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Rates and Account Review
Last Update: May 13, 2008
High yields have traditionally been absent from the big banking institutions like Citibank, but thanks to the advent of online savings accounts, customers can enjoy the conveniences offered by a large bank and get high yields on their funds too.
| | Balance | APY | Interest Rate | $1 | 2.65% | 2.62% |
| www.citi.com
(800) 374-9700
>> Reader Reviews |
Minimum Deposit
$1 | Monthly Fee
None* | Minimum Balance
$1 | Compounding
Daily |
*Requires checking account to avoid fee.
Citibank offers not just one high-yield online savings account, but three: e-Savings, Ultimate Savings, and the Ultimate Money Account.
The Ultimate Money Account is currently the highest yielding account of the three. That would be expected since the account has the most requirements to satisfy.
The first requirement is the need to have a checking account at Citibank. Customers can either link their current Citibank checking account to the Ultimate Money Account, or open a new one when applying for the Ultimate Money Account in one of the following qualifying relationship packages: Citibank EZ Checking, Citibank Account, Citibank Everything Counts or Citigold Account.
The Citibank Ultimate Money Account must appear on the same statement as the checking account to qualify.
The second requirement is that customers must make at least two electronic bill payments through Citibank Online, Citi Mobile or Citiphone Banking, from the linked checking account during the calendar month preceding the statement cycle date.
If the bill payment requirement is not met, a lower rate (currently 1.92% apy) will be applied for that statement cycle.
The initial deposit can be funded via a transfer from a current bank account, by using a credit card, or by mailing in a check.
After the account is open, money can be deposited into the account at a Citibank ATM, by visiting a Citibank Financial Center, or by mail. You can also transfer money into your account from an external (non-Citi) account using the Citibank Inter Institution Transfer service.
The Ultimate Money Account has no minimum balance requirement and counts as one of the three products or services required to help you earn ThankYou Points.
e-Savings
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