Serving 200 million people in 160 countries, Citibank is rightfully considered a banking giant. It’s among the 10 largest banks in the US, with $1.7 trillion of consolidated assets and is one of CNET’s best big banks of 2022. The New York-based bank boasts 700 physical branches nationwide, with 65,000 surcharge-free ATMs that make banking convenient. Its mobile app is regarded as one of the most innovative banking apps among the major banks.
Citibank offers both high-yield and standard savings accounts across six account packages with competitive rates compared with other major US banks. But Citibank’s savings accounts have restrictions such as linking to a checking account and maintaining a higher balance to avoid a monthly fee.
These savings accounts are good options for savers who tend to maintain a monthly balance of at least $1,500 in their account.
| Savings account package | APY | Monthly service fees |
|---|---|---|
| Access Account | 3.40% | $0 or $10 linked to a checking account with a $1,500 balance, or $4.50 a month with a $500 balance |
| Basic Banking | 3.40% | $0 or $12 with direct deposit and one bill pay with a $1,500 balance, or $4.50 a month with a balance of $500 or more |
| Citibank Account | 3.40% | $0 or $25 when linked to checking account with balance of $10,000 from deposit, retirement and investment accounts, or $25 not linked to an account and $10,000 balance |
| Citi Priority Account Package | 3.40% | $0 or $30 when maintaining a combined average monthly balance of $30,000 or more in eligible linked deposit, retirement and investment accounts. |
| Citigold Account Package | 3.40% | No fee with a combined average monthly balance of $200,000 or more in eligible linked deposit, retirement and investment accounts |
| Citigold Private Client | 3.40% | No fee with a combined average monthly balance of $1 million or more in eligible linked deposit, retirement and investment accounts |
Citi Savings Account
| Savings account package | APY | Monthly service fees |
|---|---|---|
| Access Account | 0.05% | $0 or $10 linked to a checking account with a $1,500 balance or $4.50 a month with a $500 balance |
| Basic Banking | 0.05% | $0 or $12 with direct deposit and one bill pay with a $1,500 balance, or $4.50 a month with a balance of $500 or more |
| Citibank Account | 0.05% | $0 or $25 when linked to checking account with balance of $10,000 from deposit, retirement and investment accounts, or $25 not linked to account and $10,000 balance; $0 or $25 when not linked when you maintain a combined average monthly balance of $10,000 or more in eligible linked accounts |
| Citi Priority Account Package | 0.05% | $0 or $30 when maintaining a combined average monthly balance of $30,000 or more in eligible linked deposit, retirement and investment accounts |
| Citigold Account Package | 0.05% | No fee with a combined average monthly balance of $200,000 or more in eligible linked deposit, retirement and investment accounts |
| Citigold Private Client | 0.05% | No fee with a combined average monthly balance of $1 million or more in eligible linked deposit, retirement and investment accounts |
How do Citibank’s savings accounts compare with other banks?
Citibank’s Accelerate Savings account rates are higher than most banks, but the accounts have restrictions on linking with a Citibank checking account, receiving deposits and maintaining higher minimum balances.
Citibank’s Accelerate Savings rate of 3.40% APY is slightly higher than the 3.30% APY for both Ally and Capital One, followed by 3.00% for American Express, Discover and Marcus by Goldman Sachs.
As for the Citi Savings Account, its 0.05% APY is higher than such competing banks as Bank of America and Chase, each at 0.01% APY. The national average for savings accounts is 0.19%, according to CNET’s sister site Bankrate.
What other deposit accounts does Citibank offer?
Citibank offers several certificates of deposit, including fixed-rate, step-up and no-penalty CDs. The fixed-rate CDs feature six-month, one-year and two-year terms with APYs of 1.10%, 4.15% and 2.00%, respectively. The step-up CD consists of a 30-month term with a 0.10% APY, while the no-penalty CD has a 12-month term with a 3.40% APY and an interest rate of 3.34%.
The bottom line
Citibank offers a high-yielding savings account, Citi Accelerate Savings, with a competitive APY of 3.40%, but it’s not available in all 50 states. For those states and regions that don’t offer the Accelerate Savings account, there’s the standard Citi Savings Account, which offers a flat, standard APY of 0.05%, which is still higher than savings accounts from other major US banks.