Citibank savings account review

Do you want to discover all the features of the Citibank savings account? Responsible Economy analyzes the fees, requirements, yields, and all the conditions that Citibank offers in its savings account. We also provide a comparison with the best savings accounts available in the United States and an explanatory video.

Explicative video

We have created a video that summarizes all the features of the Citibank savings account in a simple manner. If you find our content helpful, consider supporting us with a subscription to receive daily videos.

Citibank Savings account

Features

Citibank savings account features

In this section, you can explore all the features of the Citibank savings account.

Interest rate

The yield is undoubtedly one of the most crucial aspects of any savings account. The interest rate offered by the Citibank savings account is 0.05% APY, which some may find relatively low compared to other options.

Fees

The Citibank savings account has a monthly fee of $10 unless certain requirements are met:

  • Make 1 enhanced direct deposit or 1 qualifying bill pay per statement period.
  • Maintain a combined average monthly balance of $1,500 in eligible linked accounts.
  • $4.50 or waive the fee when you maintain an average monthly balance of $500+.

Minimum deposit

No minimum deposit is required to open the Citibank savings account, making it accessible to all.

ATMs

Withdrawing money without fees is possible at all Citibank ATMs.

Deposit funds

You can deposit funds into the Citibank savings account by making bank transfers or you can also mail a check.

Withdrawls

For making withdrawals, you can initiate bank transfers from the Citibank account to your desired account.

Best savings accounts 2023

We have also conducted a comparison of the Citibank savings account with the best savings accounts available in the United States in 2023. We highlight the main characteristics of each savings account.

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 4.30 APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC

Savings accounts calculator

We have developed a deposit calculator so that you can easily see how much money you can earn:

Citibank savings account calculator

Citibank savings account calculator

Your earnings:
Total Result:

Video with the best savings accounts

Additionally, we have created a video featuring the 7 best savings accounts.

Video with the 7 best savings accounts

Pros and cons

Based on our review of the Citibank savings account and the best savings accounts, we present a table with all the advantages and disadvantages:

ProsCons
No minimum balanceMonthly fees
high number of branches and ATMsLow interest rates
Pros and cons Citibank savings account

Requirements

Opening the savings account is straightforward. You only need to meet the following requirements:

  • Be over 18 years old.
  • Live in the United States.
  • Have an American phone number.

Documentation

Citibank may request the following documentation:

  • Certified copy of identity document for each applicant (usually a valid passport or acceptable ID).
  • Certified copy or original proof of address for each applicant, such as a bank statement or utility bill.
  • Your signed Client Agreement.

Frequent questions

We address common questions you may have:

Conclusions and opinions

After thorough review, we find that Citibank’s savings account may not be the most competitive option due to its low interest rate and possible fees. However, it offers a significant advantage with a high number of branches and ATMs for convenient banking.

More information about Citibank

For further details, you can visit Citibank’s official website and follow them on social media platforms.

InformationDescription
Websitehttps://online.citi.com/
Twitterhttps://twitter.com/Citibank/
Facebookhttps://www.facebook.com/citibank
YouTubehttps://www.youtube.com/citi
information about Citibank

Finally, we provide related posts about savings accounts to keep you informed and help you make the best financial decisions.

Updated the day 1 September, 2023 by Alfredo Barandiarán

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