For those of us who have been transferred from CITI Savings account to NAB, do you think the 5.6% is just a temporary bait tactic? Deciding if it is worth the hassle to transfer funds. 5.6% doesn't seem sustainable given what other banks are offering.
https://www.nab.com.au/personal/bank-accounts/savings-accoun…
https://docs.google.com/spreadsheets/u/0/d/145iM6uuFS9m-Rul6…
Updated post with links.
Sounds like a bait and switch
The Citi one will be forcefully closed, so jump or be pushed, doesn't really matter.
Looks like a good deal, I’ll take it. If they do reduce in the future then I’ll move elsewhere, it’s really no hassle
mine is 0.01%
Why do their table have a break down when all the amounts are the same lol
It would read easier if it said $1 to $1,000,000 plus 5.6%
One thing to note for those of you with a lot of money and who want to transfer out should the interest rate be a bait.
NAB has a maximum daily transfer limit of $40k. You need to go into a branch to transfer amounts above this. There will likely be a fee. NAB don't let you temporarily increase your limit above $40k, or let you submit a form requesting a large transfer (fee free) like other institutions.
really good to know, thanks
NAB has a maximum daily transfer limit of $40k
why is nab so crap compared to ubank. with ubank you can ring up, raise the limit and then use osko to instantly transfer $100k no problems.
Actually… you can increase the limit with ubank to the maximum in your account… it is very convenient
You can increase to $100k ongoing if you have private banking.
actually, i got email and indeed it does say 4.60% + 1.00% bonus = 5.60%. bonus = 1 monthly deposit and no withdrawals
Damn, thats a good offer. Any way of getting this without being a citibank interest account holder?
5.6% for me too.
Yes it is bait
NAB is the ADI for both UBank and these migrated Citibank accounts
There is no incentive for NAB to keep the 0.5% differential between both brands
How/where to apply?
Go back in time to before 20 May 2023.
Open Citi Online Saver account
Wait for Nov 2023 for NAB to create your 5.6% NAB Reward Saver.
Could I ask if any one received 5.6%
I transferred all my saving in last month n called before confirmed the rate. But this morning I saw my interest came, I calculated it only like 4.2%
Was anything I misunderstood ?
yes. the base rate is 4.6%, so you must have got a least that.
note, that NAB do the interest before the end of the month, this month it is 28 days since last interest payment
I thought the interest I received this month was incorrect, so I checked the PDS.
Where interest is payable by NAB, it is calculated on the daily credit balance of your account, as at the end of each day (AEST/AEDT) up to and including the day before the last banking day of each period as set out in the table below. If applicable NAB will credit the interest to your account the next banking day
Interest is calculated on daily closing balance as you would expect, but it does not include the day the interest is paid - that will be included in next month’s interest payment. So the interest paid in March will be based on the daily closing balance of your account starting from 29-Feb and ending on 27-Mar. Using these dates and respective end of day balances, I calculated the interest and confirmed the interest paid was 5.6%. My calculations matched what NAB credited to my account to the cent.
thanks for clarifying that, my previous calculations were out by 20c as i thought the interest included the closing balance for the day, but now it is within 1c
I transferred all my saving in last month n called before confirmed the rate. But this morning I saw my interest came, I calculated it only like 4.2%
Was anything I misunderstood ?
did you transfer in $1000 this month?
I only transfer 10c.
I also thought that the paid interest did not add up to 5.6% and contacted NAB. They advised that the bonus interest rate from the migrated Citi Savings will only be valid for 5 months since opening. Is this correct? Any other conditions we need to be careful with?
Did not know that. I also spoke to them when I migrated maybe 2 months ago and they did not mention that.
It was through the app message function:
"But please bear in mind, NAB is honouring the same features Citi was offering and the interest rate will be lower significantly on the fifth month onwards. If you close any of any Citi migrated accounts, NAB will not be able to reopen the accounts of reinstate the features"..
I use this account with internet banking so have not seen this information. I opened my account on 19 March so would the interest drop on the 19th of July, 1 Jul,y or 1 August? Need to know so I can move the funds out in time.
first i've heard of that. on what date was your reward saver opened?
https://www.nab.com.au/personal/bank-accounts/savings-accoun…
says the maximum interest rate is 5.6% effective 2 april 2024
"Rates are available on this page at any time"
Been with NAB for years so didn't take up the migration from Citi and spent down the account best I could.
They closed my Citi account and posted me a cheque for the balance of 87c
Citi was a good run while it lasted. Now WISE is my go to International Fee free account for online and OS travel - ironically linked to NAB
How did you find out about this offer?