especially since they sent you an SMS that you had to input in like 2 seconds or be locked out. It was like a very sad Notebook scene but with only one person and a telephone.

    • 

      sildosaggins on 08/09/2023 - 00:04

      +1

      Lol. 💔

  • 

    Yola on 07/09/2023 - 19:45

    +1

    I have been locked out several times as well. Did not find out until I tried to log in and it just tells me to try again. Ring CS they say the account is fine, try to log in on an app instead, and other troubleshooting tips. On 3rd call, they put me through to the fraud team. Confirmed it was locked after a small transfer to an account used previously. Complained that there was no call, text, or email informing me that the account was locked, and when I tried to log in only showed a generic error and customer service did not know. Account unlocked - a few days later happens again. Same process at least now I just tell the CS the account is locked as they keep telling me there are no issues. Not looking forward to dealing with them again but am eligible and most likely will not be able to resist.

• 

  puffinfresh on 07/09/2023 - 15:10

  +2

  Citi branded transaction and savings accounts are no longer available to open. So this is only for existing customers.

  • 

    grasstown on 07/09/2023 - 15:27

    True but I think it is more limited than that even. I think is only for Citi customers and only to existing online saving accounts. I don’t think Citi customers can open them anymore. A very limited deal.

• 

  chilln2006 on 07/09/2023 - 15:11

  Pigs.

• 

  Ozitravel on 07/09/2023 - 15:39

  +2

  This appears to only apply after the Citibank Online Saver Account is transferred to NAB and becomes the NAB Reward Saver.
  The notification I received from NAB is that this will occur sometime between 28 October 2023 and 17 December 2023.

  • 

    kawara888 on 07/09/2023 - 15:46

    This part is very unclear. I have a citi online saver account but cannot find interest rate information

  • 

    markathome on 07/09/2023 - 15:57

    This was my assumption too.

  • 

    asc on 07/09/2023 - 16:27

    So basically can't take advantage of this until post migration.

• 

  kawara888 on 07/09/2023 - 15:46

  BTW the base rate part is very attempting.

  • 

    Spending2Much on 07/09/2023 - 15:48

    NAB 4.75% for the reward saver account

• 

  BBF on 07/09/2023 - 17:12

  TARGETED.

  You have to have an existing OLS. No new accounts can be opened (it's been months).
  You will have received a overly wordy email or two about this.
  Semi-sweet deal. IF you don't withdraw, the 86400 is better… I hate calling it ubank.

  Dunno about the acct lock/fraud stuff above. Never experienced it. Been with Citi for 30+ years.

• 

  SurprisedPanda on 07/09/2023 - 21:08

  +4

  I don't know why Citi sold its part to Nab really, but from consumer perspective this move is such a big disappointment: I used Citi when travel abroad to keep those countries currency and withdraw with no draconian charge/percent like now Nab will be doing. Such a shame.

• 

  countmein on 07/09/2023 - 21:26

  Oot but my citibank plus trx acct is phasing out and migrated to nab Classic banking and match the fees e.g $0 foreign etc

• 

  DevilsInDetails on 08/09/2023 - 09:14

  The moment Citi AU announced their consumer business were taken by NAB I quit immediately.

  Their Dining Program was quite good. Also no foreign trans or ATM fee (at least from their own overseas branches). Decent traveller card.

  Now it’s sh!te.

• 

  jes on 10/09/2023 - 20:43

  Does any one know the maximum amount we can put to get this rate?

• 

  s0805 on 14/09/2023 - 15:29

  +1

  So the better foreign exchange rates we were getting as part of 'Citibank plus transaction account' will no longer be offered under NAB. We always took this Citibank card overseas for better foreign exchange rates and withdrawing from ATM….so look for another similar card?

  • 

    Baruarua on 15/09/2023 - 19:35

    I was always happy about Citi FX rates using my card before NAB took over the business, and I made a couple USD transactions online with it recently and the rates were a bit disappointing indeed.. Is that so the current Citi cards/accounts use the same FX rates as NAB rates?

    • 

      s0805 on 15/09/2023 - 20:56

      yes. I haven't made transaction post NAB took over…may have to drop this card now. What are the other alternatives for similar options

      • 

        Baruarua on 15/09/2023 - 22:09

        I use ING and HSBC cards as alternatives sometimes, HSBC is prolly more hasslefree in terms of international travel/transaction purposes as there's no monthly requirement to get those benefits whilst there's certain requirements from ING for getting similar benefits.. but I'm not really sure which gives better FX rates, including the current Citi card