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Citi Savings account review

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Citi Savings
2.9
★★★★★
Finder score
APY
0.25%
Fee
$4.50 per month
(can be waived)
Minimum deposit to open
$0

Our verdict

Has a low APY, but other perks may be worth it depending on your account package.

The Citi Savings account rewards you with different perks depending on which account package you qualify for. Those perks can range from free withdrawals at non-network ATMs and free checks to an interest-bearing checking account and enrollment in Citi's ThankYou Rewards program.

But the deposit requirements for some of these tiers may be too high a barrier to entry for those just starting to work on their savings. Plus, the interest rates are among the lowest in the industry.

If you're a loyal Citi customer, keeping all your accounts in-house and going with this savings account may make sense. But if high APYs and low fees are what you're after, you'll earn much more with a regular high-yield savings account.

Pros

  • No initial deposit requirement.
  • Auto save
  • No minimum to earn interest
  • Rewards

Cons

  • Monthly service fee
  • Low interest rate
  • Requires a banking package
  • Not available in every state

In this guide

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How do I open a Citi Savings account?

You can open a Citi Savings account online, by phone or at a branch, and it only takes about 10 minutes:

Online

  1. Go to the provider’s site and follow the steps to apply.
  2. Select Banking on the Citi website.
  3. Scroll down and select Savings.
  4. Scroll down to Citi Savings and select See Details.
  5. Scroll down to the package section and select Apply Now under the option that best suits your needs.
  6. Enter your personal information, agree to the terms, add your signature, then select Next.
  7. Provide your employment information, then select Next.
  8. Add your banking info, fund your account, then Submit your application.

By phone
If you’d prefer to speak with a representative, you can open an account by phone at 800-745-1534.

At a branch
Make an appointment or visit a branch to open an account in person.

Eligibility

In order to open this account, you’ll need to meet a few eligibility requirements:

  • 18 years old or older
  • Reside in an eligible state
  • US citizen or resident alien
  • US residential address
  • Social Security number

Required information

Whether you apply online, by phone or at a branch, you’ll require the following information:

  • Name
  • Date of birth
  • Address
  • Social Security number
  • Employment information

Choose a package to go with your Savings account

When you open an account, you’ll choose from one of five Citi banking packages with varying monthly fees, waiver conditions, linked accounts and perks by state. All packages must have a linked Citi checking account to maintain balances and avoid the monthly fee.

PackageMonthly feeHow to avoid feeAPYFeatures
Basic Banking Package$12
  • At least 1 electronic direct deposit or 1 qualifying bill pay; or
  • Keep at least a combined balance of $1,500 across linked accounts every month
4.45%Unlimited check-writing privileges
Citibank Account Package$25
  • At least 1 electronic direct deposit or 1 qualifying bill pay; or
4.45%
  • No out-of-network ATM fee
  • Relationship pricing on some deposit products and services
Citi Priority Account Package$30
  • Keep at least $30,000 total across eligible linked accounts every month
4.45%
  • Guidance from a Citi Wealth Financial Adviser
  • Investment resources
  • Preferred pricing and rates
Citigold Account Package$0, but to open you must keep at least $200,000 total across eligible linked accounts every month
  • At least 1 electronic direct deposit or 1 qualifying bill pay; or
0.25%
  • Dedicated team, including a Citi Gold Relationship Manager
  • Guidance from a Citi Wealth Financial
  • Investment resources and market insight
  • Preferred pricing and rates

What are the benefits of the Citi Savings account?

This savings account is protected up to $250,000 and gives you access to more than 2,400 ATMs along with these other benefits:

  • No initial deposit requirement. Open a new account with as little as you want.
  • Auto save. Set up a plan to automatically transfers money from your checking account into your savings.
  • No minimum to earn interest. Although you must maintain a minimum $500 balance to waive the monthly fee, Citi’s savings account has no minimum balance to earn interest.
  • Rewards. Earn Citi ThankYou Rewards points when you link a qualifying account.

Citi ThankYou Rewards: How it works

When you opt into Citi ThankYou Rewards, you’ll earn points for using Auto Save, linking your Citi loans to your checking account, using direct deposit and more. Then, you can redeem those points for cash, loan and mortgage payments, discounts at retailers, gift cards, travel rewards and other perks. But you must have a Citi Account, Citi Priority or Citigold package to qualify.

What should I look out for?

While the Citi Savings account is limited to six outgoing transactions a month like most savings accounts, plus it has these drawbacks:

  • Monthly service fee. You’ll be charged a $10 monthly service fee when you link a checking account to this savings account. To waive the fee, you must have a monthly qualifying direct deposit, a monthly qualifying bill pay or maintain an average monthly balance of at least $1,500 between all of your Citi accounts. If you don’t like a Citi checking account, you’ll pay $4.50 a month unless you maintain an average monthly balance of $500.
  • Low interest rate. This account pays a paltry 0.05% on your entire balance. Meanwhile, competing banks have APYs of 0.5% or more.
  • Requires a banking package. This savings account requires a Citi banking package, which means you’re also signing up for a checking account with its own set of perks, fees and conditions.
  • Not available in every state. While you can open this account in 41 states, it’s unavailable in:
  • California
  • Connecticut
  • Florida
  • Illinois
  • Maryland
  • New Jersey
  • Nevada
  • New York
  • Virginia

You can use our guide to savings accounts to find even more options that might better fit your financial situation.

Compare with other savings accounts

Enter your deposit amount to see how much you could earn with Citi versus other savings accounts. You can also sort the table by APYs, minimum deposit to open and more.

$
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
SoFi Checking and Savings
Finder Score: 4.6 / 5: ★★★★★
Bonus
SoFi Checking and Savings
Traditional savings,Checking

4.60%

0.50%

1.20%

Up to $250,000
$0
$0
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
$1,046
Barclays Online Savings
Finder Score: 4.3 / 5: ★★★★★
Bonus
Barclays Online Savings
Traditional savings

4.35%

Up to $250,000
$0
$0
Get a $200 bonus when you open a new savings account, deposit $25,000 within 30 days of opening and maintain the balance for 120 days. Terms apply
$1,043.50
Cash App Savings
Finder Score: 4.4 / 5: ★★★★★
Cash App Savings
Savings app

4.50%

1.50%

Up to $250,000
$0
$1
$1,045
Customers Bank High Yield Savings through Raisin
Finder Score: 4.6 / 5: ★★★★★
Customers Bank High Yield Savings through Raisin
Traditional savings

5.11%

Up to $250,000
$0
$1
$1,051.10
UFB Secure Savings
Finder Score: 4.7 / 5: ★★★★★
UFB Secure Savings
Traditional savings,Custodial account

5.25%

Up to $250,000
$0
$0
$1,052.50
Wealthfront Cash Account
Finder Score: 4.6 / 5: ★★★★★
Wealthfront Cash Account
Cash management account

5.00%

Up to $8M FDIC insurance
$1
$1
$1,050
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How do I deposit or withdraw money?

Since the Citi Savings account comes with a checking account, there are a number of ways to access your money:

Deposits:

  • ATM or branch
  • Direct deposit
  • Online or wire transfer
  • Mail
  • Mobile deposit

Withdrawals:

  • ATM or branch
  • Check
  • Online or wire transfer
  • Bill pay

How can I get in touch with customer service?

  • By phone: 800-374-9700
  • Live chat: Log in to your account to chat
  • On Twitter: @AskCiti
  • By mail: Send a letter to Citi Inquiries
    PO Box 6500
    Sioux Falls, SD 5711

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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