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Whether you’re a current or aspiring Citi® customer, knowing the interest rates on Citibank’s savings account can help you decide if it’s the best place to park your funds. Citibank’s savings interest rates are higher than many other traditional banks, but how do they compare to the best high-yield savings accounts? Here’s what you need to know. Citi is a Forbes Advisor partner.
Rates are accurate as of July 10, 2024.
Citibank Offers Two Savings Account Products
Citibank offers several savings account products, and your savings account interest rate will depend on where you live and which account you open. The Citi Accelerate Savings account offers the best Citibank savings account rates.
If you don’t qualify for a Citi Accelerate Savings account based on where you live, consider one of the best high-yield savings accounts instead.
Citi Access Account
The Citi Access Account offers a lower interest rate and is available to applicants nationwide who apply in a branch or over the phone with a branch employee. The account is also for online applicants who have a residential address in California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia, the District of Columbia or select markets in Florida and Illinois.
The standard Citibank savings interest rate on a Citi Access Account varies by ZIP code. We used the ZIP code 50001 to collect the rates mentioned in this article.
Citi Accelerate Savings Account
The Citi® Accelerate Savings account offers a higher interest rate that’s in line with some of the best savings account rates. The standard Citibank savings interest rate on a Citi Accelerate Savings Account is 4.30% APY.
This account is available to residents of Alaska, Alabama, Arkansas, American Samoa, Arizona, Colorado, Delaware, Georgia, Guam, Hawaii, Iowa, Idaho, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maine, Michigan, Minnesota, Missouri, Northern Mariana Islands, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virgin Islands, Vermont, Washington, Wisconsin, West Virginia, Wyoming and residents living in select markets in Florida and Illinois. The account is also available to people living in U.S. Armed Forces locations in the Americas, Europe or the Pacific.
In addition to being a resident of a qualifying market, you must open your account through Citibank’s website or by calling 1-800-374-9500. Accounts opened in branches will be Citi Access accounts, which earn a lower Citibank savings account interest rate.
Citibank Savings Interest Rates
Citibank offers a high savings account interest rate to many U.S. customers through its Citi Accelerate Savings account. The account earns several times more than the national average interest rate on savings accounts, which is currently 0.46% as of August 2024, according to the FDIC.
Citibank vs. Other Banks
Citibank’s savings rates stand out among rates offered by other large national banks. In fact, Citibank is the only one of the five largest banks in the U.S. to offer such generous interest rates for savings account customers.
The Citibank savings account rate offered for Accelerate Savings customers is well above the national savings interest rate average and the rates offered on similar products by the other four largest banks in the United States: Chase, Bank of America, Wells Fargo and U.S. Bank.
Other Options From Citibank
If you want to keep your savings with Citibank but are in a market that does not offer a Citibank Accelerate Savings account, you could consider investing in a certificate of deposit (CD). You might also consider Citi Certificates of Deposit if you’re interested in earning a higher rate of return in exchange for committing your money to the bank until your CD matures. Citibank offers fixed-rate CDs ranging from three months to five years.
Citibank CD rates vary by term, but the best Citibank CD rates are offered on nine-month, 11-month, one-year and 15-month CD terms. If you’re picking a CD term with one of Citibank’s most attractive CD rates, the rates are competitive with the best CD rates offered by other banks. If you need a longer- or shorter-term CD, you might want to shop around for a better rate.
How To Find Citibank Savings Interest Rates
Citibank savings interest rates may vary by branch location or your home address, so the best way to find the Citibank savings rate that applies to your account is to visit the Citibank savings account landing page. You may be prompted to enter your ZIP code if you haven’t been to the bank’s website before.
Citibank will then display the rate that applies to your area. If you made a mistake when entering your ZIP code or want to check Citibank rates in another location, you can scroll to the top of the page and look for the link to change your location.
Bottom Line
If you live in one of the markets where Citibank offers its Accelerate Savings account, you can access a Citibank savings account rate that’s competitive with the best savings account APYs available. If you live in the handful of markets where Citibank only offers a Citi Access savings account, you can get a better rate by shopping around.
