Consumers give Citibank’s fee-free Citibank Plus Transaction Account account the thumbs up

The Citibank Plus Account is an example of a ‘fee free’ transaction account, with some great benefits for travelers and overseas purchases.

Recent figures released by Citibank show a 500% increase in applications since the product’s re-launch in October 2011.

And why the uptake?

Citibank’s head of retail banking, David Mouille, says customers are attracted to an account that has no fees: ‘The Citibank Plus is now one of our fastest growing accounts. There are too many hidden fees in most other basic transaction accounts. Statement fees, ATM fees, and Account maintenance fees are all generally hidden and totally unnecessary.’

Citibank Plus Transaction Account

The Citibank Plus Transaction Account is a revolutionary financial product with Free Overseas Direct Purchase Fee. Free international money transfers from Australia to any account, anywhere in the world. No monthly fees, no ATM fee.

• Maximum Rate: 0.00% p.a.
• Standard Variable Rate: 0.00% p.a.
• Bonus Rate: 0.00% p.a.
• Monthly Account Fees: $0
• Minimum Balance: $0
• Minimum Deposit: $0

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Read the Citibank Plus Transaction Account terms and conditions.

Don’t pay monthly fees to keep your money with a bank

If you look at the fees and charges associated with everyday transaction and savings account usage, which is costing Australians approx. $300 million annually, it’s no surprise the Citibank Plus Account is attracting over 5,000 new customers every month. 5,000 new customers a month certainly sounds like a lot; however, we had no way of quantifying this data against application figures from other institutions, so it should be treated as an arbitrary figure until further information is made available.

Accounts like the Westpac Choice transaction account have a monthly fee of $5.00 unless you make a deposit of more than $2,000 once a month and these requirements are among some of the more expensive conditions offered by lending institutions. Most other accounts in the market, like the NAB Classic Banking transaction account, are free of most fees and charges; however, there is still a considerable charge for using your card overseas.

A good travel partner

This is a major point of difference between the Citibank Plus account and the rest of the transaction accounts on the market. When withdrawing from a Citibank ATM there is no direct charge or international transaction fee (which is typically charged at 2% to 3% of the transaction value by other banks). If you make an ATM withdrawal at a 3rd party ATM you may be charged a direct charge from that 3rd party. For travellers, this account makes a great companion to take overseas. Citi are a global institution and have a worldwide reach.

Free wine on Citibank

Citibank states that they can also attribute the spike in interest to the Citibank Dining Program. Once the exclusive territory of Citibank credit card holders, people with a Plus transaction account can now also enjoy a free bottle of wine when they attend a participating restaurant and pay with their debit card.

Citibank says that they expect more Australians to switch to their account now that the government has removed some of the barriers to switching savings and transaction accounts.

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Citibank Credit Cards Deals

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			Interest rate (p.a.)	Balance transfer rate (p.a.)	Annual fee	Cash advance rate (p.a.)
	Citibank Clear Platinum Card	A low rate platinum credit card with a great balance transfer offer.	0% p.a. for 6 months (reverts to 11.99% p.a.) on purchases. 12.99% p.a. from 1 October, 2013	0% p.a. for 6 months	$49 p.a. annual fee for the first year ($99 p.a. thereafter)	0% p.a. for 6 months (reverts to 21.74% p.a.)
	Citibank ReadyCredit	A long term balance transfer offer with no annual fee.	18.99% p.a.	5.9% p.a. for 24 months	$0 p.a.	18.99% p.a.
	Citibank Rewards Credit Card - Platinum Card	Consolidate your debt with a low balance transfer offer and a host of platinum privileges. Earn up to 1.25 Citibank Reward points for every $1 spend.	20.99% p.a.	1.5% p.a. for 15 months	$199 p.a.	21.74% p.a.

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Credit Cards Comparison

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			Interest rate (p.a.)	Balance transfer rate (p.a.)	Annual fee	Cash advance rate (p.a.)
	ANZ Low Rate	A low rate on purchases, balance transfer and a low annual fee.	13.14% p.a.	0% p.a. for 9 months	$58 p.a.	21.49% p.a.
	HSBC Credit Card	No annual fee for the life of the credit card. Plus a low balance transfer offer.	17.99% p.a.	0% p.a. for 6 months	$0 p.a.	21.99% p.a.
	Bankwest Zero Platinum MasterCard	Exclusive Offer to Credit Card Finder. No annual fee credit card with platinum benefits.	17.99% p.a.	0% p.a. for 9 months	$0 p.a.	21.99% p.a.
	Commonwealth Bank Low Rate Credit Card	A low interest rate offer on purchases and balance transfers.	0% p.a. for 5 months (reverts to 12.99% p.a.)	5.99% p.a. for 5 months	$78 p.a. ($48 for qualifying customers)	21.24% p.a.
	ANZ Platinum Credit Card	No annual fee for the first year and a balance transfer offer.	19.39% p.a.	0% p.a. for 9 months	$0 p.a. annual fee for the first year ($87 p.a. thereafter)	20.99% p.a.

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.