Citi

Citi Australia, formerly known as Citibank, plays a key role in Australia’s banking landscape.

Part of the far reaching Citi Group which celebrated its 200th birthday in 2012, Citi Australia has provided consumer finance since 1985, when it became the first foreign bank granted a banking licence in Australia.

With the might of one of the world’s largest financial services companies behind it, with a presence in nearly 100 countries, Citi Australia has built a reputation as a stable financial institution that provides a range of financial services to Australian consumers, corporations, institutions and governments.

The bank counts more than one million Australians and one thousand local corporate and institutional clients as its customers.

In fact Citi, is the largest bank in Australia with institiuonal and retail banking operations and it supports clients in more than 160 countries.

Citi has two major business divisions: Global Consumer Bank and Institutional Clients Group, which includes banking, capital markets and advisory, markets and securities services and treasury and trade solutions.

Citi fast facts

– Has over 1500 employees based in Sydney, Melbourne, Perth and Brisbane.
– Provides retail banking services to over 1 million Australians.
– Is the fifth largest credit card provider, with 12% market share.
– More than 90% of its customers are digital bankers.
– Serves over 1000 institutional clients

Citi offers a large range of financial services from deposit accounts, credit cards, mortgages, insurance and charge cards to foreign currency deposits and investments.

Citibank's SWIFT code: CITIAU2X

Citi

Citi Australia, formerly known as Citibank, plays a key role in Australia’s banking landscape.

Part of the far reaching Citi Group which celebrated its 200th birthday in 2012, Citi Australia has provided consumer finance since 1985, when it became the first foreign bank granted a banking licence in Australia.

With the might of one of the world’s largest financial services companies behind it, with a presence in nearly 100 countries, Citi Australia has built a reputation as a stable financial institution that provides a range of financial services to Australian consumers, corporations, institutions and governments.

The bank counts more than one million Australians and one thousand local corporate and institutional clients as its customers.

In fact Citi, is the largest bank in Australia with institiuonal and retail banking operations and it supports clients in more than 160 countries.

Citi has two major business divisions: Global Consumer Bank and Institutional Clients Group, which includes banking, capital markets and advisory, markets and securities services and treasury and trade solutions.

Citi fast facts

– Has over 1500 employees based in Sydney, Melbourne, Perth and Brisbane.
– Provides retail banking services to over 1 million Australians.
– Is the fifth largest credit card provider, with 12% market share.
– More than 90% of its customers are digital bankers.
– Serves over 1000 institutional clients

Citi offers a large range of financial services from deposit accounts, credit cards, mortgages, insurance and charge cards to foreign currency deposits and investments.

Citibank's SWIFT code: CITIAU2X

Citi Personal Loan Plus

1st year Fixed
Rate
Comparison
Rate.

Citi Global Currency Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.60

Citi Plus Transaction Account

Max Interest rate($10,000) Base Interest rate($10,000)

Citibank Plus Linked Savings Account

Max Interest rate($10,000) Base Interest rate($10,000)

Citi Bank accounts

Citi Global Currency Account

With a Citi Global Currency Account you can benefit in a number of ways.

For those with international bank accounts, the Citi Global Currency Account helps you consolidate these accounts in one place. It can manage account details for up to 10 currencies.

The Citi Global Currency Account also gives you the ability to exchange currencies, as well as make payments and receive funds in foreign currency.

If your account has a minimum of $25,000 you can earn monthly interest of 0.75% and pay no withdrawal fees.

Citibank Everyday Account

The Citibank Everyday Account is a basic bank account used for day-to-day banking purposes, which allows for free instant money transfers between Citibank accounts.

There are no ongoing monthly fees, nor any fees charged to transfer your money to any location around the globe.

Customers receive a free Citibank Debit card for online and instore purchases as well as ATM access.

You can easily access all your accounts online or via the Citibank app.

You must be over 18, have a valid Australian residential address and a Tax File Number (TFN) to open this account.

Citibank Online Savings Account

This fee free online account, has no ongoing monthly fees, no minimum balance requirements, nor any long-term commitments required of its customers.

This account enables you to set up a savings plan and gives you the ability to link this account to any Australian bank account.

Monthly e-statements are also available.

Term Deposit

Citibank offers competitive interest rates on Term Deposits from three to 12 months.

Balance must be $10,000.

If customers wish to deposit more than $250,000, they should contact Citibank to discuss options and discretionary rates.

Citibank Credit Cards

Citibank has a variety of credit cards to select from, including rewards cards, low on-going purchase rate cards and a frequent flyer card with Emirates airline.

