This was posted 1 year 9 months 19 days ago, and might be an out-dated deal.

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CitiBank Online Saver Account, 2.85% p.a Variable Interest Rate for First 4 Months, on Balances up to $500,000 (New Accounts)

1000
CitiBank Online Saver Account, 2.85% p.a Variable Interest Rate for First 4 Months, on Balances up to $500,000 (New Accounts)
Go to Deal
Lred sed on 16/07/2022 - 20:19 www1.citibank.com.au (1525 clicks)
Last edited 13/08/2022 - 20:58 by 2 other users

2.85% p.a.1
VARIABLE INTRODUCTORY RATE
(FIRST 4 MONTHS)
Competitive interest savings
Earn our variable introductory rate, currently 2.85%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 1.60%p.a.

  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. ↩

Financial Bank Account Savings Account

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Citibank Australia
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closed Comments

  • roofyapple on 17/07/2022 - 11:34
    +6

    Citibank has one of the worst online banking apps. The fact you can’t see what internet rate you can earn in your account shows how lack of thought was put in. I’ve filled in application forms before only to be told there is a technical error and to try again. Hopeless.

    • G-rig on 03/08/2022 - 10:05
      +1

      It's good enough, bit laggy
      Just log on to the website

  • dynaflow on 17/07/2022 - 16:15

    Most Superannuation funds offer a Cash option….

  • BendBridge on 17/07/2022 - 20:39

    Doesn't ANZ and CBA offer 2.50% p.a. for 12 months?

    • ozdesi on 17/07/2022 - 21:05

      This deal is not 12 month term deposit.

  • TheBarGainHunter69 on 18/07/2022 - 02:51

    Does anyone know how long this deal might last?
    I’m thinking of opening mine up for the first 4 months, then opening up another under my wife’s name.

    • Yola on 18/07/2022 - 06:52
      +1

      It has been going several years.

  • 17833 on 18/07/2022 - 07:50

    It would not accept my Australian savings account as a linked account. Kept returning "not a valid BSB message".

    • ozbpro10 on 18/07/2022 - 08:51
      +2

      It does not accept Credit Unions or small banks which were previously Credit Unions. I was told by their support staff.

    • rifter on 20/07/2022 - 11:16

      What does bsb checker say?
      https://bank.codes/australia-bsb-number-checker/

      • 17833 on 20/07/2022 - 11:23

        The BSB Number that you entered does not exist in our database. Please try again.

  • asc on 18/07/2022 - 14:49
    +1

    how long does it take to have the account open?

    • Yola on 18/07/2022 - 16:46

      Usually very quick.

      • airpoe on 19/07/2022 - 12:16

        I signed up online on Sunday night.

        Still waiting for their welcome email to arrive.

        When I check my status online its "Your Application is being processed."

        IS it normal?

        • zebargaro on 19/07/2022 - 17:59

          Exact same situation here

          • 17833 on 20/07/2022 - 10:32
            +2

            @zebargaro: Hi, so I signed up on Sunday night and haven't received anything. But I tried to log in this morning and it worked, I was able to also transfer money into the account.

            • zebargaro on 20/07/2022 - 19:08

              @17833: Thanks I also got the confirmation email and can login now.

      • asc on 20/07/2022 - 15:54

        just received confirmation it's open. Applied Monday morning. Received email that says mobile number has changed?

  • G-rig on 19/07/2022 - 12:08

    Anyone got any recommendations for non-NAB based online savers? Intro/good interest rates without requiring a card account to go with it? Ta

    • Yola on 19/07/2022 - 14:17

      Rabodirect is 2.60% P.A variable rate on the first $250,000. Intro for 4 months. Not sure if there is a card but if they send you one just don't activate. There does not seem to be any hoops.

      • G-rig on 19/07/2022 - 18:12

        Cheers looked it up, could be ok.
        Just don't want access to me cash too easily like now both being NAB it's instant.

        • Yola on 19/07/2022 - 19:33

          I thought you had more than 250k and worried about having it all in one FI and not being able to claim the government guarantee. But good on you putting strategies in place to help you save. I keep my sons money for the same reason.

          • G-rig on 20/07/2022 - 03:54
            +1

            @Yola: No worries.. ha, I wish that was the case. Just like having a separate account for saving as I go through different phases of discipline, and if you can transfer it instantly then it defeats the purpose of having a separate online saver (ie I didn't mind having to wait a business day then decide if I needed to transfer it etc).

