London, UK (PRWeb UK) September 22, 2009
The Citibank Flexible Saver Account (Issue 6) will be available to new customers with deposits from £1 and up to £1,000,000.
Sharon Maguire, Head of Wealth Management and Retail Banking at Citi, says: "Once again we are pleased to offer a market-leading savings account, where the great introductory fixed rate bonus together with the underlying rate results in an account with an overall rate at over six times the current base rate. Customers can watch their savings grow while knowing they have access to their money, whenever they need it."
The AER stands for Annual Equivalent Rate and is a notional rate, which illustrates the contractual interest rate as if paid and compounded on an annual basis. The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. Interest will be paid monthly. Existing customers who open a new account will receive the underlying variable rate of 1.00%gross pa/AER. Rates are correct as of 15 September 2009
Notes to editors:
About Citibank Flexible Saver Account (Issue 6)
- The account is available from 18th September 2009.
- The account offers new customers to Citibank a variable rate of 3.30% AER/3.25% gross including a 12 month fixed rate bonus of 2.25% gross p.a. This is a promotional introductory rate for the first 12 months, after which our variable underlying rate applies, which is currently 1.00% gross p.a./ AER.
- Existing customers who open a new account will be paid the underlying rate.
- There is no notice period or penalties for withdrawal.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at http://www.citigroup.com or http://www.citi.com.
Citibank and Egg currently have separate banking licences and both are separate members of the Financial Services Compensation Scheme (FSCS) (http://www.fscs.org.uk), so customer deposits are covered up to the new compensation limit of £50,000 per customer (e.g. £100,000 for joint accounts where there are two account holders) for each bank.