In 2022, NAB announced it's acquisition of the Citi consumer banking business in Australia. The integration is a significant step towards a simpler, more digital customer experience.
About the changes
NAB has been the provider of your products since 1 June 2022. As the next phase of our journey, we will move Citi branded deposit and home loan accounts to a similar NAB branded account. This is expected to occur by March 2024, and we will give you notice before we move your funds to your NAB branded account. If you have other Citi branded accounts, you'll receive separate communications about the changes.
For credit card and personal lending accounts you can continue to use your account as normal. We will communicate any changes to you ahead of time.
We want you to know that we value your trust in us, and we’ll be handling this move with the highest level of care and consideration.
What happens next
Depending on your specific product, you'll receive a series of communications with next steps and important information, select your product type below to find out more.
Make sure your contact details and communication (consent to contact) preferences are up to date so we can contact you with next steps. You can update these details via the Citi Mobile App or Citi Online. Visit our help guide for instructions.
If you already bank online with NAB, please check your contact details and consent preferences are up to date. You can do this in NAB Internet Banking or the NAB app. This will help us match your Citi and NAB profiles.
In the coming months, you will receive both Citi and NAB branded communications with further information including the specific date your account will be moving. We’ll communicate via email, letters in the mail, SMS, Citi Mobile App, Citi Online, or via your Relationship Manager if you have one and we’ll keep this webpage updated so you can continue to find important information about the changes.
Ensure your contact details and communication preferences (consent to contact) are up to date, so you don’t miss out on any notifications about your account. You can update your contact details and consent to contact preferences via Citi Online. Once you have logged in, click ‘My Profile’ from the top navigation, select ‘Consent to Contact’ and update your communication preferences as needed.
How can I tell if communications I receive are legitimate?
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.
How do I get in touch to discuss my product or provide feedback?
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.
I already use NAB’s online banking, what does this mean for me?
There are no changes to the way you login to or use NAB Internet Banking or the NAB app.
It is important your contact details are up to date for both your NAB and Citi profiles. This will help us to match your Citi and NAB profile.
App and Online Banking
App and Online Banking
Will I still be able to login using my Citi username and password after my Citi branded account has moved?
No. You will no longer be able to access your home loan or deposit account through Citi Online and the Citi Mobile App once your Citi branded 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 to help you register for NAB online banking.
You will still be able to manage your credit card or personal lending account as normal via Citi Online and the Citi Mobile App.
Why do I still see the word "Citi"?
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.
What has changed so far?
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).
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.
Can I still deposit into my account or make a repayment with a cheque for now?
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.
Why did I receive an AUD bank cheque from NAB?
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.
Can I deposit a foreign currency cheque into my Citi branded account?
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.
Are there any fees associated with the move?
No, there is no cost to you associated with the move.
Financial Claim Scheme
Financial Claim Scheme
How does the Australian Government Financial Claims Scheme apply after 1 June 2022?
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.
I have a hardship arrangement on my account. Will it be affected?
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.
Will my Instalment Plan / Balance Transfer be affected?
No, existing Instalment Plans or Balance Transfers are not affected, and you will continue to receive the same rate over the agreed term.
Will the complimentary insurance associated with my credit card change?
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.
What happens to my consumer credit and life insurance policies?
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.
What is the impact on my end of financial year customer statement?
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.
What has already changed for international funds transfers and payments?
The SWIFT/BIC code changed on 1 June 2022. You should use the SWIFT/BIC code NATAAU34 to avoid the funds being returned.
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)
Why is NAB not offering certain currencies?
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)
It is important that you read the Privacy Collection Statement as it explains how we collect, use, hold and disclose your customer information.
What does it mean now NAB is the bank account issuer?
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.
My account changes
My account changes
When will I receive my NAB branded debit card?
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.
Will my account numbers change?
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.
Will I still be able to log in using my Citi username and password?
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.
When can I start using my NAB branded account?
To make sure you have flexibility and sufficient time to familiarise yourself with your NAB branded account, we will be opening your NAB account before closing your Citi branded account. Once you receive your NAB branded account details, you will be able to set up NAB Internet Banking and begin using your account. Please refer to the’ Summary of Changes and Variation Notice’ document sent to you for further details on important dates.
IMPORTANT: If you move funds from your Citibank Offset Savings Account to your NAB Classic Banking account prior to 24 February 2024, then these funds will not offset interest payable under your Citi Standard Offset Home Loan account until 24 February 2024. This is because the NAB Classic Banking account is not linked to your Citi Standard Offset Home Loan account.
Where can I find changes to my interest rate, fees and charges?
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.
Where can I find the 'Summary of Changes and Variation Notice' you sent me?
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.
Changes to deposit products (FX offsale)
Changes to deposit products (FX offsale)
What has changed with Citi branded foreign currency deposit products?
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.
Where can I find information about the accounts that NAB offers?
Why are certain Citi branded deposit products no longer for sale after 20 May 2023?
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.
Why has Citi Global Currency Account/Overnight Multi Currency Account/US Dollar At Call account/s been closed?
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.
When did Citi advise me that my GCA/MCA/USD At Call would cease to be sold and my account/s would be closed?
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.
What happens to my direct debits or incoming payments?
If you have any other 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 if you want them to continue after 23 February 2024.
Please note, if you do not update them, they will not be processed after 23 February 2024.
You can find a list of your direct debits and payments in NAB Internet Banking within the ‘Letters’ section.
Can I still use my Citi Debit Mastercard overseas?
