Citibank Savings

The three choices for savings are Day-to-Day Savings Account, Citibank Savings Plus Account, and the Ultimate Savings Account. Both the Day-to-Day and the Savings Plus require an opening deposit of $100. It is not a requirement of any of these accounts to have a checking account attached. With the Day–to-Day account you do have to maintain a $500 minimum daily balance to avoid monthly fee, and you can get a 0.10% APY on this account. The Citibank Savings Plus and Ultimate Savings accounts have tiered interest rates which means that the more than you deposit the higher interest rate you will earn. The interest benefit for Savings Plus cap out at the $50,000 level at 0.45%. Which is actually better than the Ultimate savings account rate, however, to receive the premium interest rate, your Citibank^® Savings Plus Account must be linked to a checking account in the Citigold^®Account Package. Caution here is in order as you will want to read carefully the fine print as there are some strict provisions in order to achieve the best interest rate.

Ultimate Savings

If you have a large amount to deposit, by large we mean $25,000 or more, you can open an Ultimate savings account which also does not require a checking account. The Ultimate Savings account has no monthly service fee. The interest rate for this account is tiered with the best interest rate earned when the account balance is $500,000 or more.

Account Balance              APY Interest Rate

Below $10,000                   0.10%    0.10%

$10,000-$24,999.99          0.20%    0.20%

$25,000-$49,999.99          0.30%    0.30%

$50,000-$99,999.99          0.30%    0.30%

$100,000-$499,999.99     0.35%    0.35%

$500,000-$999,999.99     0.40%    0.40%

$1,000,000+                        0.40%    0.40%

Summary of Citibank Savings Accounts

It pays to research thoroughly where you put your money. I had thought the Ultimate Savings Account would have the best of all worlds, however, come to find out if it is interest you seek and don’t have $500K to deposit, Citibank Savings Plus would be the better option. Working with package deals is a great way to minimize headache for you, and you can have peace of mind dealing with a big name such as Citibank. If you wish to research other options – such as who has the best interest rates with the lowest minimum deposit requirements – check out the run down of best banks we have found. You can compare/contrast and find what works best for you.