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Citibank’s CitiBusiness savings options review

Earn up to 2.0% APY but expect to put down a minimum deposit.

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If you’re looking to build business capital, check out Citibank offers three business savings products. But eligibility is restricted to in-person applicants and Citibank‘s branch network is limited.

What business savings products does Citibank offer?

There’s more than one way to build capital with Citibank‘s FDIC-insured business savings products:

  • CitiBusiness Savings Account. A business savings account with no minimum opening deposit and unlimited transfers between linked Citibank accounts.
  • CitiBusiness Insured Money Market Account. This account comes with tiered interest rates and unlimited monthly deposits but a minimum opening deposit is required.
  • CitiBusiness CDs. Terms up to 48 months are available with a $500 minimum deposit and up to 2.0% APY.

Benefits of CitiBusiness savings

Take advantage of FDIC-insured savings as well as the following:

  • Up to 2.0% APY. Rates with this provider vary but you’ll get the best return on a six-month CD with a $10,000 minimum deposit.
  • Accessibility. Keep your capital flowing with a savings or money market account, or lock in a higher rate on a CD term from one to 48 months.

What to watch out for

CitiBusiness savings includes the following drawbacks:

  • No online application. To apply, you’ll need to make an appointment at a local Citibank branch.
  • Minimum deposits. Besides the CitiBusiness Savings Account, all savings accounts require a minimum opening deposit and you can only access the 2.0% APY on CitiBusiness CDs after a $10,000 minimum deposit.
  • Limited availability. CitiBusiness savings products are only available to residents of California, Connecticut, District of Columbia, Florida, Illinois, Maryland, New Jersey, Nevada, New York and Virginia.

How do I open a CitiBusiness savings account?

The CitiBusiness savings account must be opened in-person at a branch. You can use the location finder on Citibank’s website to find the branch nearest you.

Eligibility

To apply for a CitiBusiness account, you must meet the following requirements:

  • US citizen
  • At least 18 years old
  • Social Security number or tax identification number
  • Valid driver’s license or state ID
  • Resident of California, Connecticut, District of Columbia, Florida, Illinois, Maryland, New Jersey, Nevada, New York or Virginia

Required information

Have the following on hand before you apply:

  • Name and date of birth
  • Business address and details
  • Social Security or tax ID number
  • Two forms of government-issued IDs
  • Business registration certificate

Funding options

There are four ways to deposit money in your Citibank business account:

  • Online transfer
  • Check
  • Cash
  • Money order

Bottom line

Citibank‘s big-bank reputation, selection of savings options and rates up to 2.0% APY make its saving accounts an attractive choice to build your business savings. But you’ll need to complete your application in person and Citibank‘s branch network is limited.

Shop business banking options with additional providers to secure a savings product that suits your business needs.

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