Term Deposits

From July 2023, both Citi and NAB branded communications were issued to you via email, letters in the mail, SMS and the Citi Mobile App, Citi Online and via your Relationship Manager if you have one. 

We appreciate that customers have a heightened awareness of scam activity and that this can make it difficult to trust the communication you’re receiving. Here are a few things we’re doing (and not doing):

• We’ll place notifications or alerts securely within the Citi Mobile^® App or Citi Online to support our communications.
• We’ll never request your personal details, account details by email or SMS.
• We’ll never request your PIN or passwords by email, SMS or over the phone.
• We’ll never link you to a page that asks you to login with your username and password. We may provide you with a NAB website URL or Citi website URL via email and it is recommended you type this into your own internet browser to access our website.
• We’ll never pressure you to transfer funds via email, SMS or over the phone.
• When speaking with us, always call us using the verified numbers mentioned on our website.

For more information, visit our scams page.

You can contact the Customer Service Centre on 13 24 84 (or +61 2 8225 0615 if calling from overseas) if you have any questions about your account or the move. Visit the Contact Us page for further contact details for all our products and services. Your terms and conditions and other product documents have product contact details.

Where we were able to match you to an existing NAB profile, there are no changes to the way you login or use NAB Internet Banking or the NAB app. 

No. You can no longer access your home loan or deposit account through Citi Online and the Citi Mobile App. You can find your NAB ID and a guide to help you register for NAB Online Banking in the NAB branded communication sent to you. 

You will still be able to manage your credit card or personal lending account as normal via Citi Online and the Citi Mobile App. 

No. You will no longer be able to share your Mortgage or Deposit account data using Citi Open Banking once the account has moved. However, you will still be able to share your credit card or personal lending account data. For more details, please visit www1.citibank.com.au/open-banking

Yes, to revoke any consents to use your data, you can visit your CDR dashboard provided by the data recipient or contact your data recipient.

Yes, you will be able to share data using Open Banking from any NAB account as soon as it is opened. For more information, see www.nab.com.au/customer-notices/open-banking

NAB has taken over various products and services which carry the “Citi” brand, or use the word “Citi”, “Citibank” or similar words in the product name. Citi is also providing some services to NAB for a transition period after 1 June 2022.

Even though the “Citi” name or brand is being used, NAB is the provider of the product and you are a NAB customer. Similarly, your product terms and conditions and other materials may contain references to Citi – from 1 June 2022, you should read those as references to NAB.

National Australia Bank Limited (‘NAB’) entered into an agreement with Citigroup Pty Ltd (“Citi”) to acquire the Citi consumer banking business in Australia. The sale was completed on 1 June 2022 and NAB is now the provider of your products and services.

This means that any contract you had with Citi for these products is now a contract with NAB. Your obligations under the contract are now owed to NAB, and obligations of Citi to you under the contract are now obligations of NAB.

NAB has also taken on certain regulatory responsibilities and other legal obligations in relation to the products (for example, under financial services laws, consumer credit laws and anti-money laundering laws).

NAB is an Authorised Deposit-taking Institution and has an Australian Financial Services Licence and Australian Credit Licence. You can find more information at Financial Services Guide | Information on our services - NAB

More information on how to set up and use your NAB branded account, including helpful guides and FAQ's, can be found in the NAB branded communication sent to your registered email address. 

If you have any unpresented Citi personal cheques, please note these cheques must be deposited by 23 February 2024. Citi personal cheques will not be honoured after 23 February 2024. Effective 15 May 2025, we will no longer be accepting incoming cheque payments as a payment option to pay any Citi Credit Cards and Citi Consumer Lending Accounts.

In line with NAB acquiring Citi's consumer banking business, any customer-requested, or Citi initiated bank cheques on Citi accounts will now be issued by NAB. While the cheques look different, they can be used in the same way as previously issued Citi cheques.

As of 24 November 2022, we are no longer accepting foreign currency cheques. You can still receive payments from overseas by providing your account details to the payment sender and requesting they send an international funds transfer.

No, there is no cost to you associated with the move.

The Australian Government's Financial Claims Scheme (FCS) provides a guarantee for a wide range of deposits of eligible Authorised Deposit-taking Institutions including Australian banks, building societies and credit unions.

As a result of NAB becoming the holder of your deposits, there are some changes to how your money is protected under the Australian Government's Financial Claims Scheme, which guarantees up to $250,000 per customer, per banking licence for certain types of deposit accounts.

Applicable balances currently held with Citi were guaranteed up to $250,000 per customer. The sum of all account balances you also have with the NAB Group (NAB / ubank) were subject to a separate guarantee of up to $250,000 per customer under a banking license belonging to NAB.

As Citi accounts have now moved under NAB's licence, a single guarantee of up to $250,000 will apply to your total applicable deposits with the NAB Group – whether the account is branded Citi, NAB, 86 400 or UBank. This means if you hold, or plan to hold, Citi branded, NAB, 86 400 and/or UBank accounts, the balances above $250,000 will not be protected under the scheme.