You can continue using your Citi Debit Mastercard as normal, including overseas, up to and including 23 February 2024. On 24 February 2024, your Citi branded account and Citi Debit Mastercard linked to that account will be closed, and the funds transferred to your NAB branded account. Please refer to the ‘Summary of Changes and Variation Notice’ we sent you for further details including use of NAB branded debit cards overseas.
Terms and Conditions
Terms and Conditions
Will the terms and conditions for my account change?
Yes. Please refer to the 'Summary of Changes and Variation Notice' document we sent you.
Are there any immediate changes to my AUD Term Deposit?
If you have a current Citibank Term Deposit with a 31-day notice period, which is of a tenure less than 12 months and interest paid monthly, you can continue to receive interest paid monthly until maturity. Upon rollover at maturity, you will no longer be able to choose monthly interest payments.
If you have a current Citibank Term Deposit (no notice period), this product is no longer available to roll over after 24 November 2022. Your product will be closed at maturity. Your balance, including any interest earned, will be returned to your Citi branded account or via bank cheque (if no appropriate Citi branded account exists), unless you advise us otherwise.
From 20 November 2023 we are no longer accepting applications for Citibank Term Deposits.
How will my funds be transferred to NAB?
Unless we have communicated to you otherwise, we will transfer the balance held in your Citi branded account to your NAB branded account for you and we’ll give you notice before this occurs. Until then, your account will continue to operate as normal.
What will happen to my Foreign Currency Term Deposit?
Foreign Currency Term Deposits are no longer for sale. If you have an existing Foreign Currency Term Deposit, this will not automatically roll into a new Foreign Currency Term Deposit upon maturity, even if this was the instruction that you provided when opening this product.
If you have another Citi branded account in the same currency, the funds will be transferred to that account upon maturity.
If you do not have another Citi branded account in the same currency, but you do have another Citi branded account in Australian dollars, the funds will be converted at maturity to Australian Dollars. The amount will be converted using the applicable foreign exchange rate on the day and at the time of conversion before the funds are returned to your account.
If you do not have another Citi branded account, please visit citibank.com.au/contactus or contact your Relationship Manager.
How can I change the standing instruction on my Foreign Currency Term Deposit?
Will the terms and conditions for my account change?
Yes. You’ll receive terms and conditions along with a variation notice that details the changes specific to your account.
Will the terms and conditions for my account change?
Yes. Please refer to the 'Notice of Changes' and the 'Table of Changes to your loan contract' that we sent you.
Will I need to re-sign my loan documents?
No, you won’t need to sign any loan documents or provide identification again.
How will my home loan balance be transferred to NAB?
We will transfer your Citi home loan balance to your NAB branded account for you and we’ll notify you before this occurs. Your home loan will continue to operate as it currently does up until that point.
Why are Citi branded home loans no longer available?
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.
What happens if I want to close my account?
If you choose to close your account, you will still be required to pay any outstanding balance owing. There will be no change to the amount of your repayments.
What if I am having trouble repaying my mortgage?
The transition does not affect your rights under the National Credit Code. If you are in financial difficulty, please contact us on 1300 300 470 to discuss what can be done.
Can I deposit a foreign currency cheque into my Citi branded home loan?
No. From 24 November 2022, we no longer accept foreign currency cheques. You can make payments from your overseas account details via an international funds transfer.
Can I still make additional repayments on my home loan prior to the migration date?
Yes. An additional repayment is any amount you pay into your home loan over and above your regular repayment – and yes, you can elect to do this via funds transfer or BPAY®. There are no charges associated with making additional repayments to your Basic, Standard Variable, Standard Offset or Revolving Loan. For Standard Fixed Rate home loans, however, a rate break charge or interest equalisation will be required.
Can I still apply to increase my home loan limit?
For changes to your existing home loan, please contact us on 1300 131 127 to discuss your request.
What changes are happening to my Citi branded credit card?
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.
Will I receive a replacement card for my Citi branded credit card?
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.
What changes are happening to my Citi Personal Lending account?
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.
Will I receive a replacement card for my Citi debit card I use to access my Personal Lending account?
No, you can continue to use your Citi Personal Lending debit card.
Note, if your Citi Personal Lending debit 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.
What happens to my securities and structured investments if I choose to transfer them to NAB?
In our recent communication we sent you, we outlined your options and asked for your consent to transfer all your existing balances and investments that are held under custody to NAB’s products and services.
If you told us you chose to proceed and transfer your investments, the move will not affect their value. However, there will be changes to foreign currency handling and the types of services and deposit products available.
If you told us that you chose not to proceed, we will share further details on the next steps you’ll need to take.
For more information, refer to the communications we sent you and speak to your Relationship Manager.
What happens if I do not tell my Relationship Manager whether I consent to transfer my balances and investments by the end of the consent period?
If you did not tell your Relationship Manager whether you consent to transfer your balances and investments by the end of the consent period, we will share further details on the next steps you will need to take. In the meantime, you can speak to your Relationship Manager.
My existing structured investment is about to mature – will I be able to reinvest at NAB?
You can access new investment opportunities at NAB if you live in Australia and are a Wholesale Investor. For more information about how you can remain or become a Wholesale Investor, speak to your Relationship Manager.
Will I keep the same Relationship Manager?
Our Relationship Managers will continue to support you in managing any investments you may hold. However, your individual Relationship Manager may change in the future (in which case we will contact you to introduce your new Relationship Manager).
Where can I find more information about NAB’s investment services?
For more information about NAB’s investment services, refer to the communications we sent you, or speak to your Relationship Manager.