Citibank Plus account full review

Discover the Benefits of the Citibank Plus Account

The Citibank Plus Account is an excellent option for your everyday banking needs. With no monthly fees and debit card access, it provides convenience and accessibility.

Whether you’re shopping online, in-store, or traveling overseas, the Citibank Plus Account offers a low-cost and feature-rich experience. Enjoy great exchange rates and zero fees from Citibank, saving you money compared to other Australian debit and credit cards.

Why Choose the Citibank Plus Account?

For smart travelers, the Citibank Plus Account is highly recommended for two simple reasons:

• Excellent exchange rates.
• Zero fees from Citibank (excluding charges for using another bank’s ATM).

These features may seem small, but they can result in significant savings compared to other debit and credit cards in Australia.

The Citibank Plus Account is a basic account that caters to all your day-to-day banking needs. Key features of a basic account include:

• No account-keeping fees.
• Free periodic statements.
• No minimum deposits.
• Free direct debit facilities.
• Access to a debit card at no extra cost.
• Free and unlimited Australian domestic transactions (additional charges may apply for certain ancillary services).

Additional benefits of the Citibank Plus Account include:

• No informal overdrafts (unless it is impossible or reasonably impractical to prevent your account from being overdrawn).
• No dishonor fees.
• No overdrawn fees.

You can conveniently manage your Citibank Plus Account online, through 24/7 phone banking, or at any Citibank branch.

Citibank Plus Account Benefits

Fee-Free

Enjoy no account-keeping fees, Citi transaction fees, or funds transfer fees with a Citibank Plus Account.

Mastercard Travel Rewards

Take advantage of Mastercard Travel Rewards and receive automatic cashback from participating restaurants, hotels, and retailers worldwide. Your Citi debit card grants you access to this program.

Debit Mastercard

With a fee-free Citi debit Mastercard, make purchases in-store or online and withdraw cash from ATMs without charges. Transfer Australian dollars to your debit card after receiving and activating it.

Term Deposits

Citibank Plus Account holders can apply for a new Term Deposit through Citi Online, allowing you to earn a guaranteed return on your savings with competitive interest rates.

Citibank Plus Account Advantages and Disadvantages

Consider the following pros and cons of the Citibank Plus Account to help you make an informed decision:

Pros

• No monthly account or transaction fees (including fee-free fund transfers worldwide).
• Fee-free ATM withdrawals.
• Instant fee-free money transfers globally.
• Receive SMS notifications through Citi Alert.

Cons

• Not available for business use.
• Limited number of branches in Australia.
• Unable to have two active cards simultaneously.
• Account closure fee of $5.

Requirements to Open a Citibank Plus Account

Before applying for a Citibank Plus Account, familiarize yourself with the following requirements:

• You must be over 18 years old.
• You need a valid email address, mobile number, and Australian residential address.
• The account can only be used for personal purposes, not for business or joint accounts.
• A Tax File Number (TFN) or a valid exemption. Without a TFN, tax will be deducted at the highest marginal rate.
• Australian driver’s license or Passport for online identity verification.

Even if you’re Aboriginal or Torres Strait Islander and lack the necessary identification, you are still eligible to apply.

How to Apply for a Citibank Plus Account

If you’re looking to avoid monthly fees and frequently travel, follow these steps to apply for your Citibank Plus Account:

Click the green button below to learn the next steps.

Written by

Claire Harrison