Tell me more about Citibank AcceleRate Savings Account.
Citibank's AcceleRate Savings Account yields high interest up to 4.88% per annum on incremental savings that helps you earn and grow your savings faster.
How does the Citibank AcceleRate Savings Account interest of 4.88% work?
The 4.88% per annum interest is made up of:
- 0.50% per annum as the base interest rate, and
- 4.38% interest per annum as the bonus interest
|Interest Rate Type||Interest Rate |
|Base Interest||0.50||On Average Base Balance|
|Bonus Interest||4.38||On your Incremental Balance versus previous month's Average Balance*|
(*capped at RM30,000 per month)
An illustration to show you how the Base Rate and Bonus Interest works:
|Month||Average Balance |
for the Month
|Incremental Balance |
(versus previous month's)
|Base Interest |
|Bonus Interest |
|1||RM5,000||RM0||0.5% on RM5,000||0%|
|2||RM10,000||RM5,000||0.5% on RM10,000||4.38% on RM5,000|
|3||RM50,000||RM40,000||0.5% on RM50,000||4.38% on RM30,000|
|RM0||0.5% on RM40,000||0%|
|5||RM60,000||RM20,000||0.5% on RM60,000||4.38% on RM20,000|
What if I withdraw money from my Citibank AcceleRate Savings Account?
As per the illustration above, if there is withdrawal with balance falling below the previous month, you will earn 0.5% base interest without Bonus Interest.
What is the minimum required to open a Citibank AcceleRate Savings Account?
Exclusively from now until 30 September 2020, there's no minimum initial deposit required to open this savings account.
Initially, the minimum amount required to open a Citibank AcceleRate Savings Account is RM5,000.
To add on, if you are an existing Citibank Checking/Savings account holder, you are still eligible to apply for the Citibank AcceleRate Savings Account.
When will the the interest be credited into my Citibank AcceleRate Savings Account?
The Base and Bonus Interest (if applicable) will be credited into your savings account on the last calendar day of the month.
What are the fees and charges?
The ATM card annual fee is RM8 and the replacement of the card is RM8 per replacement. Please note that the charges for MEPS cash withdrawal at other banks is RM4 rather than the usual cost of RM1. In the case that if you want to make overseas withdrawal, the charges will be RM10 per withdrawal.