Citibank Savings Account Interest Rates for September 2024 (2024)

Citibank’s best savings account rate is offered with the Citi Accelerate Savings account. At 4.30%, its rate is slightly higher than many of its competitors’ high-yield savings account (HYSA) offerings, but the account is only available in select markets across the U.S.

Of the 1,000 bank customers we recently surveyed, interest rates and low fees were among their top concerns. And while Citibank does charge a $4.50 monthly fee for its savings accounts, it is easily waivable with minimum balance requirements or by opening a Citibank checking account.

Citibank offers two main savings accounts: Citi Savings, its baseline savings account, and Citi Accelerate Savings, a high-yield savings account (HYSA). However, the rates offered for each account may vary depending on where you live, your Citi banking “tier” and other factors.

Banking tiers include the Everyday Benefits tier, accessible to all customers, and three Relationship Tiers (Citi Priority, Citigold and Citigold Private Client Relationship). Each relationship tier requires a minimum monthly balance (outlined below) to unlock perks such as unlimited reimbursem*nts on fees charged by non-Citi ATMs, subscription rebates and free access to museums in major U.S. cities.

Citi’s baseline savings account, Citi Savings, offers a standard APY and is available to residents of:

• California
• Connecticut
• Select markets in Florida
• Select markets in Illinois
• Maryland
• Nevada
• New Jersey
• New York
• Virginia
• Washington, D.C.

Its Everyday Benefits tier comes with a $4.50 monthly fee, which is waived if you meet one of the following requirements:

• An average monthly balance of $500 or more
• A linked Regular Checking or Access Checking account (through the same account owner)
• A recently-opened account (the monthly service fee is waived for the first three calendar months after account opening)
• Qualify for a Citi Priority, Citigold or Citigold Private Client Relationship Tier

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In an effort to compete with the high-yield savings accounts offered by online banks, many traditional banks like Citi are offering higher savings rates in order to attract more customers.

The Citi Accelerate Savings account offers an APY that’s nearly ten times higher than the national average savings rate of 0.50%. However, this account isn’t available in a handful of states and some zip codes. According to Citibank’s website, excluded markets include:

• California
• Connecticut
• Select markets in Florida
• Select markets in Illinois
• Maryland
• Nevada
• New Jersey
• New York
• Texas
• Washington, D.C.

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Citibank’s savings rates are competitive with both large national banks as well as online banks, but higher yields can be found at some online-only banks.

Here’s how Citibank’s high-yield savings account compares to competitive offerings:

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A Citibank savings account is best for customers who reside in one of the states or zip codes where the high-yield Savings Accelerate product is offered. The account is widely available throughout the country excluding the following areas: California, Connecticut, select Florida zip codes, select Illinois zip codes, Maryland, Nevada, New Jersey, New York, Texas and Washington D.C.

Citibank is also good for those who need in-person banking resources. In addition to physical locations in many major U.S. cities, the bank has a large global network of ATMs, which may be appealing if you travel often within the U.S. and abroad., use cash frequently or need to make deposits at ATMs.

>> Related: Use our savings account calculator

Many banks and credit unions also offer certificates of deposit (CDs), which are savings products that allow you to lock in an interest rate for a set amount of time, such as six months or two years.

Citibank offers three types of CDs — fixed rate, step up and no penalty — along with competitive APYs. The minimum deposit to open for all three types is $500. While its fixed-rate and step-up CDs have early withdrawal penalties, the no-penalty option allows for fee-free withdrawals seven days after funding the account.

Note that while the CD rates offered by Citi are several times the national average, you may find higher APYs at some of the top online banks.

>> Related: Learn more about Citibank CDs

Before opening a Citi Savings account, note that Citi only offers paper statements and notices. You’ll also need to set up your Citi account during the application process and provide some personal information to verify your identity.

1. On Citi’s website, click on “Banking” in the top-left corner, followed by “Savings.” Then, click “Open an Account.”
2. Select which type of account you want to open. You can choose to open a checking account, savings account or both types of accounts at the same time. If you want to open both types of accounts, you can choose an Access Checking or Regular Checking account to go with a Citi Savings account. If you open an account package, you’ll waive the monthly service fee.
3. Start the application process. You’ll begin by filling out your first name, last name, date of birth and Social Security number. You’ll then need to verify your ID, employment and income information.
4. Create a user ID and password for your online banking account.
5. Next, read through and agree to any necessary agreements and disclosures.
6. Fund your account.

>> Related: Learn more about how to open a savings account

You can also reach your savings goals faster by setting both short-term and long-term targets. For instance, you could transfer $100 from your checking account to your savings account each time you are paid. Setting up automatic transfers encourages you to save money before it is spent.

>> Related: Learn more about how to save money

According to the Federal Reserve, Citi is currently the fourth largest bank in the country. It’s a safe option for a savings account since deposits are insured by the Federal Deposit Insurance Corp. (FDIC) up to $250,000 per depositor, per account.

Citibank’s high-yield savings account is its most attractive savings product. You can skip the monthly service fee by maintaining at least $500 in the savings account throughout the month or meeting other requirements. The main drawback is that the high-yield savings account is not available in all states or zip codes.

*Data accurate at time of publication

**Rates accurate as of September 4, 2024

Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.

Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.