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Savings Account: 2.10% p.a. First 4 Months (Balances up to $500,000. No Deposit/Spend Requirements) @ Citibank (New Customers)


Pretty good deal for a savings account where you dont have to spend x times per month, or deposit y amount per month to quality. only that you remain under 500k during the 4 months (from what I have understood the T&Cs anyway). I'll jump to the next best savings account deal when this is up!

NOTE: New customer only

From the link:
Earn our variable introductory rate, currently 2.10%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 1.10%p.a.

*For example: If your initial balance is $500,000, and you earn $1,000 interest in month 1, your balance of $501,000 in month 2 will earn interest at 1.10%p.a. on the entire balance, even though you are in the introductory period.

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closed Comments

  • +8

    If you deposit $500,000, just remember to withdraw your $875 interest out each month, or you could be caught out by the cap. Citibank are now owned by NAB

    • +104

      I wish I were at risk of this happening to me

      • +14

        Ozbargain, where 80% of the members have spare $500K sitting around…

    • Citibank are owned by NAB? I was aware they were getting the credit card business, didn't realise that they were getting the whole thing. Hopefully they'll phase out Citi's shitty web and mobile experiences.

      • +6

        Nab acquired Citi’s entire Australian consumer business a few weeks back. More likely they’ll merge them onto NAB stuff than keep a tiny seperate entity

        • +6

          Going to be funny when they combine their credit card systems and discover that over my NAB card and Citi card they're collectively lending me $65k at 0%.

          • @ely: How did you get that interest rate?

            • +2

              @mrjayviper: I think they probably mean how you don't pay interest if you pay off your balance on time.

              I don't think any credit card has a 0% interest rate.

            • +1

              @mrjayviper: @mrjayviper I think that Ely means that he / she has done $65k worth of 0% balance transfers.

              • @thedragon: Yeah, thedragon's interpretation is the correct one. I have a big chunk on a NAB one and a big chunk on a Citi one.

        • "Integration of the Citi Consumer business into NAB will occur progressively over the next two to three years." NAB FAQ June 2022

    • +1

      what if I open 2 different account and deposit $500K each? How does it work? What is your best advice about it?

      • +2

        Only of it's under your wife's name for eg , you can't have 2 under same name and get same rate
        Just open another with Rabobank, they have same rate but for 250k
        Macquarie is 1.85 but 250k again

        • If my wife knows I have spare 2X$500K she would chop my head off. I mean my head not the one with brain. Usually, I am not coordinated by my head with the brain one.

  • +3

    great rate and great cap, although the penalty for exceeding it is a bit harsh.

    I'd suggest 499k to avoid a F up

    • good to know. thanks heaps.

  • +16

    For balances up to 50k and if you're under 35, check out BOQ future saver. Currently getting 3%

    • ages 14-35 only, otherwise looks good

      I need to find something for the kid…

      • +3

        Go with Great Southern Bank, 3.25% up to $5k. Don’t bother after the $5k though.

        • Yup, half way through that process already (just digging through docs for the birth certificate).

          • @ely: Annoying a that their youth transaction account is only 10-17 though, savings account not a whole lot of use for pocked money if she can't access it to spend it when she needs to :-/

            • +3

              @ely: Didn't you know that Australians have to start saving for a mortgage from their pre-teen years?

              • +3

                @tekisei: pretty sure if they want to have a chance they'll need to be saving from prior to conception

    • Yes that's great and you can open multiple accounts too. However in case of multiple accounts does one need to do 5 transactions with debit cards linked to each of the individual accounts?

    • +1

      *if you're under 36

    • What happens if my balance goes over 50k? Let's say 52k? Do I still get the 3% on the 50k?

      • +1

        yes you do 3% on the first 50k and the remaining gets the base interest rate.

        • +1


  • +3

    Fyi new customers only, OP should probably include this

    This offer is only applicable on the first Citibank Online Saver that you open.

  • Rabobank is about the same as well but up to 250k only

  • +1

    Great rate but I'm concerned by the scathing reviews on productreview.com.au…

    • 250 K is guaranteed by the government 🤣

  • +2

    So the good ol' days of opening a new savings account every 4 months to get the intro rate are finally over. Any suggestions on which bank to move to now, for amounts up to 500k?

