Guide to Citibank Saving Accounts: Competitive Savings Rates That Increase for Relationship Tier Customers
Updated April 23, 2024 at 10:32 am
Depending on where you live and whether you have an existing relationship with the bank, Citi savings accounts can be a great way to stash cash for the future and earn a nice return on your balance. Read on to learn more about Citibank savings accounts, the benefits and features offered, where these accounts are available and whether Citibank personal savings accounts are right for you.
Our Methodology Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.
- Associated fees
- ATM access
- Balance requirements
- Customer service
- Interest-earning potential
Vault’s Viewpoint
- Citibank (or simply, Citi) currently offers two personal savings account options to customers: the Citi Savings Account and the Citi Accelerated Savings account.
- Though Citi operates across the United States and is one of the largest banks in the country by assets, both types of savings accounts are limited to customers in select areas.
- The Citi Accelerated Savings account offers a very competitive 4.45% APY regardless of bank relationship tier status, allowing you to maximize the interest earned on your balance.
Citibank Savings Account Options
Citibank is the fourth-largest banking institution by assets in the United States, with more than 650 local branches across the country as well as a robust online and mobile app presence. To its more than 200 million customers, Citibank (also known as simply Citi) offers a wide variety of financial products and services—including credit cards, bank accounts, loans, investment products and wealth management services.
Citi savings accounts come in two different flavors: the standard Citi Savings Account and the Citi Accelerate Savings account. Here’s a look at each and how they compare.
Citi Savings Account
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Who Is This Best For?
The Citi Savings Account product is only offered in limited states, so not everyone will be able to consider this account. For those who are eligible, though, it may be a good choice if you’re looking for a savings account that offers paper check access and a wide network of ATMs for cash withdrawals and account management.
The actual APY earned will depend on where you’re located and which relationship tier (if any) you have. While all accounts start with an APY of 0.03%, some areas may offer a better rate. Even though this is at or below the national average, in some cases, it may still be a good choice to park your savings here if you’re a customer looking to maintain your Citibank tier status—which can unlock better personal loan and mortgage rate terms. There are also no minimum deposit requirements to meet, so you can open this account with as little as $0.
Pros
- Funds in a Citi Savings Account can be conveniently accessed by check, ATM debit card or transferred online between other linked accounts.
- Citibank offers a robust network of more than 65,000 fee-free ATMs, along with over 650 branch locations.
- There are no monthly transaction or account withdrawal limits.
Cons
- Citi Savings Accounts are only available to residents of California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia, the District of Columbia and certain areas of both Florida and Illinois.
- Citi Savings account owners are subject to a monthly service fee of $4.50 unless they are eligible for one of Citibank’s relationship tiers (Citi Priority, Citigold or Citigold Private Client) and meet certain activity requirements, in which case the fees are waived.
- Rates are relatively low and can vary by both location and bank relationship tier.
Citi Accelerate Savings Account
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Who Is This Best For?
The Citi Accelerate Savings account is a great option for customers who want to maximize their interest earned, with an above average rate of 4.45% APY offered to all customers. Those with existing Citibank “status” (meaning Citi Priority, Citigold or Citigold Private Client tier customers) and new customers who meet a combined average monthly balance (CAMB) of $30,000 within the first three months can enjoy added tier benefits. These include things like waived monthly fees, waived non-Citi ATM fees, higher daily withdrawal limits and even better terms on other products like personal or mortgage loans. This is no minimum deposit requirement, so you can open and fund your account no matter how much you have set aside to save.
Citi Accelerate Savings accounts cannot be opened at a physical Citibank branch location. Instead, you can only open a Citi Accelerate Savings account online, on the Citi mobile app or over the phone with a Citibank representative. When you’re ready to access your savings, you can do so by enrolling in Zelle, initiating a transfer or ACH, wiring funds or making a withdrawal from an in- or out-of-network ATM.
It’s important to note that, while Citi Savings Accounts include paper checks, Citi Accelerate Savings accounts do not have check access of any kind—only ATM cards are issued. However, unlike online banks, Citi has more than 650 branch locations that you can visit whenever you need to manage your account.
Pros
- This high-yield savings account offers above-average returns to all relationship tier levels with a competitive 4.45% APY.
- You can access your cash via online transfer, ACH or with your ATM card at one of the more than 65,000 in-network ATMs across the country.
- “Family Linking” can be utilized with other eligible family members who are also Citibank customers, allowing you all to meet certain relationship tier requirements by combining your average monthly balances.
Cons
- Citi Accelerate Savings account owners are subject to a monthly service fee of $4.50 unless they meet certain situation requirements, including receiving direct deposits of $250 or more, maintaining an average monthly balance of $500 or more, holding an eligible Citi checking account or maintaining Citibank relationship tier status.
- The Citi Accelerate Savings Account is only available to residents in select markets, including: Alaska, Alabama, Arkansas, Arizona, Colorado, Delaware, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Missouri, Mississippi, Montana, Nebraska, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, West Virginia, Wisconsin, Wyoming and certain markets in Florida and Illinois. Customers can also live in select U.S. territories and non-continental locations, including American Samoa, Guam, North Mariana Islands, Puerto Rico, U.S. Virgin Islands, and certain Armed Forces locations.
