London – Beginning September 14, 2006, Citibank is reducing the minimum balance to £1 from £10,000 on its instant access flexible savings account, and has increased the interest rate to a market-leading 5.03% AER (1) or 5.20% gross.
The Citibank Flexible Saver high interest savings account can be opened online (at http://www.citibank.co.uk/), by telephone or in branch. It features a 0.55% bonus on the gross rate for the first six months from account opening, with an underlying rate of 4.75% AER or 4.65% gross thereafter Interest is calculated daily and applied monthly. The new rates apply for both new customers and existing customers with new to bank balances.
Tobias van der Meer, head of Retail Banking, Citibank, said: “This market leading savings account complements our range of wealth management and insurance services, sterling and multi currency banking and savings accounts, and opening our branches with a full counter service from 8-8 Monday to Saturday. Flexible Saver has featured regularly in the best buy tables since its launch in July. With these new features consumers get one of the highest rates of interest in the market with the added flexibility of being able to withdraw their money instantly and without penalties.”
Citibank Flexible Saver key features include:
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Interest is earned on balances up to £1 million.
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5.03% AER includes a 0.55% bonus on the gross rate for the first six months and 4.75% AER or 4.65% gross thereafter.
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No notice periods or penalties for withdrawals.
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Interest is calculated daily and applied monthly.
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Monthly statement.
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Accounts can be held solely or jointly.
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Citibank Flexible Saver account can be opened on the Citibank website, by CitiPhone telephone banking or in Citibank branches.
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Citibank branches open 8-8 Monday-Saturday, plus 24/7 internet and telephone banking, and ATM withdrawals.
For more information on Citibank’s products visit http://www.citibank.co.uk/.
(1) AER: All interest rates are variable but correct at time of going to print. The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. AER stands for the Annual Equivalent Rate and is a notional rate, which illustrates the contractual interest rate as if paid and compounded on an annual basis.
