Press Release
Citigroup Inc. (NYSE: C)
4thMay 2007
Citibank:Current Accounts Bearing Highest Interest in the Czech Marketplace, Newly without Any Account Balance Limit
Citibank Offers 2% Interest Rate p.a. on All Savings Accounts
Commencing on May 4, Citibank savings account are going to offer yet more advantaged terms than before.Citibank will newly write up interest at the rate of 2% rate p.a. on all CitiOne savings accounts.Waived has thus been the existing account balance limit of CZK 100,000 from whicha more favorable interest rate was only available.“We have decided to offer the highest appreciation of those deposits that is available in the Czech marketplace to all clients, regardless of their respective deposited amount, “said Bert Pijls, Business Manager of Citibank a.s. Retail Banking.In this way, Citibank continues in its strategy – to offer clients its best-in-class services at most favorable terms. A 2% interest appreciation of no-notice time deposits was offered by Citibank, as the first one of all banking institutions, in February.
Highest interest on savings accounts (a part of the current account) is meant as an alternative to time deposits.As per available statistics, an average yield available on time deposit reached last year just 1.5%.Despite that, more than two thirds of Czech households still continue in investing in time deposits.Their savings, however, thus lose in value.Not only the yield achievable thereon is very low, but, also, as the money is tied down and, it often can’t be used for several months or even years.Compared to our Citibank savings account, time deposits offer yields that are twice as low and, in addition, they are inflexible. It means that, if needed, the money deposited in them can’t be used at anytime. As per statistics published by CNB, every fourth Czech household has its ready cash financial reserve deposited in current accounts that bear a very low or, in fact, zero interest.
In case of Citibank CitiOne accounts, however, their holders can operate the money at any time, while simultaneously enjoying the highest appreciation of funds as far as this segment of banking services in the CzechRepublic is concerned.Furthermore, if your investment with Citibank into any products, inclusive of the savings account, amounts to CZK 100,000, the maintenance of CitiOne is fee-free.An integral and also fee-free part of each CitiOne account is the issue of an international payment card, internet banking, telephone banking, opening up an unlimited number of current accounts in various currencies, savings account as well as investment into mutual funds.
The savings account operates as a part of the CitiOne account.A financial limit is preset in the current account to cover recurrent payments (common payables such as mortgage repayments, utilities payments, rent payments, etc.), the remaining balance of funds is then bearing more favorable interest within the framework of the savings account.Per their respective needs and, in anticipation of their potential future financial operations, an automated „sweep“ of their money between the current account and the savings account can be individually preset by clients.At a maximum, they thus can take advantage of the preferential interest rate borne on their savings account while keeping for themselves the option to operate the money at any time.
Comparison of highest-yieldingsavings accounts for balances at kc100,000
Bank / Type of product / Annual interest rate / Notice periodCitibank / CitiOne savings account / 2.00% / n/a
ING Bank N.V. / ING konto / 2.00% / n/a
BAWAG Bank CZ / Savings account IQ konto / 1.56% / 5 days
BAWAG Bank CZ / Savings account / 1.52% / 14 days
ČSOB / Savings account / 1.30% / 3 years
Source: mesec.cz web site
Samples of nominal average yields in 2006
time deposit / 1,5 %
money market share funds / 2 %
mixed share funds / 5 %
Source:CTK and Czech Statistics Bureau
For more information please contact:
Markéta Dvořáčková Andrea Machálková
Public Affairs Officer Communications Executive
Tel: 233 061 041 Citibank a.s.
Mobil: +420 724 356 358 Tel.: 233 062 781
e-mail: -mail:
Note for editors:
Citibank a.s. has been present in the Czech republic since 1991. The Bank has rapidly gained its position of the market leader in corporate banking and, Citibank’s offering of products and services has been gradually enhanced to include also small and medium-sized companies. Citibank a.s. entered the retail banking business in January of 2001 and, a number of products and services are offered to Citibank clients ever since, such as personal accounts, credit cards, personal loans, investing into mutual funds as well as CitiGold, the private banking services. For additional information about Citibank a.s. please refer to the following web site:
Citibank a.s. received the esteemed awards in two categories upon the assessment of the MasterCard Best co-brand cards launched in 2006. Citibank placed first in the Best 2006 Novelty category for its MasterCard Citi ČSA credit card and, it also won the Best Co-branded Card from the Client’s Benefits Point of view category for its Shell MasterCard from Citibank a.s.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing 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.Major brand names under Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at or
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