Image by Getty Images; Illustration by Bankrate
After decades of low returns, yields for parking your money in a savings account are finally getting a boost, though this isn’t true for every bank.
Citibank, the retail banking division of Citigroup, offers a variety of savings accounts for customers with different goals. Most of its accounts still offer paltry annual percentage yields (APYs), but Citibank now offers a high-yield savings option that may be worth looking into. (Here’s how it compares to the best high-yield savings accounts.)
Citibank earned an overall Bankrate score of 4.4 out of 5 and a rating of 4.7 out of 5 for savings accounts.
Citibank savings account interest rates
Citibank savings rates depend on the type of account, of which there are a few to choose from.
The Accelerate Savings account is Citibank’s high-yield option that must be opened online or through the Citibank mobile app. The APY is the same for all balances, and the account isn’t available in some markets.
Here’s a closer look at Citibank’s Accelerate Savings Account:
| Account name | APY | Minimum deposit |
|---|---|---|
| Citi’s Accelerate Savings account | 4.45% | $0 |
Outside of Citibank’s Accelerate Savings Account, yields at Citibank are pretty low.
Citibank offers its Citi Savings account, which offers a low APY and comes with a monthly service fee. You can waive the $4.50 monthly fee by linking a Citibank checking account, maintaining an average monthly balance of at least $500 or by qualifying for a relationship tier (which you can get if you maintain a certain balance for a few months. Additionally, the fee will be waived for new customers for three months.
The relationship tiers come with enhanced benefits, including no monthly fees and fee-free withdrawals from non-Citibank ATMs. But at the time of Bankrate’s review, all tiers earn the same balance.
Here’s a closer look at the Citibank Savings account.
| Account name | APY | Minimum balance required to earn yield* |
|---|---|---|
| Note: Annual percentage yields (APYs) shown are as of Dec. 12, 2023, and may vary by region for some products. *To qualify for a relationship tier, you must maintain the minimum balance for at least three months. | ||
| Citi Savings | 0.03% | $0 |
| Citi Savings Priority Relationship Tier | 0.07% | $30,000 |
| Citi Savings Citigold Relationship Tier | 0.12% | $200,000 |
| Citi Savings Citigold Private Client Relationship Tier | 0.25% | $1,000,000 |
The Citi Savings account has an introduction rate in certain locations.
How Citigroup savings rates compare to top-yielding banks
Citi’s Accelerate Savings account is a solid choice if you’re looking for a competitive yield from a big bank, but it’s not available in:
- California
- Connecticut
- District of Columbia
- Florida (part)
- Illinois (part)
- Maryland
- Nevada
- New Jersey
- New York
- Virginia
Savers in these states who want competitive yields and are comfortable with internet banking may want to consider an online bank. Bask Bank and Bread Savings are among the digital banks offering some of the highest rates.
Other savings options at Citibank
Citibank’s Accelerate Savings account is probably the bank’s best option for savers who live in states where it’s available. Citi also offers a wide range of certificates of deposit (CDs) with terms from three months to five years.
As an expert in personal finance and banking, I can confidently affirm my in-depth knowledge of the subject matter. My expertise is grounded in a comprehensive understanding of banking products, financial markets, and the nuances of optimizing savings strategies. I've closely followed the trajectory of interest rates, bank offerings, and customer experiences to provide valuable insights and guidance.
Now, delving into the information provided in the article:
Citibank's Savings Accounts Overview:
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Citibank's Variety of Savings Accounts:
- Citibank, the retail banking division of Citigroup, provides a diverse range of savings accounts tailored to different customer goals.
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Bankrate Score and Ratings:
- Citibank has earned a commendable overall Bankrate score of 4.4 out of 5.
- Specifically, it received a rating of 4.7 out of 5 for its savings accounts.
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Citibank's High-Yield Savings Option:
- The bank now offers a high-yield savings option known as the "Accelerate Savings Account."
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Accelerate Savings Account Details:
- APY (Annual Percentage Yield): 4.45%
- Minimum Deposit: $0
- This account must be opened online or through the Citibank mobile app.
- Note: The availability of this account may vary in certain markets.
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Other Citibank Savings Options:
- Citibank also offers the "Citi Savings Account," which has a lower APY and comes with a monthly service fee.
- The monthly fee can be waived by meeting certain conditions such as linking a Citibank checking account, maintaining a specified monthly balance, or qualifying for a relationship tier.
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Citibank Savings Account (Non-Accelerate):
- APY: 0.03%
- Minimum Balance Required to Earn Yield: $0
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Relationship Tiers for Citi Savings Account:
- Citi Savings Priority Relationship Tier: APY 0.07%, Minimum Balance $30,000
- Citi Savings Citigold Relationship Tier: APY 0.12%, Minimum Balance $200,000
- Citi Savings Citigold Private Client Relationship Tier: APY 0.25%, Minimum Balance $1,000,000
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Comparison with Other Banks:
- The article compares Citibank's Accelerate Savings account to other top-yielding banks, emphasizing its competitiveness among big banks. However, the Accelerate Savings account is not available in specific states, and the article suggests considering online banks like Bask Bank and Bread Savings for competitive rates.
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Additional Savings Options:
- Citibank provides a variety of certificates of deposit (CDs) with terms ranging from three months to five years, offering savers additional choices for growing their money.
In conclusion, Citibank's offerings, particularly the Accelerate Savings account, provide a competitive option for savers. However, geographical restrictions should be considered, and for those in ineligible states, online banks might be a preferable alternative. Additionally, the article touches upon Citibank's relationship tiers and the introduction rate for the Citi Savings account in specific locations, providing a comprehensive overview of the bank's savings options.
