Citibank Savings Accounts Review 2024: Features, Benefits, and Expert Insights (2024)

Personal Finance Banking Savings

Written by Sophia Acevedo; edited by Sarah Silbert; reviewed by Evelyn He

Updated

2024-06-14T21:09:22Z

Overview
Savings Rates
Key Features and Benefits
Opening an Account
Managing Your Account
Pros and Cons
FAQs
How Citi Savings Accounts Compare
Is a Citi Savings Account Right For You?
Why You Should Trust Us

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Citibank (Member FDIC) has two savings account options.

The Citi® Savings is available in markets where there are Citibank branch locations; Citi® Accelerate Savings is an online account for people who live in markets where there are no brick-and-mortar locations.

Overview of Citi Savings Accounts

Citi High Yield Savings Account

Citi® Accelerate Savings

Read Review

Insider’s Rating

3.75/5

Fees

$4.50 monthly service fee

Annual Percentage Yield (APY)

4.35% (vary by location)

Minimum Opening Deposit

Pros

High APY (minimum $0 balance to earn)
No opening deposit

Cons

You may pay a monthly fee, depending on a variety of factors
Other fees depend on which checking account you link to your savings account
Not available in certain states
BBB gives Citi an F in trustworthiness

Insider’s Take

Citi Savings Account

Citi® Savings

Start saving

Citi, FDIC Insured

Insider’s Rating

3.25/5

Fees

$4.50 monthly service fee

Annual Percentage Yield (APY)

New customers can earn 4.75% promotional interest rate for up to three months (1.24% to 1.31% APY) with qualifying activities, then 0.03% to 0.12% APY.

up to 1.31% (vary by location)

Minimum Opening Deposit

None

Pros

No opening deposit
Higher APY than many brick-and-mortar banks

Cons

Low APY compared to high-yield savings accounts
$4.50 monthly fee
Only available in certain states
BBB gives Citi an F in trustworthiness

Insider’s Take

Product Details

New customers can earn 4.75% promotional interest rate for up to three months (1.24% to 1.31% APY); To be eligible you must open a Citi Savings Account at a branch from April 2, 2024 to July 1, 2024 and deposit at least $25,000 in new money during the first 10 business days; You must maintain the minimum balance amount daily to get up to 3 months of the promotional rate, and once the offer expires your rate will return to the standard rate
$4.50 monthly service fee waived during the first 3 months of account opening or with a relationship tier, $500 average monthly balance, or with a Citi checking account
No opening deposit
Compounding interest to maximize your savings
Only available in CA, CT, DC, FL, IL, MD, NJ, NV, NY, SD, VA, and Puerto Rico
Access to 650 branches

Show Pros, Cons, and More

Citi® Savings is a standard savings account. It pays a less competitive APY than Citi® Accelerate Savings.

This account might still be worth considering if you want a traditional brick-and-mortar bank experience. But if your goal is to earn interest or not worry about monthly service fees, you'll want to look elsewhere.

Citi Savings Account Rates

Current Citi Savings Account Rates

You may earn a standard rate of 0.03% to 0.12% APY on the Citi® Savings. If you're a new customer, Citibank is offering a special promotional rate if you open an account by July 1, 2024.

To be eligible for a 4.75% promotional interest rate for up to three months (1.24% to 1.31% APY), you must open a Citi Savings Account at a branch and deposit at least $25,000 in new money during the first 10 business days. You must maintain the minimum balance amount daily to get up to three months of the promotional rate. Once the offer expires, your rate will return to the standard rate.

Citibank Relationship Tier System

Citibank has a Relationship Tier system. Your interest rate will depend on your combined average monthly balance in Citibank accounts. If you maintain your account balance for at least three calendar months, you'll be eligible for Relationship Tier benefits.

Here is the standard rate of Citi Savings Account APY based on the zip code of 90015 (in this area, you'd only be eligible for the Citi® Savings):

Everyday Benefits (for combined average monthly balances under $30,000): 0.03% APY
Citi Priority Relationship Tier (for combined average monthly balances between $30,000 and $199,999.99): 0.06% APY
Citigold Relationship Tier (for combined average monthly balances between $200,000 and $999,999.99): 0.09% APY
Citigold Private Client Relationship Tier (for combined average balances above $1 million): 0.12% APY

Higher-tiered accounts come with a few cons, too, such as higher monthly service fees and more stringent requirements to waive monthly fees. You may choose to open achecking account, or you may just want to open the savings account.

Citi Savings Account Key Features and Benefits

Citi Savings Account Monthly Service Fees

Both Citi's high-yield savings account and standard savings account have a $4.50 monthly service fee. The monthly bank maintenance feeis waived during the first three months after account opening. You can also waive the monthly service fee if you qualify for a Relationship Tier, maintain an average daily balance of $500 or more, or own an eligible Citi checking account.

Citibank Online and Mobile Banking Access

Citibank has received high mobile app ratings. Its mobile app is rated 4.9 out of 5 stars in the Apple store with over 3.9 million ratings and 4.8 out of 5 stars in the Google Play store with over 1.1 million reviews.

Citibank Customer Service and Support

Typically, banks offer customer support from 9 a.m. to 5 p.m. on weekdays and limited support on weekends. Citibank stands out from other banks because it offers 24/7 banking customer support by phone.

The Better Business Bureau rates companies based on responses to customer complaints and transparency about business practices. A good BBB rating may not necessarily mean that you will have a good relationship with the bank. Citibank has an F rating because it's received a high volume of customer complaints on the BBB website and it has failed to respond to several customer complaints.

