Finding the right Citibank savings account can be quite confusing. There are a number of options, and the benefits and drawbacks of each may not be clear when you are trying to make your selection. The Citibank website features six distinctly different savings account options, depending upon your savings needs, the amount you will deposit, and other criteria. You should also note that specifics, including fees, may depend upon other account variables. Citibank relationship packages are required for many Citibank accounts. Your Citibank relationship can be a Citibank EZ Checking account, a standard checking account or a CitiGold account.
The Ultimate Savings Account offers a 1.01% APY in the best of circumstances. While the account is advertised as not requiring a checking account, lower interest rates will apply if you have only the savings account. If this is your only account, held as a stand-alone account in the EZ Checking package, you will not be subject to maintenance fees and fees are also waived if you maintain above a certain total balance in your Citibank accounts. The Ultimate Savings Account can only be opened by phone or on-line, but can be managed on-line or via mobile access. ATM access is available for your account and up to six transactions per statement are allowed.
Like the Ultimate Savings Account, you can have a Citibank Savings Plus account without a checking account; however, interest rates will be based upon the average daily balance in the account, and whether or not you have a linked checking account. Fees too, may depend upon your other accounts and total balances. You may open and manage your account by phone, on-line, or in person at a Citibank location.
The Citibank E-Savings Account offers a .75% APY and must be linked to a qualifying checking account. The account is only available on-line or by phone. Fees will vary depending upon your relationship package with Citibank.
If you are looking for a basic savings account, the Citibank Day-to-Day account offers a .25% APY with a $500 minimum balance if you wish to avoid fees. The fees are waived if household Citibank accounts meet the minimum balance or if there is a CitiGold account in the household. The Day-to-Day account does not require a checking account with Citibank; however, there are clear benefits to combining your banking needs with multiple accounts in one location.
What does it come down to for the customer looking for a savings account? While you can save at Citibank without associated checking accounts, it’s likely not your best option. Citibank terms are decidedly arranged to benefit customers with multiple accounts.