Citibank Savings Account Interest Rates: October 2024

Citibank has several savings account options, with rates as high as 4.30%, tailored for different consumers. Each of its savings accounts comes with a relatively generous APY (compared to the national average), though fees and features vary depending on the account you choose. Here’s what to know about Citibank savings account rates, options, and features and how they compare to some of the best savings account rates.

Note

Citi’s terms can vary widely depending on where you live. The terms below use Texas ZIP code 73301.

Citibank Savings Account Rates
Account Name	Balance for Highest APY	APY Range	Monthly Fee
Citigold Private Client	$1,000,000	4.30%	$0
Citigold Account Package	$200,000	4.30%	$0
Citi Priority Account Package	$0	4.30%	$30
The Citibank Account Package	$0	4.30%	$25
Basic Account Package	$0	4.30%	$12
Access Account Package	$0	4.30%	$10

Compare Citibank Savings Account Rates

Citi’s account packages and savings accounts may be worth exploring, especially for high-net-worth individuals, but they won’t be right for everyone—and their rates aren’t the highest.

Citibank Savings Accounts: Key Features

Different banking options have different features and requirements. Some may require you to open a checking account in addition to your savings account, others may not.

Citigold Private Client Key Features
APY Range	4.30%
Minimum Balance to Earn Highest APY	$1,000,000
Eligibility	Reserved for account holders with balances of $1,000,000 or more
Withdrawal Limit	$5,000 per business day
Monthly Service Fee	$0

Citigold Account Key Features
APY Range	4.30%
Minimum Balance to Earn Highest APY	$200,000
Eligibility	Reserved for account holders with balances of $200,000 or more
Withdrawal Limit	$2,000 per business day for accounts with average balances below $400,000 for the month that is two months prior to the transaction $5,000 per business day for accounts with average balances of $400,000 or more for the month that is two months prior to the transaction
Monthly Service Fee	$0

Citi Priority Account Key Features
APY Range	4.30%
Minimum Balance to Earn Highest APY	$0
Minimum Deposit	$0
Withdrawal Limit	$2,000 per card, per business day
Monthly Service Fee	$30

The Citibank Account Package Key Features
APY Range	4.30%
Minimum Balance to Earn Highest APY	None
Minimum Deposit	None
Withdrawal Limit	$1,500 per card, per business day
Monthly Service Fee	$25

Basic Account Package Key Features
APY Range	4.30%
Minimum Balance to Earn Highest APY	None
Minimum Deposit	None
Withdrawal Limit	$1,500 per card, per business day
Monthly Service Fee	$12 for checking and linked savings account $4.50 for savings accounts not linked to checking

Access Account Package Key Features
APY Range	4.30%
Minimum Balance to Earn Highest APY	None
Minimum Deposit	None
Withdrawal Limit	$1,500 per card, per business day
Monthly Service Fee	$10 for checking and linked savings account $4.50 for savings accounts not linked to checking

About Citibank: Other Savings Options

Citigroup, which owns Citibank, is the third-largest bank in the United States by assets. It has over 65,000 ATMs and hundreds of bank branches nationwide. Citi offers an impressive range of accounts designed for different types of customers, and all of its savings accounts come with generous rates.

In addition to savings accounts, Citi also offers checking accounts, CDs, and bank IRAs. Those seeking a more long-term savings option may benefit from a Citi CD, and those interested in diversifying their investments with low-risk options may find a bank IRA is a good choice.

Overall, Citi offers some decent savings options with generous rates, although you can typically find better rates for savings accounts and better rates for CDs elsewhere. Several of Citi's savings accounts come included in account packages, though, so if you don’t plan to do all of your banking with Citi, another institution may offer more flexibility.

In the News

The Fed cut rates for the first time since 2020, reducing them by 50 basis points to a range of 4.75%–5.00% at its Sept. 18, 2024, meeting. The federal funds rate had been at a two-decade high after 11 increases from March 2022 through July 2023 in an effort to bring down inflation. Further cuts are expected, which means savings rates will decline after reaching heights not seen in more than 20 years.

