Citi announces sale of its consumer banking arm to NAB

Man with mask walking past CitiBank ATMs, considering sale of consumer banking to NAB.

Citi has today announced an agreement for NAB to acquire its consumer bank in Australia.

This arm of the multinational group comprises $7.9 billion in residential mortgages, deposits worth $9 billion and unsecured lending amounting to $4.3 billion.

“We are focusing our resources on businesses where we have scale and competitive advantages in order to deliver growth and improved returns over time,” Citi chief executive Jane Fraser said.

The bank will also continue to provide investment and banking services to its 1,500 corporates, banks, governments and institutional investors in Australia, as well as clients offshore.

For everyday Citi customers the move doesn’t mean much right now, as services will continue as normal until the agreement is finalised by March 2022 when accounts will be transferred to NAB.

That means there’s ample time for Citi customers to consider their options. Loan customers who are thinking about refinancing with a different lender can start their research using Mozo’s dedicated personal loans comparison page.

If you hold your savings in a Citi account and want to compare NAB’s offerings with other options ahead of the handover next year, check out some of the savings accounts below.

Compare savings accounts - rates updated daily

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
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    Boost Saver with Go Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.50% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Go to site
    Details
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    Fast Track Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.05% p.a. (for $1 to $250,000)
    0.05% p.a.(for $1 and over)
    Yes up to $250,000

    Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

    Go to site
    Details
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    High Interest Savings Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,001)
    0.25% p.a.(for $0 to $250,001)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Go to site
    Details
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    Grow Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Go to site
    Details

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