  • +1

    Yeah as per one of the above comments I am a bit dubious about this based on the reviews on productreview.com. Reviews saying they signed up based on X promotional rate and then shortly afterwards it decreased. Probably best to note that this is totally flagged as possible in their terms and conditions:

    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.
    • +3

      I think that was at a time when rates were falling, and most customers found this happening, unless the bank stipulated it was a firm rate for the first 4 months. Only bank I know kept the rate for the whole introductory period, even when rates dropped was, remarkably, Macquarie. Their rate (Citi and most others) is a combination of the base rate and bonus rate, so depending on the cash rate at the time, and what they change their bonus rate to, it can fluctuate…in fact, if RBA move again (which is probable over the next few months) these people should be getting more through the base rate increasing, bet they won't complain about that.

      • +1

        Fair point. Actually I did just notice how old the reviews were :)

        I think it is still best that people are aware that is one of the terms. But as you say, decreasing a savings rate amid ongoing RBA rate rises would be extremely difficult to justify.. So probably safe.

    • +2

      Isn't that the rate for their 1 year personal term deposit?

      I am seeing 2.10% for their savings maximiser on up to $100k balance + all the card & deposit requirements.

      • +1

        ING announced on Friday they will close all retail/personal accounts in the Philippines by the end of 2022.

        Yes, that is Phils, not here.

        Considering the recent condition changes to ING accounts here, I can only wonder how long they shut up shop here.

    • +3

      ?? Not that I know of. I have ING and unless they changed in the last day or so it is 2.1% on their savings maximiser.

      • -1

        Really??? I thought it was more when I talked to them last week. Must have changed. Good to know. Thanks

        • +1

          there must have been some crossed wires when talking to them. They were giving you a rate on a fixed term deposit and not a savings account, by the sounds of things.

    • +3

      Website shows 2.1%.

  • +2

    I hope that their variable introductory rate increases the same amount when interest rates increase over the next few months, if not then this could be a good way to drag in new customers if other banks pass on 100% while they don’t and catch up in month 2 or 3.
    Also by allowing amounts greater than $250k we run that tiny risk of losing anything beyond the $250k in case of a massive collapse. Tiny risk but…

    • +1

      it says "variable", so I would suggest it will move with the rate rises, as they move their base rates…might take a while to flow through each time though as the banks are dragging their heels with their savings rates. AMP hasn't even moved for any of the rate rises yet.

      • AMP raised their savings rate before the RBA https://www.ozbargain.com.au/node/675923

        • +2

          yes, but ING had that rate too before any rate rises. AMP were one of the best rates…then, and that was months ago. Now they are becoming one of the worst. Will see what happens over the next few weeks, but at this rate I will take all out soon. Most is gone now to ING and MYBOQ, and the rest atm will go to UBank when they increase theirs to 1.85% on 1/7….unless something else comes up that is better.

          • @souths123: ING not for me. I don't want accounts that require regular actions from me, such as ATM or EFTPOS txns. I have numerous accounts, all automated. If it's easily automated & high balance, it's ok. UBank & AMP are good. ING, BOQ, MyState are bad.

        • +1

          The RBA raised by 0.25% % 0.5%, but Amp has not moved. Savers should move.

    • Talking about tiny risks, here is a digital bank (Neo Bank Volt) that is shutting down.

  • -2

    (For balances up to $500,000. NO deposit or spend requirements) @ Citibank

    Say bye to 50.0% of the 💵 when Citibank implodes.

    • +7

      Fair enough warning, if I had that much I'd make sure no more than $250k in any one bank, to make sure the government guarantee covers all.

      That said, as mentioned by others above: this is now NAB. The risk of that happening is much lower, but if you're worried and have that much cash all up, make sure to add up your NAB, Ubank, 86400 depoits, and now Citibank as well to make sure the sum stays below $250k.

      • +1

        There is nothing to worry about. The Big 4 are too big to fail. The feds will step in using taxpayer money to protect them.

        • Most likely true. Do you think the feds would do that for crypto (lol)?

  • if you already have a online saver can you open another to qualify? or is it best to close the existing account and open a new one?

    • +2

      I think once you have one at all, it now voids you having a new one with an intro rate. Maybe if you closed it altogether and left it for a year it might reset it, but depends on what their terms are.

  • +1

    Not advise just a suggestion: don't put more than $250k at a single bank. If you have more than that spread it across multiple banks that are unrelated.

    • Users are getting 2.1% APY.

      $875 of free money per month is safe in the bank.