            Cheers

          • Mad Max on 22/07/2022 - 15:45

            @Yola: Do you mean that they let you open a new online saver after 4 months and they will give you the bonus interest for another 4 months?

  • freedomofspeech on 20/07/2022 - 20:31

    Any conditions with it?

    • Yola on 21/07/2022 - 06:11
      +2

      None, except after 4 months you need to open a new one.

  • Gazpacho on 21/07/2022 - 08:56

    How is the online banking user experience?

    • Yola on 21/07/2022 - 11:48
      +2

      I use it on the web it's ok. The ability to transfer 100k per day is good. I recommend setting up Citi Plus as the linked account. That way if you need to open another Online Saver after 4 months you can keep all your saved payees in the Plus account. Set up the Plus first as you need it in place when opening the Saver.

      • G-rig on 21/07/2022 - 12:15
        +2

        Plus is a good fee free everyday account too, great for travelling and just transfer what you need from the linked online saver, in case the card goes missing.

        • Gazpacho on 22/07/2022 - 23:17

          Ta Yola and G-rig, especially for the tips

  • FujiFruit on 22/07/2022 - 13:00

    I wonder if any other banks would beat citi 2.6%?

    • Yola on 22/07/2022 - 13:10

      ING is equal.

      • FujiFruit on 26/07/2022 - 23:53

        No one has beaten ing or citi, it’s seems to be quiet now , no bank seems to be increasing the interest rates ?

        • Yola on 27/07/2022 - 18:05
          +1

          Till the next round after Reserve bank raises rates.

  • Gazpacho on 22/07/2022 - 23:18

    Can you have all 3 bank account offerings: CITI Plus, CITI Online Saver AND CITI global currency account under 1 account name?

    • timhn on 23/07/2022 - 19:16
      +1

      I've the plus, saver and a credit card under one name. It would be crazy if they not let you do that.

  • niniksa on 27/07/2022 - 07:30

    Citibank sucks. Applied on 18th, said error or something after submission but received email with application ID, was able to check progress online “processing”.

    After a few days, I found I no longer able to check the progress online when some people who applied at similar time received their account opening email. Called Citibank, saying my application under verification although email said my ID had been verified! She only can send the team an email for my verified home address! Tried to login with my preset username and password, always saying “temporarily delay. System currently unavailable. Try again later” WHat the hell!

    • niniksa on 02/08/2022 - 11:12

      2 weeks now since application, still not opened and heard nothing from them! Called them twice, they only can send the processing team an email! They said still under verification, but email confirmed I have been electronically verified. Also, they can recognize my phone number when I called Citibank as I have a credit card with them as additional cardholder. Don’t know what they verifying! Hopeless bank.

      • G-rig on 03/08/2022 - 06:30

        should just wait a bit and go with NAB, once they pass on higher interest rates like all the banks should be doing soon.

  • G-rig on 28/07/2022 - 19:06

    Couldn't even hear the person on the other end at Citibank when I called, no doubt in Manila and very bad line.

    Thinking ING may be good, have to jump through a few hoops to get the 2.60% but no teaser intro rates. Don't particularly want a card attached but have to make purchases a month (guess could think up some very small routine amounts or something).

  • FujiFruit on 30/07/2022 - 11:49

    Statement shows 2.6%. I received my interest rate today which was deposited however there is also another amount and shows interest withheld? Anyone get this?

    • kerfuffle on 30/07/2022 - 11:58
      +2

      No, because I submitted my TFN correctly. Read this

      • FujiFruit on 30/07/2022 - 12:10

        Thanks , just completed it.

        • airpoe on 30/07/2022 - 12:19
          +1

          yes, had entered my TFN on application & then on app when it ask me to update it.

          Called this morning; said it was an error?

          Hence asked me to update online & they advised it will be given back the withheld after 5 business days

          • Yola on 30/07/2022 - 16:27

            @airpoe: Is the refund automatic or because you asked for it?
            They also withheld interest from me on 31 May and I entered it on application and again when I was the interest being withheld. Mine still has not been refunded. I am not too bothered it will all be sorted out in the next Tax return.

            • airpoe on 30/07/2022 - 16:59

              @Yola: I called & said I maybe missing my tfn. They said it will be given back after 5 days. I didnt really ask, as I dont think it was possible.

