Citi Term Deposit

Mozo snapshot

If you’ve got a decent chunk of change you’re looking to stash away for a short period of time, then look no further than the Citi Term Deposit. Whether it's an inheritance, life insurance payout or the profits from a property sale, savers with a  deposit of $250,000 can earn the Citi Term Deposit special rate of 1.35% for 3 or 6 month terms to help grow that stash.

Key features

Sold your house or came into an inheritance and need a place to stash your cash? Meet the Citi Term Deposit. 

There's a minimum deposit of $10,000, and different interest tiers depending on how long you're willing to lock your funds away for and term lengths range from 1 month to 5 years.

But this one's really designed for larger deposit amounts. If you’ve got a big deposit you could qualify for the Citi Term Deposit special rate. With this offer you can snag:

 - 1.35% on balances from $250,000 to $2,000,000 for a 3 or 6 month term

 - 1.05% on balances from $10,000 to $249,999 for a 3, 6, 9 or 12 month term  

However, there are few things to keep in mind if you are thinking of opening a Citi Term Deposit. This term deposit features automatic rollover, so you’ll need to let Citi know if you plan to withdraw the funds before the rollover date. And if you’re thinking of making a withdrawal before the maturity date, you will need to give Citi 31 days notice.

Who is it good for

The Citi Term Deposit could be a good choice for Aussies who have recently fallen into some money (like selling their house or car) and need a place to store their funds temporarily.

Any catches

If for any reason you need to make a withdrawal before the maturity date, you will need to let Citi know 31 days in advance, this could cause an inconvenience if customers need access to the funds quickly.