      • You are risking $250k, which will not be covered under the deposit guarantee, for about $50 extra in return given you can get a little less at another bank for the other $250k.

        • +4

          There is no risk here.

          The Big 4 have the feds on speed dial. One text and they'll get all the taxpayer money they want.

    • +5

      In short , it's not per bank its per group. ie if you have $200k in ubank and $100k in NAB $50k is not guaranteed

      Also people should really read into how the Australian government watered down this legislation a few years ago. Some good examples include allowing the government to decide and put a $dollar cap on how much they guarantee per banking group. So for instance if they say we will guarantee only up to $100billion for the CBA group (back in 2021 they had a total of over $300billion household deposits) you will only get 1/3 of the $250k guarantee. Ontop of that you will probably receive this guarantee back via shares in the bank and not actual cash.

      • -3

        That's assuming, using your example, of the $300B in CBA deposits, the bank only had $0 left to repay. Have you insured your home against an alien attack?

        • +1

          If you like go to any branch you bank with tomorrow morning and ask them that you would like to withdraw $250k in cash of your own money.

          Report back to me and tell me if they even have the cash to do that. Or if they let you. Or tell you they can only do $10k maybe $20k. Or they have to order it in and do a special order.

          • -4

            @cumova: Is that really what you expect of your bank? It doesn't work that way.

  • -2

    Is that 2.1 per month?

    • +2

      2.1% p.a
      Calculated daily, paid at the end of each month

      • Any intrest is a income so don't forget that when you do your tax return.

        • It’s pre-filled these days

          (And I didn’t downvote you)

      • Ya was just being sarcastic. Great time to be buying USA ETFs, FANG, NDQ etc in my opinion

  • +1

    Rabobank is offering a similar offer. 2.1% p.a. intro rate for 4 months (only up to $250K though), reverts to 1% thereafter.


  • +2

    My money is still with amp 1.35%, I keep planning to move it to other thanks such as ing and state etc but other banks keep increasing their rates so I thought I will wait till the 1st of July and if amp hasn’t increased will move it to Citibank or whoever has more than 2.1%. What’s going on with amp? They usually have the best interest rate. Maybe they don’t need our money

    • +3

      Amp stated on their facebook account; they won't be increasing their 1.35%; its best to move & not reward their low rate.

      As Macquarie is paying you 1.5% for a transaction account.

    • -1

      AMP rate is ongoing, this is just a honeymoon to get you in

      • +2

        The 1.5% for a transaction account is ongoing.

      • +3

        Ubank will pay 1.85% ongoing
        Macquarie is 1.5% ongoing
        Mystate is 1.6% ongoing
        Virgin is 1.5% ongoing
        Boq is 2.0% ongoing

        • +2

          And ING 2.1% ongoing
          VOLT 1.65% ongoing

          • -2


            And ING 2.1% ongoing

            ING Savings Maximiser interest earning is capped at $100K per customer.
            You have to jump through so many hoops the month prior.

          • @Yola: volt banks deposit taking business is going under and closing on 5th July 2022. got until the date to withdraw all funds from accounts

    • +1

      Better start the move. I emailed them the form to move a large amount at 9am on Thursday. They called on Friday afternoon about it. I missed the call when I called back the line was not taking incoming calls. I then rang their customer service line, after going through 6 directories and waiting 15 min they disconnected. Now I am doing $25k per day which I am sure they are happy with. Someone on another thread mentioned you can do $25 per day to a number of external FI. If correct I will be out of there sooner. I did the same form procedure with MyState and received a text approval one hour later.

    • AMP is going up but not until August 1st to 2%

      • Did AMP mention this somewhere?

  • +2

    Isn't Citibank pulling out of the consumer banking in Australia and sold off to NAB? Surprised to see this here.

    • +1

      I think NAB want to leverage Citibank's international/premium image for more customers while they still have the license to use Citibank's branding for the next 3 years.

    • Already been sold off to NAB. Not 100% sure if it was just their lending arm or the whole citibank Australia arm.

  • I was just overseas and transferred some money to my Citibank account. I've never had problems, but this time it never turned up in my Citibank account, and Citibank aren't being much help about it. Customer service service has been awful.

    • +1

      Did you update the SWIFT code? Citi changed to NAB's SWIFT recently.

      • +1

        It's not that, I had transfers shortly before, and after (test transaction of $1) that went through.

        Looking on socials some others have had issues.

        The bigger problem is Citibank's response.

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