Citibank vs HSBC
Australian travellers are ubiquitous around the world which is not surprising with almost 40% of us born or having family ties overseas and being natural explorers it is almost a right of passage to adulthood, to go exploring around the world. To facilitate access to funds whilst your away from home it is a good idea to have access to banking facilities that will firstly be available and secondly easy to use. Two of the world’s largest banking groups, Citibank and HSBC, have Australian offshoots and specialise in cross border banking services. We compare what banking facilities they have to offer Aussies who are playing, home or away.
Bank Products and Services
Premium Services
Premium services are offered by both companies with access dependent upon having a certain level of funds or loans with that company. Membership to either gives you access to a relationship manager who will purportedly give you better service. Discounts, waived fees and preferential pricing are common benefits.
Citibank Citigold
Requirements: minimum deposits or investments with Citibank of at least A$100,000
Members of Citigold get a Relationship Manager, who is a combination investment adviser and banker who will ‘proactively pursue the right financial solutions for you. They act as your central point of contact with the bank and can seek further advice from internal investment, mortgage or treasury consultants if required. Regular reviews of your financial situation are an included benefit.
Along with access to the full suite of Citibank products you will be eligible for discounts on annual credit card fees for the Platinum Credit Card, reduced fees on certain mortgage products, preferential pricing on Term Deposits, 50% discount on Financial Planning Plan preparation fee, discounts of up to 45% on various insurance products and preferential rates on Foreign Exchange transactions.
Other services include; worldwide Citigold Emergency Healthcare Service, Citigold Global Banking, Seminars, regular updates on investments and research.
HSBC Premier
Requirements: minimum of $500,000 in total loans or $200,000 in HSBC deposits or investments or a combination of the two. You must also maintain a HSBC Premier Cash Management Account.
You get a HSBC Premier Relationship Manager who is dedicated to helping you meet your financial goals. As well as having access to the HSBC Premier Financial Planning service, members get preferential pricing, discounts or fees waived on a number of services or products including; mortgages, deposit products, stockbroking and bank charges.
If you would like to visit the ski resort of Hotham at Mount Hotham in the Victorian ski fields then you can take advantage of HSBC’s exclusive Snow Holiday deals.
Foreign Currency Accounts
Both Citibank and HSBC offer Dual Currency Accounts and Multi Currency Accounts.
Credit Cards
| Details | Citibank | HSBC |
| Name | Citibank Clear | HSBC Credit Card |
| Type of Card | Low interest | Low Interest |
| Interest Rate purchases | Intro rate 11.99% (12mths) then 15.49% | 16.99% |
| Interest Rate cash advances | 21.24% | 20.75% |
| Interest free days | Up to 55 | Up to 55 |
| Rewards Program | No | No |
| Annual Fee | $65 | $0 |
For brevity we have only compared the lowest rate credit cards. For more information click the links below.
Savings Accounts
|
Name |
Interest Rate |
| Citibank Online Saver | 6.35% pa intro rate (6 mths) then 5.25% pa |
| HSBC Serious Saver | 5.00% pa for every month you don’t withdraw |
Home Loans
|
Name |
Interest Rate |
Comparison Rate |
| Citibank Basic Mortgage Variable |
7.28% pa |
7.33% pa |
| Citibank Standard Mortgage Variable |
7.63% pa |
7.76% pa |
| HSBC Home Value Loan |
6.73% pa |
6.80% pa |
| HSBC Variable Rate Loan |
7.34% pa |
7.41% pa |
Other Products
|
Products |
Citibank |
HSBC |
| Personal Loans |
Yes |
No |
| Life Insurance |
Yes |
Yes |
| Travel Insurance |
Yes |
Yes |
| Car Insurance |
Yes |
Yes |
| Landlord Insurance |
Yes |
Yes |
| Home and Contents Insurance |
Yes |
Yes |
| Loan Repayment Insurance |
Yes |
Yes |
| Financial Planning Service |
Yes |
Yes |
| Investments |
Yes |
Yes |
| International Banking Services |
Yes |
Yes |
| Dual Currency Accounts |
Yes |
Yes |
| Multi Currency Accounts |
Yes |
Yes |
Branch numbers in Australia
| Citibank Branch Locations There are a total of 10 Australian branches across the following states:
NSW 5 | HSBC Branch Locations There are a total of 25 HSBC branches including 7 HSBC Premier Centres. These are spread across Australia as follows:
NSW 14 A new Canberra branch is expected in the third quarter of 2010 and HSBC plan to increase its network by five to ten branches a year. |
Branches around the world
| Citibank Global Locations 99 Countries or Territories | HSBC Locations 83 Countries or Territories HSBC have substantial numbers of branches in Brazil, Mexico and the UK. |
| Asian Pacific Coverage Citibank 19 (includes Guam) | HSBC 21 (includes Cook Islands) |
| European Coverage Citibank 30 | HSBC 26 |