- This account does not come with check writing privileges, making it more difficult to access your money.
Citi Certificates of Deposit
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Who Is This Best For?
A certificate of deposit, or CD, is a savings vehicle designed to provide you with a static interest rate in exchange for locking your cash away for a specific time period. While this doesn’t work for everyone, it may be a good way to maximize your earnings if you don’t plan to touch your savings right away. All Citi CDs have a minimum deposit requirement of $500.
Citi CDs come in three forms. A fixed rate CD is available for terms between three months and five years in length, with an APY that ranges from 0.05% to 4.75%. If you need to withdraw cash from your fixed CD before the term matures, you’ll be subject to early withdrawal penalties. To avoid these fees, you can opt for a no-penalty CD instead—which has a term of 12 months and an APY of 0.05%. Lastly, the step up CD has a 30-month term, starting with an APY of 0.05% that increases every 10 months before ending at 0.15% APY for a composite APY of 0.10%
Pros
- Citi offers three different types of CDs to choose from, including a standard fixed rate CD, a no-penalty CD and a step-up CD that allows you to increase your rate every 10 months.
- CD terms range from three months to five years in length, providing you with a savings option no matter how long you want to lock away your funds.
- Promotional CD terms currently offer rates as high as 4.75% APY.
Cons
- Interest rates vary wildly between CD products and available terms, with some combinations being much less competitive than others.
- CDs offer notably less liquidity than standard savings accounts, requiring you to “lock away” your savings for a defined period of time.
- The minimum deposit requirement for Citi CDs is $500.
Alternatives to Citibank Savings Accounts
Not sure whether a Citibank savings account is the right choice for you? Here are some savings account alternatives to consider from other financial institutions.
Citibank Accelerated Savings vs. Ally Bank High-Yield Savings Account
Ally Bank is an online financial institution that offers personal bank accounts, mortgages, personal loans and more. Unlike with Citi, you won’t have access to in-person banking services, cash deposits or brick-and-mortar branch locations. However, Ally does have a competitive high-yield savings account option, currently offering 4.20% APY on all balance tiers with no bank relationship requirements. While this is lower than Citibank’s 4.45% APY, Ally charges no monthly maintenance fees and has no minimum balance or initial deposit requirements. Both banks have extensive fee-free ATM networks, mobile banking and web platforms for managing, depositing and transferring funds, though.
Citibank Accelerated Savings vs. Capital One 360 Performance Savings
If you’re looking for another high-yield savings account but prefer to stick with a national bank brand that has local branch locations, consider the Capital One 360 Performance Savings account. This account currently offers 4.25% APY, just shy of Citibank’s 4.45% APY, with no monthly maintenance fees, no minimum deposit and no minimum balance requirements. Both banks have extensive ATM networks (Capital One has more than 70,000 network machines to Citibank’s 65,000+). However, if you prefer to bank in person, need to deposit cash or just want to chat about your account face to face with a teller, Capital One 360 online customers also have access to hundreds of Capital One branch locations across the country.
Citi Savings Account vs. Bank of America Advantage Savings
Like the Citi Savings Account, the interest rates offered on Bank of America Advantage Savings accounts are location-based. Both financial institutions also have relationship tiers, potentially earning you better benefits and rewards on your account(s), including higher interest rates and waived fees. Depending on where you live and your relationship tier, a Bank of America savings account will offer an APY between 0.01% and 0.04% APY—compared to Citi Savings Account rates, which start at 0.03% APY. Unless you meet certain requirements, Bank of America Advantage Savings accounts may also charge monthly fees as high as $8.
As with Citi, Bank of America has local bank branches that you can visit whether you need help with your account, want to withdraw funds via a teller or need to deposit cash. Both financial institutions also have a wide network of in-network ATMs. Bank of America has a strong network of more than 15,000 machines, but it holds no candle to Citibank’s network of over 65,000 fee-free ATMs.
Frequently Asked Questions
How Much Do You Need To Open a Citibank Savings Account?
Citibank savings accounts have no minimum deposit requirement. Whether you open a Citi Savings Account or a Citi Accelerate Savings Account, you can do so with as little as $0.
Which Citibank Savings Account Is Best?
There are two Citibank savings accounts to consider, as well as multiple CD options for your savings. Choosing the right one for you depends on your personal goals. For most customers, the Citi Accelerated Savings account makes the most sense, as it is available in more areas and offers a competitive 4.45% APY on your balance. The account comes with no minimum deposit or balance requirements.
Does Citibank Have a High-Yield Savings Account?
The Citi Accelerated Savings account is Citibank’s version of a high-yield savings account. It currently offers 4.45% APY with no minimum deposit or balance requirement, though there is a $4.50 monthly fee which is waived for new customers (during the first three months) and existing customers who have achieved relationship status.
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