NAB to Stop Accepting Applications for Citi Branded Bank Accounts & Home Loans in Early 2023

AussieDeals on 01/02/2023 - 16:55
Last edited 01/02/2023 - 20:12

Appears that NAB is starting to wind down some Citi branded products in early 2023

Perusing https://www1.citibank.com.au/deposits/everyday-accounts shows the following message:

"Please note after 20 May 2023 we will no longer be accepting new applications for Citibank Online Saver, Citibank Plus Account and the Cash Investment Account. Citibank Term Deposits will only be available for existing customers.

Please ensure your application is submitted by this date, and visit our FAQs page for more information."

As spotted by me1stt their page on Home Loans also states:

"Please note that as of 31 March 2023 we will no longer be accepting new applications for Citi branded home loans. Visit our FAQs for more information."

Financial

Related Stores

National Australia Bank Group (NAB)
National Australia Bank Group (NAB)
Citibank Australia
Citibank Australia

Comments

  • Drakesy on 01/02/2023 - 17:27
    +1

    Hopefully this doesn't mean an end to the Citibank credit cards.
    They've been consistently the best performing churners for me.

    • askbargain on 01/02/2023 - 17:37
      +3

      of course they won't. they are so profitable they had to sell their business!

      • netjock on 01/02/2023 - 22:14

        Credit cards are good money provided you can get customers who have a revolving balance.

        The problem with credit cards is how they show up in risk weighted assets (higher the risk and more capital you need to hold to cushion losses). The worst part is when recession comes and you will have a few years of lower profits or no profits at all. The problem is you need to find more capital when your share price is low at the same time.

        Imagine giving card holder 1c per dollar (Qantas points) but if they have a revolving balance you might end up making 20c pa (or about 1.6c a month)

  • payless69 on 01/02/2023 - 19:48

    NAB has completed the $1.2 billion acquisition of Citigroup's Australian consumer business.1 June 2022. Citi US was in a better position to foresee its future.

    Next will be ANZ after having splurged 4.9 Billions to snap up Suncorp's banking arm. I guess Ozbbs users will be the first ones to be purged?

    • fuzor on 14/03/2023 - 23:11
      +1

      1.2 for Citi seems a much better deal than 4.9 for Suncorp

  • me1stt on 01/02/2023 - 19:54
    +1

    Also home loan from 31 March 2023.

  • chickenchipsgravy on 01/02/2023 - 20:53
    +1

    Isn’t the Citi brand under licence, how long for? Would make sense….

  • Sawtell on 02/02/2023 - 11:19

    Shame. Citibank Plus has been a great travel card for me. No international fees and the exchange rate is usually as good or better than can be found on the ground.

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