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Date Published : Monday, March 17, 2008
One of Australia's largest banks has increased the rates of interest on a range of savings accounts as a result of the Reserve Bank's recent interest rate rises.
Earlier this month, the Reserve Bank voted to raise rates by 0.25 per cent to 7.25 per cent - the highest level for over 12 years and the fourth rate rise in six months.
As a result, customers who have savings accounts with Citibank will also get access to higher rates of interest - helping Australians earn more from their savings.
The Citibank Plus account, which is available in all Citibank branches and online, will provide customers with seven per cent interest per annum on their linked savings accounts.
Generally aimed at those with a little saved up for a rainy day, the new rates of interest on the Citibank Plus bank accounts are available to new and existing customers.
Citibank has also passed on the Reserve Bank's rate rise to customers with an Ultimate Saver account, which now offers a rate of interest of eight per cent on savings accounts which have between $10,000 and $1 million in them.
Suvrat Saigal, director of wealth management at Citibank, said: "The interest rate environment has made it even more attractive for Australians to save their money and earn interest through high interest bearing deposit accounts.
"I'd urge all Australians to do their research and weigh up their options to find a deposit product that will not only suit their needs but will also offer them the maximum possible interest rates."
Compare savings accounts.
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