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

Last updated 7 May 2025 Important disclosures
  • Hi Saver

    4.75% p.a. (for $0 and over)

    0.25% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

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  • Bonus Saver

    4.75% p.a. (for $0 and over)

    0.25% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

    Compare
    Details
  • Savings+Bonus

    4.75% p.a. (for $1 to $250,000)

    2.00% p.a.(for $1 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

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    Details
  • Savings Maximiser

    5.40% p.a. (for $0 to $100,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.

    Access a great variable rate when you grow your balance each month, in addition to other eligibility criteria. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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    Details
  • Bonus Saver Account

    4.75% p.a. (for $0 to $500,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.

    Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.

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    Details
  • Savings Account

    5.10% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first 4 months.

    Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.

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    Details

^See information about the Mozo Experts Choice Savings Account Awards

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