|
| Home>Banking> Savings Accounts>Citibank Online Saver |
|
|
 |
| Tick off your wish list sooner by earning 5.80%p.a.1 on every dollar you save. Best of all there's no minimum balance and no account fees2. Simply link your Citibank Online Saver to any other Australian bank account and transfer money in and out as you need. |
|
 |
|
|
|
      |
- A great variable introductory rate of 5.80% p.a.1 for the first 6 months from your account opening, on balances less than $500,000. Offer valid until 22nd March 2012, changing to a 4 month introductory rate period for new customers thereafter. At the end of the introductory rate period you'll receive our standard variable rate, currently 4.75%p.a.1.
- No account fees2 and no minimum balance.
- No fixed terms or hidden catches.
- Interest, calculated daily and paid monthly.
- Instant access to your account 24 hours a day, 7 days a week through phone and internet banking.
- Simply link your Citibank Online Saver to your Citibank Plus everyday account or to your external bank account and move your funds to or from your Citibank Online Saver whenever you need them. Just make sure your linked bank account allows you to transfer money to other bank accounts.
- Balances of up to $250,000 held with Citibank will be covered by the Financial Claims Scheme 3.
|
| Regular Savings Plan |
|
| Grow your savings by setting up a Regular Savings Plan. A Regular Savings Plan will automatically make regular contributions to your Citibank Online Saver to help you reach your savings goals sooner. |
|
 Find out how to set up a Regular Savings Plan |
|
| Set up a Regular Savings Plan at account application |
|
| To set up a Regular Savings Plan at account application, simply follow the prompts at Step 3 of the online application process. |
|
| Set up a Regular Savings Plan once your account is opened via Citibank Online |
|
| Set up a Regular Savings Plan after your account is opened through Citibank Online: |
|
| Step 1: |
Log in to citibank.com.au and select Payments & Transfers. |
|
| Step 2: |
Go to Citibank Online Saver Transfer and follow the prompts. |
|
| Step 3: |
Enter the amount you wish you transfer and select Make this recurring. You can then choose the frequency of your Regular Savings Plan. |
|
|
|
|
| Start earning high interest |
|
| As soon as your Citibank Online Saver is open you will start earning our great introductory rate. Apply now and earn interest on every dollar you save. |
|
| 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) |
|
|
|
| Interest |
|
| Introductory Rate (for the first 6 months valid until 22nd March 2012) |
|
5.80% p.a.1 |
|
| Standard Variable Ongoing Rate |
|
4.75% p.a.1 |
|
| Interest Calculated |
|
Daily |
|
| Interest Paid |
|
Monthly |
|
|
|
| Access* |
|
| Internet Banking |
|
 |
|
| Phone Banking |
|
|
|
| NAB Branches* |
|
|
|
| ATM |
|
 |
|
| Deposit Book |
|
 |
|
| Cheque Book |
|
|
|
|
|
* NAB accepts cheque deposits only. Cheques must be in the name of the account holder.
Cash deposits are not available on this account. |
|
| Regular Savings Plan |
|
- No account fees 2
- Unlimited free deposits 2
- Unlimited free withdrawals to your Nominated Linked account.
|
| For other general bank fees please see our Schedule of Fees and Charges. |
|
| Apply now |
|
| Apply for a Citibank Online Saver account and start saving today. |
|
|
|
| What you will need: |
|
| You will need the following information to apply for a Citibank Online Saver account: |
|
| Proof of age: |
|
You must be over 18 years of age or older. |
|
| Resident requirement: |
|
You must be a resident of Australia. |
|
| Personal details: |
|
Residential address, contact details (for all account holders if applying for a joint account) and your current e-mail address. We will confirm your application and send your electronic notices to this e-mail address. |
|
| Tax File Number or valid exception: |
|
You do not have to provide your TFN, but without it we will be required to deduct tax at the top marginal rate. |
|
|
|
Click on  to expand and on  to minimise the details. |
|
| Before opening your account |
|
|
|
| What are the benefits of the account? |
|
- No account fees2 and no minimum balance.
- No fixed terms or hidden catches.
- Access your money 24 hours a day, 7 days a week through phone and internet banking.
- Savings up to 250,000 will be covered by the Australian Government Guarantee3.
|
|
|
|
|
|
|
|
| Applying for a Citibank Online Saver |
|
|
|
| Setting up my Account |
|
| How does the account work? |
|
|
| How will I know when my account is ready to use? |
|
- You can start making deposits as soon as your account is open. All you need is your Citibank Online Saver account number and BSB.
- 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.
- 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.
- 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.
|
|
|
| Which accounts can I nominate as my linked account? |
|
| You can nominate any Australian bank account as your Nominated Linked Account, as long as your bank permits it. |
|
|
| Can we set up a joint account? |
|
| 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. |
|
|
| How do I set up my account? |
|
| 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. |
|
|
| When will I receive my account number? |
|
- You will receive your account number at the end of the application process.
- 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.
