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Citi®’s CitiBusiness savings options review
Earn up to 2.0% APY but expect to put down a minimum deposit.
If you’re looking to build business capital, check out Citi® offers three business savings products. But eligibility is restricted to in-person applicants and Citi®‘s branch network is limited.
What business savings products does Citi® offer?
There’s more than one way to build capital with Citi®‘s FDIC-insured business savings products:
- CitiBusiness Savings Account. A business savings account with no minimum opening deposit and unlimited transfers between linked Citi® 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.
Eligible states
- California
- Connecticut
- District of Columbia
- Florida
- Illinois
- Maryland
- New Jersey
- Nevada
- New York
- Virginia
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 Citi® 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 Citi’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 Citi business account:
- Online transfer
- Check
- Cash
- Money order
Bottom line
Citi®‘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 Citi®‘s branch network is limited.Shop business banking options with additional providers to secure a savings product that suits your business needs.
Frequently asked questions
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