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Citi Savings account review
Has a low APY, but other perks may be worth it depending on your account package.
finder.com’s rating: 2.9 / 5.0
★★★★★
The Citi Savings account is available through five different banking packages that determine your interest rate, benefits and more. But you may need to maintain a monthly balance to avoid the monthly fee.
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0.12%
APY
$4.50 per month
Fee
$0
Minimum deposit to open
Details
| Annual percentage yield (APY) | 0.12% on balances of + Only with their Citigold Account Package |
|---|---|
| Fee | $4.50 per month |
| To waive the fee | Maintain an average monthly balance of $500 (for Basic or Access Account packages) |
| Minimum deposit to open | $0 |
| Minimum balance to earn interest | $0 |
| Interest compounding | Daily |
| Monthly transaction limit | 6 |
Review by
Peter Carleton
peter.carleton@findercrew.comPeter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.
Expert review
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.
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
- Go to the provider’s site and follow the steps to apply.
- Select Banking on the Citi website.
- Scroll down and select Savings.
- Scroll down to Citi Savings and select See Details.
- Scroll down to the package section and select Apply Now under the option that best suits your needs.
- Enter your personal information, agree to the terms, add your signature, then select Next.
- Provide your employment information, then select Next.
- 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.
| Package | Monthly fee | How to avoid fee | APY | Features |
|---|---|---|---|---|
| Basic Banking Package | $12 |
| 4.05% | Unlimited check-writing privileges |
| Citibank Account Package | $25 |
| 4.05% |
|
| Citi Priority Account Package | $30 |
| 4.05% |
|
| Citigold Account Package | $0, but to open you must keep at least $200,000 total across eligible linked accounts every month |
| 0.12% |
|
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.
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
- 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.
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Have you considered SoFi Checking and Savings?
Earn up to 4.20% APY on savings balances with direct deposit, and 1.20% APY on checking balances. Members without direct depost will earn 1.20% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Earn up to $2M of FDIC insurance through a network of participating banks.
- 4.20% APY on savings with direct deposit
- $0 account or overdraft fees
- $0 minimum balance
- FDIC insured up to $2M
Learn more
on SoFi's secure site