Competition for deposits continues to heat up with the official launch of a new Citibank Online Savings Account featuring a high interest rate and no account fees2.
The new online account offers a highly competitive six-month introductory rate of 5.71%1 per annum on balances up to $2 million with no minimum opening balance.
The red hot rate is available to customers for the first Citibank Online Saver account opened by the customer. The account also offers unlimited online transfers in and out of the account from a linked account and also enables customers to set up a regular savings plan.
Citibank Head of Retail Banking, Ajay Kashyap said the new account complemented Citibank's existing suite of deposit products, including the recently re-launched Citibank Plus Transaction account, which has no monthly account keeping fees.
"Online savings accounts offer highly competitive rates and the ability to set money aside without it being locked away like a term deposit. And with no minimum deposit amount needed, the Citibank Online Savings account is the ideal way to kick-start a savings plan," Mr Kashyap said.
"In the last twelve months, Australians have seen first hand the need to build up a savings nest egg and this has led to increased competition and choice in the deposits space which is great news for customers."
Customers can link their Citibank Online Saver to an account of their choosing, including those from other Australian financial institutions.
In addition to the Citibank Online Saver, Citibank offers a range of deposit accounts including the Citibank Plus Transaction Account which has no monthly fee, no minimum balance and offers unlimited free transactions3. Unique to the market this account also offers free and instant international fund transfers between Citibank Australia accounts to 27 countries worldwide through its "Citibank Global Transfers" program.
This release of the Citibank Online Saver follows the recent re-launch of the popular Citibank Plus transaction account, now with no monthly fee.
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