Pros and Cons of Citibank Savings Accounts

Pros

No minimum balance to earn highest APY
Competitive APYs
Large ATM and branch network

Cons

Different rates in different areas of the country
Monthly fees may apply
Rates may not be higher for high-tier accounts
Rates may vary depending on where you live

Pros Explained

No minimum balance to earn highest APY: Unlike some competitors that require you to maintain a high minimum balance to earn the highest possible APY, Citibank often does not. Some account types do require a minimum balance to open, however. The Citigold account, for example, requires a combined balance of at least $200,000 across eligible accounts.
Competitive APYs: Citibank offers competitive APYs on its savings account packages, typically with rates well above 4% for some areas of the U.S.
Large ATM and branch network: Citibank is one of the largest banks in the United States, and it has a large network of over 65,000 ATMs and branches nationwide.

Cons Explained

Different rates in different areas of the country: Citibank’s rates vary widely across the U.S. Some areas have fairly competitive rates, while others are below the national average for savings accounts (which itself is quite low already).
Monthly fees may apply: Monthly fees of up to $30 apply with certain Citibank account packages, although there are some free accounts as well. The monthly fee can be waived by meeting certain criteria, like keeping a certain balance across Citi deposit, investing, and retirement accounts.
Rates may not be higher for high-tier accounts: Citi’s savings account rates are often the same across all of its accounts, regardless of the relationship tier. That means having more money in Citi accounts doesn’t usually get you a higher interest rate.
Rates may vary depending on where you live: You could get a higher or lower savings rate depending on where you live. Citibank requires you to enter your ZIP code to view rates, and it indicates rates may vary.

Alternatives to Citibank Savings Accounts

If Citibank doesn’t offer the account options you need, several alternatives exist with other financial institutions. Consider looking into the following:

High-yield savings accounts: It’s worth shopping around for high-yield savings accounts with other banking institutions. These accounts offer generous rates and are widely available, typically from online banks but also from credit unions and some traditional banks. See our picks for the best high-yield savings accounts, and compare rates, fees, and features before making a decision.
Money market accounts: Money market accounts (MMAs) offer similar rates to high-yield savings accounts, though they may come with additional features, like debit cards and checkbooks. These accounts are also widely available at many banking institutions. As with high-yield savings accounts, you’ll want to compare account rates and features and read the fine print before opening a new MMA.
Certificates of deposit (CDs): If you can afford to invest some of your savings for some period of time, a short or long-duration CD may be a good choice. Many CDs offer great rates, though not always as high as you’d get with an MMA or high-yield savings account. Still, they could be a good option if you don’t mind separating some of your savings. Be aware that CDs often come with early withdrawal penalties.

Online banks typically have lower overhead costs than brick-and-mortar institutions. As a result, they can often afford to offer higher savings rates for account holders.

Frequently Asked Questions (FAQs)

How Often Does Citibank Pay Interest on Savings Accounts?

Citibank compounds interest on its savings accounts daily, and total interest earnings are paid out monthly.

Is There a Minimum Balance for a Citibank Savings Account?

There are minimum combined balance requirements for certain Citibank account packages (which include savings accounts), but not others. For instance, you’ll need to maintain an average monthly balance of $200,000 across your deposit, retirement, and investment accounts to qualify for a Citigold Account, or $1,000,000 for a Citigold Private Client Account.

But other account packages, like the Citibank Account Package, the Basic Account Package, and the Access Account Package, do not come with minimum balance requirements.

Can You Open a Savings Account at Citibank Without a Checking Account?

Yes, it’s possible to open a savings account at Citibank without opening a checking account—but some account packages require you to open a checking account to qualify. The Citibank Account, Basic Banking, and Access Account Packages don’t require you to open a checking account. The Citigold, Citigold Private Client, and Citi Priority Accounts do require you to open a checking account.

Does Citibank Have a High-Yield Savings Account?

Yes, Citibank offers a savings account with a higher-than-average APY. If you’re looking to earn a higher rate than you’d get with a traditional savings account, a high-yield savings account with Citi could be a decent option. But Citi doesn’t offer the highest rates available—see the best high-yield savings accounts to find the best home for your money.

How Much Does Citi Charge for a High-Yield Savings Account?

Citibank offers accounts with no monthly fees along with accounts with monthly fees as high as $30. The fee structure depends on the account or account package you choose. It’s possible to have your monthly maintenance fees waived if you meet certain criteria, such as maintaining a specific minimum balance across eligible Citi accounts or making a qualifying direct deposit or bill payment.

Is Citi Good for Savings?

Citibank offers generous rates in some areas of the U.S., and may be good for savings depending on your individual situation and needs. If you’re looking for an all-in-one banking solution and can meet the criteria to waive the monthly maintenance fees, an account package from Citi may be a decent choice. But you can likely find higher APYs elsewhere for savings accounts, CDs, and MMAs.