Citi Savings Account Interest Rate
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Citibank boasts two savings accounts with varying rates and low fees. But which one should you open? Read on for all the details.
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Citibank is one of the largest banks in the US. And, they have two savings accounts that can be offered to you: a basic Citi Savings Account and a high-yield Citi® Accelerate Savings Account.
But, their availability depends on where you live. How are they different? Read on to find out more.
Citi® Accelerate High-Yield Savings - 4.45% APY
Available in AA, AE, AK, AL, AP, AR, AS, AZ, CO, DE, GA, GU, HI, IA, ID, IN, KS, KY, LA, MA, ME, MI, MN, MO, MP, MS, MT, NC, ND, NE, NH, NM, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VI, VT, WA, WI, WV, WY and select markets in Florida and Illinois
Citi® Savings
- 0.03% APY
- Access higher interest rates with Citi Relationship Tiers
Yes. Citi has a high-yield savings account called Citi® Accelerate Savings. But, it's only available in specific states.
Citibank Savings Account Interest Rates
Citibank offers two main savings accounts: Citi Savings and Citi Accelerate Savings. Citi Savings has a standard 0.03% APY. Meanwhile, Citi® Accelerate Savings offers 4.45% APY.
- Citi® Accelerate High-Yield Savings: Available in AA, AE, AK, AL, AP, AR, AS, AZ, CO, DE, GA, GU, HI, IA, ID, IN, KS, KY, LA, MA, ME, MI, MN, MO, MP, MS, MT, NC, ND, NE, NH, NM, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VI, VT, WA, WI, WV, WY and select markets in Florida and Illinois.
- Citi® Savings: Available in CA, CT, DC, MD, NV, NJ, NY, VA, and select markets in Florida and Illinois.
Let's take a closer look at each account!
Citi Savings
The Citi Savings account allows users to earn 0.03% APY on balances ranging from $0 and $29,999.99.
There is no opening deposit or minimum balance requirement, but you'll have to pay a $4.50 monthly service fee. The fee is waived for the first three months after opening your account.
But to avoid fees altogether, you either need to have a Citi checking account or keep an average monthly balance of $500.
Citi® Savings
Citi Savings is only available to those with a residential address in these states: CA, CT, MD, NV, NJ, NY, VA, the District of Columbia, and certain areas in FL and IL.
Citi® Accelerate Savings
Citi® Accelerate Savings is a high-yield savings account featuring a 4.45% Annual Percentage Yield on all balances.
Just like Citi Savings, there is no opening deposit requirement, but a $4.50 service fee is imposed every month.
You can also waive these fees by maintaining a balance of $500 every month, or by owning a Citi checking account, or by qualifying for a relationship tier. The monthly service fee is also waived for the first three months after account opening.
Citi® Accelerate High-Yield Savings - 4.45% APY
Citi® Accelerate Savings is only available to those with a residential address in these states: AL, AK, AZ, AR, CO, DE, GA, HI, ID, IN, IA, KS, KY, LA, ME, MA, MI, MN, MS, MO, MT, NE, NH, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, WA, WV, WI, WY and select markets in FL and IL.
Citi Savings Relationship Tiers
Citi has a relationship program that offers perks that can include higher APY, waived fees, and more.
To be eligible, you need to maintain a Combined Average Monthly Balance (CAMB) across all your eligible deposit and investment accounts for three consecutive months.
There are three Relationship Tiers:[1]
- Citi Priority: $30,000 to $199,999.99
- Citigold®: $200,000 to $999,999.99
- Citigold® Private Client: $1,000,000+
The information on Citi Priority, Citigold, and Citigold Private Client has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.
Regular Checking, Access Checking, Citi® Accelerate Savings, Citi Savings, Citi Miles Ahead Savings, Citibank Savings Plus, Certificates of Deposit, IRAs and Roth IRAs, CGMI IRAs and Roth IRAs, Investments in your linked Citigroup Global Markets Inc.(CGMI) Accounts, and annuity positions shown on linked CGMI Account Statements.
How Much Can You Earn in a Citibank Savings Account?
Check out this calculator to see how much interest you can earn with a savings account.
Can You Lose Money with Citibank Savings?
No, you generally can't lose money with a Citibank Savings account. They are an FDIC-member (Cert #7213), meaning your deposits are insured up to $250,000 per depositor, per ownership category.
However, if you fail to waive the monthly charges, the fees can reduce your balance.