Information about the FCS can be obtained at fcs.gov.au. Please note that the FCS does not cover currency accounts in a foreign currency.

If you have an existing financial hardship agreement in place, it is not affected and will continue after your account has moved to your NAB branded account.

You can get in touch by calling 1800 722 879.

No, existing Instalment Plans or Balance Transfers are not affected, and you will continue to receive the same rate over the agreed term.

No, any complimentary insurance associated with your credit card is provided by a third-party insurer, and not by Citi or NAB. We will notify you if the terms of the policy change and any references to Citi have become NAB.

Any consumer credit (including loan protection) or life insurance you have obtained through Citi is provided by a third-party insurer, and not by Citi or NAB. The terms of the policy will stay the same, except any references to Citi have become references to NAB.

NAB provides the administrative services for consumer credit and life insurance policies, as relevant and may receive commissions and/or administration service fees.

We will provide you with an end of financial year customer statement for the full financial year ended 30 June 2023.

Income paid or credited on certain Citi branded products during the financial year, ended 30 June 2023, will be reported to the ATO in accordance with the Annual Investment Income Report legislation.

If you hold non-custodian investment products, such as Deferred Purchase Agreement products (DPA), please refer to the statement provided by the issuer, as these are not included in your end of year financial statement.

• The SWIFT/BIC code changed on 1 June 2022. You should use the SWIFT/BIC code NATAAU34 to avoid the funds being returned.
• There are some changes to the currencies that are supported, please refer to citibank.com.au/help-and-support/payments-and-transfers for details.

The way the Australian Government's Financial Claims Scheme applies to your deposits may change – refer to the Financial Claims Scheme question below.

Yes, you can still transfer money to other countries.

However, as part of the acquisition of Citi's consumer banking business, NAB has conducted a review of foreign country transfers currently offered by Citi.

There are some limits on the countries to which you can transfer money and NAB may not be able to accept transfers from other international bank accounts in certain foreign currencies. For information on which countries and currencies are available, go to Payments and Transfers | Citi (citibank.com.au)

As part of the acquisition of Citi's consumer banking business, NAB conducted a review of currencies currently offered by Citi. NAB are not able to facilitate transfers in certain currencies. For information on the currencies which will be available, go to Payments and Transfers | Citi (citibank.com.au)

No. You have the protection of both NAB's Privacy Policy and Citi's Privacy Policy ensuring your information (including your personal, sensitive and credit-related information) is handled safely. These policies also set out how to request access to, or seek correction of your information, or make a privacy-related enquiry or complaint.

It is important that you read the Privacy Collection Statement as it explains how we collect, use, hold and disclose your customer information.

NAB is now the bank that maintains your account and is responsible to you for paying the balance of your account. Bank accounts can only be provided by Authorised Deposit-taking Institutions and NAB is now the Authorised Deposit-taking Institution for your account.

Citi ceased providing bank accounts on 1 June 2022.

Your bank account and debit card generally operate in the same way that they did prior to 1 June 2022 and on the same terms and conditions. Otherwise, there are only small changes to the way you use and manage your account, and we’ve either specifically notified affected customers as required, or included those changes here, in the FAQs.

Your rights under your Citi branded products may be affected by your standard NAB products. For example, NAB may have rights of set-off or combination that allow it to apply balances from your Citi branded accounts to pay amounts due on NAB home loans or credit cards (and vice versa).

If you have Citi branded accounts and NAB accounts, this may also affect the protection you get under the Financial Claims Scheme – see the Financial Claims Scheme section of this document.

You will be notified where required if any changes to your products and services are made in the future.

Your NAB branded debit card will be issued and sent to you between 21 November 2023 and 27 January 2024. NAB branded debit cards will not be sent during the holiday period between 15 December 2023 and 9 January 2024. Please note, only NAB Visa Debit cards will be sent to overseas addresses. If you're moving to a NAB debit card, further information can be found in the NAB branded communication we sent to you. If you're unsure of what debit card type you're moving to, you can find this in the 'Summary of Changes and Variation Notice' we sent to you. 
There is a period up to and including 23 February 2024 where you will have both the Citi Debit Mastercard, which you can use to access the Citi branded account, and the NAB branded debit card, which you can use to access the NAB branded account. 

Yes. You can find your NAB BSB and account number in the NAB branded communication sent to your registered email address. Alternatively, you can find your NAB account details securely within NAB’s Internet Banking or the NAB app once you have registered. 

No. You will no longer be able to access your mortgage or deposit account through Citi Online and the Citi Mobile^® App after your account has moved and we’ll let you know before this occurs. In the coming months, you will receive your NAB ID and a guide on how to register for NAB Internet Banking.

If you have one, you will still be able to manage your credit card or personal lending account as normal via Citi Online and the Citi Mobile App.

We have sent you a 'Summary of Changes and Variation Notice' document which provides further details on the following: 

- A guide to fees, charges, and interest rates. 

- Details of important dates you need to be aware of, including when you can start using your NAB branded account.

