Press Release
Citigroup Inc. (NYSE: C)
12th October 2006
Citibank, in its Reaction to Rates Increase by CNB, Has Risen Its Rates on Savings Accounts
Prague – Citibank is one of the first banks to react positively to the rise in interest rates made by CNB at the end of September with an increase in its rates on savings accounts by 0.65 basis points to 1.9% p.a. from the beginning of October.
“This offer is targeted to those clients who wish to have their money available to them at all times and, at the same time, want to get interest rates higher than those offered by classic current accounts or term deposits. Unlike other savings accounts in the market, the Citibank savings account is not subject to any notice period and money can be withdrawn at any time,“ said Petr Kursa, Deposit Products Manager.
The interest rate increase will be welcome by existing CitiGold Wealth Management clients as the hike is applicable to balances ranging from Kc2 million to Kc30 million. According to Kursa this does not mean, however, that the latest offering is only meant for the Bank‘s current customers. “Even though this interest rate increase relates to higher account balances, it does not mean that this product is designed only for the chosen few. Our experience has shown that there are many investors in the Czech Republic who wish to have their money available to them at all times and thus, they cannot deposit it as an investment into unit trusts or similar products that offer attractive appreciation of your funds,“ added Kursa. For example, there are clients who have just sold some real property and they want to buy another piece of real estate soon. “To leave your savings asleep in your current account that bears zero interest is very disadvantageous. In such cases, the right choice is to open a savings account. Should you wish to open your savings account, Citibank as well as other banks in the Czech market will provide you additional unique benefits,“ said Kursa.
In addition to the fact that such client gets, automatically and free of charge, the internet banking and an international payment card guaranteeing him or her a flexible use of his/her savings, the client also gets the option to become a CitiGold Wealth Management program customer which gives him or her a number of additional privileges, benefits and/or bargains. In order to become a member, it will suffice for such client to make a deposit into the said savings account of at least Kc1.5 million. “Each applicant for the membership in our CitiGold Wealth Management program is offered by Citibank a fee-free maintenance of his/her LCY- and FCY-denominated accounts, inclusive of the internet banking and the issue of an international Gold card, a fee-free maintenance of the Gold card, the option to utilize the CitiGold Wealth Management Planner, our unique tool for planning your investment strategies and, last but not least, a number of non-banking benefits in the form of attractive discounts to be given at partnership stores, luxury restaurants or hotels,“ added Kursa.
Over the long term, Citibank has always offered above-the-average interest rates for its deposit products. On term deposits kept with Citibank one can get interest rates of up to 5 per cent p.a. provided, however, that the client is using CitiBest – a truly unique product available in the Czech market.
For more information please contact:
Markéta Dvořáčková Andrea Machálková
Public Affairs Officer Communications Executive
Tel: 233 061 041 Citibank a.s.
Mobil: +724 356 358 Tel.: 233 062 781
e-mail: e-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: www.citibank.cz.
Citigroup (NYSE: C), the preeminent 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, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex. Additional information may be found at www.citigroup.com.
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