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| Home>Banking>Savings Accounts>Citibank Ultimate Business Saver |
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| Earn high interest for your business, trust or Self Managed Super Fund and enjoy the convenience of access to your funds via ATM, phone and online banking. |
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- Earn stepped interest with a variable introductory rate of 4.85% p.a.1 on the portion of your balance from $10,000 to $1million with interest calculated daily and paid monthly. The first $10,000 does not earn interest.
- Designed for business, trusts or Self Managed Super Funds.
- $0 monthly fee.
- 10 free withdrawals each month at more than 3,000 Citibank, Westpac, St.George, Bank of Melbourne and BankSA ATMs around Australia2.
- Minimum ongoing balance $10,0003.
- Access to your money anytime, anywhere at ATMs, EFTPOS or through phone and online banking4.
- Visa Debit and cheque facilities5.
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| Flexibility |
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| Transaction frequency |
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Moderate / Low |
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| Minimum opening balance |
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$0 |
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| Minimum ongoing balance |
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$10,0003 |
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| Funds at call |
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| Monthly statement |
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| Interest |
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Standard Variable Rate 
(on portion of balance from $10,000 to $1million) |
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4.85% p.a.1 |
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| Interest paid |
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Monthly |
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| Calculated daily |
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| Stepped Interest |
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| Interest on the Ultimate Business Saver is stepped which means that different rates of interest apply to different portions of your account balance. The portion of your balance between $10,000 and $1million will attract the highest rate of interest. |
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| Balance |
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Interest rate |
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| $0 - $10,000 |
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0.00% p.a1 |
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| $10,000 - $1million |
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4.85% p.a1 |
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| $1million+ |
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3.40% p.a1 |
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| Access* |
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| ATM/EFTPOS |
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4 |
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| Cheque book access |
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5 |
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| Australia Post Bank@Post Outlets |
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| Overseas ATM |
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4 |
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| Internet banking |
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4 |
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| Phone banking |
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4 |
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| Written instructions |
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* All points of access may not be available if method of operation requires more
than
one to sign. |
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| Product Fees and Charges |
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| Free transactions per month |
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102 |
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| Fee per withdrawal thereafter |
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$2 |
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| Minimum opening balance |
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$0 |
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| Monthly account keeping fee |
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$0 |
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| Minimum ongoing balance |
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$10,0003 |
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| Apply now |
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| Apply for an Ultimate Business Saver account and start saving today. |
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| What you will need: |
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| You will need the following information to apply for a Ultimate Business Saver account: |
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| Proof of age: |
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You must be over 18 years of age or older. |
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| Personal identification: |
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All account holders must be able to be identified in Australia at or before account opening. This includes providing two forms of identification, one of which must be photo identification, along with your application at one of our branches or at an Australia Post outlet. |
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| Personal details: |
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Residential address, contact details (for all account holders if applying for a joint account) and current e-mail address of all account holders. |
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| Business, Trust or Self Managed Super documentation: |
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We will need to conduct an identification check before your account can be opened. To understand what documentation is required and to arrange an appointment, contact Citiphone on 13 24 84, or visit your local branch. |
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| Tax File Number (TFN) Or valid exemption: |
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Or valid exemption - you do not have to provide your TFN, but without it we will be required to deduct tax at the top marginal rate. |
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Click on  to expand and on  to minimise the details. |
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| Opening Ultimate Business Saver |
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| How can I open an account? |
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| To open an Ultimate Business Saver simply visit your closest branch or call 1300 559 424. Our staff will help you complete the application form and organise for the account to be opened. Before you arrive, please read below to ensure you bring the necessary paperwork with you. |
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| What you need to apply |
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- Australian Business Number (ABN)
- Personal details of all account signatories. All signatories will need to be identified. For examples of identification that can be used visit our How to Apply page
- Tax File Number (TFN). (This is optional, however, depending on the account type if it is not supplied Citibank is required to withhold tax at the with top marginal rate)
- Originals of relevant documentation to verify your entity, such as:
- Certificate of Incorporation (or Commemorative Record of Registration) for a body corporate
- Certificate of Registration for a business
- Signed Partnership Agreement
- Trust Instrument
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| Can we set up a joint account? |
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| Yes. However, it is important to note that if two or more signatories are required to operate the account, then you will not be provided with a Debit Card or Internet Banking access. |
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| How long will it take to activate my Ultimate Business Saver? |
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| From the time we receive your application and identification documents, it can take up to 3 business days to activate your account(s) and up to 7 business days for you to receive your Citi Debit Card, Citi ATM Card, ATM PIN and deposit book (if you have requested one). |