              I will wait & see who knows

      • 17833 on 30/07/2022 - 21:43
        +4

        I too submitted my TFN "correctly". When it asked at account registration. There was no warning or communication that you had to provide this information twice, otherwise interest would be withheld. When I contacted them they don't even have record of my TFN, what is the point of asking at registration then?

        • aguitarfreak on 01/08/2022 - 08:29

          Same issue here along with lots of others in this forum; seems a lack of foresight in their system.

  • BuyNow Think Later on 30/07/2022 - 18:02

    The application form asks for annual income, employer etc. Is it necessary for a savings account?

    • hawkeye93 on 30/07/2022 - 18:29
      +3

      You can say whatever you want. I just put in $1 mil, working for Apple.

    • Yola on 30/07/2022 - 18:59
      +3

      Citi can be quite strange.

      • timhn on 01/08/2022 - 14:51
        +1

        Same with HSBC.

        • Yola on 01/08/2022 - 17:26

          Yes, HSBC is even worse, incredibly bureaucratic. Seems a pattern with overseas based banks.

  • Gazpacho on 01/08/2022 - 22:12
    +1

    Transferring in and out to other banks seem really slow…what kind of payment system are they on? OSKO? What's people's experience with the turnaround transferring to Big 4 like CBA, or the smaller banks?

    • kerfuffle on 01/08/2022 - 22:18
      +1

      It's slow the first or second time, but faster third time onwards.

      • Gazpacho on 01/08/2022 - 22:19

        Is that a thing…? I assume you are not talking about sender banks holding transfers to a new account, but rather just how quickly Citibank interacts with other banks on a regular basis?

        • kerfuffle on 01/08/2022 - 22:33
          +1

          Dunno. Citibank uses Osko for their transaction accounts

    • bird380 on 02/08/2022 - 14:19
      +1

      CITI use OSKO, Transfering to Westpac or vice versa is instant.

      • CyberMurning on 03/08/2022 - 08:39

        Also instant to macq
        But slow to ing

      • FujiFruit on 03/08/2022 - 09:14

        Citi to hsbc takes 24 hours

  • CyberMurning on 03/08/2022 - 09:43

    so if we open last week we will be locked at 2.60 for 4 months regardless what happen next week or if they increase their base?

    answer.. ah no it could change
    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

    • bird380 on 03/08/2022 - 13:13

      Variable rate not fixed

  • timhn on 04/08/2022 - 19:30

    Look like I'll move my money out of Citibank into Ubank next month for 2.85%.

    • G-rig on 05/08/2022 - 03:44

      Have to open a uspend, may as well I guess

    • Yola on 05/08/2022 - 08:58
      +2

      Citi will most likely go up before then to more than 2.85%.

      • timhn on 05/08/2022 - 18:44

        Will see, but now Macquarie Bank is quite good at 3.10% for 4 months.

      • FujiFruit on 05/08/2022 - 19:52

        Yola, How do u know they won’t go up no more than 2.85?

        • Yola on 06/08/2022 - 12:40

          Based on their recent strategy:

          ING 3.10% (09.08.22), 2.60% (12.07.22), 2.10% (15.06.22)
          Citi ………… …… ….. 2.60% (14.07.22), 2.10% (24.06.22)

          • G-rig on 06/08/2022 - 12:53

            @Yola: 2.85% good enough for less hoops, or open an ING again for 3.1% (intro rate only? ING website says 2.6%).

          • FujiFruit on 06/08/2022 - 13:43

            @Yola: As I withdrew my money, I won’t be able to get interest this month at ing.
            Hopefully Citi goes up and beats them

            • G-rig on 06/08/2022 - 14:03

              @FujiFruit: yeah lot of effort changing etc if don't meet the bonus requirements.
              maybe uBank is the go for me since already use it, just need to apply for the uspend i guess.

            • Yola on 06/08/2022 - 14:16

              @FujiFruit: When did you withdraw. You can have 0 balance during the month as long as it is higher at the end.

              • FujiFruit on 07/08/2022 - 13:38

                @Yola: 2nd Aug withdrew all the money

                • Yola on 07/08/2022 - 18:24

                  @FujiFruit: I think you can deposit it back if you wish and just meet all the conditions as usual. I did that in June when their rate was lower than another FI but then it went up again. On 1 June my balance was 0 and did not increase till 15 June. I received the bonus interest in June but maybe ring them to check.

