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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)

1370

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

    • +1

      Citi locked my account last week on 2 separate occasions. When I tried to log in it said temporarily not working try later. Spoke to online call twice said all in order with account. Spoke to Customer service 3 times, first one activated my card for me so I could change my password because everything else was fine even through the message did not say password incorrect. The 2nd set a telephone pin for me and stated nothing wrong with the account. Each one asked me to log in from different devises - tried 4 in the end. The 3rd did the same things but eventually said she would put me thru to the Fraud team who confirmed the account was locked. Why I asked, because I had withdrawn $100k. I said I do that often can anything be done. He said he would write a file note. At least 3 hours later the account unlocked till 3 days later locked again, why same reason. The fraud team person said no record of me speaking to them 3 days earlier.

  • +1

    I've been with citi and had been opening a new online saver every few months for the better rates for the past 2 yrs or so. Now I've been unable to open new accounts recently. Nothing happens after submitting an online application for a new online saver account… Has anyone already with an online saver been able to open new one to take benefit from the better rates for 4 months?

    • I'm surprised you got away with that for that long lol. You obviously found a loophole and exploited it. Most banks wouldn't allow a bonus rate on a new saver account if you had already had the bonus rate before. Nab own this now. They might be stopping you opening a new account to get this? IDK, contact them direct?

    • I have been doing the same thing. Maybe a year ago they closed my Online saver and the Plus account because I ignored their intrusive KYC questions for the second time in 6 months, I answered them the first time. Initially they could not even explain why they were asking. A month ago I was able to open a new Saving account and have checked with them and am receiving the intro rate. I then opened a new Plus account. Maybe close everything and start again.

  • Savings in offset vs this (under 35 so may be eligible for 3%)

    Currently on variable 2.80%

    Suggestions?

    • +5

      Um keep it in your offset?
      Edit - you will pay tax on the 3% as it is income hence it will be 3% less your effective tax rate.

    • +1

      Do you like giving money to the bank?

      If not, keep it in the offset.

  • +1

    Does anyone here have the Citi no annual fee for life credit card? Do you think NAB will kill it off?

    • Yes I have that. And includes 2 airport lounge visits and rewards etc….no annual fee for life.

      I’m a bit nervous but have no idea.

      (I also have a low interest, no annual fee for life Westpac credit card which has been grandfathered a few times; but has maintained the no annual fee)

    • +1

      Combined with the free bonus points for payall, I'd be surprised if they don't kill it off.

    • It was called Signature card. Now called Premiere or some such BS. I think it will be killed by stealth. Firstly they’ll devalue the points (even more than now), then other privileges will go, maybe insurances. Eventually they’ll give you an incentive to take out a NAB card, probably with an annual fee

  • -1

    People worry too much about the FCS.

    The feds don't want to lose face like Greece and will do whatever it takes to protect it. They'll use taxpayers' money and print more money if they have to.

    • I am sure they will print money for the bank and other 'too big to fail' corporations. Not for individuals mate.

      • In The Fed We Trust

  • +2

    Wish I have money.. 😔

  • +6

    I applied for this yesterday, it took ~20 hours for the account to be created.
    A couple of things to note:
    - You can only withdraw to your 'linked account' which is setup at the beginning and requires a deposit from the linked account for it to be activated (if the account is not with Citi) You can change the linked account but it requires a deposit to be activated, if you are going to need the money at short notice ensure you have the correct account linked
    - There is no linked debit card and it can't be used to pay bills via bpay

    • I’m going to assume the linked account can be from a non-Citibank account? (Using it to park my money for my car, but if the car is ready, then need to be able to transfer so I can cut a cheque for the dealer)

      • +1

        Correct, I linked a non-Citi account

    • Did you get your Internet Access Number around the same time? I'm experiencing a trickle of emails coming through and have only received my acc number via pdf.

  • Does anyone know why Citibank asks to link your existing account during the account opening process?

    Does this online saver link with any other account from another Australia bank or something?

    • Open a transaction account first, so you won’t have to link to another bank.

  • Why bother just for 4 months? With Macquarie you'll always have 1.5% on transaction and savings (1.8% in first 4 months) up to $250K.

    If you want higher interest, look at term deposits. Judo Bank has good rates paid out monthly. They're government guaranteed too.

    • +2

      2.1% for four months is better than 1.5% . After four month with Citibank then move over to rabobank 2.1% for another four months . That’s a total of 8 months of 2.1% , but by then other banks will increase rates so keep changing banks to get the highest rates. Eg $140000 at 2.1% is $245 per month, but on 1.5% Is $175 a difference of $70 a month. So definitely worth it to move your money

      • I get that (my point is moving money around and closing accounts is annoying, and some bank's systems don't like it), however if you don't continually need access to that cash aren't term deposits a better option for higher rates?

        Btw Macquarie is 1.8% for 4 months.

        • +1

          The trouble with term deposits is that you lock in the funds while rates are going up and do not have the flexibility to move them.

