Citibank's new investment product

Just received an email of a friend who works in Citibank there in the Philippines.
Citibank is offering a new type of money placement, below are details from my friends email:


Dear friends,
If you're searching for opportunities to make the most of your money, or simply looking for a better alternative to your time deposit or savings account, here's something you might be interested in.

Today, Citi launched a first in the market - a savings account with interest rates at par or even better than a regular time deposit. It's called the Citi e-Savings Plus.

Citi e-Savings Plus offers a high interest rate of 4.75% gross p.a.* with no fixed term. In case you need to withdraw your money immediately, you can do so conveniently, without pre-termination penalties. What's more, e-Savings Plus is an online account that lets you check your account balance and transfer funds as conveniently as you check your email.
If you're interested or want to know more about this product, I can tell you more about it, or even set an appointment between you and an account officer

at any Citibank, N.A. or Citibank Savings branch that's near you. Just email me back or give me a call.
Regards,
Edhel Marcelo

*4.75% gross p.a. is applied to the portion of the deposit above P100,000
Member of the Philippine Deposit Insurance Corporation. Maximum deposit insurance for each depositor is P250,000. Subject to PDIC terms.

If interested you can email her at edhel.marcelo@citi.com