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Citibank Savings Account Interest Rates for October 2024

  • Citibank offers two types of savings accounts.
  • Citi Access Savings is a standard, low-yield account, while Citi Accelerate is a high-yield savings account with high APY.
  • Access accounts are available via Citibank branch locations, while Accelerate accounts are only available online.
  • Accelerate accounts offer a competitive 4.30% APY, making them a worthwhile option for investors.
  • You can open your account in person or online, depending on the account type.
  • A selection of high-yield savings accounts: Western Alliance (4.70% APY), Barclays (up to 4.80% APY), CIT Bank (4.70% APY).

Citibank offers two different savings accounts based on where you live. However, it’s not just a matter of location. One account gives you a solid return on your savings, while the other doesn’t quite measure up in terms of earning potential.

Let’s dive into how these savings accounts stack up against each other and compare them to accounts offered by other banks. We’ll also walk you through the steps of opening a Citibank savings account and the required documents.

Our top picks for savings accounts

Citibank savings account interest rates

Citibank offers two savings accounts.

Let’s dig a bit deeper into these accounts and see how they compare.

Citi Savings Access

The Citi Savings Access account is Citibank’s standard savings account option. It offers a lower interest rate compared to the high-yield Citi Accelerate Savings account.

While it’s mainly for customers near physical Citibank branches, eligibility now extends to those outside traditional service areas.

If you live in these areas, you might be able to open a Citi Savings Access account in person or, in some cases, online:

The Citi Savings Access accounts come with a monthly service fee of $4.50.

This fee is waived if your account meets one or more of these conditions:

Citi Savings Access Account Interest Rates, Balance Requirements and Fees*

Account name APY Combined Monthly Average Balance Required Monthly Service Fee
Citi Savings 0.03% $0 $4.50
Citi Savings Priority Relationship Tier 0.06% $30,000 $0
Citi Savings Citigold Relationship Tier 0.09% $200,000 $0
Citi Savings Citigold Private Client Relationship Tier 0.12% $1,000,000 $0

*Figures are accurate as of September 2024. Account details were obtained using ZIP code 90012.

Citi Accelerate Savings

The Citi Accelerate Savings accounts is Citibank’s high-yield savings account option.

It’s designed for customers who don’t live near an actual Citibank branch and, therefore, can’t bank with Citigroup in person.

As of September 2024, the interest rate for this account is 4.30% APY—which is much higher than the national average of just 0.46% APY. It ranks among the highest interest rates offered for savings accounts in the United States.

Citi Accelerate Savings Account Interest Rate, Minimum Deposit and Fee*

Account name APY Minimum Deposit Monthly Service Fee
Citi Accelerate Savings account 4.30% $0 $4.50

*Figures are accurate as of September 2024. Account details were obtained using ZIP code 86336.

With a Citi Accelerate Savings account, you’ll enjoy a consistent APY regardless of your balance. You don’t need to maintain a minimum amount in your account to qualify for a higher interest rate.

Citi Accelerate Savings accounts are currently available everywhere in the United States* except for the following locations:

*Account availability also extends to residents of American Samoa, Guam, the Northern Mariana Islands, the U.S. Virgin Islands and Puerto Rico, as well as to members of the U.S. military living in approved locations in America, Europe and the Pacific.

The Citibank Accelerate Savings account can only be opened online or through the Citi app. If you open a Citibank savings account in person, it will be an Access account, which offers lower standard savings rates compared to Accelerate accounts. You can’t have both an Access and an Accelerate account at the same time.

How Citibank savings account interest rates compare to other banks

Citibank savings account APY rates differ greatly between the two main products in the bank’s savings category.

Citi Access accounts are comparable with some of the bigger traditional banks in the United States, with a 0.03% APY that beats out Bank of America’s base tier savings APY (0.01-0.02%), Chase’s standard savings APY (also?0.01-0.02%) and the standard APY for Wells Fargo savings accounts (0.01%). But the national average APY for a standard savings account is still higher than what Citi Access provides, which means you could be leaving money on the table.

On the other hand, the Citi Accelerate Savings option earns exponentially more than the?national average—a whopping 4.30% versus the far lower 0.46%. It’s a competitive choice for consumers interested in safeguarding their money and enjoying a relatively high rate of return, and a Citibank high-interest savings account can be especially attractive if you already have a Citibank checking account or simply like the bank itself.

That said, Accelerate availability is limited to people in states without physical Citibank locations. If you’re not eligible to open an online Accelerate account, consider exploring high-yield savings opportunities through other banks that serve your area rather than stepping down to a standard Citi Access account and sacrificing a much higher APY.

Your best bet for Citibank alternatives with high APY savings accounts is online banks that have lower overhead, including:

All rates are accurate as of September 2024. Eligibility requirements vary depending on the financial institution. You may have to meet certain conditions to qualify for higher interest rates, such as enabling direct deposit, maintaining a predetermined minimum monthly balance or having a linked checking account at the same institution.

Is a Citibank savings account right for you?

If you’re trying to decide whether a Citibank interest-earning deposit account is right for you, the answer could well depend on where you live.

If you’re eligible for an Accelerate Savings account based on your residential address, you have a chance to earn an impressive amount of interest just for keeping your money safe in a high-yield account. But if you don’t qualify for anything other than Citi Access, the lower interest rate may negate any other Citi benefits you get with your account.

