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Basic Account

Basic Account

What is a Basic Account?

A Basic Account, according to the Australian Banking Association, is a transaction account that has fee-free features and provides eligible customers with an account they can receive their government benefit payment into and access free banking transactions. 

If you have a government card, such as a Commonwealth Seniors Health Card, a Health Care Card, or Pensioner Concession, you may want to consider opting for our Basic Account, Citibank Plus Transaction Account. 

 

Features

  • 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* 

 

*Note that you may be charged for certain ancillary services. For example, telegraphic transfers, or transactions at ATMs owned and operated by third parties.  

 

Benefits

  • No informal overdrafts (except where it is impossible or reasonably impractical for us to prevent your account from being overdrawn)
  • No dishonour fees; and
  • No overdrawn fees.

Important Information

National Australia Bank Limited (ABN 12 004 044 937, AFSL and Australian Credit Licence 230686) (“NAB”), is the issuer of Citi branded financial products. NAB has acquired the business relating to these products from Citigroup Pty Limited (ABN 88 004 325 080, AFSL and Australian credit licence 238098) (“Citi”) and has appointed Citi to provide transitional services.

NAB is an Authorised Deposit-taking Institution (“ADI”). Under the Australian Government’s Financial Claims Scheme your AUD deposits with NAB may be guaranteed up to $250,000 per account holder per ADI. Citi holds no deposits. The Scheme does not apply to your non-AUD deposits.

“Citi”, “Citibank”, “Citigroup”, the Arc design and all similar trade marks and derivations thereof are used temporarily under licence by NAB from Citigroup Inc. and related group entities. “Citi”, “Citibank”, “Citigroup”, the Arc design and all similar trade marks and derivations thereof are used temporarily under licence by NAB from Citigroup Inc. and related group entities.

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