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 25 January 2022

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • AMP Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    From 1 Feb 2022, minimum deposit of at least $250 in the previous month.

    An ongoing total variable bonus rate of up to 1.35% per annum will apply each month from 1 Feb 2022 if you deposit $250 in the previous month. Available only on balances up to $250,000. AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^

    Details
  • Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 1.20%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    Details
  • 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.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    Details

^See information about the Mozo Experts Choice Bank Account Awards

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