This was posted 5 years 8 months 27 days ago, and might be an out-dated deal.

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3.98%pa 6 Month Term Deposit @ Citibank

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3.98%pa 6 Month Term Deposit @ Citibank
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donga100 on 08/08/2018 - 18:21 citibank.com.au (314 clicks)

Was looking into selling off some of my crypto to diversify and lower risk on my investment portfolio and came across this deal. A few T's & C's apply as usual:

Earn 3.98% pa on a 6 month term deposit, when you invest $250,000 or more with half your funds in eligible investment products.

  1. Interest rate only available for new to bank funds, on all Australian term deposits under AUD$2,000,000. Promotional rate is subject to change without notice. 31 day notice period applies to term deposits.

  2. Offer available to wholesale investors only as defined in section 761G of the Corporations Act 2001 (Cth) who has a valid accountant's certificate certifying the investor has a gross income of AUD$250,000 or more per annum in each of the previous two years (before the certificate was issued) or has net assets of at least AUD$2.5 million. By investing in this offer you understand that you will be treated as a wholesale client. Interest rate is subject to change and is only available on new term deposits up to AUD$2,000,000 when combined with eligible investments (structured products, managed funds and bonds). Funds must be split equally between the Term Deposit and eligible investments. 31 day notice period applies to term deposits

Financial Bank Account Term Deposit

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closed Comments

  • CyberMurning on 08/08/2018 - 18:29
    +4

    Offer available to wholesale investors

    That's hard. Anyone at ozb eligible?

    • JimmyLmao on 08/08/2018 - 18:35

      Do all our savings count as income? :P

      • CyberMurning on 08/08/2018 - 18:36

        No Jim, income. Regular income. See how it is hard?

        • CyberMurning on 08/08/2018 - 18:37
          +1

          Actually assets can 2.5m only

    • donga100 on 08/08/2018 - 18:36

      You don't need to be a professional investment banker or anything, just have enough assets and income.

    • donga100 on 08/08/2018 - 18:37

      You qualify, right?

  • [Deactivated] on 08/08/2018 - 18:37
    +13

    AUD$250,000 or more per annum in each of the previous two years (before the certificate was issued) or has net assets of at least AUD$2.5 Million

    If I have that much money I won’t visit OzBargain at all.

    • donga100 on 08/08/2018 - 18:39
      +6

      And you'd be investing your money in inferior term deposits.

  • salmon123 on 08/08/2018 - 18:37
    +1

    when you invest $250,000 or more with half your funds in eligible investment products

    Their investment products are complex derivatives. No deal here… they've been spruiking the term deposit loss leader for years.

    • donga100 on 08/08/2018 - 18:50

      The eligible investment products includes managed funds and bonds. These are hardly complex or high risk unless you want to make them so.

  • josho9 on 08/08/2018 - 18:40
    +8

    Sorry OP, but for most people it's not a good idea to get into this deal. You're trading off the higher return on your term deposit with the real risk of negative returns on the complex products which they'll sell you.

    • sistermay on 08/08/2018 - 19:04
      +2

      Why the neg ??? What is said is true, fellow ozebargainers should be warned about the risks and I'm glad someone raised that.

  • Samsungnote10 on 08/08/2018 - 19:04
    +2

    I have 250,000…..

    Wait im still in Bali…..

    • purplelady on 08/08/2018 - 20:05

      I'm a millionaire in Bali :P

      • Samsungnote10 on 08/08/2018 - 20:18

        Wait I just checked. I don't think I'm a millionaire on Bali either

        Life sux

  • chickenchipsgravy on 08/08/2018 - 19:11
    +2

    Hopefully those astute OzB'ers with their high yielding German cars will have it added to the asset calculation.

  • mit on 08/08/2018 - 19:13
    -1

    This is weird. If you are an investor, you don't need to be bothered by their investment products, and if you aren't you don't qualify.

  • reactor-au on 08/08/2018 - 19:16
    -1

    Has 2.5m$ assets, earns 250,000$pa and puts money into term deposit instead of a registered fund etc? Not sure I'm convinced.

    • josho9 on 08/08/2018 - 19:27
      +3

      You always leave something in cash/equivalents, particularly if you think the index is pretty high at the moment.

      • donga100 on 08/08/2018 - 19:37
        +1

        Exactly. A lot of uneducated comments on this deal.

    • skinny on 09/08/2018 - 07:03

      Yes, Diversification is key

  • [Deactivated] on 08/08/2018 - 19:41
    +2

    I think for us regulars, this comes under the Unobtainable deal section

    The top end of town thinks interest rates are going up and the market's going down.

  • RockyRaccoon on 08/08/2018 - 21:19
    +2

    I followed this up about a year ago, given Ubank Rabo ING etc pathetic offerings.

    However after contacting Citibank, it went nowhere as they are using this as a come-on to sell, other products.

    I am sorry I cant give all the details, other than I the end I was happy to drop my application and I detected also the Advisor seemed relieved.

    Good luck, but I think the others above have covered the issues

  • gadgetguy on 08/08/2018 - 21:36
    -1

    Not obtainable to most people

  • imahapyboy on 09/08/2018 - 20:19

    250000???????? lol

    • gadgetguy on 10/08/2018 - 09:25

      Yeah and I got downvoted for my comment on it. LOL

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