A "market-leading deposit rate" on what may be a no-transaction savings account will be the first product pitched into the market by Citibank, but carrying the branding of its new partner Virgin Money.
The Australian reported on the pair's product plans today.
Citi and Virgin plan "an eventual full-service retail banking model complete with mortgage products", the newspaper's columnist John Duriew reported.
Citi already offers an interest rate of 6.35 per cent (taking into account a promotional loading) in its highest yielding savings account.
The present market leading rating is 6.51 per cent for UBank, a brand of National Australia Bank, though the UBank rate is also a promotional rate.