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Citi Savings Rates for December 2023

You’ll earn more interest than other major banks offer, but Citi's monthly fee may eat away at your savings.

Citi logo

Citi, also known as Citibank, is a well-known bank with over 700 physical branches and over 65,000 surcharge-free ATMs. It’s easy to keep all of your money in one place with Citi because it offers a checking account and several savings account options. But one thing that sets Citi apart from other big banks is its high-yield savings account rate

While most major banks offer less than 1% on your savings, Citi offers a 4.35% annual percentage yield, a rate on par with the best online-only banks. But there are a few restrictions that may make you reconsider stashing your savings with this bank. 

Citi savings accounts at a glance

Citi offers one savings account: the Citi® Accelerate Savings. There’s no minimum deposit required, but there is a monthly fee. Account and product availability may vary depending on your location. 

Savings accountAPYMinimum depositFees
Citi® Accelerate Savings4.35%*$0$4.50
Rates as of Oct. 25, 2023. *Rate available in select zip codes.

Most major banks offer traditional savings accounts with low APYs, but Citi’s high savings rate lets it compete with some of the best online savings accounts offering between 4% and 5% APY right now. You don’t have to live near a Citi branch to open an account either. Citi offers mobile, online and in-person banking, and its accounts are FDIC-insured up to $250,000 per person, per account type. 

One drawback is that Citi’s savings account comes with a $4.50 monthly fee. You won’t be charged that fee in the first month of opening your account or the next three. You can waive this fee by maintaining a minimum $500 average monthly balance or if you hold a qualifying Citi checking account. If you qualify for a Citi relationship tier account (you’ll need an average monthly balance of at least $30,000), you won’t be charged a monthly fee. Another big drawback is that its high-yield savings account appears to only be available in select zip codes, so depending on where you live, you may not qualify for this rate.

How do Citi’s savings rates compare to other banks?

Citi’s savings rates are high compared with big banks like Chase and Bank of America, which both offer only 0.01%, much lower than the FDIC’s national savings rate of 0.46%. We like that Citi’s savings rate is on par with top online names like Capital One, Discover and Barclays. However, some savings accounts, like Newtek Bank, EverBank and Bread Savings are offering rates over 5% APY. And again, not everyone will qualify depending on their zip code.

Additional Citi savings options

Citi offers several certificates of deposit, including fixed-rate, step-up and no-penalty CDs. Its fixed-rate CD terms range from three months to up to five years. A few featured fixed-rate terms offer a competitive rate, such as its nine-month and one-year terms at 4.30% APY, respectively. 

Many of its other CD rates -- particularly terms under one-year -- are below the FDIC national averages and the rates featured on CNET’s best CD list. For example, the average six-month CD has a 1.39% APY, according to the FDIC while Citi offers 1.10% APY. We recommend comparing savings rates and terms before opening a CD at Citi, since there are many other banks offering higher rates right now.

Is a Citi savings account right for you?

Citi’s high-yield savings account offers a robust APY to earn interest on your savings. But Citi’s rates aren’t the highest available. And there are some drawbacks to consider, like Citi’s monthly fee, zip code requirements and low CD rates for many of its terms. If you already bank at Citi, are eligible for its high-yield savings account and can waive this monthly fee, keeping money for short-term goals in a Citi savings account may make sense. 

Dashia is a staff writer for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.