Citibank interest rates in June 2024 (2024)

If you’re thinking of becoming a Citibank customer but you’re wondering what types of accounts are on offer, you should know the institution offers the typical checking accounts, savings accounts and certificates of deposit (CDs) one would expect. That said, Citibank interest rates aren’t always competitive when you compare them to the national average, and the rates you get for savings may not be anywhere close to what you could get with the best online banks.

Before you open a bank account with Citi, you should know the main features of this bank, how its rates stack up to competitors, and the pros and cons of choosing Citibank over other institutions.

Introduction to Citibank

Citibank has been around since 1812, which means it’s been serving clients in some form or fashion for more than 200 years. Originally founded in New York as City Bank, this institution has grown dramatically over the years to build a global presence.

While Citibank has 659 branches within the U.S. and is one of the largest commercial banks nationwide based on its consolidated assets. The only commercial banks larger than Citi on a national level include Chase, Bank of America and Wells Fargo, according to the Federal Reserve.

Breakdown of Citibank savings products

Citibank offers two types of savings accounts for consumers, although the exact accounts you’re eligible to open can depend on where you live. These accounts include the Citi Savings Account and the Citi Accelerate Savings Account.

Citi Accelerate Savings

Citi Accelerate Savings is an online savings account that is only available in select markets in most U.S. states. This account has a more competitive interest rate than the regular Citi Savings Account, and there’s no minimum deposit to get started.

A $4.50 monthly service fee can apply with this savings account, but the fee is waived for the first three months after account opening. From there, the fee can be waived if the account maintains an average monthly balance of $500 or the customer has a Citi checking account. Citi also waives the fee if the customer qualifies for relationship tier benefits with Citi Priority, Citigold or Citigold Private Client.

Citi Savings Account

This account also doesn’t require a minimum deposit to start saving.

A $4.50 monthly service fee also applies for this account after the first three months after account opening. This fee can be waived if the customer has a Citi checking account, they qualify for a relationship tier with Citi based on their average monthly balance or they show an average monthly balance of $500 in the account.

Citibank interest rates

Citibank interest rates vary based on the type of account you can open, and this factor depends on where you live. You can enter your ZIP code into the Citibank website to see which types of savings accounts you may open.

Citibank interest rates for the Citi Accelerate Savings come in at 4.45% APY regardless of whether you are a relationship tier client. This rate is worth pursuing if you’re interested in having a savings account with a large commercial bank that has a national presence.

If you open a Citi Savings Account instead, your rates depend on whether you have enough on deposit with Citi to qualify for a relationship tier. Current rates for Citi Savings Accounts can also vary by ZIP code.

The chart below shows how rates look for these accounts based on the relationship tier you have and the minimum monthly balance required to qualify.

How to open a Citibank savings account

If you live near one of the 650+ Citibank branches available nationwide, you can stop in to open a savings account in person. Otherwise, you’ll have to open your account online or over the phone.

Opening a Citibank account online is fairly easy whether you’re an existing Citi customer or not. To open a Citi savings account online, you will need to have the following information handy:

• Your full name
• Date of birth
• Social Security number (SSN) or Individual Tax ID Number (ITIN)
• Address
• Driver’s license or state-issued ID
• Phone number
• Email address

Pros and cons of Citibank savings

Citibank savings products have their share of pros and cons, which can vary based on where you live and the accounts available to you. Consider these potential upsides and downsides of banking with Citi before you move forward.

Pros

• Broad ATM network: Citi checking and savings accounts make it easy to access your money at more than 65,000 fee-free ATMs nationwide.
• FDIC insurance: Citibank accounts come with standard FDIC insurance worth up to $250,000 per depositor, per bank and per ownership category.
• Potential for competitive rates: Citi Accelerate Savings isn’t available in all markets, but it does offer interest rates that are worth pursuing.

Cons

• Disappointing rates for some accounts: Interest rates on regular Citi Savings Accounts are below the national average rate for savings accounts nationally, which was 0.47% as of February 2024, according to the FDIC.
• Smaller footprint than other large banks: Citibank has fewer physical bank branches you can visit compared to other banks like Bank of America, Chase and Wells Fargo.
• Monthly service fees can apply: Citi savings accounts have monthly fees that can apply if you don’t meet certain requirements.

Citibank vs. other banks

While the Citi Savings Account is nothing to rave about, Citi Accelerate Savings features competitive interest rates that are higher than you’ll find with the nation’s biggest banks. In fact, savings account rates from Bank of America, Chase and Wells Fargo don’t even come close to the 4.45% APY you can get with Citi Accelerate Savings if you live in a ZIP code where it’s offered.

That said, there are a range of online banks to consider that can beat Citibank interest rates by quite a bit. Examples of online banks to check out include Brio Direct, Centier Bank and UFB Direct, to name a few.

Other savings options from Citibank

If you want to maximize interest on your savings and you’re hoping to open an account with Citi, you can also check out the bank’s certificates of deposit (CDs). Citibank CD interest rates aren’t always that competitive, but they can be if you’re willing to consider CDs with different terms.

A minimum opening balance of at least $500 is required to open a CD with Citi, and terms are offered from three months all the way up to 60 months.

Some of the best Citibank CD interest rates are for the following terms:

• 7-month CD: 5.01%
• 9-month CD: 3.75%
• 15-month CD: 4.00%

For the best overall rates available, check out our best CD rates.

Is there a minimum balance for a Citibank Savings Account?

There’s no minimum deposit to open a Citibank savings account. However, if you don’t make a deposit within 90 days of account opening or you keep a $0 balance for 90 days, your account could get closed.

Frequently asked questions (FAQs)

Additional reporting by Dori Zinn