Before you sign on the dotted line, consider these pros and cons of opening a savings account with Citigroup:

Pros
  • Accelerate Savings interest rates are higher than the national average.
  • Access accounts are available anywhere there’s a physical Citibank location.
  • You may be able to get monthly maintenance fees waived if you meet certain requirements.
  • There’s no minimum deposit required to open a savings account.
  • It’s easy to fund your savings account using cash (in-person only), a cashier’s check, an ACH transfer between banks/accounts or your debit card.
Cons
  • Standard Access Savings interest rates are much lower than the national average.
  • Accelerate accounts are only available online and in areas where there aren’t physical Citibank locations.
  • Basic savings accounts come with a $4.50 monthly maintenance fee.
  • You must maintain a minimum monthly balance to keep your tier status (drop below this amount, and you will be re-tiered).

How to open a Citibank savings account

There are two ways to open a Citibank savings account, but first, you need to meet basic eligibility requirements.

Citigroup requires all account holders to be at least 18 years of age, be a U.S. citizen or resident alien and have a physical address somewhere in the United States or one of the territories approved by the bank.

To open a Citibank Access account in person, you’ll need to go to a brick-and-mortar Citibank branch and bring the following assets:

To open a Citi Accelerate account, you must open your savings account online via the Citibank website or the Citi app.

You’ll still need your government-issued ID and social security card or tax ID number as described above, but you’ll now be submitting copies or scans of those documents digitally. You may be able to take pictures of your IDs using your smartphone and upload them to Citibank’s website or their app, or you may need to scan them and send them as attachments. Clear, in-focus pictures are important, or your application could be denied.

The easiest way to fund your Citi Accelerate account is to use your debit card to transfer money from your existing checking account to your new savings account. Alternatively, you can provide your checking account and routing numbers to do a direct transfer from one account to the other.

If you intend to open a joint savings account with your spouse or another individual, you must provide the correct documentation for both parties.

How to find Citibank savings interest rates

You can explore Citibank savings interest rates by reviewing?the Citibank savings account landing page. The rates listed are updated regularly and include standard APY for different account tiers, such as Citi Priority Relationship Tier and Citigold Private Client Relationship Tier accounts.

Other Citibank savings options

If you’re not convinced a Citibank savings account is right for you, there are some alternatives.

Citi offers certificates of deposit (CDs) with terms ranging from three months to five years. The plus side to a CD is that interest rates are far higher than anything you’d get with a standard savings account. They’re on par with the APY of a Citi Accelerate account.

There’s a big catch with CDs, however. Unlike a savings account, where you can withdraw money as needed, money invested in a certificate of deposit must remain untouched for the agreed-upon term. Withdrawing money before the CD matures could result in stiff penalties. Customers who think there’s a high likelihood they’ll need to access their savings before the proposed CD term is up should strongly consider a regular savings account or a CD with a shorter term.

Our top picks for savings accounts

FAQs: Citibank savings account

What is a Citi Accelerate Savings account?

Citi Accelerate Savings accounts are online-only accounts available to consumers who live outside geographic areas served by physical Citibank branch locations. These high-yield accounts have competitive interest rates far higher than the national average and can only be opened online or via the Citi app.

What is the Citi Accelerate Savings interest rate?

As of September 2024, the interest rate for Citi Accelerate Savings accounts is 4.30%. This is much higher than the national interest rate average for savings accounts, which is just 0.46%. It’s also higher than the average interest rates attached to some savings account alternatives, including money market accounts and 12-month CDs.

Is Citi Accelerate Savings FDIC-insured?

All Citibank accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. That amount includes the principal deposit as well as any interest accrued over time.

Is the Citi Accelerate Savings Account worth it?

The short answer is: yes, Citi Accelerate Savings accounts are worth exploring and are probably one of your best bets for a high-yield savings account, mostly due to a competitive APY of 4.30%. That’s nearly 12 times more than the national average interest rate for savings accounts in the United States and comparable to APYs offered by other online banks. To see how much you could save, check out our savings calculator.

What is the interest rate of a Citibank savings account?

Interest rates for Citibank savings accounts depend on the type of savings account you open. As of September 2024, Citibank’s standard savings account has a relatively low APY of 0.03%, which is below the national average of 0.46%. Interest rates for these accounts increase for higher-tier customers who earn better APY by maintaining large average monthly balances, but rates are still capped at 0.25%. Citibank’s high-yield Accelerate accounts have an APY of 4.30%.

Does Citi have a high-interest savings account?

Citibank’s high-interest savings account is called Citi Accelerate. These accounts are only available online and to customers who don’t live in an area currently serviced by brick-and-mortar Citibank locations. With an APY of 4.30%, Citi Accelerate accounts have one of the highest rates of return in the nation. While Citi Accelerate is high-yield, if you’re looking for savings accounts with a 7% interest rate, please see our guide on 7% interest savings accounts.

About the Author

Alana Luna (Musselman)
Alana Luna (Musselman) Writer & Content Strategist

Alana Luna (Musselman) is a versatile storyteller with over a decade of writing experience. She is passionate about helping people build their business through unique and engaging content.

Some examples of her current freelance projects include building content strategies for small businesses, completing industry research to build case studies, crafting buyer guides and more.

She has a passion and keen ability to simplify complex ideas through storytelling to make it easier for readers to understand hard-to-digest information. To accomplish this, Alana’s writing holds strong three principles – content that educates, engages and entertains.

About the Reviewer

Blake Esken
Blake Esken Los Angeles Times

Blake Esken has over 15 years of experience in product management and has been a member of the Los Angeles Times staff for over five years.

As part of his role at the Los Angeles Times Commerce Team, Blake acts as the in-house reviewer and fact checker for LA Times Compare. He supervises all content for compliance and accuracy and puts to use skills he has honed through years of experience managing high-stakes projects for a range of industry-leading companies.

He has a strong background in data analysis, compliance, and communication, which allows him to support LA Times Compare through fact-checking in an effort to provide up-to-date and factual information across our content.

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