Citibank - Flexible Saver Issue 6 - paying 3.25% (3.30% AER)

Steve_xx

Citibank have launched FLEXIBLE SAVER Issue 6: an instant access account with a minimum investment of £1 paying 3.25% (3.30% AER). Rate includes 2.25% bonus for 12 months.

There is no notice period or penalties for withdrawals.

It can be operated online, by post or by phone.

Please note that my enquiries to Citibank have revealed that they are not operating the Faster Payments service as yet, and therefore payments out of the account are subject to being 3 or 4 days in limbo under the BACS service.

The account is available to new customers only. Apparently, Egg is owned by Citibank, but Citibank assure me that Egg customers will be eligible as new customers to Citibank. Similarly, Citi credit card holders are treated as new customers. But do check these points for yourselves as we all know how call centre agents often sing from differing hymn sheets.

Cash card available.

Link: Click here

wizk1

Nice find. Problem is I already have an Egg savings account. With Egg being owned by Citi, I'm not sure if I'm allowed to open this account or not.

Steve_xx

Call them on this freephone number and please post their reply:

0800 00 88 00

In fact, I just called them and asked the question for you and they say that Egg customers are not adversely affected and so you may open an account and receive the bonus.

Citi also do credit cards and I asked would a Citi credit card hoder be denied the bonus, and the answer was no they would not be denied it. So it seems that this rules applies only to bank/savings accounts with them.

However, I would urge individuals to check these points for themselves as often different call centre agents give differing answers so it would be interesting to note that there is some uniformity here.

Old_Slaphead

Thanks for link Steve_xx

Tried opening one this morning.

Info requested for a simply saving/deposit account was far too intrusive so I gave up.

(Don't see why they need to know salary/employer/inside leg measurement/how many transactions I expect to make in/out etc etc).

Steve_xx

They'll say it's for money laundering purposes if asked I guess. Though you do have to wonder. I reckon it's more to do with them trying to market insurance of some sort at a later date.

With regard to the number of transactions it asks you to estimate you're likely to make. I think that's rather bizarre a thing to request a customer to do on a no notice account.

But anyway, don't cut off your nose to spite your face for the sake of a couple of guesstimates.

mooch

Checking my Egg savings account, the interest rate is

[FONT=Arial, Helvetica, sans-serif]3.25% gross pa/AER variable (includes introductory 12 month fixed bonus rate of 2.00% gross pa and is subject to conditions)

How come the Citi account is[/FONT] 3.25% (3.30% AER)?

Any difference between the two that accounts for the extra 0.05%?

Lokolo

mooch wrote: »

Checking my Egg savings account, the interest rate is

[FONT=Arial, Helvetica, sans-serif]3.25% gross pa/AER variable (includes introductory 12 month fixed bonus rate of 2.00% gross pa and is subject to conditions)

How come the Citi account is[/FONT] 3.25% (3.30% AER)?

Any difference between the two that accounts for the extra 0.05%?

Because 3.25% paid monthly = 3.30% paid yearly

If you leave interest in you get an overall of 3.3%, if you withdraw interest each month you will get 3.25%

ca-uk

i wonder if citi will do a santander and drop the egg brand eventually - seems odd to pull the egg savings account and drop the rate, only to release one as citi

Mr_K

ca-uk wrote: »

i wonder if citi will do a santander and drop the egg brand eventually - seems odd to pull the egg savings account and drop the rate, only to release one as citi

well competing with itself would be a bit stupid......

Also as they are registered separately under FSCS you can stash 50k in both Egg & Citi.

mooch

Lokolo wrote: »

Because 3.25% paid monthly = 3.30% paid yearly

If you leave interest in you get an overall of 3.3%, if you withdraw interest each month you will get 3.25%

Thanks. So it is 0.05% more than Egg, which is quoted as annual?

wizk1

mooch wrote: »

Thanks. So it is 0.05% more than Egg, which is quoted as annual?

If you keep the interest in that account. Otherwise it'll be 3.25%