- The key differences between your Citi and NAB branded debit card and internet banking functionality. 

We sent a ‘Summary of Changes and Variation Notice’ to the email or postal address you have registered with us, depending on your contact preferences.

Following the acquisition of Citi's consumer banking business, NAB conducted a review of the products offered by Citi. As a result of this review, Citi Multi Currency Accounts (Overnight, US Dollar At Call and Fixed Term Deposit Account, also known as Foreign Currency Term Deposits) are no longer available and have not been available since 24 November 2022 and Citi Global Currency Account has not been available since 21 May 2023.

For information on NAB personal products, please visit nab.com.au/personal/accounts.

Following the acquisition of Citi's consumer banking business, NAB conducted a review of the products offered by Citi. As a result of this review, it was decided that we will no longer accept new applications for certain savings and transaction accounts.

Following the sale of the Citi consumer banking business in Australia to NAB, we have conducted a review of the NAB product suite. We were unable to identify a NAB product that would enable us to continue delivering the foreign currency service and experience Citi branded customers have come to expect. As a result, these products are no longer offered, and we are closing the accounts in accordance with the product terms and conditions.

NAB acquired Citigroup Pty Limited’s consumer business in Australia in June 2022 and also received approval from the Commonwealth Treasurer, the Australian Prudential Regulation Authority (APRA) and the Australian Competition and Consumer Commission (ACCC).

As part of the purchase, NAB acquired a range of products from Citigroup Pty Limited and committed to reviewing the products and services NAB provides (including the Citi branded products acquired).

This was advised to Citi branded customers in June and October 2022 and that there may be further changes made as part of this review process. The communication sent to customers in October 2022 advised that the Citi Global Currency Account (GCA)/ Multi Currency Accounts - Overnight Multi Currency Account (MCA)/ Multi Currency Accounts - USD at Call will be taken off sale, and customers who had an existing account, could continue to use their existing account(s).

Unfortunately, as the review progressed, we discovered that we were unable to identify a NAB product that would enable us to continue delivering the foreign currency service and experience our customers have come to expect.

Therefore, from 21 March 2023, we began communicating to our customers that their Citi branded deposit account(s) will no longer be offered from 21 May 2023, and that we will soon need to close their impacted account(s) and any remaining credit balance in these account(s) will be returned to an eligible Citi transaction or savings account (if the customer has one), or via bank cheque.

If you had payments coming in or out of your Citi branded BSB and account number, debit card or via BPAY (such as gym membership, salary, subscriptions, or services), you will need to update these with your NAB branded account or debit card details. 

Please note, if you do not update them, payments sent from or to your Citi branded account after 23 February 2024. 

You can find a list of your direct debits and payments in NAB Internet Banking within the ‘Letters’ section. 

Your Citi Debit Mastercard was closed on 24 February 2024 and can no longer be used in Australia or overseas. Please refer to the ‘Summary of Changes and Variation Notice’ we sent you for further details including use of NAB branded debit cards overseas.

Yes. Please refer to the 'Summary of Changes and Variation Notice' document we sent you.

Your Citi branded Term Deposit was transferred to a NAB Term Deposit on 24 February 2024. 

Your final Citi statement and recent statements are available to view in NAB Internet Banking. 

Yes. Please refer to the 'Summary of Changes and Variation Notice' document we sent you. 

Yes. Please refer to the 'Notice of Changes' and the 'Table of Changes to your loan contract' that we sent you.

No, you won’t need to sign any loan documents or provide identification again.

Your Citi branded home loan was transferred to your NAB branded home loan on 24 February 2024. 

Following the sale of the Citi consumer banking business in Australia to the National Australia Bank ‘NAB’, as of the 31 March 2023, we no longer offer Citi branded home loans to new customers. If you are an existing customer, you will be able to manage your home loan as you do today, and our dedicated team will remain available to support you.

The transition does not affect your rights under the National Credit Code. If you are in financial difficulty, please contact us on 1300 661 114 (within Australia) so we can help.

At this stage, there is no impact to your Citi branded credit card and you can continue to use your card as normal. We will notify you as required of any changes to your Citi branded credit card ahead of time.

No, you can continue to use your Citi branded credit card as normal.

Note, if your Citi branded credit card is about to expire, has been lost or stolen or needs to be replaced, then you may receive a replacement card as per our standard eligibility.

From 1 June 2023 some of your account fees and charges will be removed or reduced. For more information on this, please refer to Personal Lending - Rates And Fees | Citi Australia (citibank.com.au)

We are reviewing your Citi Personal Lending account and how we can enhance your account features and benefits. We will notify you as required of any other changes to your Citi Personal Lending account ahead of time. In the meantime, you can continue to use your Citi Personal Lending account as normal.

No, you can continue to use your Citi Lending Mastercard^®.

Note, if your Citi Lending Mastercard^® is about to expire, has been lost or stolen or needs to be replaced, then you may receive a replacement card as per our standard eligibility.

For more information about NAB’s investment services, refer to the communications we sent you, or speak to your Relationship Manager.