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A great variable introductory rate of 5.80% p.a.1 for the first 6 months from your account opening on balances less than $2,000,000 ($500,000 from 8 February 2012). At the end of the 6 months you'll receive our standard variable rate, currently 4.75%p.a.1. |
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No account fees2 |
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No minimum balance |
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No fixed terms or hidden catches |
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Access your money 24 hours a day, 7 days a week through phone and internet banking |
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Balances of up to $250,000 held with Citibank will be covered by the Financial Claims Scheme3. |
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| Deposits |
Unlimited
(from any Australian source)* |
| Withdrawals |
Unlimited
(to your nominated linked account) |
| Minimum Opening Balance |
$0 |
| Minimum Ongoing Balance |
$0 |
| Monthly Statement |
Yes
(e-statement only) |
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| Interest |
| Introductory Rate (for the first 6 months) |
5.80% p.a.1 |
| Standard Variable Ongoing Rate |
4.75% p.a.1 |
| Interest Calculated |
Daily |
| Interest Paid |
Monthly |
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| Access |
| Internet Banking |
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| Phone Banking |
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| NAB Branches* |
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| ATM |
X |
| Deposit Book |
X |
| Cheque Book |
X |
* NAB accepts cheque deposits only. Cheques must be in the name of the account holder.
Cash deposits are not available on this account. |
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No account fees2 |
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Unlimited free deposits |
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Unlimited free withdrawals to your Nominated Linked account |
| For other general bank fees please see our Schedule of Fees and Charges |
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Apply Online |
| If you have any queries you can call us on 13 24 84, available 24 hours a day, 7 days a week. |
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How do I open a Citibank Online Saver? |
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You can apply online for your Citibank Online Saver. If you need any help with your application please call us on 13 24 84, 24 hours a day 7 days a week.
This account is available to personal customers only. If you want to open a Business account, a great rate is available through the Ultimate Business Saver. |
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Who can apply for this account? |
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You must be an Australian resident for taxation purposes |
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You must be 18 years of age or older |
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What are the benefits of the account? |
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No account fees2 |
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No minimum balance |
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No fixed terms or hidden catches |
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Access your money 24 hours a day, 7 days a week through phone and internet banking |
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Savings up to $250,000 will be covered by the Australian Government Guarantee3 |
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Setting up my Account |
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How does the account work? |
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How will I know when my account is ready to use? |
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You can start making deposits as soon as your account in open. All you need is your Citibank Online Saver account number and BSB. |
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Your account will be ready to use once you activate your account by depositing funds from your nominated linked account to your Citibank Online Saver. If your nominated linked account is a Citibank account it will be automatically activated. |
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All you need to do is call Citiphone to activate your Internet Access Number, then log on to www.citibank.com.au to set up your account. |
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If you are new to Citibank you will need to set up access to our secure internet banking portal, Citbank Online. Once you receive your Internet access number, Internet PIN and Telephone PIN, simply call 13 24 84 to activate your online access. |
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Which accounts can I nominate as my linked account? |
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| You can nominate any Australian bank account as your nominated linked account, as long as your bank permits it. |
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Can we set up a joint account? |
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| Yes. Just follow the online application process and click on the ‘joint account’ option. Please note that your nominated linked account must also be in the same names as your joint Citibank Online Saver application. |
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How do I set up my account? |
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Citibank will advise you via email when your account has been opened.
If your nominated linked account is not a Citibank account, you will need to activate it before you can withdraw funds from your Citibank Online Saver or commence your Regular Savings Plan. To activate simply transfer funds from your nominated linked account into your Citibank Online Saver. |
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When will I receive my account number? |
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You will receive your account number at the end of the application process. |
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We will also provide you with your account number within 10 business days of your account being opened, in your Welcome Pack, which will be mailed to you. |
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You will also receive a Telephone PIN for telephone banking, an Internet Access Number and Internet PIN for you to start banking online. |
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Making Deposits |
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Making Withdrawals |
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How can I make withdrawals? |
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| You can make withdrawals electronically to your nominated linked account. |
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Where can I make withdrawals to? |
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| You can make withdrawals only to your nominated linked account. |
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Can I make withdrawals from an ATM? |
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| No, this account is designed for online usage, and you will be issued with an Internet access number that you can utilise to set up online access. |
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When can I start making withdrawals? |
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| If your linked account is not a Citibank account you will need to activate it before you can withdraw funds from your Citibank Online Saver or commence your Regular Savings Plan. To activate simply transfer funds from your nominated linked account into your Citibank Online Saver. |
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Account Information |
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Managing my Account details |
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How do I change my account details? |
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| To change any account details, all you need to do is log on to Citibank Online with your ID and password, and provide us with instructions to change your account details. |
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What if I want to change my nominated linked account details? |
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To change your linked account, all you need to do is log on to www.citibank.com.au with your ID and password, and provide us with instructions regarding your new linked account. We will send you a sms and a letter to confirm your request.
Please note that if you change your nominated linked account to a non Citibank account you’ll need to activate it before you can make any withdrawals. Activate your Citibank Online Saver by making a transfer from your new linked account to your Online Saver. This only applies if your new linked account is not a Citibank account.
For security reasons, if you change your linked account to a non Citibank account, you will not be able to make withdrawals to your linked account for 5 days after your re-activation. |
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What if I want to set up a Regular Savings Plan? |
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| If you want to set up a Regular Savings Plan from a non Citibank linked account you must first activate your account. To activate your account, simply transfer funds from your nominated linked account to your Online Saver. |
| To set up a Regular Savings Plan: |
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log onto citibank.com.au |
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select ‘Bill Payments & Transfers’ |
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Select To/ From Citibank Online Saver from the drop down list. |
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Confirm the amount and date of your future payments. |
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What is a Direct Debit Request Service Agreement? |
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| A Direct Debit Request is an instruction you give Citibank to allow us to take money from your nominated linked bank account to deposit into your Citibank Online Saver account. Not all bank accounts allow funds to be withdrawn and deposited into another institution, so you should check to make sure that the account you wish to nominate as your linked account has this access. |
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How do I provide you with my Tax File Number? |
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| To provide us with your Tax File Number, all you need to do is log on to www.citibank.com.au with your ID and password, and provide us with the relevant Tax File Number. |
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How long is the introductory interest rate applicable? |
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| The variable introductory interest rate applies for the first 6 months after your account is opened. |
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What will happen at the end of the introductory period? |
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| After 6 months, your account will start earning the standard variable interest rate applicable at that time. |
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How will the interest be calculated and paid? |
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| Interest is calculated daily and paid monthly into your account on the last business day of the month. Every dollar that you save in this account will earn you interest. |
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How will I know how much interest I have earned, and the interest rate that is applicable to me? |
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| Your statement for every month will indicate the interest credited to your account as well as the interest rate that is applicable to you when your statement is issued. You can also check the current Citibank Online Saver rates online |
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Is tax payable on the interest earned on this account? |
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Yes, tax is payable on the interest earned on this account.
You are not required to quote your TFN or an appropriate exemption. However, if you do not, and you are a resident of Australia, Citibank is required to withhold tax at the highest marginal tax rate plus the Medicare levy from income earned on your Account.
If you do not supply a TFN at the time of application you can do so at any time once your account is open through Citibank Online Internet Banking.
If you are a resident of Australia in the financial year in which the interest is paid or credited, your interest will be included in assessable income for Australian tax purposes. If you are a non-resident you will be subject to 10% interest withholding tax.
You should seek your own independent financial and taxation advice before making a decision whether to open an account. |
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Fees |
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Is there anything else that I need to know? |
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