What's the lowdown on Citibank then?

Bogof_Babe

Looking for somewhere to move quite a chunk of money, if ING don't do the decent thing and quickly.

Citibank's site says they are paying 5.29%, which is a decent deal in the current climate.

Any drawbacks that anyone knows of?

tom188

Well IceSave and ICICI and AL and Birmingham Midshires and others pay more.

And its probably best to wait for a month until all the providers publish their new rates. This is only just above base rate after all.

Bogof_Babe

Cheers Tom, you are quite right. It's just that a quick reccie looks like Citibank operates much the same easy-to-operate online system as ING, which is what we are after.

Better keep our eyes peeled to see what else happens out there.

[Deleted User]

Bogof_Babe wrote:

Citibank's site says they are paying 5.29%, which is a decent deal in the current climate.

Any drawbacks that anyone knows of?

1) That rate includes a 0.45% 'bonus' that disappears after 6 months.
2) Citibank have a habit of opening new higher paying 'versions' for new customers only, and leaving existing customers stuck in the old version.
3) Their online system is by no means as user-friendly as ING or others.

Bogof_Babe

Ah, that will be the small print then .

Keep on searching.....

crossleydd42

Always remember that the large print giveth and the small print taketh away!

ctdctd

Bogof_Babe wrote:

Looking for somewhere to move quite a chunk of money, if ING don't do the decent thing and quickly.

Citibank's site says they are paying 5.29%, which is a decent deal in the current climate.

Any drawbacks that anyone knows of?

Also a bit slow to open accounts - 2 weeks plus
And they send monthly statements which seems a bit old fashioned for a savings account.

bbdivo

Hello! New to the forums, but have been reading and used them a good few times in the past!

I have recently opened a Citibank Saver account, the main things I like about it are unlike other online savers, you can call them and visit them at their branches in order to access your account (they don't have many branches so thats a drawback!)

They also give you a cash card that you can use in Citibank cash machines (or machines that have the citibank logo, and there are a fair few of those around) Theres also no silly rules around withdrawing money and not getting interest for the month you withdrew, etc.

moneylover

I had a Citybank savings account at a good introductory rate. When this ended I closed the account. I move money around quite a bit and have never, ever had the trouble I had with Citibank. After ten days I got a security phone call to check I was closing the account and where the money was to go to (which isnt unusual for a large sum) then it took another two weeks before they finally paid up.