Business Insider's personal finance team compared Citi savings accounts to the best high-yield savings accounts and found that they're standard offerings overall.
Both Citi savings accounts pay less than the highest savings account rates right now. Citi also has monthly service fees on bank accounts — however, there are ways to waive fees.
You might still choose Citi if you're looking to establish relationship banking. Citi also offers a variety of bank products and services, including various bank accounts, credit cards, personal loans, and home loans.
Current Citi Savings Account Rates
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, Citi is offering a special promotional rate.
To be eligible for a 4.35% promotional interest rate for up to three months (0.23% - 1.20% 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.
Citi® Accelerate Savings offers a more straightforward rate. It pays 4.35% (vary by location) APY.
Citi® Accelerate Savings is a high-yield savings account that pays a competitive rate, and it's clearly superior to Citi Savings — but you can only open an account if you're a resident of certain markets.
Citi Relationship Tier System
Citi has a Relationship Tier system. Your interest rate will depend on your combined average monthly balance in Citi 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 10001 (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 a checking account, or you may just want to open the savings account.
Overview of Citi Savings Accounts
How Citi Savings Accounts Work
Citi (Member FDIC) has two savings account options.
The Citi® Savings is available in markets where there are Citi branch locations; Citi® Accelerate Savings is an online account for people who live in markets where there are no brick-and-mortar locations.
Citi also offers other savings account options. Citi CD rates will allow you to lock in an interest rate for terms anywhere from 3 months to 5 years. However, some CD rates are lower than average CD rates, while others are higher.
Citi bank accounts are FDIC-insured for up to $250,000 per depositor.
Overview of the Citi High Yield Savings Account
Citi® Accelerate Savings pays a good interest rate that's higher than the average savings account interest rate.
It has a $4.50 monthly service fee, though. You might find this account worthwhile if you qualify to waive the fee. But if you can't, there are online banks with free online high-yield savings accounts.
Overview of the Citi Savings Account
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 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 fee is 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.
Citi User Experience and Accessibility
Your experience with Citi will depend on where you live. If you live in a state that has branches, you can get in-person support, as well as manage your account online or through mobile banking. If you do not live in a state that has a branch, you must manage your account online or through the bank's mobile app.
Citi 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 4.7 out of 5 stars in the Google Play store with over 1.1 million reviews.
Citi Customer Service and Support
Typically, banks offer customer support from 9 a.m. to 5 p.m. on weekdays and limited support on weekends. Citi 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. Citi 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 Citi 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.
Citi Savings Security
When we review savings accounts we also take into consideration the bank's security and stability. We see if a bank has experienced any recent data security issues, and how its rated in regards to Bauer Financial, Moody, and Fitch ratings.
In 2024, the Office of the Comptroller of Currency amended its 2020 cease and desist order against Citi, claiming the bank hadn't made sufficient progress toward addressing compliance with the 2020 order. The 2020 cease and desist order also claimed the bank didn't have proper risk management, compliance risk management, and data governance programs.
Citi received 4 stars on Bauer Financial. It also ranks on the higher end for Moody and Fitch ratings, with a primarily stable outlook.
Citi Savings Account Rate Pros and Cons
Citi Savings Account Rate Pros
- Solid rate on Citi® Accelerate Savings
- Low minimum opening deposit on both savings accounts
Citi Savings Account Rate Cons
- 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 Alternatives
Citi Savings vs. Wells Fargo Savings
Between Citi and Wells Fargo, Citi is a better choice for a higher interest rate on a savings account. Other banks pay higher savings rates overall, though.
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. That said, you could also ultimately go with a savings account that doesn't charge any monthly service fees — many of the best online banks offer these types of savings accounts.
Citi Savings vs. Bank of America Savings
Similar to Citi'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 Citi Relationship Tier than with a Bank of America Advantage Savings Account, regardless of where you live.
Both Citi and Bank of America charge monthly service fees on savings accounts unless you qualify to waive the fees, and the requirements are pretty comparable for the most part. Stiff fees could offset what you'd earn from a higher rate, so you might prefer to choose a different bank so you can open a savings account that doesn't charge any monthly service fees.
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 Citi
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 Citi 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 Citi CDs pay a fixed interest rate.
Citi savings account options also vary depending on where you live, so make sure you review Citi's savings account specific to your location.
Understanding Citi Fees and Charges
Citi 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.
Is a Citi Savings Account Right For You?
You might like Citi 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 one to five stars. For our Citi saving rates review, we used our bank account methodology, which looks at interest rates, miscellaneous features, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and the ethics and security, of the company to rate both savings accounts.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Citi Savings Account FAQs
Citi has a high-yield savings account, standard savings account, traditional CDs, a step-up CD, and no-penalty CD.
Citi's high-yield savings account has a $4.50 monthly service fee. The monthly bank maintenance fee is 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. Other possible fees associated with Citi's accounts include monthly service fees, non-Citi ATM fees, money order fees, official check fees, and stop payment request fees.
Citi® Accelerate Savings pays 4.35% (vary by location) APY, which is higher than average savings account interest rates. It pays a comparable rate to other popular online banks, but there are smaller online banks with even more competitive rates available.
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.