                  • FujiFruit on 11/08/2022 - 13:17

                    @Yola: I messaged them and waiting for reply but I’m rather deal with citi. I’m just waiting for them to bump up their rates before I move to Macquarie bank as they are on 3.1% with no hoops

                    • FujiFruit on 15/08/2022 - 11:12

                      @FujiFruit: Ing said I’m not entitled for this month . I’m just going to stick with citi with no hoops.

  • G-rig on 05/08/2022 - 16:03

    Hi, looking at opening a uSpend account to get the bonus rate on the uBank usaver account. The card seems relatively fee free.
    Not planning to use the card perse, but wondering if withdrawals at the big for ATMs are free similar to any other card, and if you can do cash deposits at NAB atms? The only option for citi (with no physical branches anymore in my city) is to deposit cash at Australia Post, which is alright anyway i guess.

  • mei mei on 12/08/2022 - 16:27
    +3

    citi bank from today afternoon12/08/2022, variable introductory rate, currently 2.85%p.a. for the first 4 months balance remains under $500,000.

    • FujiFruit on 12/08/2022 - 18:26

      Yola you are correct! You predicted that! Damn good prediction!

      • Yola on 13/08/2022 - 08:04

        Thank you. Anything else you would like to know:)

        • FujiFruit on 15/08/2022 - 11:13

          What’s your next prediction?

  • bird380 on 12/08/2022 - 18:02
    +1

    They have now changed to 2.85%, a bit disappointed as there is only a 0.25% increase

    • hawkeye93 on 12/08/2022 - 18:23

      Then Ubank still better (from next month).

      • kerfuffle on 12/08/2022 - 20:12

        How? It's the same rate with a hoop.

        • hawkeye93 on 12/08/2022 - 20:43
          +4

          Have to close/open account every 4 months.

        • G-rig on 13/08/2022 - 05:13

          No hoop for 2.35% now.
          Been getting 0.1 with old ubank so closing that.

          • kerfuffle on 13/08/2022 - 06:25

            @G-rig: Yes there is. You have to put $200 in for UBank to get 2.35% or 2.85% from next month

            • G-rig on 13/08/2022 - 06:31

              @kerfuffle: 200$ a month or to start it? Have already done that, hardly a hoop if the the idea is to SAVE, the idea is to grow the balance for most I would have thought.

              No spend requirements like ING, they place a lot more hoops, and don't even want another spend/Daily/card account.

              • kerfuffle on 13/08/2022 - 06:34
                +1

                @G-rig: $200 a month every month otherwise no bonus interest for you. Easy to get around it, but there is indeed a hoop for UBank.

                • G-rig on 13/08/2022 - 06:48

                  @kerfuffle: If I can't save 200$ a month there is something very wrong. You still get to keep the interest from the months you do I assume?

                  Agree it's one hoop then. Just seems like ING is more effort - 4 or 5 transactions per month (on the card account), deposits, balance has to be more than previous month etc?

                  deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super, Personal Loans and Orange One),
                  • also make at least 5 card purchases that are settled (and not at a 'pending status') using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions), and
                  • ensure that the balance of your nominated Savings Maximiser account at the end of the current month is higher than it was at the end of the previous month. When we assess whether you've met this balance growth requirement, interest earned in the current month is not taken into account.

            • hawkeye93 on 13/08/2022 - 07:21
              +1

              @kerfuffle: $200 deposit is different to growing balance by $200. For the former, you can transfer in and out immediately to activate the bonus. With the latter (like ING), it’s definitely a hoop.

    • FujiFruit on 12/08/2022 - 18:28
      +2

      Yes big disappointment! I thought they might join ing at 3.1%

  • mei mei on 12/08/2022 - 20:24

    From today：GSB Home saver from 2.05% to 2.55%(100,000 Cap), advantage saver from 2.10% to 2.6%(100,000 to 750,000 Cap).

  • mei mei on 12/08/2022 - 20:51

    Waiting myBOQ Smart Saver Account the rate change from 2.35% to 2.85% by next week 19/08/2022 Friday?

  • Phreebee on 13/08/2022 - 08:35

    Op, Citi has upped the 4 month intro interest rate to 2.85% p.a. now, effectively immediately for all current and new account holders.

    • FujiFruit on 13/08/2022 - 10:29

      Maybe mods will update it if op doesn’t do it

    • mei mei on 13/08/2022 - 12:09

      @Phreebee From yesterday afternoon, citi updated interest rate to 2.85% already.

    • eriktufa on 16/08/2022 - 17:49

      the title says new accounts holders only?

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