In November 2023, the Consumer Financial Protection Bureau claimed Citibank intentionally discriminated against Armenian-American credit card applicants. The CFPB ordered the bank to pay $25.9 million in fees and to applicants who were impacted.

Opening a Citi Savings Account

Citi High Yield Savings Account Eligibility

Citi® Accelerate Savings is only available for residents of certain U.S. states.

It's targeted primarily toward online customers who live in Alaska, Alabama, Arkansas, Arizona, Colorado, Delaware, Georgia, Hawaii, Iowa, Idaho, Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, West Virginia, Wyoming, or select parts in Florida and Illinois.

You cannot open the high-yield savings account if you live in California, Connecticut, select parts of Florida, select parts of Illinois, Maryland, Nevada, New Jersey, New York, Virginia, and Washington, DC.

Citi Savings Account Eligibility

You can open a Citi® Savings if you live in a state with a branch. You're eligible if you live in California, Connecticut, select parts of Florida, select parts of Illinois, Maryland, Nevada, New Jersey, New York, Virginia, or Washington, DC.

Step-by-Step Guide to Opening a Citi High-Yield Savings Account

Eligible customers can apply for Citi's high-yield savings account online. You must provide your date of birth, and Social Security Number or taxpayer identification number. You'll also be asked for information about your employment and income, as well as documentation to verify your identity. You can use a driver's license or passport as documentation.

Step-by-Step Guide to Opening a Citi Savings Account

Eligible customers can apply for Citi's standard savings account at a branch or online. The account opening process is the same as when opening Citi's high-yield savings account.

Managing Your Citi Savings Account

Tips for Maximizing Savings at Citibank

All Citi savings accounts compound interest daily, so one way to maximize your savings is by using a compound interest calculator to find out your potential earnings on the account. This may be helpful in figuring out which Citibank savings option to go with.

When you're calculating interest, keep in mind that Citi's high-yield savings account and standard savings account pay a variable interest rate, while the Citibank CDs pay a fixed interest rate.

Citi savings account options also vary depending on where you live, so make sure you review Citibank's savings account specific to your location.

Understanding Citibank Fees and Charges

Citibank fees vary depending on which bank accounts you choose and whether you qualify for Relationship Tiers.

For example, if you open Citi Priority, the Citigold® Checking Account or the Citigold® Private Client Checking Account alongside a Citi savings account you'll be able to waive ATM fees, money order fees, or official check fees.

Overall, Citbank's fee structure is complex. You might prefer banking with an online bank or credit union if you're looking for a more straightforward fee structure.

Citi Savings Rates Pros and Cons

Pros	Cons
Sold rate on Citi® Accelerate Savings Low minimum opening deposit on both savings accounts	Low interest rate on Citi® Savings Citi® Accelerate Savings is only available in select markets Monthly service fees vary depending on package

Citi Savings Account FAQs

What types of savings accounts does Citibank offer?

Citibank has a high-yield savings account, standard savings account, traditional CDs, a step-up CD, and no-penalty CD.

Are there any fees associated with Citi's high-yield savings account?

The fees associated with Citi's high-yield savings account will depend largely on whether you qualify for a Relationship Tier or meet certain requirements to waive fees. Some potential fees associated with Citibank's accounts include monthly service fees, non-Citi ATM fees, money order fees, official check fees, and stop payment request fees.

How competitive are Citi's high-yield savings account interest rates?

Citi's high-yield savings account interest rate is more competitive than average savings account interest rates. It pays a comparable rate to other popular online banks, but there are banks with even more competitive rates available — some have 5% interest savings accounts.

Who is eligible to open a Citi high-yield savings account?

You're eligible to open a Citi high-yield savings account if you live in Alaska, Alabama, Arkansas, Arizona, Colorado, Delaware, Georgia, Hawaii, Iowa, Idaho, Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, West Virginia, Wyoming, or select parts in Florida and Illinois.

How can I maximize my savings with a Citi high-yield account?

You can maximize your savings with a Citi high-yield savings account by using it to work on savings goals or growing an emergency fund.

Compare Citi Savings Account Rates

Citi Savings vs. Wells Fargo Savings

Deciding between Citibank and Wells Fargo will ultimately depend on where you live. If you live in a state that offers the Citi® Accelerate Savings account, then Citibank is the clear winner.

However, if you're only eligible for the Citi® Savings, it could be a toss-up. Neither account pays high savings rates. That said, the Wells Fargo Way2Save® Savings Account offers more lenient ways to waive the fee, so it could be a better fit if that's your priority.

Wells Fargo Review

Citi Savings vs. Bank of America Savings

Similar to Citibank's relationship tier system, Bank of America has various membership tiers that offer higher rates. However, the lowest membership pays just 0.01% APY, and you have potential to earn more with a higher Citibank Relationship Tier than with a Bank of America Advantage Savings Account, regardless of where you live.

Again, Citibank's monthly fees are higher than what Bank of America charges unless you qualify to waive the fees. Stiff fees could offset what you'd earn from a higher rate.

Bank of America Review

Is a Citi Savings Account Right For You?

You might like Citibank if you live in one of the areas that offers Citi® Accelerate Savings account, so you can earn a higher savings rate than the national average. The best high-yield savings accounts, however, offer even more competitive savings rates.

Why You Should Trust Us: How We Reviewed Citi Savings Accounts

We rate bank accounts on a scale from zero to five stars. For our Citi saving rates review, we used our bank account methodology, which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and the ethics of the company to rate both savings accounts.

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:

Bank accounts
Savings and CD rate trends
Budgeting
Saving
How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.