| Basic Account Package Key Features | |
|---|---|
| APY Range | 4.30% |
| Minimum Balance to Earn Highest APY | None |
| Minimum Deposit | None |
| Withdrawal Limit | $1,500 per card, per business day |
| Monthly Service Fee | $12 for checking and linked savings account $4.50 for savings accounts not linked to checking |
| Access Account Package Key Features | |
|---|---|
| APY Range | 4.30% |
| Minimum Balance to Earn Highest APY | None |
| Minimum Deposit | None |
| Withdrawal Limit | $1,500 per card, per business day |
| Monthly Service Fee | $10 for checking and linked savings account $4.50 for savings accounts not linked to checking |
About Citibank: Other Savings Options
Citigroup, which owns Citibank, is the third-largest bank in the United States by assets. It has over 65,000 ATMs and hundreds of bank branches nationwide. Citi offers an impressive range of accounts designed for different types of customers, and all of its savings accounts come with generous rates.
In addition to savings accounts, Citi also offers checking accounts, CDs, and bank IRAs. Those seeking a more long-term savings option may benefit from a Citi CD, and those interested in diversifying their investments with low-risk options may find a bank IRA is a good choice.
Overall, Citi offers some decent savings options with generous rates, although you can typically find better rates for savings accounts and better rates for CDs elsewhere. Several of Citi's savings accounts come included in account packages, though, so if you don’t plan to do all of your banking with Citi, another institution may offer more flexibility.
In the News
The Fedheld rates steady for an eighth consecutive timeat its July 31meeting. The federal funds rate is at its highest level since 2001, but Fed officials are projecting one or possibly two rate cuts before the end of the year.
Because savings account yields closely follow the fed funds rate, the Fed’s current holding pattern has caused savings rates to plateau, and declines should be expected once it appears the Fed is ready to make its first cut.
Pros and Cons of Citibank Savings Accounts
Pros
No minimum balance to earn highest APY
Competitive APYs
Large ATM and branch network
Cons
Different rates in different areas of the country
Monthly fees may apply
Rates may not be higher for high-tier accounts
Rates may vary depending on where you live
Pros Explained
- No minimum balance to earn highest APY: Unlike some competitors that require you to maintain a high minimum balance to earn the highest possible APY, Citibank often does not. Some account types do require a minimum balance to open, however. The Citigold account, for example, requires a combined balance of at least $200,000 across eligible accounts.
- Competitive APYs: Citibank offers competitive APYs on its savings account packages, typically with rates well above 4% for some areas of the U.S.
- Large ATM and branch network: Citibank is one of the largest banks in the United States, and it has a large network of over 65,000 ATMs and branches nationwide.
Cons Explained
- Different rates in different areas of the country: Citibank’s rates vary widely across the U.S. Some areas have fairly competitive rates, while others are below the national average for savings accounts (which itself is quite low already).
- Monthly fees may apply: Monthly fees of up to $30 apply with certain Citibank account packages, although there are some free accounts as well. The monthly fee can be waived by meeting certain criteria, like keeping a certain balance across Citi deposit, investing, and retirement accounts.
- Rates may not be higher for high-tier accounts: Citi’s savings account rates are often the same across all of its accounts, regardless of the relationship tier. That means having more money in Citi accounts doesn’t usually get you a higher interest rate.
- Rates may vary depending on where you live: You could get a higher or lower savings rate depending on where you live. Citibank requires you to enter your ZIP code to view rates, and it indicates rates may vary.
Alternatives to Citibank Savings Accounts
If Citibank doesn’t offer the account options you need, several alternatives exist with other financial institutions. Consider looking into the following:
- High-yield savings accounts: It’s worth shopping around for high-yield savings accounts with other banking institutions. These accounts offer generous rates and are widely available, typically from online banks but also from credit unions and some traditional banks. See our picks for the best high-yield savings accounts, and compare rates, fees, and features before making a decision.
- Money market accounts: Money market accounts (MMAs) offer similar rates to high-yield savings accounts, though they may come with additional features, like debit cards and checkbooks. These accounts are also widely available at many banking institutions. As with high-yield savings accounts, you’ll want to compare account rates and features and read the fine print before opening a new MMA.
- Certificates of deposit (CDs): If you can afford to invest some of your savings for some period of time, a short or long-duration CD may be a good choice. Many CDs offer great rates, though not always as high as you’d get with an MMA or high-yield savings account. Still, they could be a good option if you don’t mind separating some of your savings. Be aware that CDs often come with early withdrawal penalties.
Online banks typically have lower overhead costs than brick-and-mortar institutions. As a result, they can often afford to offer higher savings rates for account holders.
Frequently Asked Questions (FAQs)
How Often Does Citibank Pay Interest on Savings Accounts?
Citibank compounds interest on its savings accounts daily, and total interest earnings are paid out monthly.
Is There a Minimum Balance for a Citibank Savings Account?
There are minimum combined balance requirements for certain Citibank account packages (which include savings accounts), but not others. For instance, you’ll need to maintain an average monthly balance of $200,000 across your deposit, retirement, and investment accounts to qualify for a Citigold Account, or $1,000,000 for a Citigold Private Client Account.
But other account packages, like the Citibank Account Package, the Basic Account Package, and the Access Account Package, do not come with minimum balance requirements.
Can You Open a Savings Account at Citibank Without a Checking Account?
Yes, it’s possible to open a savings account at Citibank without opening a checking account—but some account packages require you to open a checking account to qualify. The Citibank Account, Basic Banking, and Access Account Packages don’t require you to open a checking account. The Citigold, Citigold Private Client, and Citi Priority Accounts do require you to open a checking account.
Does Citibank Have a High-Yield Savings Account?
Yes, Citibank offers a savings account with a higher-than-average APY. If you’re looking to earn a higher rate than you’d get with a traditional savings account, a high-yield savings account with Citi could be a decent option. But Citi doesn’t offer the highest rates available—see the best high-yield savings accounts to find the best home for your money.
How Much Does Citi Charge for a High-Yield Savings Account?
Citibank offers accounts with no monthly fees along with accounts with monthly fees as high as $30. The fee structure depends on the account or account package you choose. It’s possible to have your monthly maintenance fees waived if you meet certain criteria, such as maintaining a specific minimum balance across eligible Citi accounts or making a qualifying direct deposit or bill payment.
Is Citi Good for Savings?
Citibank offers generous rates in some areas of the U.S., and may be good for savings depending on your individual situation and needs. If you’re looking for an all-in-one banking solution and can meet the criteria to waive the monthly maintenance fees, an account package from Citi may be a decent choice. But you can likely find higher APYs elsewhere for savings accounts, CDs, and MMAs.
Your Guide to Savings Accounts
- What Is a Savings Account and How Does It Work?
- What Is a High-Yield Savings Account?
- How to Open a High-Yield Savings Account
- How to Close a Savings Account
- Besides a Savings Account, Where Is the Safest Place to Keep My Money?
- How Many Savings Accounts Should I Have?
- How Savings Account Interest Rates Are Determined
- How Interest Works on Savings Accounts
- How Is a Savings Account Taxed?
- Money Market Fund vs. MMA vs. Savings Account: What’s the Difference?
- Certificates of Deposit (CDs) vs. Savings Accounts: Which Is Better for You?
- 4 Savings Accounts for Investors
- Best High-Yield Savings Accounts
- Best Free Savings Accounts
- Best Savings Accounts for Kids and Teens
