
Citi is one of the largest and most reputable banks in the world, offering a range of products and services to suit your financial needs. In this blog post, we will focus on the Citi savings account interest rate and how it compares to other banks.
Citi Savings account interest rate
Citi offers two types of savings accounts:
- Regular Citi Savings account
- Citi Accelerate Savings account
Both accounts have tiered interest rates, meaning that the more you save, the higher the rate you earn. However, the Citi Accelerate Savings account has a much higher interest rate than the regular Citi Savings account.
According to the Citi website, the regular Citi Savings account interest rate ranges from 0.04% to 0.12% annual percentage yield (APY), depending on your balance and relationship tier. The relationship tier is determined by your combined average monthly balance across your eligible Citi accounts, including checking, savings, money market, credit default swap (CDS), individual retirement arrangements (IRAs), credit cards, mortgages, and investments. The higher your relationship tier, the higher the interest rate you earn on your savings.
The Citi Accelerate Savings account interest rate, on the other hand, is a flat 4.35% APY, regardless of your balance or relationship tier. This rate is one of the highest in the nation, on par with the best online-only banks. The Citi Accelerate Savings account is only available in certain parts of the US, so you need to check your eligibility before applying.
The table below shows the comparison of the Citi savings account interest rates for different balances and relationship tiers as of November 2023:
Balance | Regular Citi Savings Rate | Citi Accelerate Savings Rate |
$0 - $9,999 | 0.04% - 0.06% APY | 4.35% APY |
$10,000 - $24,999 | 0.06% - 0.08% APY | 4.35% APY |
$25,000 - $49,999 | 0.08% - 0.10% APY | 4.35% APY |
$50,000 and above | 0.10% - 0.12% APY | 4.35% APY |
As you can see, the Citi Accelerate Savings account interest rate is significantly higher than the regular Citi Savings account interest rate, even for the highest relationship tier and balance. This means that you can earn more interest on your savings with the Citi Accelerate Savings account, regardless of how much you save.
For example, if you have $10,000 in your savings account, you would earn $4 to $8 in interest per year with the regular Citi Savings account, depending on your relationship tier. With the Citi Accelerate Savings account, you would earn $435 in interest per year, which is more than 50 times higher.