Citibank Savings Account Review

For a traditional brick-and-mortar bank, Citibank’s savings account offers quite a few more perks than some of its comparable counterparts. You can open an account with no minimum deposit requirement and a low monthly fee that you’re able to get waived by meeting a few simple requirements.

Savings APY
Min. Deposit
J.D. Power Rating
3.8 / 5.0
SimpleScore Citibank 3.8
Savings APY 5
Customer Satisfaction 2
Mobile App 5
Product Variety 4

The APY rates at Citibank start towards the top of where most brick-and-mortar banks end and go up from there based on your tier status with the bank and how much you deposit. The rates offered are still lower than what is available with many online high-yield savings accounts. 

Since 1812, Citibank has grown into a massive global bank offering service to some 200 million customers in over 160 different countries. Currently, the bank runs its operations headquartered out of New York with Michael Corbat at the helm as CEO since 2012.

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In this article

    Citibank at a Glance

    BankMin. DepositAPYFeesKey Benefit
    Citibank$0.90%$4.50 monthly maintenance, but waivableMultiple account options available

    What we like about it

    For customers that want the ability to get help in person, Citibank leads many traditional banks in a lot of categories. This is especially true for customers planning to carry higher savings and account balances. The bottom APY rate on a savings account is .90%. Compare this to a bank like Chase Bank that caps out at 0.05%, and you can see that it is competitive with the top ranges of other banks.

    Citibank also has an impressive mobile app that scored just shy of a perfect five out of five in the App Store from just under two million reviews. The app gives you full flexibility to manage and monitor your Citibank savings accounts and any other products you have through the bank.

    Things to consider

    Figuring out the different account types at Citibank may be a little confusing at first glance. The company offers five different account types that also double as relationship tiers. For example, Citibank’s website states that you can’t open a standalone savings account. It must be opened as part of a banking package, even though three of the packages offered only include savings accounts. So, in effect, you can open just a savings account, even though the website says, “Your Citi Savings Account will be opened as a part of a Citi banking package.”

    While this may add more flexibility to find the perfect savings account and banking relationship for you, it can also be perplexing to people not familiar with the banking industry. It may require you to reach out to a bank representative to help you pick out the right account.

    >Additionally, if you’re looking for the Citi Accelerate savings account, it is no longer offered by the bank. While you may still find some trace verbiage on the bank’s website about the account, all links forward to the standard savings option. Current rates are still competitive with other major banks, but the Citi high yield savings account is currently not offered.

    What you need to know

    All five of the Citibank tiers come with some form of a savings account. The Access Account comes with a checkless savings account. The other four packages come with a standard savings account — two as a standalone account and two linked to a checking account.

    The APY rates on these Citibank Savings accounts vary based on what package you sign up for and how much money you have invested.

    Account fees also vary throughout the different packages. For example, fees start at $4.50 and go up to $30. The highest level package has no account fee, but you must maintain an average monthly balance of $200,000, which will probably price out a lot of people.

    To open a Citibank savings account, you have three options — sign up online, sign up over the phone or head into a branch location to open your account. If you’ve set your mind on opening a Citibank savings account here are the steps you need to take.

    1. Decide how you want to apply. You have three options to get a Citi savings account. Each option gives you the same account options, and the only advantage of each is convenience.
    2. Collect the necessary documents and information. You will need a U.S. address, your Social Security Number and a driver’s license or another state-issued form of identification. The requirements are the same for all three application methods.
    3. Decide on the package you want.You will need to choose one of the five different packages available to new customers. If you are confused, try calling to apply or head into a branch location for help.
    4. Complete the application process. Once you’ve collected your information, fill out the application which should take no more than a few minutes.

    Fees and charges

    Four of the five Citibank account packages that come with a savings account have monthly maintenance fees that span from $4.50 to $30.00. The fees are based on the package you choose and if your account is linked to a checking account.

    All fees can be waived if you meet the required criteria with each tier. Generally, these requirements are an account balance and using the account for bill pay or direct deposit at least once each period — specifics can be found on the bank’s website.

    All savings accounts can be linked to a checking account to provide overdraft protection, but beware that if a transaction is made using this feature, you will be charged a $10 fee.

    Mobile app platform

    It’s hard to deny that Citibank has it figured out when it comes to its mobile app considering the available features and customer ratings. In the App Store, the app scored a 4.9/5.0 through 1.8 million ratings and a 4.7/5.0 in the Google Play Store through just under 450,000 reviews. The app allows users to do things like mobile check deposits, track spending, schedule payments, transfer money through Zelle and even look up your credit score and six months of credit history all for free.

    Other products and tools

    Citibank offers a full slate of financial tools and products for individuals, small businesses and major corporations. The bank offers everything from credit cards to mortgage loans to investment mediums, all designed to help you maintain and grow your wealth and financial picture.

    While Citibank does not offer active credit monitoring, the bank does offer free identity theft solutions if you become a victim of identity fraud. The best trait about this service is that even if the fraud occurs on a product not supported by Citibank, the company will still help you.

    The one drawback to the service looks to be that it only works with one of the three credit reporting bureaus — TransUnion. You may need to reach out to the other two bureaus on your own if you have a widespread issue.

    How do I pick the best savings account?

    Picking out the right type of savings account and banking partner should involve a thorough look at the available options. The best savings account for you will match your needs when it comes to the APY rate, fees, abilities to link to other accounts, customer service options, the helpfulness of the mobile app and the ability to be used for overdraft protection.

    Compare top bank accounts

    We welcome your feedback on this article and would love to hear about your experience with the checking accounts we recommend. Contact us at with comments or questions.



    The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single SimpleScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best savings accounts of 2020.

    Why do some brands have different SimpleScores on different pages?

    To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare the savings account offered by Chase, it scores a 3.8 out of 5. However, when we compare the checking account offered by Chase with the checking account SimpleScore metrics, it scores a 4.4 out of 5. We change and tweak the methodologies for different categories based on industry standards to paint a complete picture of products and brands.

    Questions about our methodology?

    Email Hayley Armstrong at


    Savings accounts are meant to earn at least a little interest, which is why we reward brands with higher APYs on savings accounts.

    Savings Tools

    Brands that make it easier to save score higher SimpleScores. We considered tools such as savings buckets, automatic transfers and goal-tracking when comparing this metric.

    Customer satisfaction

    We leveraged J.D. Power’s 2020 U.S. Retail Banking Satisfaction Study and 2020 U.S. Direct Banking Satisfaction Study to rate each brand for customer satisfaction. The higher the satisfaction score, the higher the SimpleScore.

    Customer support

    The savings account providers that have the most channels of customer support score higher than providers that don’t. We considered e-chat, email, phone, mobile app support and social media as channels of support for this metric.

    Additional products

    When it comes to banking, it’s nice to have options. If you want a checking and savings account in one place, that’s great, but we also considered other financial products like MMAs, CDs, IRAs and more. Providers that have more additional products score higher.

    Jason Lee

    Contributing Writer

    Jason Lee is a U.S.-based freelance writer with a passion for writing about dating, banking, tech, personal growth, food and personal finance. As a business owner, relationship strategist, and officer in the U.S. military, Jason enjoys sharing his unique knowledge base and skill sets with the rest of the world. Follow Jason on Facebook here