Citibank savings account interest rates
Citibank offers two savings accounts.
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Citi Access Savings - This account is available for those living in areas with Citibank branches. It’s a basic savings account option that provides stability but not necessarily high returns. The interest rate is 0.03% APY, which is much lower than the national average of 0.45%. However, these accounts have tiers. If you keep a higher balance, you could potentially earn up to 0.25% APY. Keep in mind, though, you’ll need a minimum of $30,000 in your account to access higher rates.
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Citi Accelerate Savings - This account exclusively operates online to serve markets without Citibank branches. But it’s not just any online savings account—it’s a high-yield option. It offers an outstanding Annual Percentage Yield (APY) of 4.45%, which is well above the national average.
Let’s dig a bit deeper into these accounts and see how they compare.
Citi Savings Access
The Citi Savings Access account is Citibank’s standard savings account option. It offers a lower interest rate compared to the high-yield Citi Accelerate Savings account.
While it’s mainly for customers near physical Citibank branches, eligibility now extends to those outside traditional service areas.
If you live in these areas, you might be able to open a Citi Savings Access account in person or, in some cases, online:
- California
- Connecticut
- Select markets in Florida
- Select markets in Illinois
- Maryland
- Nevada
- New Jersey
- New York
- Virginia
- Washington, D.C.
The Citi Savings Access accounts come with a monthly service fee of $4.50.
This fee is waived if your account meets one or more of these conditions:
- Have been open for less than three months
- Are on a higher Relationship Tier
- Maintain a minimum balance of $500
- Are linked to a Citibank checking account
| Account name |
APY |
Combined Monthly Average Balance Required |
Monthly Service Fee |
| Citi Savings |
0.03% |
$0 |
$4.50 |
| Citi Savings Priority Relationship Tier |
0.07% |
$30,000 |
$0 |
| Citi Savings Citigold Relationship Tier |
0.12% |
$200,000 |
$0 |
| Citi Savings Citigold Private Client Relationship Tier |
0.25% |
$1,000,000 |
$0 |
*Figures are accurate as of June 2024. Account details were obtained using ZIP code 90012.
Citi Accelerate Savings
The Citi Accelerate Savings accounts is Citibank’s high-yield savings account option.
It’s designed for customers who don’t live near an actual Citibank branch and, therefore, can’t bank with Citigroup in person.
As of June 2024, the interest rate for this account is 4.45% APY—which is much higher than the national average of just 0.45% APY. It ranks among the highest interest rates offered for savings accounts in the United States.
| Account name |
APY |
Minimum Deposit |
Monthly Service Fee |
| Citi Accelerate Savings account |
4.45% |
$0 |
$4.50 |
*Figures are accurate as of June 2024. Account details were obtained using ZIP code 86336.
With a Citi Accelerate Savings account, you’ll enjoy a consistent APY regardless of your balance. You don’t need to maintain a minimum amount in your account to qualify for a higher interest rate.
Citi Accelerate Savings accounts are currently available everywhere in the United States* except for the following locations:
- California
- Connecticut
- Select markets in Florida
- Select markets in Illinois
- Maryland
- Nevada
- New Jersey
- New York
- Virginia
- Washington, D.C.
*Account availability also extends to residents of American Samoa, Guam, the Northern Mariana Islands, the U.S. Virgin Islands and Puerto Rico, as well as to members of the U.S. military living in approved locations in America, Europe and the Pacific.
The Citibank Accelerate Savings account can only be opened online or through the Citi app. If you open a Citibank savings account in person, it will be an Access account, which offers lower standard savings rates compared to Accelerate accounts. You can’t have both an Access and an Accelerate account at the same time.
How Citibank savings account interest rates compare to other banks
Citibank savings account APY rates differ greatly between the two main products in the bank’s savings category.