- You will also receive a Telephone PIN for telephone banking, an Internet Access Number and Internet PIN for you to start banking online.
|
|
|
|
|
|
| Managing my Citibank Online Saver |
|
| Account activation |
|
| Activate your Citibank Online Saver by transferring funds of any amount from your Nominated Linked Account into your Citibank Online Saver. You can do this through the online banking service provided by the financial institution holding your linked account. |
| You'll need our BSB 242-200 and your Citibank Online Saver account number. |
|
| Only funds transferred from your linked account will activate your Citibank Online Saver and your account will be activated three business days after we receive the funds. You can then make deposits and withdrawals from your Citibank Online Saver quickly and easily. |
|
| Please note, cheques and telegraphic transfers do not activate the Citibank Online Saver. |
|
|
|
| Making Deposits |
|
| How can i make a deposit into my account? |
|
| You can make deposits from: |
|
- Your Nominated Linked Account
- Any direct credit (from an Australian source)
- Cheque (made out to the account holder)
- Dividend Payments*
- Any other electronic credit
|
| Note that cash deposits are not available into this account. |
|
| *Dividends paid through cheque will need to be deposited at National Australia Bank |
| *Dividends paid through cheque will need to be deposited at National Australia Bank. |
|
|
|
| How do I transfer funds from my existing Citibank accounts into my Citibank Online Saver? |
|
| To transfer funds from a Citibank Nominated Linked Account to your Citibank Online Saver |
- log onto citibank.com.au
- select 'Payments & Transfers'
- Select To/From Citibank Online Saver from the drop down list.
- Confirm the amount you would like to transfer.
|
|
| To transfer funds from a Citibank account that is not your Nominated Linked Account to your Citibank Online Saver, you will need to set up your Citibank Online Saver as a payee via the Bill payments and Transfer option. |
|
|
| How much can I deposit into my Citibank Online Saver Account(s)? |
|
| There are no restrictions on the maximum amount that can be placed in this account. For amounts over $500,000 please view our current rates schedule. |
|
|
|
| Can I have more than one Citibank Online Saver Account? |
|
| Yes, you can open as many accounts as you would like, but the introductory rate will only apply to the first Citibank Online Saver account that you open. |
|
|
|
| What is the daily transaction limits for transfers? |
|
| If you transfer funds through Citibank Online Saver there are maximum amounts that can be transferred/withdrawn per account per day. |
|
| If you have any questions about transfer limits, simply call us on 13 24 84. |
|
|
|
|
|
|
|
| Managing my Account details |
|
| How do I change my account details? |
|
| 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. |
|
|
| What if I want to change my Nominated Linked Account details? |
|
To change your Nominated Linked Account, follow these simple steps:
| 1. |
Log into Citibank Online and select your Citibank Online Saver account. |
| 2. |
On the right hand side of your screen, select the 'Account Services' tab. |
| 3. |
| Under 'Banking Services' select 'Change the Linked Account for Citibank Online Saver', complete this form with your new Nominated Linked Account details and submit. |
| Please note, your Nominated Linked Account must be held in the same name as your Citibank Online Saver, including joint Citibank Online Saver accounts which must be linked to a Nominated Linked Account in the same joint names. |
|
| 4. |
After two business days, activate your Nominated Linked Account by making an online transfer of any amount from this account to your Citibank Online Saver. |
| 5. |
| Three business days after your funds transfer, your Citibank Online Saver will be activated with your new Nominated Linked Account. |
| Please note, during the activation period, for security reasons if you change your linked account to a non Citibank account, you will be unable to make withdrawals to your linked account for five business days after re-activation. |
|
|
|
| What if I want to set up a Regular Savings Plan? |
|
| 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: |
- log onto citibank.com.au
- select 'Bill Payments & Transfers'
- Select To/From Citibank Online Saver from the drop down list.
- Confirm the amount and date of your future payments.
|
|
|
| What is a Direct Debit Request Service Agreement? |
|
| 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. |
|
|
| How do I provide you with my Tax File Number? |
|
| 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. |
|
|
|
| How long is the introductory interest rate applicable? |
|
| The variable introductory interest rate applies for the first 6 months after your account is opened. |
|
|
| What will happen at the end of the introductory period? |
|
| After 6 months, your account will start earning the standard variable interest rate applicable at that time. |
|
|
| How will the interest be calculated and paid? |
|
| 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. |
|
|
| How will I know how much interest I have earned, and the interest rate that is applicable to me? |
|
| 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. |
|
|
| Is tax payable on the interest earned on this account? |
|
| 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Next steps |
|
- For more information on setting up or managing your account visit our Calculators and Tools.
- Account activation: Your security is important to us, which is why we require you to activate your account before you make your first withdrawal.
|
|
| Have you also considered... |
|
|
|
|
|
| View the Terms and Conditions (Adobe PDF, 1.16 MB) |
|
| View the Schedule of Fees and Charges (Adobe PDF, 451 KB) |
|
|
|
Terms & Conditions apply and are available on request.
1. The variable introductory rate, currently 5.80% p.a. on balances between $0 to $499,999.99 is offered for 6 months from the date of account opening and is applicable on the first Citibank Online Saver that you open. 4.75%p.a. applies to the full balance whenever your balance is $500,000 or more (balance tier effective 8 February 2012). At the end of the 6 month offer period you will automatically receive the standard variable rate, currently 4.75% p.a. Rates are effective 9 December 2011 and are subject to change at any time.
2. While no account fees are payable on your Citibank Online Saver, fees may apply to your Nominated Linked Account. Please check with the financial institution where your Nominated Linked Account is held. For service fees that might apply, please refer to the Schedule of Fees and Charges.
3. 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.
4. Deposits can be made into a Citibank Online Saver from your Nominated Linked Account, any direct credit (from an Australian source), cheque (made out to the account holder), dividend payments (dividend payment made through cheque will need to be deposited at National Australia Bank) and any other electronic credit source. Note that cash deposits are not available into this account.
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.
Details on our dispute resolution system and full details of the terms and conditions are available by calling 13 24 84 or at citibank.com.au. Citibank Online Saver is issued by Citigroup Pty Limited ABN 88 004 325 080 AFSL 238098 ("Citibank"). You should consider whether or not this product is appropriate for your particular circumstances.
© 2012 Citigroup Pty Limited. Citibank®, Citi® and Arc Design® are service marks of Citigroup Inc. |
|
 |
|
|
|