          • @Yola: Or you could go for a shorter term one, even with monthly payouts, then reconsider. ME has good 6 month rates. Surely account rates won't get up to 2.5% by the end of the year?

            • +1

              @Techie4066: although you're right, I think some people just want the extra flexibility with their funds as being "always available", rather than being locked away for x months as they feel they may need it in an emergency. While receiving a higher interest rate during the boosted period but the trade off of having to close accounts etc is worth it.

              • @nicolascage: Understood, and I tried to say that here: "however if you don't continually need access to that cash aren't term deposits a better option for higher rates?"

                Even still, monthly payout deposit rates aren't bad. And seeing people talk of needing accounts with a >$250K cap on base interest, or accounts across multiple ADIs for the Fed guarantee, made me wonder why they're after this product.

                • +2

                  @Techie4066: a lot of people need to park the money somewhere waiting for property/share crash to buy
                  then others like retirees just want a high interest rate account as well as the flexibility to access the money for emergency/operations etc.
                  my parents friends in their 80s move their money around all the time. they all baby boomers with lots of cash - I am saying 2 to 3 mil. the bank never had any issue when they moved around

                  • @theUnderdog: If you know your way around your finances that well, you'd think people would be able to time a 6 month term deposit properly to meet the time they want to invest - or they could choose monthly interest payments.

                    My point is you can get much better than 0.7% interest in 4 months and still have it parked safely with relative flexibility :)

    • Any experience with these gays. The 6 month rate looks nice
      https://www.firstmac.com.au/term-deposits/

      • +1

        Not sure about them, but ME is more well known and has the same 6 month rate.

  • 3.3% pa on a 24 months term deposit is good no?

    • +1

      It's good, but Judo is better at 3.65-3.75% pa rn. Check here

    • +4

      it's good today. will it still be good in 6 months, or over the 24 month term?

      • +1

        In another 6 months variable rates will be higher than current term deposit rates.

        • Wow, what do u reckon they'll reach by then?

          • +1

            @Techie4066: Interest Rate in Australia averaged 3.88 percent from 1990 until 2022. Given the inflation we are experiencing hasn't happened in a very long time, interest rates are expected to be much higher than that. In the late 1990s and mid 2000s rates for cash management accounts were around 4-5%.

  • -1

    am i new if i already have a profile but i signed up to the savers account (which was closed a few years ago)??

    • Just try to open one. If it works use online chat to ask what is the interest rate on the account.

  • What is its daily transfer limit?

    • +2

      It is 100k.

      • Thanks. Can it be increased to higher amount?

        • +1

          I asked on their online chat.

          There is a manual form provided for your Citi Online saver. We click on the Payments & Transfers section and find the link on your left "Citi Online Saver Manual Funds Transfer Request". We note this works on amounts exceeding $100,000. Although we still note that since these are requests exceeding your daily limit, additional days may be required in processing it as we review transfer requests and add security to them.

  • +2

    It's really annoying you can only transfer money to the account from your linked account, it doesn't even let me transfer money from my Citibank plus transaction account to the online saver…

    • So you can only transfer from one bank account? Stuff that then; I'd rather lose 0.25% if I can transfer money in from any other source I want (was going to move back to UBank now it's 1.85% starting Friday).

    • +3

      I have this account and its linked to the Citi Plus account. I have transferred money directly into it from at least 5 other banks.

      • So you've transferred from non-linked accounts without issue to your Citibank Savings Account? In that case, happy to park my money there then

        • +1

          Yes, many times. Happy to be of assistance kerfuffle you have helped me many times.

          • +1

            @Yola: Thanks Yola! I guess I'll just make my main non-Citibank account the linking one for fast transfers and open an account later this week. Just didn't want to transfer from one bank to the linked account to the Citi Savings account haha.

            • @kerfuffle: Ok but this is not quite what I have done as mine is linked to the Citi Plus but hopefully it would still work. Otherwise you can set up a Citi Plus account- quite easy- or change later.

              • +1

                @Yola: I've already got a Citi Plus one but it's not my main banking account

  • So I just signed up to this account. Does anyone know how long it takes to transfer or withdraw from this account or deposited into this account ? Eg hsbc to Citibank ? Or vice versa ? Is it same day?

    • +1

      It has OSKO so if the other bank has it too its almost immediate. If not when you do the transfer before 5 pm it is recorded in the other account same day.

      • Great ! Thank you

  • their customer service is absolutely shocking. I applied last week but I have not heard back.. I called to check the status of the application and I got transferred around speaking to 4 different people noone could help me. I am currently on call with the 5th

    • I've had the opposite experience. Account got opened in 24hrs of online application without any hassles or callbacks. Had to call to get my TFN sorted and was quick and efficient and customer service was excellent. Sorry to hear you had issues.

      • My account exists, but I haven’t received the official e-mail saying it’s open. It’s been about 24 hours and I’m an existing customer. Should I wait for that e-mail before transferring money in?