Citi Access accounts are comparable with some of the bigger traditional banks in the United States, with a 0.03% APY that beats out Bank of America’s base tier savings APY (0.01-0.02%), Chase’s standard savings APY (also 0.01-0.02%) and the standard APY for Wells Fargo savings accounts (0.01%). But the national average APY for a standard savings account is still higher than what Citi Access provides, which means you could be leaving money on the table.
On the other hand, the Citi Accelerate Savings option earns exponentially more than the national average—a whopping 4.45% versus the far lower 0.45%. It’s a competitive choice for consumers interested in safeguarding their money and enjoying a relatively high rate of return, and a Citibank high-interest savings account can be especially attractive if you already have a Citibank checking account or simply like the bank itself.
That said, Accelerate availability is limited to people in states without physical Citibank locations. If you’re not eligible to open an online Accelerate account, consider exploring high-yield savings opportunities through other banks that serve your area rather than stepping down to a standard Citi Access account and sacrificing a much higher APY.
Your best bet for Citibank alternatives with high APY savings accounts is online banks that have lower overhead, including:
All rates are accurate as of June 2024. Eligibility requirements vary depending on the financial institution. You may have to meet certain conditions to qualify for higher interest rates, such as enabling direct deposit, maintaining a predetermined minimum monthly balance or having a linked checking account at the same institution.
Is a Citibank savings account right for you?
If you’re trying to decide whether a Citibank interest-earning deposit account is right for you, the answer could well depend on where you live.
If you’re eligible for an Accelerate Savings account based on your residential address, you have a chance to earn an impressive amount of interest just for keeping your money safe in a high-yield account. But if you don’t qualify for anything other than Citi Access, the lower interest rate may negate any other Citi benefits you get with your account.
Before you sign on the dotted line, consider these pros and cons of opening a savings account with Citigroup:
How to open a Citibank savings account
There are two ways to open a Citibank savings account, but first, you need to meet basic eligibility requirements.
Citigroup requires all account holders to be at least 18 years of age, be a U.S. citizen or resident alien and have a physical address somewhere in the United States or one of the territories approved by the bank.
To open a Citibank Access account in person, you’ll need to go to a brick-and-mortar Citibank branch and bring the following assets:
- A government-issued photo ID, such as a driver’s license or passport.
- Your social security card or documents proving your Individual Taxpayer Identification Number (ITIN).
- The money needed to fund your account, provided in cash, check or debit card.
To open a Citi Accelerate account, you must open your savings account online via the Citibank website or the Citi app.
You’ll still need your government-issued ID and social security card or tax ID number as described above, but you’ll now be submitting copies or scans of those documents digitally. You may be able to take pictures of your IDs using your smartphone and upload them to Citibank’s website or their app, or you may need to scan them and send them as attachments. Clear, in-focus pictures are important, or your application could be denied.
The easiest way to fund your Citi Accelerate account is to use your debit card to transfer money from your existing checking account to your new savings account. Alternatively, you can provide your checking account and routing numbers to do a direct transfer from one account to the other.
If you intend to open a joint savings account with your spouse or another individual, you must provide the correct documentation for both parties.
How to find Citibank savings interest rates
You can explore Citibank savings interest rates by reviewing the Citibank savings account landing page. The rates listed are updated regularly and include standard APY for different account tiers, such as Citi Priority Relationship Tier and Citigold Private Client Relationship Tier accounts.
Other Citibank savings options
If you’re not convinced a Citibank savings account is right for you, there are some alternatives.
Citi offers certificates of deposit (CDs) with terms ranging from three months to five years. The plus side to a CD is that interest rates are far higher than anything you’d get with a standard savings account. They’re on par with the APY of a Citi Accelerate account.
There’s a big catch with CDs, however. Unlike a savings account, where you can withdraw money as needed, money invested in a certificate of deposit must remain untouched for the agreed-upon term. Withdrawing money before the CD matures could result in stiff penalties. Customers who think there’s a high likelihood they’ll need to access their savings before the proposed CD term is up should strongly consider a regular savings account or a CD with a shorter term.
