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Citi is a national bank with 690 branches sprinkled around the US.
Citi; Alyssa Powell/Business Insider
Citi Savings Account rates
Citi® breaks its accounts into the following six “packages.” Here are the packages with their APY based on the zipcode of 90015:
Access Account: 0.05% APYBasic Banking: 0.05% APYThe Citi Account: 0.05% APYCiti Priority: 0.10% APY Citigold® Savings Account: 0.12% APYCitigold Private Client: 1.01% APY
Each package comes with different benefits. A big perk of higher-tiered packages is that you can earn a better savings rate with a higher account balance.
Higher-tiered accounts come with a few cons, too, such as higher monthly service fees and more stringent requirements to waive monthly fees. You may choose to open a corresponding checking account within your package, or you may just want to open the savings account.
Compare savings accounts
Citi Savings Account vs. Citi Accelerate Savings Account
You may notice that Citi has two savings account options: the Citi Savings Account and the Citi Accelerate Savings Account. These accounts have three main differences:
The Citi Savings Account is a regular savings account, and the Citi Accelerate Savings Account is a high-yield savings account that pays you a higher rate if you have a $1 minimum balance.The Citi Savings Account is available in markets where there are Citi branch locations; the Citi Accelerate Savings Account is an online account for people who live in markets where there are no brick-and-mortar locations.
The exceptions to the rule about branches locations: There are branches in South Dakota and certain parts of Florida, but you can still open a Citi Accelerate Savings Account. Here are the parts of the US where you cannot open a Citi Accelerate Savings Account:
CaliforniaConnecticutSelect parts of FloridaSelect parts of IllinoisMarylandNevadaNew JerseyNew YorkVirginiaWashington DCPuerto Rico
However, if you live in those states, you can open a Citi Savings Account.
Citi Savings Account vs. Wells Fargo Way2Save Savings
You’ll earn a higher APY with a Citi Savings Account than with a Wells Fargo Way2Save® Savings Account, regardless of which Citi package you choose. However, you could end up paying more in monthly fees with Citi, depending on which package you open. High monthly fees might cancel out any earnings from a higher rate.
Citi Savings Account vs. Bank of America Advantage Savings
Similar to Citi’s package system, Bank of America has various membership tiers that offer higher rates. However, the lowest membership pays just 0.01% APY, and you have potential to earn more with a higher-tier Citi package than with a higher-tier Bank of America account.
Again, Citi’s monthly fees are higher than what Bank of America charges unless you qualify to waive the fees. Stiff fees could offset what you’d earn from a higher rate.
See Insider’s list of the best savings accounts »