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Citibank Savings Account Interest Rates for May 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 4.45% 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 (5.24% APY), Barclays (4.35% APY), CIT Bank (5.00% APY).

Valentina is eager to create a nest egg to help build a better financial future for herself and her kids. But with so many options on the market, which account makes the most sense for her? Citibank seems trustworthy, but all this talk of Access versus Accelerate is confusing. Like most people, Val just wants to find a way to make her money work for her. Is it really possible to put your hard-earned cash in a deposit account and get a decent return??

Luckily, we’re here to help with information on Citibank savings account interest rates and which type of account could give you a leg up on saving for a rainy day. There’s even a list of what you need to open your account, so you?(and Valentina) can fast-forward from interested to enrolled as soon as you’re ready.

Here’s a preview of what you’ll learn about Citibank savings account interest rates:

  • Citibank savings account interest rates.
  • How Citibank savings account interest rates compare to other banks.
  • How to open a Citibank savings account.

Our top picks for savings accounts

Citibank savings account interest rates

Citibank offers two types of Citibank accounts.

Ultimately, your savings account interest rate will depend on the type of account you open, as well as the market rates. Before you open an account, be sure to check the current rates for each account type in your zip code and read the fine print to see if rates change depending on your tier and average balance.

Citi Savings Access

Citi Savings Access accounts are Citibank’s standard savings account option. The fundamental difference between this type of account and a high-interest savings account is that a standard account offers a lower interest rate.

Customers who live near a brick-and-mortar Citibank branch may be eligible to open a Citi Savings Access account, but Citibank has also widened availability to include customers outside the typical service areas.

If you have a residential address in the following places, you may be able to open a Citi Savings Access account in person or, in rare instances, online:

Citi Savings Access accounts come with a monthly service fee of $4.50, but that fee is waived for accounts that meet one or more of the following requirements:

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 0.07% $30,000 $0
Citi Savings Citigold Relationship Tier 0.12% $200,000 $0
Citi Savings Citigold Private Client Relationship Tier 0.25% $1,000,000 $0z

This chart represents the APY, minimum deposit and monthly service fee requirements for accounts opened by a resident of Las Vegas zip code 89178. The details of your account, including available interest rates, may be different depending on various factors, including your geographic location.

Citi Accelerate Savings

Citi Accelerate Savings accounts are Citibank’s high-yield savings account option.?

These accounts target customers who don’t live near an actual Citibank branch and, therefore, can’t bank with Citigroup in person.?

As of February 2024, the interest rate for this account is 4.45% APY?— that’s considerably higher than the national average (just 0.47% APY) and among the highest overall savings account interest rates 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 4.45% $0 $4.50

With a Citi Accelerate Savings account, you can count on consistent APY regardless of your total balance. That means you don’t have to keep a minimum amount of money in your account to qualify for a higher interest rate.?

Currently, Citi Accelerate Savings accounts are available across 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 members of the U.S. military living in approved locations in America, Europe and the Pacific.

Because Citibank Accelerate Savings accounts are built for customers outside Citibank’s brick-and-mortar service area, these accounts must be opened online or via the Citi app.?

Citibank savings accounts opened in person will be Access accounts, which offer standard savings rates far lower than the APY available to Accelerate account holders.?

You cannot have both an Access or 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 (0.015%). 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 4.45% versus the far lower 0.58%. 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:

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.

All rates are accurate as of February 2024 and based on residency in Las Vegas area code 89178.

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, 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 May 2024, the interest rate for Citi Accelerate Savings accounts is 4.45%. This is much higher than the national interest rate average for savings accounts, which is just 0.58%. 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 4.45%. That’s around eight 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 May 2024, Citibank’s standard savings account has a relatively low APY of 0.03%, which is below the national average of 0.58%. 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 4.45%.

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. Citi Accelerate accounts have one of the highest rates of return in the nation, with an APY of 4.45%. 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.

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. As such, Alana’s writing holds strong three principles – content that educates, engages and entertains.

Apart from her contributions to LA Times Compare, Alana has freelanced and ghostwritten for large publications and prestigious brands such as Orbitz, Groupon, Amazon, JCPenney, Walmart and more.

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