Pros and Cons
Pros
- No opening deposit
- No minimum balance
- High APY for Citi® Accelerate Savings
- Free debit card for Citi Savings
- Protected by FDIC insurance
- Simple mobile banking platform
Cons
- $4.50 monthly service fee
- Low APY for Citi Savings
- High balance required to get higher APY for Citi Savings
- Limited availability for Citi® Accelerate Savings
Should You Open a Citibank Savings Account?
If you're looking for a traditional account or a high-yield one, Citibank is a good place to start because they can offer both.
Citi Savings is ideal for those who prefer traditional accounts that offer easy access to their funds. Meanwhile, Citi® Accelerate Savings is best for eligible people who want to earn a good rate.
But remember, either account might not be accessible in all states. Check if you're eligible to open an account there first.
How to Open a Citibank Savings Account
To open a Citi Savings account, you can visit one of their physical locations or over the phone at +1-800-321-2484. But, for Citi Accelerate Savings, you cannot open one at a branch.
You can open an account online by following these steps:
- Go to Citibank's page and click Open an Account.
- Under Savings Account, click Open an Account.
- Fill out the application with your personal information.
- Submit and fund your account.
To fund your savings account, you can directly go to a branch to deposit cash or a check or use your debit card. Online, you can fund your account using your debit card, or transfer money from another bank account.
How Citibank Savings Compares
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
High Yield Savings Account - 5.24% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank SSB
Other Citibank Accounts
If a savings account doesn't fit the bill, Citibank also offers checking accounts and certificates of deposits (CDs) that you can consider.
Citibank: Checking with Enhanced Direct Deposit - $300 Cash Bonus
Earn a $300 cash bonus when you open a new eligible checking account with Enhanced Direct Deposit and complete required activities. Deposit at least two Enhanced Direct Deposits directly into your new checking account within 90 calendar days from account opening. Your total combined Enhanced Direct Deposit must equal $1,500 or more. Your cash bonus will be deposited to your open, eligible checking account within 30 calendar days after required activities have been completed.
Citigold® - Up to $2,500 Cash Bonus
Earn a $500 to $2,500 cash bonus when you open a new eligible checking account and complete required activities. Deposit the minimum amount of new-to-Citibank funds within 20 days of account opening. Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
| Minimum Balance | Cash Bonus |
|---|---|
| $30,000 - $199,999 | $500 |
| $200,000 - $299,999 | $1,500 |
| $300,000 or more | $2,500 |
Citibank Business Checking - Up to $2,000 Bonus
Earn up to $2,000 cash bonus with required activities. Open a new CitiBusiness (Analyzed), Streamlined, or Flexible Checking account. Mention this offer to a Citibank Business Specialist. Within 20 calendar days following account opening, make one or more deposits in new-to-Citibank funds to meet the Qualifying Balance. Maintain the required Qualifying Balance for 60 consecutive calendar days after the Qualifying Balance level is met during the initial 20 calendar day funding period.
| Qualifying Balance | Bonus |
|---|---|
| $5,000 - $19,999 | $300 |
| $20,000 - $99,999 | $750 |
| $100,000 - $199,999 | $1,500 |
| $200,000 or more | $2,000 |
Citibank: IRA Certificates of Deposit - Up to 5.13% APY
- Up to 5.13% APY
- $5,000 minimum opening deposit
| Term | APY |
|---|---|
| 3-Month | 5.13% |
| 4-Month | 0.05% |
| 5-Month | 0.05% |
| 6-Month | 5.02% |
| 7-Month | 0.05% |
| 8-Month | 0.05% |
| 9-Month | 4.71% |
| 10-Month | 0.05% |
| 1-Year | 4.60% |
| 13-Month | 0.10% |
| 18-Month | 2.00% |
| 2-Year | 2.00% |
| 30-Month | 0.10% |
| 3-Year | 2.00% |
| 4-Year | 2.00% |
| 5-Year | 2.00% |
Bottom Line
Citibank can offer you a savings account if you meet certain criteria, mainly on where you live.
If you don't mind earning low interest, Citi Savings is good if you simply want to stow your money away but have easy access to it.
Citi® Accelerate Savings, on the other hand, is ideal if you want to make your money work harder with a competitive APY.
Make sure to check your eligibility before you open an account at Citi. Ultimately, both are good savings accounts that can help you in your budgeting journey.
References
- ^ Citi Consumer Deposit Account Agreement. Relationship Tiers, Retrieved 11/08/2023
- ^ Citi Consumer Deposit Account Agreement. Simplified banking, Retrieved 11/08/2023
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
HSBC Premier
Start an HSBC Premier relationship today. Premium banking with local and global benefits. Plus, access to wealth solutions offered through HSBC Securities, (USA), Inc.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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