Media Release - 05 July 2012
Australia's only fee-free bank account proves popular
Sydney, 5 July 2012: The Citibank Plus Account is the bank's fastest growing product in Australia, with more than 5,000 new customers each month attracted to Australia's only totally fee-free account. This is a five-fold increase in monthly applications since the account was relaunched in October 2011 and has resulted in a 49% increase in number of customers for the account. As at the end of June 2012, Citibank had in excess of 100,000 customers with a range of every-day banking products.
David Mouillé, the Head of Retail Banking for Citibank in Australia said, "The Citibank Plus Account is one of our fastest growing products and it's no surprise. The hidden fees in most simple bank transaction accounts are many and large. From monthly maintenance and statement fees, to local and overseas ATM fees - they are unwarranted and typically hidden. The Citibank Plus Account has none of them, and customers approve.
"With the introduction this month of new rules to encourage bank switching, we expect customer numbers to increase even further," he said.
The Citibank Plus account was recently awarded a 5 Star Rating for Deposit Accounts by Cannex in two categories (Online Transactor and Electronic Transactor), as a testament to the product's outstanding value.
In addition to being fee-free in Australia and globally, the account includes the Citibank Dining Program, a reward program that gives customers a free bottle of award-winning wine every time they dine and pay with their Citibank Visa debit card at any of the 300 participating restaurants nationwide. Customers can also make unlimited free withdrawals at more than 3,000 ATMs in Australia through a partnership with Westpac and St George.
The account was introduced by Citibank as part of a strategy to increase the number of customers who use Citibank as their main financial institution. Citibank has over 1 million customers in Australia. In addition to transaction accounts, Citibank provides credit cards, mortgages, insurance and personal loans to affluent and aspiring affluent customers in Australia.
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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's appropriate for your particular circumstances.
|Judy Hitchen||Tel: +61 2 8225 1643||Email: Judy.Hitchen@citi.com|
|Natalie Goodrick||Tel: +61 2 8225 1631||Email: Natalie.Goodrick@citi.com|
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
In Australia, Citi serves over 1 million customer accounts and 900 corporate accounts. It has the most comprehensive offering and largest global reach of any bank with operations in Australia.
Additional information may be found at citigroup.com, citi.com or citibank.com.au; or on Twitter@citi or @citibank, on Facebook at /citi or /citibankaustralia, on linkedin.com/company/citi, on youtube.com/citi and at out blog http://new.citi.com.