Citi® Savings Account Interest Rates for October 2024
Written by
Daria Uhlig
Edited by
Emily Gadd
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Citi has two savings account options, each of which has three relationship tiers. Citi Savings is its traditional savings account, and Citi® Accelerate Savings is its high-yield account. Which one you qualify for depends on where you live.
Here’s a look at Citi’s savings account interest rates and what you need to know to help you decide whether a Citi savings account is right for you.
What Are Citi’s Savings Account Interest Rates?
Citi Savings has a standard annual percentage yield of , which is much lower than the 0.45% national average. Citi® Accelerate Savings accounts earn well above the national average.
| Account | Relationship Tier | APY |
|---|---|---|
| Citi® Accelerate Savings | Citi Priority | |
| Citi® Accelerate Savings | Citigold® | |
| Citi® Accelerate Savings | Citigold® Private Client | |
| Citi Savings | Citi Priority | |
| Citi Savings | Citigold® | |
| Citi Savings | Citigold® Private Client |
Citi Savings Account Overview
Here’s what you need to know about the Citi Savings and Citi® Accelerate Savings accounts.
Citi® Accelerate Savings Account
Citi® Accelerate Savings is Citi’s high-yield savings account. Account holders earn well above the national average interest rate while enjoying perks like free use of over 65,000 ATMs, mobile check deposits and, for checking account holders, Zelle money transfers. What’s more, Citi’s highly rated website and mobile app make your online banking experience all the more user-friendly.
Citi® Accelerate Savings is available throughout most of the U.S. However, it is not available in the following locations:
- California
- Connecticut
- Maryland
- Nevada
- New Jersey
- New York
- Virginia
- Washington, D.C.
- Select markets in Florida and Illinois
Citi Savings Account
If you live in a market where Citi® Accelerate Savings is unavailable, you can open Citi’s traditional savings account instead. Citi Savings provides all the same benefits as Citi® Accelerate Savings except for the high-yield APY.
Citi Relationship Tiers
Citi rewards customers who maintain balances of $30,000 or more, whether within a single account or across two or more accounts. The tier requirements are as follows:
- Citi Priority: $30,000 to $199,999.99
- Citigold®: $200,000 to $999,999.99 initially; minimum $180,000 to maintain tier
- Citigold® Private Client: $1,000,000 and up initially; minimum $800,000 to maintain tier
APYs for the Citi® Accelerate Savings account currently are the same for every tier, while APYs for the Citi Savings account vary by tier. Additionally, relationship customers get discounts on mortgage and personal loans.
Thanks!
Pros and Cons of Citi Savings Accounts
Although the bank has a lot to offer overall, Citi’s savings interest rates could be a drawback for some customers.
Pros
- APY for Citi® Accelerate Savings is higher than the national average
- Variety of other banking account options to choose from
Cons
- The standard Citi Savings account’s rate is much lower than the national average.
Citi Savings Account Rates vs. Competitors’ Savings Account Rates
The Citi Savings account’s standard interest rate beats the Bank of America Advantage Savings account’s standard rate — vs. . It’s also better than the rate for the Chase Savings account, which is for all balances. Additionally, it’s higher than Wells Fargo’s Way2Save Savings rate, which is .
Is a Citi Savings Account Right for You?
Citi provides a wide variety of banking products and services likely to appeal to most consumers. Whether that makes a Citi savings account right for you depends on where you live. If you’re in a location where Citi® Accelerate Savings is available, you can earn a high yield while taking advantage of the other benefits of banking with Citi.
Outside of the Citi® Accelerate Savings eligibility area, the low APY on the Citi Savings account could cancel out the bank’s benefits — unless you’re determined to stick with one of the Big Four banks, in which case you’ll actually get one of the best rates with Citi if you qualify for any of its relationship tiers.
Other Savings Options Citi Offers
If you want more than just a savings account option, Citi also offers a variety of CDs varying in term lengths and APYs. Be aware that a CD, unlike a savings account, requires you to leave the money untouched in the account until it has reached maturity in the agreed-upon term length. If you try to withdraw funds early, you could be subject to early withdrawal penalties.
Below is a breakdown of some of the fixed-rate CD accounts offered by Citi.
| Term Length | APY |
|---|---|
| 5-month CD | |
| 6-month CD | |
| 1-year CD | |
| 5-year CD |
Final Take To GO
The bottom line remains that though the Citi Savings account interest rates are low, the Citi® Accelerate Savings interest rate is highly competitive and offers great growth potential. Be aware of what each account option can offer you and choose the best one suited for your needs.
If you already do a majority of your banking through Citi and you qualify for a Citi® Accelerate Savings account, this may be the best option for your financial goals.
FAQ
- What is the interest rate of a Citi savings account?
- The Citi® Accelerate Savings account currently offers an APY of 4.30%, while the Citi Savings account offers a standard APY of 0.03%. The Citi Savings account also offers rates ranging from 0.06% to 0.12% for those who qualify for the account's relationship tiers.
- Does Citi have a high-interest savings account?
- Yes, Citi has the Citi® Accelerate Savings account, which is a great high-yield savings option to grow your money with an APY well above the national average. Unfortunately, it's not available everywhere, so be sure to check with your local branch.
- What banks have 5% high-yield savings accounts?
- There are several banks that offer a high-yield savings account offering an APY of 5.00% or higher, such as the following:
- Varo Savings account
- Digital Federal Credit Union Primary Savings account
- UFB Portfolio Savings account
- Centier Bank Connect Savings account
- Blue Federal Credit Union Accelerated Savings account
- There are several banks that offer a high-yield savings account offering an APY of 5.00% or higher, such as the following:
- What are the best savings account interest rates?
- The best savings account interest rates are generally those in the range of 5.00% and up. You'll usually find the best rates at online banks. When comparing your options before opening a savings account, watch out for fees — especially those that can't be waived.
Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 26 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
