Citibank offers two savings accounts, though which one you are eligible to apply for depends on where you happen to live. This isn’t a distinction without a difference; one offers a very competitive yield, while the other does not.
Account details and annual percentage yields (APYs) are accurate as of December 4, 2023 and were found using the ZIP codes: 85207 and 23225.
Are Citibank savings account interest rates worth it?
Somewhat confusingly, Citibank offers two savings accounts: the Citi® Accelerate Savings Account and the less ambitiously named Citi® Savings Account.
The difference goes beyond marketing nomenclature.
The Accelerate Savings Account offers a yield of 4.45% APY on any balance. Meanwhile, the Savings Account offers between 0.07% to 0.25% APY, depending on the account balance.
Therefore the Accelerate Savings Account is competitive with some of the best high-yield savings accounts on the market, while the Savings account is not.
Why wouldn’t everyone just sign up for the Accelerate Savings Account? Well, those living in the following states are not eligible to apply:
- California.
- Connecticut.
- Maryland.
- Nevada.
- New Jersey.
- New York.
- Virginia.
- Washington D.C.
- Select markets in Florida and Illinois.
If you live in one of the following states or territories you are eligible:
- Alaska.
- Alabama.
- Arkansas.
- American Samoa.
- Arizona.
- Colorado.
- Delaware.
- Georgia.
- Guam.
- Hawaii.
- Iowa.
- Idaho.
- Indiana.
- Kansas.
- Kentucky.
- Louisiana.
- Massachusetts.
- Maine.
- Michigan.
- Minnesota.
- Missouri.
- Northern Mariana Islands.
- Mississippi.
- Montana.
- North Carolina.
- North Dakota.
- Nebraska.
- New Hampshire.
- New Mexico.
- Ohio.
- Oklahoma.
- Oregon.
- Pennsylvania.
- Puerto Rico.
- Rhode Island.
- South Carolina.
- South Dakota.
- Tennessee.
- Texas.
- Utah.
- Virgin Islands.
- Vermont.
- Washington.
- Wisconsin.
- West Virginia.
- Wyoming.
- Select markets in Florida and Illinois.
- Select of the U.S. Armed Forces.
Both accounts come with a monthly maintenance fee of: $4.50, waived for three months after account opening or with a Relationship Tier, $500+ Average Monthly Balance or a Citi checking account.
Some new customers, depending on location, can qualify for a 5.00% promotional interest rate for the first six months after making a $25,000 deposit within 10 days of account opening, then a 0.03% APY applies thereafter. If you’re wondering if you should open a savings account, this option is worth considering if you live in a qualified area and can meet the minimum balance requirements.
Overview of Citibank rates
If you are lucky enough to be offered the Citi Accelerate Savings Account, you’ll earn 4.45% APY on all balance tiers.
If you don’t have access to the Citi Accelerate Savings Account — with the Citi Savings Account, any average monthly balance below $30,000 is considered an Everyday Benefits account and earns an interest rate of just 0.03% APY.
If you have a balance of between $30,000 to $199,999.99, you are eligible for the Citi Priority Savings Account relationship tier which earns 0.07% APY.
For balances between $200,000 to $999,999.99, you are eligible for a Citigold® Savings Account relationship tier and can earn 0.12% APY.
The highest tier is the Citigold® Private Client Savings Account relationship tier for balances of $1 million or greater, which earns 0.25% APY.
In some areas, for the Citi Savings Account, there is a new customer promotional rate that gives you a short-term high-yield rate, followed by a lower APY moving forward. Earn a 5.00% promotional interest rate for the first six months after making a $25,000 deposit within 10 days of account opening, then a 0.03% APY applies thereafter. You must maintain the minimum balance for at least six months and the maximum amount of interest you can earn is $25,500.
How much can you earn?
How much you can earn depends on your balance, the APY you earn, and how long you keep the funds in the account. Here’s an example of a $10,000 deposit after five and 10 years.
How Citibank compares
Citibank’s promotional APYs, for those who qualify, is higher compared to the national average savings rate of 0.46% APY (as of November 20, 2023) according to the Federal Deposit Insurance Corporation (FDIC). However, unless you live in an area that has access to the Accelerate Savings, the overall rates for existing customers are significantly lower for all account balances.
You typically can get the best rates on savings accounts by using an online bank. There are many online banks that offer significantly higher yields of 4.50% to 5.50% APY.
Even if you end up having multiple savings accounts, it may be worth it in order to earn that extra cash on your balances.
Here’s how Citi’s savings accounts compare to Capital One 360 Performance Savings, Bank of America Advantage Savings and Wells Fargo Platinum Savings:
Other savings options offered at Citibank
Citi® Certificates of Deposit are a savings alternative to consider with higher rates. There are three promotional CDs with particularly competitive APYs for many different balance levels:
- 9-Month Fixed Rate CD: 4.30% APY.
- 11-Month Fixed Rate CD: 5.25% to 5.65%.
- 15-Month Fixed Rate CD: 4.30% to 4.75%.
Those aren’t the only CDs Citibank offers though, its Fixed Rate CDs range in terms from 3 months to five years with yields between 0.05% to 5.65% APY.
There’s also a no-penalty option, the Citi® No Penalty CD, so you don’t have to worry about early withdrawal penalties if you need cash before the CD matures. The downside is that the account pays just 0.05% APY on a 12-month term.
Another option is the Citi® Step Up CD, which offers a 30-month term. The rate on this CD will increase every 10 months of the term — 0.05% APY for months one through 10, 0.10% APY for months 11 through 20 and 0.15% APY for months 21 through 30.
Citibank review
Citibank was founded in 1812 and with $1.6 billion in assets it is the fourth largest bank, behind Chase, Bank of America and Wells Fargo.
It offers a full range of banking products including credit cards, deposit accounts, loans and investing. They have locations worldwide and customers have access to more than 65,000 ATMs.
Frequently asked questions (FAQs)
In select locations, you can earn as high as 4.45% APY on all balances with the Citi Accelerate Savings Account.
In other select locations, with the Citi Savings Account, new customers can get a 5.00% promotional interest rate for the first six months after making a $25,000 deposit within 10 days of account opening, then a 0.03% APY applies thereafter.
If you don’t live in a location that offers the two promos, then the highest rate available for the Citi Savings Account is 0.25% APY, but you’ll have to qualify for the Citigold Private Client relationship tier.
Select locations have access to the Accelerate Savings Account, which earns 4.45% APY.
There are a range of CDs to choose from at Citibank. The most competitive option is the 11-Month Fixed Rate CD, which ranges from 5.25% to 5.65% APY, depending on the balance.
Citibank is FDIC-insured, which means deposit accounts are insured up to the allowable limit, $250,000 per depositor, per account type.
