Citibank pays out on Wallabies, with interest

Citibank has a new term deposit which offers performance-based interest bonuses. What performance, you ask? The performance of the Wallabies in the upcoming Rugby World Cup, no less. The Ultimate Wallabies Supporter's Term Deposit is only on offer until 5pm next Friday October 10 at a base interest rate of 4.75 per cent for three months, subject to minimum balance of $10,000. An extra 0.05 percentage points will be added to the rate if the Australia make the World Cup final and another 0.05 if they win. Rugby merchandising packs will also be given away to new term deposit customers of the bank.

Infochoice market data show the current range of 90-day term deposit rates as 2.30 to 4.75 per cent. As with all term deposits, customers should check the terms and conditions as well as how frequently interest is calculated and credited to the account. This can make the effective interest rate different to the headline rate on offer.