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| Can I get a Citi Debit Card on this account? |
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| Yes. However, only if your account is listed as 'anyone to sign'. If your account is listed as 'more than one to sign' then we cannot issue you a Citi Debit Card. Without a Citi Debit Card you cannot access ATMs and Online Banking. |
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| When should I make the initial deposit? |
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| You can provide a cheque with your account application to ensure that your account is funded and earning a great rate of interest from the time of opening. |
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| Otherwise, you can fund your account by: |
- Direct Credit from another account
- Cash or cheque at any National Australia Bank branch
- Mail a cheque and deposit slip to:
Banking Services
Citigroup Pty Limited
GPO Box 40
Sydney NSW 2001
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| What if I want to speak to someone? |
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| For any enquiries please contact CitiPhone Banking on 13 24 84 (or +61 2 8225 0615 if you are calling from overseas) 24 hours a day, seven days a week. Or alternatively speak to your Relationship Manager. |
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| Deposits and withdrawals |
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| When can I access my account? |
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| You can access your account at anytime using ATMs, EFTPOS, Citibank Online Banking or CitiPhone Banking - all are available 24 hours a day, seven days a week. |
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| How do I make deposits? |
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| You can provide a cheque with your account application to ensure that your account is funded and earning a great rate of interest from the time of opening. |
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| Alternatively you can make deposits into your Citibank accounts in any of the following ways: |
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- Online and Phone Banking
- Direct Credit from another account
- Cash or cheque at any National Australia Bank branch
- Mail a cheque and deposit slip to:
Banking Services
Citigroup Pty Limited
GPO Box 40
Sydney NSW 2001
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| How do I make withdrawals? |
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| You can withdraw money from your Citibank accounts in any of the following ways: |
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- Via any ATM in Australia
- EFTPOS
- Direct Debit
- Online and Phone Banking
- BPAY®
- Visa Debit
- Written Instructions
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| Can I pay bills from my account using BPAY®? |
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| Yes, BPAY® can be used with this account. To find out how to pay bills by BPAY® either sign on to Citibank Online and refer to the 'Transfers and Payments' section, or call CitiPhone Banking on 13 24 84, and follow the voice prompts. |
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| How do I close my Ultimate Business Saver Account? |
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| To close your Ultimate Business Saver please complete a letter in writing stating your intention to close the account. You can send this instruction to: |
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| Banking Services Citigroup Pty Limited |
| GPO Box 40 |
| Sydney NSW 2001 |
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| Interest, Fees and Charges |
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| How is interest calculated on this account? |
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| Interest is calculated daily on a stepped basis. This means that different rates of interest apply to different portions of your account balance. |
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| For example if the interest rate is 4.00% p.a. on the portion of your balance from $10,000 - $1,000,000 and your account balance is $550,000, then the interest rates are earned as follows: |
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The first $10,000 earns 0% p.a.
The next $540,000 earns 4.00% p.a. |
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| How is the interest earned on this account taxed? |
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| Interest income earned on the account will be sourced in Australia. If you are a resident of Australia in the income year in which the interest is paid or credited, your interest will be included in assessable income for Australian tax purposes. |
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| You are not required to quote your TFN/ABN or an appropriate exemption. However, if you do not, and you are a resident of Australia, Citibank is required to deduct tax at the top marginal rate. |
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| Internet and Phone Banking |
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| How do I bank online? |
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| Once you have registered on Citibank Online using your Citi Debit Card number, ATM PIN and account number all you will need to sign on is your username and password. |
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| How do I bank using the phone? |
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| Simply call CitiPhone Banking on 13 24 84, available 24 hours a day, seven days a week and enter your Citi Debit Card number and your Telephone Personal Identification Number (TPIN) if you have one. Then follow the simple instructions to obtain account balances and recent transactions, transfer funds, plus much more. |
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| Switching Bank Accounts |
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| Can I close my old bank accounts through Citibank? |
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| You need to contact your previous financial institution personally to close your account. You should first make sure all your service providers have redirected any direct credits or debits to your new account before you close your old account. |
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| Next steps |
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| For more information on setting up or managing your account, visit our Frequently Asked Questions. |
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| Citigold |
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| You can also enjoy exclusive global benefits and services by becoming a Citigold client, when you hold a minimum of A$100,000 in wealth with Citibank. |
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| View the Terms and Conditions (Adobe PDF, 1.16 MB) |
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| View the Schedule of Fees and Charges (Adobe PDF, 451 KB) |
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Terms & Conditions apply and are available on request
1. Stepped interest rates apply (meaning different rates of interest apply to different portions of your account balance). The portion of your balance under $10,000 does not earn interest. Rate of 4.85% p.a. applies to the portion of your balance from $10,000 to $1 million. Rate of 3.40% p.a. applies to the portion of your balance over $1 million. Interest rates are effective from 14 December 2011 and are subject to change at any time. Minimum ongoing balance of $10,000 applies.
2. Ten free withdrawals per month at Citibank, Westpac, St.George, Bank of Melbourne and BankSA ATMs around Australia.
3. If the balance of the account does not reach and is not maintained at $10,000, Citibank reserves the right to close the account.
4. ATM, Internet and Phone Banking are not available on accounts that have more than one signatory.
5. Only available where more than one signature is required to operate the account.
Total balances held by a depositor with Citibank, up to an amount of AUD$250,000, automatically access the Financial Claims Scheme. For more information go to www.apra.gov.au or call 1300 55 88 49.
Ultimate Business Saver is issued by Citigroup Pty Limited ABN 88 004 325 080 AFSL 238098 (Citibank). Any advice is general advice only. It was prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider if it is appropriate for your particular circumstances.
Further information and our dispute resolution process is available at www.citibank.com.au or by phone on 1300 137 931.
© 2012 Citigroup Pty Limited ABN 88 004 325 080 AFSL No. 238098. Citibank®, Citi® and Arc Design® are service marks of Citigroup Inc. |
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