    1. Citi Rewards – Balance Transfer offerReceive 30 months interest free on balance transfers while you pay off your debt.
    2. Citi Simplicity®
      This card has no annual fees or late fees and offers 0% p.a. interest for 6 months on purchases and balance transfers.
    3. Citi Clear
      Offers a low interest rate for the first 15 months on both purchases and balance transfers and no balance transfer fee.
    4. Citi Prestige
      Customers can unlock special privileges with this card such as thousands of Citi reward points and a complimentary Priority Pass Membership, which offers unlimited access worldwide to over 1,200 lounges.
    5. Emirates Citi World Mastercard®
      This is best suited to a frequent world traveller. Receive thousands of Skywards Miles points on your first spend within 90 days of card approval and access to premium travel rewards and benefits.

Personal loan

If you are looking for something more than a conventional personal loan, the City Ready Credit may be suitable for your needs. The Citi Ready Credit offers customers a line of credit between $5000 and $75,000, with monthly or annual fees and a one off establishment fee of $199.

Essentially, this is an ongoing convenient line of credit, which allows you to access money at any time, up to your credit limit, at the standard variable rate, without needing to reapply.

Further benefits include paying interest only on the amount you’ve used, not the entire credit limit, the flexibility to make extra repayments without a fee and no penalties if you pay out your loan early.

NB: While Citi does have a standard personal loan product, Citi Personal Loan Plus, the bank is not currently taking any new applications.

Home loans

Whether you are purchasing your first home or adding to your investment portfolio, Citi has a home loan to suit your needs, with a wide range of competitively priced loans.

Basic Home Loan

The basic home loan has a low variable rate and allows you to make extra repayments without penalty. It offers the flexibility of choosing weekly, fortnightly or monthly payments. It also offers a redraw facility so you can access any extra funds paid into that account. The Basic Home Loan has a maximum 30 year loan term and you will also have the ability to split your loan with up to four accounts – but each account must have a minimum $20,000.

Standard Variable Home Loan

The standard variable home loan offers a flexible interest rate and allows you to pay extra and lump sum payments whenever you like. A redraw facility is available for use at any time with any extra funds you have paid into the account.

Standard Fixed Home loan

There will be no surprises on monthly repayments with the standard fixed home loan, as you’ll have one set interest rate for the duration of the fixed period of your loan.

Choose from fixed terms of 1-5 years.

Extra payments of up to $1000 per month can be made without penalty. This account also offers a free 60 day rate lock where you can fix your rate for 60 days from the application date. You will also have the ability to split your loan with up to 4 accounts but each account must have a minimum $20,000.

Standard Offset Home Loan

You can pay less in interest on your standard offset home loan, as any amount you have in your savings account is offset on a daily basis against the balance of your home loan.

You can make additional repayments of up $1,000 per month, or increase regular repayments by up to $1,000 per month if you have a fixed loan split.

With the Standard Offset Home Loan, you can also apply to combine it with other Citibank home loans. If the 100% offset option is selected, you will receive ATM and cheque book access.

Mortgage Plus

The Mortgage Plus Home Loan is a special package deal for customers, that allows you to select the type of home loan you want along with your choice of eligible Citi Credit Card (reduced fees) and a fee-free Citibank Plus everyday account.

Up to 90% of the property value can be borrowed and you can make additional payments at any time without penalty.

You can also withdraw extra funds whenever you like whilst the loan is still variable.

Loan portability is available, which means you can transfer this home loan to a different property.

If you are an investor, you can choose to make Interest-only payments, which are available for up to 5 years.

Complimentary travel insurance and free instant global transfers to Citibank accounts in over 25 countries are also available.

This account has an annual $350 package fee.

Pros

  • Home loan portability – move your loan to any home loan product.
  • ATM access – access any ATM anywhere in the world.
  • International money transfers – Several accounts offer customers the ability to transfer money overseas instantly with no fee.
  • Low or no fees – Citi offers no transaction charges or account keeping fees on their savings and transactions products.
  • Account linking – Link your everyday account with any other Australian bank to transfer money.

Cons

  • Personal loan – Citi currently offers no standard personal loan.
  • Hidden commissions – When making an overseas transfer, there is a commission charge included in the conversion rate.
  • Hidden fees – Fees may be charged for bank cheques, international payments and foreign currency services.
  • Minimum Term Deposit Amount – $10,000 may be too steep for some to open a Term Deposit.