Citibank Savings Account Interest Rates: November 2023

Citibank Savings Account Rates

If you’re shopping for a new savings account, Citibank offers several options tailored for different consumers. Each of its savings accounts comes with a relatively generous APY (compared to the national average), though fees and features vary depending on the account you choose. In addition to traditional savings accounts, Citi also offers certificate of deposit (CD) accounts with generous rates, as well as bank IRAs. 

Here’s what to know about Citibank savings account rates, options, and features. Take note that Citi’s terms can vary widely depending on where you live. The terms below use Texas ZIP code 73301.

Citibank Savings Accounts: Key Features

If you’ve got plenty to put away, a Citigold Private Client account could be a good option—though this account must be opened with a checking account. To be eligible you’ll need a combined account balance of $1,000,000 or more across your Citi deposit, retirement, and investment accounts. 

This account offers access to a dedicated relationship manager, a wealth manager, and Citigold’s concierge service, as well as other perks like a generous APY, waived monthly service fees, and ATM fee reimbursement.

The Citigold Account offers similar benefits to the Private Client Package, including a dedicated relationship manager, concierge access, investment guidance, and waived fees. To be eligible for a Citigold Account, you’ll need a combined balance of $200,000 or more across your deposit, investment, and retirement accounts. You’ll also need to open a checking account with this package option.

While it doesn’t come with a minimum deposit or balance requirement, the Citi Priority Account is designed for customers who have combined eligible account balances of $30,000 or more—this will waive the $30 monthly fee. You won’t get a dedicated relationship manager as you would with a Citigold account, but you will get investment guidance and a generous savings APY. 

The Citibank Account Package comes with a generous APY and no minimum deposit or balance requirement. You’ll need to maintain a $10,000 average monthly balance in eligible linked deposit, investment, and retirement accounts to avoid the $25 monthly service fee. Account holders who maintain this balance also benefit from no ATM fees and potential discounts on Citi products and services.

With a Basic Account Package from Citi, you’ll get a relatively high APY, no minimum deposit requirement, and unlimited check writing when you open checking and savings accounts. 

For linked checking and savings accounts, the $12 monthly service fee is waived if you do one of the following:

• Make one eligible direct deposit per statement period
• Pay a qualifying monthly bill per statement period
• Maintain a monthly average balance of $1,500 or more in eligible linked accounts

For savings accounts not linked to checking, the $4.50 fee is waived if you maintain an average monthly balance of $500 or more in the savings account.

The Access Account Package is similar to the Basic Account Package, though you won’t get unlimited check writing when you open a checking account with your savings account. 

This package has a slightly lower monthly service fee of $10 for linked accounts, which can be waived if you do one of the following:

• Make one eligible direct deposit per statement period
• Pay a qualifying bill per statement period
• Maintain a $1,500 average monthly balance in eligible linked accounts

The $4.50 fee for savings accounts alone can be waived by maintaining an average monthly balance of $500 in the savings account.

About Citibank: Other Savings Options

Citigroup, which owns Citibank, is the third-largest bank in the United States by assets. It has over 65,000 ATMs and hundreds of bank branches nationwide. Citi offers an impressive range of accounts designed for different types of customers, and all of its savings accounts come with generous rates. 

In addition to savings accounts, Citi also offers checking accounts, CDs, and bank IRAs. Those seeking a more long-term savings option may benefit from a Citi CD, and those interested in diversifying their investments with low-risk options may find a bank IRA is a good choice. 

Overall, Citi offers some decent savings options with generous rates, although you can typically find better rates for savings accounts and better rates for CDs elsewhere. Several of Citi's savings accounts come included in account packages, though, so if you don’t plan to do all of your banking with Citi, another institution may offer more flexibility.  

Compare Savings Account Rates

Citi’s account packages and savings accounts may be worth exploring, especially for high-net-worth individuals, but they won’t be right for everyone—and their rates aren’t the highest. 

Pros and Cons of Citibank Savings Accounts

Pros Explained

• No minimum balance to earn highest APY: Unlike some competitors which require you to maintain a high minimum balance to earn the highest possible APY, Citibank often does not. Some account types do require a minimum balance to open, however; the Citigold account, for example, requires a combined balance of at least $200,000 across eligible accounts.
• Competitive APYs: Citibank offers competitive APYs on its savings account packages, typically with rates well above 4% for some areas of the U.S.
• Large ATM and branch network: Citibank is one of the largest banks in the United States, and it has a large network of over 65,000 ATMs and branches nationwide. 

Cons Explained

• Different rates in different areas of the country: Citibank’s rates vary widely across the U.S.; some areas have fairly competitive rates, while others are below the national average for savings accounts (which itself is quite low already).
• Monthly fees may apply: Monthly fees of up to $30 apply with certain Citibank account packages, although there are some free accounts as well. The monthly fee can be waived by meeting certain criteria, like keeping a certain balance across Citi deposit, investing, and retirement accounts. 
• Rates may not be higher for high-tier accounts: Citi’s savings account rates are often the same across all of its accounts, regardless of the relationship tier. That means having more money in Citi accounts doesn’t usually get you a higher interest rate.
• Rates may vary depending on where you live: You could get a higher or lower savings rate depending on where you live. Citibank requires you to enter your ZIP code to view rates, and it indicates rates may vary.

Alternatives to Citibank Savings Accounts

If Citibank doesn’t offer the account options you need, several alternatives exist with other financial institutions. Consider looking into the following,

High-Yield Savings Accounts

It’s worth shopping around for high-yield savings accounts with other banking institutions. These accounts offer generous rates and are widely available, typically from online banks but also from credit unions and some traditional banks. See our picks for the best high-yield savings accounts, and compare rates, fees, and features before making a decision.

Money Market Accounts

Money market accounts (MMAs) offer similar rates to high-yield savings accounts, though they may come with additional features, like debit cards and checkbooks. These accounts are also widely available at many banking institutions. As with high-yield savings accounts, you’ll want to compare account rates and features and read the fine print before opening a new MMA.

Browse the top money market account rates to see what you could earn.

Certificates of Deposit (CDs)

If you can afford to invest some of your savings for some period of time, a short or long-duration CD may be a good choice. Many CDs offer great rates, though not always as high as you’d get with an MMA or high-yield savings account. Still, they could be a good option if you don’t mind separating some of your savings. Be aware that CDs often come with early withdrawal penalties. 

Check the best CD rates currently available for a variety of term lengths, from 3 months to 10 years.