        • +2

          I see your confusion. I didn't get any official email saying "the account is open" and no callbacks either to confirm my application and what not. I got e-mails saying you've been enrolled for monthly statements at which point I called and made sure the account was ready to be transferred to and TFN details in place. It was ready and they said I was good to go.

          • +1

            @aguitarfreak: Maybe I’ll transfer a small amount in and see what happens. Thanks for the information!

            • @kerfuffle: Yup do that. And maybe transfer from your nominated linked account so that gets activated as well. Also I'm sure you've opened up an online account too? I was able to after I received the monthly statements enrollment email.

              • +1

                @aguitarfreak: Yeah I already had a Citi Plus account prior to opening the savings account, hence existing customer. And yep, will transfer from the linked account (which isn’t Citibank)

              • @aguitarfreak: Transferred some money in from the linked account; that worked fine. Transferred some money in from a non-linked account (Macquarie Savings), so far in limbo. Luckily it was only a few dollars … Hopefully it shows up later

                • +1

                  @kerfuffle: Exactly what happened to me. Macquire savings non linked showed up the next day. The second transaction also took a whole day, but after that things were much faster.

                  • @aguitarfreak: Phew! I guess I'll slowly transfer my money over the next week then :)

                    • +4

                      @kerfuffle: Also make sure that your TFN is in their records. I did input it during the registration but they still withheld interest. Had to call them to figure out where to update it again. It's in the online portal under services > deposit services > update TFN. They also mentioned they will be refunding the withheld amount in the next couple days. Hence I mentioned in my first comment here that I've had a really good experience with their customer service!

                      • @aguitarfreak: Thanks for the tip! Have now added it.

                        Macquarie was a cinch to open compared to Citi …

                • @kerfuffle: Does Citibank online saver accept Macquarie savings as linked account?

                  • @ozbpro10: Add your own; I'm not changing my linked account to Macquarie to answer your question.

          • +1

            @aguitarfreak: I had the same experience. I just transferred money from my linked account and it went in immediately, so I believe it works.
            The app is pretty basic.. you can't see if they have your TFN details in place and also there's no where that mentions the current interest rate on your account.

            • +2

              @West911: You cannot see the interest rate on the web as well. I just ask their chat.

  • can you only transfer from web portal? I try to transfer using the same linked account details and it keeps showing an error.

  • Anyone seen or heard anything if Citi are increasing this offer post RBA's decision on Tuesday?

    • I hope they do , I just joined and I’m sick of moving banks.

  • +3

    Its 2.6% now

    Citibank Online Saver Account
    2.6% p.a.
    VARIABLE INTRODUCTORY RATE
    (FIRST 4 MONTHS)
    No monthly fees, no minimum balance and no long term commitments. Earn our variable introductory rate, 2.6% p.a. for the first 4 months

    • Wow I just moved most of the money from
      Citi to ing Lol well back to moving again

      • Does anyone know if you opened a savings account prior to the increase to 2.6% does your introductory rate increase or are you stuck in 2.1%?

  • So I received a letter from CITI advising that there is a block on my account and I won't be able to withdraw my money until I provide them a copy of my driver's license, passport, utility bill, medicare and payslip via email. (Has to go to their security department as per the phone conversation I had with them)

    I am wondering if this has happened to anyone else?

    I verified license and passport while creating the account, so I'm not sure why they're asking for a copy now

    • +1

      Firstly are you sure this is really Citi?
      But generally, their fraud people are very strange. I had them call me once and ask my birthdate to identify myself even through I had set up voice id with them. I refused to provide and they could not understand why.
      If yes - that is so frustrating. About 18 months ago they locked my accounts but it was because of the KYC requirements. Their questions were quite invasive and when they rang me the junior minion could not even explain why they needed the information. I asked for the reason in writing and that is when the KYC legislation was mentioned but I had to google it get the context. Then a few months later they wanted to do it all again. I withdrew my funds and ignored them. They emailed a few times and advised they would close the accounts. Maybe a month later they did so and sent me a check for the remaining $3. About 14 months later their rates became the best and I opened new accounts without any issue. I think that the overseas based banks have more stringent requirements in some countries and then follow them here too. Your choice is to comply or they will close the accounts. They are asking for more info than needed to open an account. I have been opening bank accounts lately with just drivers licence they seem to want the full 100 points. Although the pay slip is strange. Does sound a bit of a hassle.

      • I have confirmed that this was from Citi, I spoke to multiple agents and they say it's a requirement of theirs to keep my account "up to date". They did not provide further details.

        I asked why is there no option to upload a document on their website and did not get a straight answer.

        After telling them that it makes no sense to send all those documents, the last agent went to confirm and was told I only need to send 1 document for proof of residency and they need to have the document for record keeping

        • I opened 2 accounts with them in May. I used my drivers license for id. check. No proof of residency required. Strange. Maybe they do this at random and you won the booby prize.

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