Serving 200 million people in 160 countries, Citibank is rightfully considered a banking giant. It's among the 10 largest banks in the US, with $1.7 trillion of consolidated assets and is one of CNET's best big banks of 2022. The New York-based bank boasts 700 physical branches nationwide, with 65,000 surcharge-free ATMs that make banking convenient. Its mobile app is regarded as one of the most innovative banking apps among the major banks.
Citibank offers both high-yield and standard savings accounts across six account packages with competitive rates compared with other major US banks. But Citibank's savings accounts have restrictions such as linking to a checking account and maintaining a higher balance to avoid a monthly fee.
These savings accounts are good options for savers who tend to maintain a monthly balance of at least $1,500 in their account.
Citibank savings account rates
Citibank currently offers two types of savings accounts: Citi Accelerate Savings and Citi Savings Account.
The high-yielding online Citi Accelerate Savings account offers an annual percentage yield, or APY, of 3.40% across all balances, but it's limited to customers in US states and territories that are in the "National Rate Region" as well as in Texas and parts of Florida and Illinois. The Citi Accelerate Savings account isn't available in California, Connecticut, parts of Florida and Illinois, Maryland, Nevada, New Jersey, New York, and Virginia, as well as the District of Columbia.
For those states and regions where the Accelerate Savings program isn't available, Citi savers have access to the traditional Citi Savings Account, which offers a standard APY of 0.05% across all balance ranges, be it from the lowest tier of $0 to $9,999, to the highest tier of $1 million and higher.
Citibank: At a glance
Citi Accelerate Savings Account
| Savings account package | APY | Monthly service fees |
|---|---|---|
| Access Account | 3.40% | $0 or $10 linked to a checking account with a $1,500 balance, or $4.50 a month with a $500 balance |
| Basic Banking | 3.40% | $0 or $12 with direct deposit and one bill pay with a $1,500 balance, or $4.50 a month with a balance of $500 or more |
| Citibank Account | 3.40% | $0 or $25 when linked to checking account with balance of $10,000 from deposit, retirement and investment accounts, or $25 not linked to an account and $10,000 balance |
| Citi Priority Account Package | 3.40% | $0 or $30 when maintaining a combined average monthly balance of $30,000 or more in eligible linked deposit, retirement and investment accounts. |
| Citigold Account Package | 3.40% | No fee with a combined average monthly balance of $200,000 or more in eligible linked deposit, retirement and investment accounts |
| Citigold Private Client | 3.40% | No fee with a combined average monthly balance of $1 million or more in eligible linked deposit, retirement and investment accounts |
Citi Savings Account
| Savings account package | APY | Monthly service fees |
|---|---|---|
| Access Account | 0.05% | $0 or $10 linked to a checking account with a $1,500 balance or $4.50 a month with a $500 balance |
| Basic Banking | 0.05% | $0 or $12 with direct deposit and one bill pay with a $1,500 balance, or $4.50 a month with a balance of $500 or more |
| Citibank Account | 0.05% | $0 or $25 when linked to checking account with balance of $10,000 from deposit, retirement and investment accounts, or $25 not linked to account and $10,000 balance; $0 or $25 when not linked when you maintain a combined average monthly balance of $10,000 or more in eligible linked accounts |
| Citi Priority Account Package | 0.05% | $0 or $30 when maintaining a combined average monthly balance of $30,000 or more in eligible linked deposit, retirement and investment accounts |
| Citigold Account Package | 0.05% | No fee with a combined average monthly balance of $200,000 or more in eligible linked deposit, retirement and investment accounts |
| Citigold Private Client | 0.05% | No fee with a combined average monthly balance of $1 million or more in eligible linked deposit, retirement and investment accounts |
APYs are as of Dec. 15, 2022.
How do Citibank's savings accounts compare with other banks?
Citibank's Accelerate Savings account rates are higher than most banks, but the accounts have restrictions on linking with a Citibank checking account, receiving deposits and maintaining higher minimum balances.
Citibank's Accelerate Savings rate of 3.40% APY is slightly higher than the 3.30% APY for both Ally and Capital One, followed by 3.00% for American Express, Discover and Marcus by Goldman Sachs.
As for the Citi Savings Account, its 0.05% APY is higher than such competing banks as Bank of America and Chase, each at 0.01% APY. The national average for savings accounts is 0.19%, according to CNET's sister site Bankrate.
What other deposit accounts does Citibank offer?
Citibank offers several certificates of deposit, including fixed-rate, step-up and no-penalty CDs. The fixed-rate CDs feature six-month, one-year and two-year terms with APYs of 1.10%, 4.15% and 2.00%, respectively. The step-up CD consists of a 30-month term with a 0.10% APY, while the no-penalty CD has a 12-month term with a 3.40% APY and an interest rate of 3.34%.
The bottom line
Citibank offers a high-yielding savings account, Citi Accelerate Savings, with a competitive APY of 3.40%, but it's not available in all 50 states. For those states and regions that don't offer the Accelerate Savings account, there's the standard Citi Savings Account, which offers a flat, standard APY of 0.05%, which is still higher than savings accounts from other major US banks.